12th Sep 2019 09:28
(Alliance News) - Sequoia Economic Infrastructure Income Fund Ltd on Thursday priced its previously announced 125 million share placing at 111.00 pence each.
Shares in the investment fund were down 1.2% at 114.00 pence each.
The share issue price represents a discount of 5.0% to the closing share price on August 30 of 116.80p, the last business day prior to the initial announcement of the share placing. The placing is expected to be net asset value accretive for existing shareholders.
Assuming issue of all 125 million shares, the placing is expected to raise gross proceeds of GBP138.8 million.
Separately, the company said that its unaudited cum-income net asset value per ordinary share increased to 104.62 pence as at August 30 from 104.03p per share at July 31. The rise in asset value was attributed to interest income of 0.64p per share, a 0.01p rise in valuations and foreign exchange losses of 0.06p.
Sequoia, which makes economic infrastructure debt investments, had cash of GBP46.5 million and outstanding drawings on its revolving credit facility of GBP161.7 million.
The company, in its initial share placing announcement early September, said proceeds will be used to repay outstanding drawings on the loan facility.
Related Shares:
Sequoia Economic Infrastructure Fund