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Prices & Quotes - UK Markets - Sequoia Economic Infrastructure Income Fund Limited (SEQI)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 103.40p
Change Today:
-1.00p
Market Cap:
1,712.67m
Sector:
Equity Investment Instruments

Sequoia Economic Infrastructure plans 200m fundraise

By Josh White

Date: Wednesday 19 Sep 2018

LONDON (ShareCast) - (Sharecast News) - Sequoia Economic Infrastructure Income Fund announced it was proceeding with a partially pre-emptive issue of ordinary shares to raise 200m gross proceeds, in light of what its board called a "growing set" of attractive investment opportunities in the economic infrastructure debt market.
The FTSE 250 fund said the fundraise would be equivalent to up to 188,679,245 new ordinary shares, to be issued at a price of 106.0p each.

Its board said it recognised the importance of pre-emption rights to ordinary shareholders, and as a result, 149,420,048 new ordinary shares were being initially offered to qualifying shareholders by way of an open offer, under which they would be entitled to apply for two new shares for every 11 existing shares held on the record date.

The balance of the new ordinary shares, together with any new shares not taken up by qualifying shareholders, would be made available under the placing or offer for subscription.

"The company intends to use the proceeds raised from the initial issue, less expenses, to repay the drawn commitments under its multi-currency revolving credit facility," the board said in its statement.

"As at the latest practicable date, the company had drawn an amount of approximately 116.2m from its RCF which includes drawdowns made under the accordion tranche.

"Any net issue proceeds raised in excess of the amount drawn under its RCF are expected to be deployed into the company's near term pipeline of in excess of 300m of investment opportunities, in accordance with the company's investment policy."

Sequoia also proposed to implement a share issuance programme, which it said would allow it the flexibility to issue up to a maximum of 250,000,000 ordinary shares in the future.

It said any future issues under the share issuance programme would be subject to the availability of a future pipeline of investment opportunities, which meet the company's investment policy - in particular its target return and risk criteria - and its level of deployment.

"The company expects to publish a prospectus in connection with the initial issue and the share issuance programme shortly."

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SEQI Market Data

Currency UK Pounds
Price 103.40p
Change Today -1.00p
52 Week High 118.26p
52 Week Low 76.20p
Volume 1,081,652
Shares Issued 1,656.35m
Market Cap 1,712.67m

Performance Indicators

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What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SEQI Dividends

  Latest Previous
  2nd Interim 1st Interim
Ex-Div 22-Oct-20 23-Jul-20
Paid 27-Nov-20 28-Aug-20
Amount 1.56p 1.56p

Trades for 29-Oct-2020

Time Volume / Share Price
16:35 12,121 @ 103.40p
16:35 2,702 @ 103.40p
16:35 168,693 @ 103.40p
16:29 1,500 @ 103.00p
16:29 6,512 @ 103.00p

SEQI Key Personnel

Chair Robert Jennings