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SEQI Sequoia Economic Infrastructure Income Fund Limited

81.10
-0.10 (-0.12%)
28 Mar 2024 - Closed
Delayed by 15 minutes

Dividends

Announcement Date Type Currency Amount Ex-Dividend Date Record Date Payment
17/1/2024 Dividend income or Cash Dividend GBP 0.017188 25/1/2024 26/1/2024 29/2/2024
13/10/2023 Dividend income or Cash Dividend GBP 0.017188 26/10/2023 27/10/2023 24/11/2023
20/7/2023 Dividend income or Cash Dividend GBP 0.017188 27/7/2023 28/7/2023 25/8/2023
20/4/2023 Dividend income or Cash Dividend GBP 0.017188 27/4/2023 28/4/2023 26/5/2023
19/1/2023 Dividend income or Cash Dividend GBP 0.017188 26/1/2023 27/1/2023 24/2/2023
19/10/2022 Dividend income or Cash Dividend GBP 0.015625 27/10/2022 28/10/2022 25/11/2022
20/7/2022 Dividend income or Cash Dividend GBP 0.015625 28/7/2022 29/7/2022 26/8/2022
- Dividend income or Cash Dividend GBP 0.015625 28/4/2022 29/4/2022 27/5/2022
- Dividend income or Cash Dividend GBP 0.015625 27/1/2022 28/1/2022 04/3/2022
- Dividend income or Cash Dividend GBP 0.015625 28/10/2021 29/10/2021 03/12/2021
- Dividend income or Cash Dividend GBP 0.015625 29/7/2021 30/7/2021 06/9/2021
- Dividend income or Cash Dividend GBP 0.015625 29/4/2021 30/4/2021 08/6/2021
- Dividend income or Cash Dividend GBP 0.015625 28/1/2021 29/1/2021 05/3/2021
- Dividend income or Cash Dividend GBP 0.015625 22/10/2020 23/10/2020 27/11/2020
- Dividend income or Cash Dividend GBP 0.015625 23/7/2020 24/7/2020 28/8/2020
16/4/2020 Dividend income or Cash Dividend GBP 0.015625 23/4/2020 24/4/2020 22/5/2020
16/1/2020 Dividend income or Cash Dividend GBP 0.015625 23/1/2020 24/1/2020 21/2/2020
17/10/2019 Dividend income or Cash Dividend GBP 0.015625 24/10/2019 25/10/2019 22/11/2019
18/7/2019 Dividend income or Cash Dividend GBP 0.015625 25/7/2019 26/7/2019 23/8/2019
18/4/2019 Dividend income or Cash Dividend GBP 0.015 02/5/2019 03/5/2019 30/5/2019
Dividends data is taken only from official company reports.

Top Dividend Posts

Top Posts
Posted at 26/1/2024 08:30 by cocopah
Another 50 days of buybacks at this level and we will have 10% of issued shares held in treasury. At that time a hike in divi to 7p+/p.a. would be well supported. Personally I’d like to see us progress a quarterly dividend of 2p.
Posted at 16/1/2024 12:13 by chucko1
My recollection from the previous dividend increase is that there were warm words regarding future increases.

My money is on a circa 5% increase, but that is no more than a personal estimate based upon the above comment.
Posted at 16/1/2024 11:34 by speedsgh
"The interest income supports a 10% yield at the current share price." Is another increase in the dividend (currently 6.875p/8.2% annualised) therefore on the cards?
Posted at 16/1/2024 08:24 by gateside
The NAV per share for SEQI, increased to 94.41 pence per share from the prior month's NAV per share of 92.89 pence, an increase of 1.52 pence per share, underpinned by steady interest income and increases in asset valuations in the month of December.
Posted at 11/1/2024 09:50 by mpage
I did read the Winterflood list. In my opinion - based on comments made in Money Makers IT podcasts - E Bird is not THAT experienced and the list(obviously) has a clear bias to W's own clients.

If you're looking for an investment trust analyst who knows 'what's what' then Colette Ord at Numis is hard to beat.

