Sequoia Economic Infra Inc Fd Ld C Share portfolio update and notice of conversion (5752J)

TIDMSEQI TIDMSEQC

RNS Number : 5752J

Sequoia Economic Infra Inc Fd Ld

12 September 2016

Sequoia Economic Infrastructure Income Fund Limited

(the "Company")

12 September 2016

C Share portfolio update and notice of conversion

The Board of Sequoia Economic Infrastructure Income Fund Limited is pleased to announce that the Company has now invested, or committed to invest, in excess of 85 per cent. of the net issue proceeds raised through the Company's recent C Share issue which closed in June 2016 (the "Issue").

Conversion of the C Shares will therefore now occur in accordance with the Articles (as summarised in the prospectus published in relation to the Issue on 6 May 2016) (the "Prospectus").

The Calculation Time for the conversion of C Shares into Ordinary Shares is 30 September 2016. Accordingly, the conversion will be made on the basis of the respective net asset values of the C Shares and Ordinary Shares as at 30 September 2016 (the "Conversion Ratio"). The Conversion Ratio is expected to be announced on or around 18 October 2016.

As outlined in the Prospectus, the Company intends to pay dividends in relation to the C Shares on a quarterly basis, from the assets attributable to the C Shares, with the first such dividend expected to be paid for the period ending 30 September 2016. Accordingly, the Company expects to declare a dividend on both share classes prior to Conversion. The Conversion Ratio will be adjusted to take into account the effect of the dividends declared on the NAV of each share class. Dividends declared in respect of both share classes will be announced alongside the Company's monthly NAV, on and around 18 October 2016. Any dividends declared will have a record date ahead of Conversion.

Expected timetable

 
NAV announcement and               Tuesday, 18 October 
 dividend declaration                             2016 
 on Ordinary and C Shares 
 
Conversion Ratio announced         Tuesday, 18 October 
                                                  2016 
Record date for conversion        5.30pm on Monday, 31 
 and C Share register                     October 2016 
 closes 
Cancellation of listing            Tuesday, 1 November 
 of C Shares, and dealings                        2016 
 in new Ordinary Shares 
 commence 
Crediting of CREST accounts        Tuesday, 1 November 
 with new Ordinary Shares                         2016 
Share certificates in             Thursday, 3 November 
 respect of new Ordinary                          2016 
 Shares dispatched 
 

Unless otherwise defined, the terms used in this announcement shall have the same meaning as set out in the prospectus of the Company dated 6 May 2016.

For further information please contact:

 
 Sequoia Investment Management 
  Company 
  Steve Cook 
  Dolf Kohnhorst 
  Randall Sandstrom                   +44 (0)20 
  Greg Taylor                         7079 0480 
 Stifel Nicolaus Europe Limited 
  Neil Winward 
  Mark Bloomfield                     +44 (0)20 
  Gaudi Le Roux                       7710 7600 
 Praxis Fund Services Limited 
  (Company Secretary)              +44 (0) 1481 
  Shona Darling                          755528 
 

About Sequoia Economic Infrastructure Income Fund Limited

The Company is a Guernsey registered closed-ended investment company that seeks to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments. The Company is advised by Sequoia Investment Management Company Limited.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 12, 2016 07:00 ET (11:00 GMT)