Update on AD Plant Valuation & Strategic Review

RNS Number : 8206C

SQN Asset Finance Income Fund Ltd

13 February 2020

 

13 February 2020

SQN Asset Finance Income Fund Limited

("SQN" or the "Company")

LEI: 2138007S3YRY3IUU4W39

Updates on the Anaerobic Digestion ("AD) plants valuation process  

and the Company's strategic review process.

Further to the announcements made on 20^th and 24^th January 2020, the Board of the Company is pleased to announce that it has appointed KPMG, Ireland to act for the Company in reviewing the valuation model used for the 6 AD plants.  The Board anticipates that this review will be completed during March 2020 and will make an announcement as soon as practicable thereafter.

Accordingly, shareholders should note that the Net Asset Valuation for the Ordinary Shares for 31st December 2019 and for 31st January 2020 will be delayed until after this review is completed.  The Net Asset Value of the C Shares for 31st January 2020 is anticipated to be released towards the end of February, as usual.

In addition, the Board has commenced its strategic review of the Company, including the provision of investment management services.  The Board is pleased to advise shareholders that a large number of expressions of interest have been received from a wide range of investment managers.  Requests for Proposal have been sent to those managers that the Board feel could be suitable to manage the assets of the Company.  Initial meetings with managers are expected to take place in early March 2020 with the process being completed during April 2020, unless the Board determines that there is a requirement for detailed due diligence work, which may cause any announcement to be delayed beyond that date.

As previously noted, the Board will be including the current managers, SQN Capital Management LLC and SQN Capital Management (UK) Limited, in this selection process.

Until this process has been completed the Board has agreed with the manager that no new investments will be made without prior approval of the Board and only payments covering "business as usual" and agreed existing commitments will be made.

The Board will continue to keep shareholders updated through these processes as appropriate.

 

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