NAV, Maiden Dividend and Investment Update

RNS Number : 8203U

SQN Asset Finance Income Fund Ltd

21 October 2014

 



21 October 2014

SQN Asset Finance Income Fund Limited

Monthly Net Asset Value, Maiden 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').

As at 30 September 2014, the Company's unaudited, estimated NAV per share was 98.38 pence per share (cum-income).

Maiden Interim Dividend

The Board has pleasure in declaring the maiden interim dividend for the period from IPO (14 July 2014) up to 30 September 2014 of 0.40 pence per share. The shares will go ex-dividend on 30 October 2014 and the dividend will be paid on 28 November 2014 to all shareholders on the register as at 31 October 2014.

Investment Update

As at 20 October 2014 the Board had approved £100.3 million of investments. Of this, a total of £30.7 million has been funded in full or partial payments against the £70.7 million of committed/documented investments. A further £10.7 million (of which Snoozebox represents £10.0 million) is expected to fund within 5 working days.

The investments to date have included:

·      Investments in a diverse portfolio of equipment leases for business-essential assets including material handling equipment such as forklifts for some of the world's largest consumer good companies,  medical equipment at major U.S. hospitals,  agricultural and logistics equipment on lease to one of the world's largest privately-owned businesses.

·      Investments in subsea remotely operated vehicles used for both off-shore energy development and infrastructure building and maintenance.

·      Semiconductor equipment used to manufacture and test microchips that are part of mobile devices and automobile safety systems for major world-wide brands. 

·      IT and software financing for various clients including a UK utility service provider and for use by a major Australian hospital group.

·      A programme to finance single stick wind turbines in Northern Ireland and a number of anaerobic digestion plants throughout the U.K.

The approved investments include ground support equipment, modular accommodation and medical equipment.

The invested portfolio is 34.7% UK (Sterling) and 65.3% US (Dollar) and the approved investments (excluding amounts funded) are 85.3% Sterling, 12.4% Euro and 2.3% US Dollar. 

The Company has been pleased by the diverse range of assets in the portfolio and pipeline which continues to grow. The Company remains on track to invest the net issue proceeds within six months of admission, in line with expectations at the time of the initial public offering.   

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 Sophie McNulty 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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