Share Name Share Symbol Market Type Share ISIN Share Description
Sequoia Eco LSE:SEQI London Ordinary Share GG00BV54HY67 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.25p -0.23% 106.25p 106.25p 106.50p 106.50p 106.00p 106.25p 224,014.00 16:35:15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 13.4 11.2 5.4 19.7 504.92

Sequoia Eco Share Discussion Threads

Showing 1 to 12 of 25 messages
Chat Pages: 1
DateSubjectAuthorDiscuss
08/6/2016
08:44
Confirmation of successful c share equity issue - SEQI managed to raise £175m against a targeted £150m, so plenty of demand here... http://uk.advfn.com/stock-market/london/sequoia-eco-SEQI/share-news/Sequoia-Economic-Infra-Inc-Fd-Ld-Result-of-Equity/71679023
wirralowl
07/6/2016
15:17
With 'lower for longer' looking like the outlook for interest rates now after Friday's shocking NFP number, I decided to buy a stake in SEQI today @ 103.61. Since I last discussed this company, they've developed into a nicely diversified lending company in the economic infrastructure sector. Never going to set the world alight in terms of SP, but all the loans/bonds are senior/secured and they're on course to hit their dividend target of 6pps pa now, or 5.8% at my purchase price. For those interested, I've added a video link from proactive investors to the header (dated April 2016), which gives more info on the company's activities and progress...
wirralowl
24/7/2015
11:07
Hi cyfran, and thanks for the link, interesting interview. jonwig's outlined many of the reasons I haven't invested too, primarily the current premium to NAV, and the fact that NAV is falling due to the currency issues (in the video its claimed they have a hedging programme in place, but so far it doesn't seem to be doing the job intended!). Also, the fact that they only provide debt rather than the build and/or management of facilities (like most other infra funds), presumably means they won't be able to offer dividend growth in line with inflation, and makes it difficult for me to see where potential capital gains could come from.
wirralowl
24/7/2015
05:40
cyfran - multiple currency issues, mainly - they don't seem to hege forex. Also I'm quite overweight in infra funds. But also, they have a relatively small number of investments (16, and 50% invested) so one going sour would have a big impact. NAV is 96p, maybe I'd look again if the premium narrowed a bit more. Thanks for that proactive link.
jonwig
23/7/2015
20:14
Brief discussion on their MO hxxp://www.proactiveinvestors.co.uk/companies/stocktube/3979/sequoias-cook-on-infrastructure-investment-opportunities-3979.html
cyfran101
23/7/2015
20:13
Hi Wirral Owl & Jonwig I'd be interested to know what is keeping you on the sideline.
cyfran101
23/7/2015
13:37
"Still not invested here" - nor am I, but it's worth watching! Currency moves seem to be driving the NAV.
jonwig
23/7/2015
12:47
Still not invested here, but I'll post the latest investment update for my and anyone else's reference: 14 July 2015 Sequoia Economic Infrastructure Income Fund Limited Net Asset Value as at 30 June 2015 and Investment Update The Board of Directors of the Company is pleased to announce the unaudited net asset value per Ordinary Share ("NAV") as at 30(th) June 2015 of 95.92 pence. The NAV includes income for the period since Admission. As of the 30(th) June 2015, the Company owned 12 infrastructure bonds and four loans, collectively valued at GBP72.7m including accrued interest, with an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 7.5% and an average life across the acquired portfolio of approximately 8.0 years. Of these, eight transactions were indicated to investors in the Prospectus as being part of the Target Portfolio and eight are new transactions. Acquisitions in June comprise a mezzanine loan on a UK PPP road project, a loan to a US aircraft leasing business, mezzanine bonds on a UK elderly care business and senior bonds issued by a German wind turbine manufacturer. In addition, the Company has purchased two loans with an aggregate purchase price of approximately GBP10.6m that are in the process of settling (and as such are not currently reflected in the NAV). In aggregate, the purchase price of these 18 transactions will represent approximately 57.3% of the net proceeds of the IPO. The investments are across the UK, Western Europe and the US and include the road, rail, shipping, utility, elderly care and aircraft leasing sectors. The Company has not disposed of any investments since the IPO. The decrease in the Company's NAV of c.1.7% arises primarily from: -- a decline in the value of the dollar versus Sterling of 2.7% during June, which reduced the NAV by c.0.8%; plus -- a decline in the value of the euro versus Sterling of 1.3% during June, which reduced the NAV by c.0.3%; plus -- a negative mark-to-market adjustment on acquired assets of c.0.8% of NAV, as risk aversion led to widening credit spreads across markets. -- these were offset in part by interest income of c.0.3%.
