Monthly NAV, Dividend and Investment Update

RNS Number : 6179Q

SQN Asset Finance Income Fund Ltd

19 June 2015

 



19 June 2015

SQN Asset Finance Income Fund Limited

Monthly Net Asset Value, Dividend and Investment Update

Net Asset Value

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.

As at 31 May 2015, the Company's unaudited, estimated NAV was 99.33 pence per share (cum-income). This includes the 0.48 pence per share dividend announced on 21 May 2015 that went ex-dividend on 4 June 2015 and was paid on 18 June 2015. On a pro-forma basis, the unaudited estimated NAV, adjusted for the payment of this dividend, is 98.85 pence per share.

Dividend

The Company is pleased to announce a dividend of 0.52 pence per share for the month ended 31 May 2015. The dividend will be payable on 20 July 2015 to holders of ordinary shares on the register on 3 July 2015. The ex-dividend date is 2 July 2015.

Investment Update

The total amount funded by the Company is approximately £125m including committed transactions that are due to fund by month end. The Company has commitments in excess of the net IPO proceeds and, in anticipation of reaching full investment, the Company has raised an additional £30m pursuant to its Placing Programme to meet its funding requirements.

The portfolio remains diversified over more than 10 different industries and asset classes which is expected  to remain consistent as the pipeline draws down. As at 19 June the Company has 28% of net assets in US dollar denominated investments, 7% in Euro denominated investments, with the balance of 65%, including un-invested cash, in Sterling. The US dollar and Euro-denominated principal and interest components of the portfolio are currently hedged.

The weighted average yield on investments in the portfolio remains above 9.5% with the weighted average remaining term on investments of approximately 64 months.

For further information please contact:

SQN Capital Management, LLC Jeremiah Silkowski Neil Roberts	01932 575 888
Winterflood Securities Limited	020 3100 0000
Joe Winkley Neil Langford
Buchanan Charles Ryland Vicky Watkins Jason Day	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 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 Manager is SQN Capital Management, LLC, a Registered Investment Advisor with the United States Securities and Exchange Commission. The principals responsible for managing the portfolio are Jeremiah Silkowski and Neil Roberts.

 

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