NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND.
8 December 2016 – 7.00 (GMT)
SQN Asset Finance Income Fund Limited
Result of Placing, Open Offer and Offer for Subscription
Further to the announcement on 9 November 2016, the Board of SQN Asset Finance Income Fund Limited (“SQN” or the “Company”) is pleased to announce that it has successfully raised gross proceeds of £180,000,000 through the Placing, Open Offer and Offer for Subscription (the “Issue”) of 180,000,000 C shares of no par value in the Company (the “C Shares”) at 100 pence per C Share.
The Issue was significantly oversubscribed and therefore the Company, following consultation with Winterflood, has scaled back applications in accordance with the terms set out in the Prospectus. A total of 114,828,911 C Shares will be issued pursuant to the Placing, 58,491,739 C Shares will be issued pursuant to the Open Offer, and 6,679,350 C Shares will be issued pursuant to the Offer for Subscription.
The net proceeds of the Placing will be invested in accordance with the Company’s investment policy in the existing pipeline of opportunities, together with new business.
Applications have been made for 180,000,000 C Shares to be admitted to the premium segment of the Official List of the UK Listing Authority and to trading on the premium segment of the Main Market of the London Stock Exchange (”Admission”). Admission is expected to occur at 8.00 a.m. on 12 December 2016.
The ticker symbol for the Company’s C Shares is SQNX. The terms and timing of the conversion of the C Shares into Ordinary Shares will be announced in due course.
Winterflood Securities Limited acted as sole sponsor, financial adviser and bookrunner to the Company.
Unless otherwise defined, capitalised words and phrases in this announcement shall have the meaning given to them in the Company’s prospectus dated 8 November 2016.
For further information please contact:
SQN Capital Management, LLC
+44 (0)20 3214 9000
Winterflood Securities Limited
+44 (0)20 3100 0000
SQN Asset Finance Income Fund
Sarah Hendry, Company Secretary
+44 (0)1481 750 850
+44(0) 207 466 5000
Winterflood, which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Winterflood or advice to any other person in relation to the matters contained herein.
The shares of the Company have not been, nor will they be, registered under the US Securities Act of 1933, as amended or with any securities regulatory authority of any state or other jurisdiction of the United States or under the applicable securities laws of Australia, Canada or Japan. Further, the Company will not be registered under the US Investment Company Act of 1940, as amended. Subject to certain exceptions, the shares of the Company may not be offered or sold in any member state of the EU other than the United Kingdom, the United States of America, Canada, Australia or Japan or to or for the account or benefit of any national, resident or citizen of any member state of the EU other than the United Kingdom, Canada, Australia or Japan or any person located in the United States. The Issue and the distribution of this announcement in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.