wirralowl
23/7/2015
12:45
Gone ex-div today, on their maiden dividend, announced 15th July, of 1pps: 15 July 2015 Sequoia Economic Infrastructure Income Fund Limited (the "Company") Dividend Declaration Dividend for Period Ended 30 June 2015 The Directors of the Company have declared that an interim dividend will be payable as follows in respect of the period ended 30 June 2015: Ex-Dividend Date: 23 July 2015 Record Date: 24 July 2015 Payment Date: 14 August 2015 Dividend per Share: 1 pence per share For further information please contact:
wirralowl
15/6/2015
09:19
RNS Number : 9665P Sequoia Economic Infra Inc Fd Ld 12 June 2015 12 June 2015 Sequoia Economic Infrastructure Income Fund Limited Net Asset Value as at 29 May 2015 and Investment Update The Board of Directors of the Company is pleased to announce the unaudited net asset value per Ordinary Share ("NAV") as at 29(th) May 2015 of 97.63 pence. The NAV includes income for the period since Admission. As at the 29th May 2015, the Company owned ten infrastructure bonds and two loans, collectively valued at GBP57.0 million, including accrued interest, with an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 7.3% and an average life across the acquired portfolio of approximately 9.0 years. Of these, six were indicated to investors in the Prospectus as being part of the Target Portfolio and six are new transactions. Investments added in May include a senior loan to Biffa, a UK company that operates PFI, municipal and commercial waste collection and management services; a senior secured bond issued by CHC Group, a Canadian helicopter lessor; and a small bond position (that will be increased over time) issued by Care UK, a leading UK operator of nursing homes and other healthcare services. In addition, the Company has purchased two loans, one bond, and one incremental investment in a loan it has already purchased, with an aggregate purchase price of approximately GBP17.4m that are in the process of settling (and as such are not currently reflected in the NAV). In aggregate, the purchase price of these 15 transactions (excluding accrued interest) will represent approximately 50.2% of the net proceeds of the IPO. The investments are across the UK, Western Europe and the US and include the road, rail, shipping, utility and aircraft leasing sectors. The Company has not disposed of any investments since the IPO. The slight decrease in the Company's NAV of approximately 0.17% arises primarily from a decline in the value of the Euro versus Sterling (down 1.8% month-on-month), which reduced the NAV by approximately 0.35%, and negative mark-to-market adjustments on acquired assets. These were offset in part by interest accretion on the acquired portfolio. May saw 17 infrastructure transactions close totalling over $18bn, although a staggering $11.5bn relates to the Corpus Christi LNG facility in the United States. Notable was the significant number of solar plants that reached financial close. Other asset types included rail and road transactions in the United States and Australia. Bristol Airport, wholly-owned by Ontario Teachers Pension Plan, successfully completed a transaction that mixed 7- and 10-year bank loans with a 15-year institutional tranche. Another landmark transaction was the Yozgaz Hospital in Turkey, the first hospital PPP to achieve an 18-year tenor relying solely on commercial lenders. Finally, a milestone was reached with the issuance of senior and junior bonds to finance the Moscow-St Petersburg availability road PPP. The Bristol Airport transaction demonstrated that some institutional investors are comfortable with high gearing, as EBITDA of GBP39m would result in gross leverage of roughly 8.3x. The Turkish hospital provides an interesting pricing comparison for senior debt, at 350 bps over mid-swaps. During May, the 10-year US Treasury widened slightly from 2.03% to 2.12% while Bunds moved from 0.36% to 0.49%. Corporate High Yield indices were approximately flat, with for example the Bloomberg USD High Yield Corporate Bond Index moving from 156.4 to 157.0. While strong demand for senior infrastructure debt is keeping margins narrow, we are still finding opportunities to deploy mezzanine funding at attractive yields.
wirralowl
24/4/2015
09:18
A bit more detail here: Sequoia Economic Infrastructure Income Fund Limited Net Asset Value as at 31 March 2015 and Investment Update ~ 15 April 2015 16 April 2015 Sequoia Economic Infrastructure Income Fund Limited Net Asset Value as at 31 March 2015 and Investment Update The Board of Directors of the Company is pleased to announce the Net Asset Value as at 31 March 2015 of 98.23p per share. While some parts of the market have experienced a degree of yield compression, attractive pricing is still available for the Company’s target investments, with senior spreads broadly unchanged from prior to the IPO and typical mezzanine margins remaining in the region of 4-6%. As such, as at 31 March 2015, the Company had invested in six infrastructure bonds valued at £25.8m, including accrued interest, with an annualised yield to maturity (or yield to worst in the case of callable bonds) of 6.9% and an average life across the acquired portfolio of approximately 10.5 years. Of these investments, five were indicated to investors in the Prospectus as being part of the Target Portfolio. Details of the existing six positions which have settled will be disclosed in the Company’s monthly factsheet which will be made available at www.seqifund.com. In addition, as at the 31 March 2015, the Company had purchased three loans plus an incremental order on one of the six bonds already purchased. The aggregate purchase price of these