31st Mar 2020 15:50
(Alliance News) - SQN Secured Income Fund PLC on Tuesday reported a decline in net asset value for the first half of its financial year.
As at December 31, SQN Secured's net asset value per share was 92.36 pence, down from 96.68p the same date the year before. Net assets dropped to GBP48.7 million from GBP51.0 million the prior year.
The fund's share price at the end of December was 85.25p, reflecting a 7.7% discount to net asset value, compared to 4.6% the year before.
Shares in the investment firm were down 1.4% on the day Tuesday at 73.00 pence in London.
SQN declared an interim dividend of 3.50 pence per share for the six months to the end of December, in line with the year before.
"The company has performed well and continues to make positive progress in reassigning available cash to loans underwritten directly by the management team. The focus on risk management of legacy positions has been a particular focus for the board and the investment manager has reduced further allocations to platform investments. We are pleased to see a further reduction in co-invested counterparty risk and some apposite, forward looking sales of direct loan exposures," said Chair Ken Hillen.
By Dayo Laniyan; [email protected]
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