Sequoia Econ Infra - Dividend Declaration

Sequoia Economic Infrastructure Income Fund

19/01/2023 07:00

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RNS Number : 1833N  Sequoia Economic Infra Inc Fd Ld  19 January 2023

19 January 2023

 

Sequoia Economic Infrastructure Income Fund Limited

(the "Company")

 

Dividend Declaration

Investment Adviser Shares

 

Interim Dividend for the Period Ended 31 December 2022

 

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 31 December 2022:

 

 

 Ex-Dividend Date:             26 January 2023

 Record Date:                  27 January 2023

 Payment Date:                 24 February 2023

 Dividend per Ordinary Share:  1.71875 pence per 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 31 December 2022. As the closing price for the Company's ordinary
shares on 17 January 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 31 December 2022
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 £293,444.71. 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                                       +44 (0) 20 7079 0480

 Steve Cook

 Dolf Kohnhorst

 Randall Sandstrom

 Greg Taylor

 Anurag Gupta

 Jefferies International Limited (Corporate Broker & Financial Adviser)      +44 (0) 20 7029 8000

 Gaudi Le Roux

 Stuart Klein

 Tulchan Communications (Financial PR)                                       +44 (0) 20 7353 4200

 Martin Pengelley

 Sanne Fund Services (Guernsey) Limited (Company Secretary)                  +44 (0) 1481 755530

 Matt Falla

 Shona Darling

 

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

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