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Sequoia Economic to proceed with C share issue

16 September 2015 13:58

Sequoia Economic Infrastructure Income Fund intends to proceed with an open offer, placing and offer for subscription for a target issue of 200 million new C shares at 100p apiece.

A statement says the board has been pleased with the company's continued development and level of deployment of funds to date.

Since the company's launch, the investment adviser has successfully deployed approximately 74.6% of the net proceeds raised at IPO, including committed but unsettled trades, into a diverse portfolio of infrastructure debt investments.

The portfolio is spread over 23 investments across the UK, Western Europe, Australia and the US. These investments are spread across six sectors and ten sub-sectors (as at 28 August).

The investment adviser has been able to deploy proceeds slightly ahead of the IPO deployment target and, encouragingly, continues to see a growing and attractive pipeline of investment opportunities.

Since the IPO, the company has paid its first dividend of 1 pence per ordinary share for the quarter ended 30 June and is confident of meeting its dividend target of 5% in its first year and 6% thereafter.

At 1:58pm: (LON:SEQI) Sequoia Economic Infrastructure Income Fund Limited Ord Npv share price was -0.5p at 103.75p

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Related Company: SEQI

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