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- Sequoia Economic Infrastructure Income Fund increases dividend target
Sequoia Economic Infrastructure Income Fund (SEQI) has announced its annual results for the year ended 31 March 2019, in which it says it is increasing its dividend target to 6.25p per share. The chairman, Robert Jennings, describes these as “another strong set of results for the year, underpinned by the continued portfolio performance. In light of ongoing confidence in the Company’s portfolio and strong NAV growth to 103.41p, the Board has increased the target dividend to 6.25p per Share per annum”. Including dividends of 6p per share, SEQI has provided a total return for the year of 8.0%.
SEQI has provided the following summary highlights from its results:
The company has also provided the following post-year end highlights:
Over the course of the financial year ended 31 March 2019, Sequoia Investment Management Company Limited (“Sequoia”) has had a number of objectives for the Company:
The Company completed two capital raises during the financial year ended 31 March 2019, both of which were very significantly oversubscribed: an Ordinary Share placing in May 2018 which raised gross proceeds of £75.7 million, and an Ordinary Share open offer, placing and offer for subscription in October 2018 which raised gross proceeds of £253.0 million.
As at 31 March 2019, the Company had 1,060,975,849 Ordinary Shares in issue. The closing Share price on that day was 113.0p per Share, implying a market capitalisation for the Company of approximately £1.2 billion, compared to £793.2 million a year previously.
The Company announced on 20 August 2018 that it was proposing an additional capital raise to repay existing debt and acquire assets from the strong pipeline of potential investments for the Company. The open offer, placing and offer for subscription, which closed in October, was significantly oversubscribed and the Shares were issued at a premium to NAV, resulting in total gross proceeds of £253.0 million. Of the total gross proceeds raised, approximately £116.0 million was subsequently used to repay all the sums drawn under the RCF and the accordion facility. The remaining proceeds have since been fully deployed to acquire investments from the attractive pipeline of opportunities.
About Sequoia Economic Infrastructure Income Fund
Sequoia Economic Infrastructure Income Fund aims to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments.
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