Monthly NAV and Dividend

RNS Number : 7871E

SQN Asset Finance Income Fund Ltd

21 July 2016

 

21 July 2016

SQN Asset Finance Income Fund Limited

Monthly Net Asset Value and Dividend

Net Asset Values

SQN Asset Finance Income Fund Limited (the "Company"), the only diversified equipment leasing fund listed in the UK, is pleased to provide its monthly net asset value ("NAV") update.

Ordinary Shares

As at 30 June 2016, the unaudited estimated NAV per ordinary share (cum-income) was 99.45 pence. This includes the 0.6042 pence per ordinary share dividend announced on 21 June 2016 that went ex-dividend on 7 July 2016 and will be paid on 25 July 2016. On a pro-forma basis, the unaudited estimated NAV per ordinary share, adjusted for the payment of this dividend to holders of ordinary shares, is 98.84 pence.

'C' Shares

As at 30 June 2016, the unaudited estimated NAV per 'C' Share (cum-income) was 98.24 pence. This includes the 0.20 pence per 'C' share dividend announced on 21 June 2016 that went ex-dividend 7 July 2016 and will be paid on 25 July 2016. On a pro-forma basis, the unaudited estimated NAV per 'C' share, adjusted for the payment of this dividend to holders of 'C' shares, is 98.04 pence.

Dividends

Ordinary Shares

The Company is pleased to announce a dividend of 0.6042 pence per ordinary share for the month ended 30 June 2016. The dividend will be payable on 22 August 2016 to holders of ordinary shares on the register on 5 August 2016. The ex-dividend date is 4 August 2016.

'C' Shares

The Board also is also pleased to announce a dividend on the 'C' Shares of 0.33 pence per 'C' share for the month ended 30 June 2016. This dividend will be payable on 22 August 2016 to holders of 'C' shares on the register on 5 August 2016. The ex-dividend date is 4 August 2016.

'C' Share Investment Update

Following the Brexit referendum decision, as a matter of course all parties undertook a review of pending deals, and while this delayed the completion of certain pipeline transactions, the deployment of the 'C' Share proceeds remains on track to pay the targeted dividend within the projected 9 to 12 month period, as is consistent with the expectations set during the capital raise. It is expected that £126 million will have been drawn by 31 July 2016 representing 71.2% of the net proceeds of the 'C' share issue.

A total of 74.1% of the end July expected 'C' Share portfolio is invested in Sterling denominated transactions with the balance invested in Euro denominated investments. The Company continues to hedge its non-Sterling positions.

The Manager has identified more opportunities than funds available and continues to work diligently to structure and close an optimal balance of diversified investments that are intended to generate attractive risk-adjusted returns to investors.

For further information please contact:

SQN Capital Management, LLC Jeremiah Silkowski Neil Roberts	01932 575 888
Winterflood Securities Limited	020 3100 0000
Neil Langford Chris Mills
Buchanan Charles Ryland Victoria Hayns	020 7466 5000

Notes to Editor

The Company invests in equipment lease and asset finance arrangements across a diverse portfolio of assets and industries predominantly in the UK, Northern Europe and US. The Company focuses on business-essential, revenue-producing (or cost saving) equipment and other assets with high in-place value and long economic life relative to the investment term.

The Company's Investment Managers are SQN Capital Management, LLC, a Registered Investment Advisor with the United States Securities and Exchange Commission and its subsidiary, SQN Capital Management (UK) Limited. The principals responsible for managing the portfolio are Jeremiah Silkowski and Neil Roberts.

 

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