Result of EGM and Class Meetings

RNS Number : 2495T

SQN Asset Finance Income Fund Ltd

16 July 2020

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014).

16 July 2020

SQN Asset Finance Income Fund Limited

LEI: 2138007S3YRY3IUU4W39

Results of Extraordinary General Meeting and Class Meetings

The Board of SQN Asset Finance Income Fund Limited (the "Company") announces the results of the Extraordinary General Meeting ("EGM"), Ordinary Share Class Meeting and C Share Class Meeting, held earlier today, details of which are set out in full below.

At the Ordinary Share Class Meeting, Resolution 1 in connection with the continuation of the Ordinary Share Class has passed with the requisite majority. As such, the Ordinary Share Class will continue for at least 12 months with a further Ordinary Share Continuation Vote being held in 2021. The Board notes the votes against this resolution. The proposals followed an extensive period of shareholder consultation and the result of the Ordinary Share Continuation Vote reflects the fact that there was not a clear consensus regarding the future direction of the Ordinary Share Class. The Company will make no new investments within the Ordinary Share Class prior to the 2021 Continuation Vote (save for further investment in existing assets that require additional capital or existing undrawn commitments), with any excess cash flow from the amortisation, repayment or realisation of assets during this period being returned to shareholders. The Board will again consult with shareholders in advance of the 2021 Continuation Vote.

At the C Share Class Meeting, Resolution 1 in connection with the continuation of the C Share Class did not pass with the requisite majority. In accordance with the proposals set out in the circular published by the Company on 16 June 2020 (the "Circular"), the Board will formulate proposals to be

put to C Shareholders as soon as is reasonably practicable but, in any event, by no later than six months after the EGM, for the C Share Portfolio to be placed into managed wind-down with the aim of enabling C Shareholders to realise their holdings in the Company.  

At the EGM, Resolution 2 relating to the change of the Company's name was approved by the requisite majority. The Company shall apply to change its name to 'KKV Secured Loan Fund Limited' and change the Ordinary Share ticker to 'KKVL' and the C Share ticker to 'KKVX'. A further announcement will be made in due course following the change of name becoming effective. 

Extraordinary General Meeting

Resolution 1	To amend the Articles: For: 280,675,455 (88.47%) Against:  36,564,969 (11.53%) Withheld: 16,963,861
Resolution 2	To change the name of the Company to KKV Secured Loan Fund Limited: For: 258,426,402 (82.14%) Against: 56,186,429 (17.86%) Withheld: 19,591.454

Ordinary Share Class Meeting

Resolution 1	To continue its business in relation to the Ordinary Shares: For:  139,336,915 (61.2%) Against: 88,340,141 (38.80%) Withheld: 9,530,323
Resolution 2	To consent to the passing of resolution 1 of the EGM: For: 188,086,023 (89.1%) Against: 23,020,697 (10.9%) Withheld: 26,100,659

C Share Class Meeting

Resolution 1	To continue its business in relation to the C Shares: For: 29,572,625 (30.92%) Against: 66,056,131 (69.08%) Withheld: 1,835,597
Resolution 2	To consent to the passing of resolution 1 of the EGM: For: 72,184,853 (83.48%) Against: 14,287,070 (16.52%) Withheld: 10,992,430

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular. A copy of the Circular is available on the Company's website: https://kkvim.com/sqn-asset-finance-income-fund

For further information please contact:

KKV Investment Management Ltd Catherine Halford Riera Nicola Bird	020 7429 2200
BNP Paribas Securities Services S.C.A., Guernsey Branch Company Secretary	01481 750 853
Winterflood Securities Limited Neil Langford Chris Mills	020 3100 0000
Buchanan Charles Ryland Henry Wilson	020 7466 5000
Prosek (PR for KKV) Fiona Laffan Clare Glynn	[e-mail]

This announcement is released by SQN Asset Finance Income Fund Limited and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, the person responsible for releasing this announcement is Peter Niven, Chairman.

 

END

 

 

ROMKKABNDBKDAOD