Sequoia Economic Infra Inc Fd Ld Portfolio Update (6417P)
20 Octubre 2021 - 1:00AM
UK Regulatory
TIDMSEQI
RNS Number : 6417P
Sequoia Economic Infra Inc Fd Ld
20 October 2021
20 October 2021
Sequoia Economic Infrastructure Income Fund Limited
("SEQI" or the "Company")
Portfolio update
As recently noted in the Investment Update for 30 September
2021, Salt Lake Potash or SO4 (representing 1.9% of NAV as at 30
September 2021) was seeking further funding by means of an equity
issue to address additional cost and ramp up requirements at their
Lake Way potash project. The proposed equity raise has been
unsuccessful and Salt Lake Potash have announced a Voluntary
Administration of the company as at 20 October 2021.
The Investment Adviser had been developing a contingency plan
should the funding gap not be addressed. This contingency plan has
now been activated in full alignment with the lender group. The
lender group has appointed KordaMentha, a leading Australian
restructuring and advisory firm, as receivers for the lender
group.
Please refer to KordaMentha's press release on their appointment
as receivers here:
https://www2.asx.com.au/markets/trade-our-cash-market/announcements.so4
Under Australian restructuring processes, receivers act for the
benefit of lenders and can take a variety of measures including
trade sales of the company, debt sales or other restructuring
activities to preserve lender value and maximise recovery. The
Investment Adviser notes that the cost base of the project and
equity invested to date materially exceeds the total debt quantum
and that a similar potash project utilising evaporative production
processes for sulphate of potash production has recently achieved
first production, albeit with reportedly similar ramp-up issues as
SO4. Whilst it is too early and speculative to comment on the
eventual recovery percentage of our investment, our senior secured
position should position us strongly in the restructuring
process.
A further update will be provided as and when appropriate.
For further information please contact:
Sequoia Investment Management Company +44 (0)20 7079 0480
Steve Cook
Dolf Kohnhorst
Randall Sandstrom
Greg Taylor
Anurag Gupta
Jefferies International Limited +44 (0)20 7029 8000
Gaudi le Roux
Neil Winward
Tulchan Communications (Financial PR) +44 (0)20 7353 4200
Martin Pengelley
Elizabeth Snow
Deborah Roney
Praxis Fund Services Limited (Company Secretary) +44 (0) 1481 755530
Matt Falla
Katrina Rowe
About Sequoia Economic Infrastructure Income Fund Limited
The Company 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
PFUFIFVEIFLIFIL
(END) Dow Jones Newswires
October 20, 2021 02:00 ET (06:00 GMT)
Sequoia Economic Infrast... (LSE:SEQI)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Sequoia Economic Infrast... (LSE:SEQI)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024