As you all know, in October SEQI turned to using an interest rate swap (7 years) to lock in high rates (at what it hopes is the interest rate peak) to overcome the rule stating it needs to hold 50% in floating rates/index-linked debt. Floating rate loans do help to dampen the volatility of NAV.

DORE is younger, smaller, more volatile, trades at a 25% discount (hence the plug)and has a much lower yield than SEQI. The underlying assets are not really comparable - around two-thirds equity (compared to all private debt) invested in a narrow range of assets, mainly solar + hydro. Greencoat UK Wind looks a better bet than DORE for anyone wanting inflation-linked income.
Posted at 11/1/2024 06:13 by cocopah
Not sure how much this will interfere with the share price recovery.⬇5039;

Winterflood Analyst recommendations list …

Infrastructure & Renewable Energy Infrastructure

There was just one change in the infrastructure and renewables sector, as Sequoia Economic Infrastructure Income (SEQI) was removed in favour of Downing Renewables & Infrastructure (DORE).

Sequoia was added last year due to the ‘considerable floating rate exposure in its portfolio’, which Bird felt made it well placed to ‘capture short-term rate rises’ but that opportunity has ‘now largely played out’.
Posted at 05/12/2023 08:11 by scburbs
Worse than that I assume they have refused to put in sufficient money to keep the company afloat (let alone pay back existing debts). Probably means the equity is well out of the money, not sure if it’s SEQI next in line (to take a loss) or if there are junior lenders as well (probably SEQI next in line). Any ideas what the name of the owning company is?

Also not clear how they are going to secure working capital funding. Presumably either this will need to come from SEQI or they will need super senior funding ranking ahead of SEQI. I am guessing the latter.
Posted at 15/11/2023 10:33 by speedsgh
NAV and investment update -

The NAV per share for SEQI, the specialist investor in economic infrastructure debt, increased to 91.84 pence per share from the prior month's NAV per share of 91.16 pence, (being the 29 September 2023 cum-income NAV of 92.88 less the dividend of 1.71875 pence per share declared in respect of the quarter ended 29 September 2023 and payable on 24 November 2023), representing an increase of 0.68 pence per share...

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New £56m private bilateral loan

The Investment Adviser is pleased to announce the arranging of a £56m private bilateral facility to finance the acquisition of the entire issued share capital of Esken Renewables by the sustainable infrastructure fund, Pioneer Infrastructure Partners SCSp, managed by Pioneer Point Partners LLP. The proposed transaction with Esken, the listed aviation and renewable energy group, represents an enterprise value of £107.7m and is conditional inter alia on shareholder approval. The transaction is expected to complete in early December 2023...

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Portfolio update

The Company is attractively positioned from a liquidity perspective with cash of £130.0m available, compared to undrawn commitments on investments of £90.9m (including Esken Renewables). The Company is currently not geared and its revolving credit facility is undrawn, resulting in additional capacity to manage liquidity. The Company also has an active pipeline of new investments with attractive yields in the current interest rate environment and can access its revolving credit facility to manage the misalignment of investment and repayment timings, while prudently balancing its capital allocation between new investment opportunities and share buybacks. The pipeline is diversified by sector, sub-sector, and jurisdiction, with yields currently ranging from 9% to 11%, as evidenced by the new private bilateral loan with Esken.

The Company's invested portfolio consisted of 53 private debt investments and 3 infrastructure bonds across 8 sectors and 26 sub-sectors. It had an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 10.9% and a cash yield of 7.5% (excluding cash returns on market-to-market fund holding, deposit accounts and investments rated lower than single C). The weighted average portfolio life remains short and is approximately 3.5 years. Private debt investments represented 97.4% of the total portfolio. The Company's invested portfolio currently consists of 48.9% floating rate investments and remains geographically diverse with 51.9% located across the USA, 25.8% in the UK, 22.2% in Europe, and 0.1% in Australia/New Zealand...

