22nd May 2019 09:48
LONDON (Alliance News) - Sequoia Economic Infrastructure Income Fund Ltd said Wednesday it has increased its dividend target by 4.1% to 6.25 pence per share per annum from its current level of 6.0p.
The dividend target increase is largely due to a rise in the fund's net asset value to 102.62 pence per share as at April 30 from 98.0p following its IPO in March 2015.
The economic infrastructure debt-focused investor expects to declare the first dividend under the new target for the quarter to the end of June.
"SEQI has performed well since its IPO in March 2015 and has met its existing dividend target while growing its net asset value by over 4%. Accordingly, the board has decided that it would be appropriate to rebase the company's dividend target to reflect the underlying growth in its asset value since launch," said Chair Robert Jennings.
"The board believes that the investment opportunity in the economic infrastructure debt market remains compelling and we are confident of the company's ability to generate attractive returns for shareholders without compromising the risk profile of our portfolio," Jennings added.
Shares in Sequoia Economic Infrastructure were up 0.1% at 111.69 pence on Wednesday.
Related Shares:
Sequoia Economic Infrastructure Fund