SEQI Sequoia Economic Infrastructure Income Fund Limited

TIDMSEQI

RNS Number : 5444G

Sequoia Economic Infra Inc Fd Ld

20 July 2023

20 July 2023

Sequoia Economic Infrastructure Income Fund Limited

(the "Company")

Dividend Declaration

Investment Adviser Shares

Interim Dividend for the Period Ended 30 June 2023

The Directors of the Company have declared that an interim dividend of 1.71875p per share will be payable to holders of Ordinary Shares as follows in respect of the three-month period ended 30 June 2023:

 
 Ex-Dividend Date:       27 July 2023 
 Record Date:            28 July 2023 
 Payment Date:           25 August 2023 
 Dividend per Ordinary   1.71875 pence per share 
  Share: 
 

As previously announced by the Company on 6 May 2022, the Board had exercised its discretion to suspend the Scrip Dividend Alternative. As the Company's shares continue to trade at a discount to NAV, the Board has determined that the reinstatement of the Scrip Dividend Alternative would not be beneficial to shareholders as a whole and accordingly the Interim Dividend will be paid in full in cash. Dividends will be paid gross of tax.

The Board will keep under consideration the re-instatement of the Scrip Dividend Alternative in respect of future quarterly dividends, subject to an assessment of the relevant prices and costs and determination that doing so would be accretive to the Company's NAV for the benefit of shareholders as a whole.

Investment Adviser Shares

The Company further announces that in accordance with the terms of the Investment Advisory Agreement between the Company and Sequoia Investment Management Company Limited (the "Investment Adviser"), the Board has considered the issue of shares to the Investment Adviser for the relevant portion of the fees payable to the Investment Adviser for the three month period ended 30 June 2023. As the closing price for the Company's ordinary shares on 18 July 2023 (being the last trading day prior to the Board considering the issue of shares to the Investment Adviser) was at a discount to the last published NAV per share, the relevant portion of the fees payable to the Investment Adviser for the three month period ended 30 June 2023 which would otherwise have been issued as shares, will instead be paid by the Company to the Investment Adviser in cash in the amount of GBP250,657.30. The Investment Adviser has committed to issue an irrevocable instruction upon receipt of the funds to utilise such cash to acquire ordinary shares in the capital of the Company in the market without delay and such shares will be subject to a three-year rolling lock-up in accordance with the terms of the Investment Advisory Agreement. A further announcement will be released in the coming days once the shares have been acquired by the Investment Adviser.

For further information please contact:

 
 Sequoia Investment Management 
  Company 
  Steve Cook 
  Dolf Kohnhorst 
  Randall Sandstrom 
  Greg Taylor 
  Anurag Gupta                      +44 (0) 20 7079 0480 
 Jefferies International Limited 
  (Corporate Broker & Financial 
  Adviser) 
  Gaudi Le Roux 
  Stuart Klein                      +44 (0) 20 7029 8000 
 Teneo (Financial PR) 
  Martin Pengelley 
  Elizabeth Snow                    +44 (0) 20 7353 4200 
 Sanne Fund Services (Guernsey) 
  Limited (Company Secretary) 
  Matt Falla 
  Lisa Garnham                      +44 (0) 20 3530 3107 
 

About Sequoia Economic Infrastructure Income Fund Limited

The Company is a Guernsey registered closed-ended investment company that seeks to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments. The Company is advised by Sequoia Investment Management Company Limited.

LEI: 2138006OW12FQHJ6PX91

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DIVGPUAWMUPWGAB

(END) Dow Jones Newswires

July 20, 2023 02:00 ET (06:00 GMT)

Sequoia Economic Infrast... (LSE:SEQI)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Sequoia Economic Infrast... (LSE:SEQI)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024