investments – which had not settled by the end of March and therefore are not reflected in the NAV – is approximately £18.9m. The purchase price of these nine transactions represents approximately 30% of the net proceeds of the IPO. The nine transactions include loans and bonds to the road, rail, utility and aircraft leasing sectors and are to borrowers in Western Europe, the US and the UK. In aggregate the price paid, and the yield achieved, are in line with the Company’s target yield. The Board is pleased with the initial deployment of IPO proceeds and believes that the Company is on target to achieve the anticipated deployment schedule anticipated at launch. In addition, the Board confirm their expectation to pay its first dividend for the period end June 2015 in line with its year one target of a 5% dividend yield with reference to the IPO issue price. Unless otherwise defined, capitalised terms used in this announcement have the same meaning as those defined in the Prospectus
wirralowl
24/4/2015
09:17
Not invested here, as of yet, but as no one else has started a thread, and its the type of IT that I'm interested in (an income generating fund) thought I'd set one up. Extract taken from Shares Magazine 23 April 2015: With the UK base rate still mired at 0.5%, income remains a major theme for investment trust investors. They are able to sate appetites for the risk-adjusted returns on offer from economic infrastructure through Sequoia Economic Infrastructure Income Fund (SEQI). Raising £150 million at 100p-a-share through its Main Market IPO (3 March), Sequoia’s investment objective is to provide regular, sustained, long-term distributions as well as capital growth through a diverse portfolio of senior and subordinated economic infrastructure debt investments. These will be in assets spanning ports, pipelines, water and waste assets, as well as transportation equipment, renewable energy assets and even student accommodation and elderly care facilities. The fund has a distribution target of 5pps for the first year, with 6pps/pa the target thereafter. Excellent article on the compnay and its activities from Proactive Investors: [...] Website: hTTp://www.seqifund.com/ hTTp://www.seqifund.com/Sequoia-Economic-Infrastructure-Fund.php Monthly Factsheet: hTTp://www.seqifund.com/downloads/SEQI%20Monthly%20report%20310315%20FINAL.PDF Estimated portfolio sensitivities (as of May 16) Change in NAV Interest rates +0.5%(5) -1.7% Interest rates -0.5% 1.8% Interest rates +1.0% -3.3% Interest rates -1.0% 3.8% Euro +/- 5% (against GBP) 0.5% Dollar +/- 5% (against GBP) 1.2% Euro down 5% and dollar up 5% -0.7% 16 May 2016 Sequoia Economic Infrastructure Income Fund Limited Net Asset Value as at 29 April 2016 and Investment Update Company update As of the 29th April 2016, the Company held 17 infrastructure bonds and 19 private debt investments, collectively valued at £286.9m including accrued interest, with an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 8.1% and a weighted average life across the acquired portfolio of approximately 5.9 years. The investments are diverse across the UK, Western Europe, Australia, Canada and the US and include a wide range of asset types including road, rail, utility, power, shipping, renewables and aircraft leasing. Approximately 53% of the Company portfolio comprised of floating rate assets, with only four LIBOR floors (other than those at zero percent). As such the portfolio's yield is likely to increase over time if LIBOR increases. Investments in April include senior secured bonds issued by All Aboard Florida, owner and developer of a privately-owned express passenger rail infrastructure project between Miami and Orlando. In addition, the company has made an incremental investment in Green Plains Processing LLC. During the month, the Company had its position in Viridian Group Holdings 13.5% 2020 private bonds called by the issuer. The result was a 20.5% realised IRR (annualised) on a par amount of approximately £5m. Company NAV performance The decrease in Company NAV to 97.69p per share (ex-div) arose primarily through: -- Interest income net of expenses of 0.33p; -- A gain of 1.22p in asset valuations; -- A dividend declared of 1.50p; and -- A decline of 0.56p on net FX movements. Portfolio Summary (15 largest settled investments) Transaction Currency Type Ranking Value Sector Sub-sector Yield name GBPmm to (1) maturity / worst (%) A'lienor S.A.S. (A65) EUR Private Senior 28.4 Transport Road 5.33 Solar Infinis Bridge GBP Private HoldCo 24.0 Renewables & Wind 8.70 Exeltium Mezzanine EUR Private Mezz 17.8 Power PPA 8.83 Danaos Snr Transport Secured 2018 USD Private Senior 17.3 assets Shipping 9.59 Neoen Production Solar 1 S.A.S.U EUR Private HoldCo 15.3 Renewables & Wind 6.99 Biffa TL A GBP Private Senior 13.0 Utility Waste 6.73 Green Plains Alternative TL B USD Private Senior 9.2 Other Fuel 10.89 Dulles Greenway 2029 USD Public Senior 8.4 Transport Road 6.85 Reliance Rail Finance Transport Rolling 2018 AUD Private Senior 8.1 assets Stock 7.28 North Las Vegas Water 6.572% 2040 USD Public Senior 8.0 Utility Water 6.79 Bristow Group Transport 6.25% 2022 USD Public Mezz 7.7 assets Aircraft 10.38 Columbia Pipeline 5.8% 2045 USD Public Senior 7.2 Utility Pipelines 5.40 NRG Energy Inc 7.785% Elec 2021 USD Public Senior 7.1 Power Generation 6.61 All Aboard Florida USD Public Senior 6.7 Transport Rail 13.34 Care UK L+500 Elderly 2019 GBP Public Senior 6.6 Accommodation Care 11.42 -------------------------------------------- ------- ------ -------------- ------------ ---------- Video Interview: April 2016 courtesy of ProactiveInvestors: [...]
wirralowl
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