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Non-performing loans

The Investment Adviser continues to actively manage its non-performing loans with the loans being independently marked to market by PwC as part of the monthly valuation process. Further updates will be provided to shareholders in the future when material developments occur...
Posted at 14/9/2023 12:20 by davebowler
Citywire-
High-yielding Sequoia hopes ‘unusual’; pull-to-par rerates shares
Steve Cook, manager of the 8%-yielding infrastructure loan fund, explains why the portfolio will recover from the quickest interest rate hikes in the UK since the 1980s.

BY
JAMIE COLVIN

Sequoia Economic Infrastructure Income (SEQI) fund manager Steve Cook believes the ‘pull-to-par’ of many of the investment company’s bonds trading below their launch price will help to narrow the shares’ current 13% discount to net asset value.

Speaking to Citywire, Cook said the ‘unusual’; event was caused by Sequoia increasing the discount rates applied to the £1.3bn portfolio of short-term private loans and bonds in line with central banks’ aggressive rate hikes, which depressed their valuation.

However, the trust’s floating rate bonds, which make up 60% of assets at an average 3.3-year duration, will bounce back to their launch price as they approach their repayment date, assuming there are no writedowns or hits to their value.

As a consequence, the portfolio’s ‘yield to maturity’, or total return from maturing bonds, has shot up from 9.8% to 12% in the last 12 months.

An update last month estimated the pull-to-par would be worth about 6.1p per share over the course of the closed-end fund’s investments, which includes private loans and bonds to companies in areas such as digital infrastructure, energy transition, renewable power and transport.


Since the closed-end fund launched in March 2015, a typical year would see a pull-to-par of a fraction of 1%, but this year, it creates a really interesting total return story for investors, Cook (pictured below) said.

‘You’re getting a 6.875p dividend on the 83p shares and some NAV growth built in, you could say, and hopefully we can address the discount as well. I can’t promise to narrow the discount, but if you take the first two, which are contractual, you get a really good total return story.’

Steve Cook - Sequoia
In the past three months the shares have risen 6.5%, leaving shareholders with a flat total return including dividends over one year.

Its board has also been busy buying back the shares, with 73m purchased since July 2022 totalling approximately £60m.

Other steps taken to reduce the discount includes bringing in new investors to support the shares, the largest of which currently are Investec, Rathbones and Quilter, with respective holdings of 9%, 5.2% and 5.1%, according to Refinitiv.


As interest rates look close to peaking, Cook is increasing the weighting to fixed rate loans to capture the current high rates, across the assets that span the UK, North America, Europe, Australia and New Zealand.

Cook will reduce the weighting to telecoms, the largest sector weighting at 30.3% of assets, over the coming months, which he believes is slightly too high, despite their high-yielding defensive nature.

He added that the portfolio is ungeared, meaning there are no expensive debt costs to service.

Cook is working on extracting value from the trust’s two non-performing loans, Bulb Energy, and Connecticut 4000 Avenue, a private school based in Washington DC that went bust, that make up 3.2% of assets.

In the case of Bulb, a senior secured loan, SEQI became the majority shareholder through a partial debt‑for‑;equity swap, of Zoa, a newly formed business set up to market Bulb’s best-in-class software to energy supply companies in the UK and elsewhere. It has recovered £14m in cash since Bulb went into administration last year.

In the case of Connecticut 4000 Avenue, SEQI co-owns the newly refurbished building with two other companies.

The portfolio’s largest individual position is a £58.9m senior secured loan to Bannister, a provider of long-term supported and residential living facilities for adults with learning disabilities, that matures in 2025.

Another large £54.5m senior secured loan is renewable energy platform Infinis, the UK’s largest generator of low carbon power from captured methane.
Posted at 20/7/2023 06:27 by cwa1
Dividend Declaration

Investment Adviser Shares

Interim Dividend for the Period Ended 30 June 2023

The Directors of the Company have declared that an interim dividend of 1.71875p per share will be payable to holders of Ordinary Shares as follows in respect of the three-month period ended 30 June 2023:


Ex-Dividend Date: 27 July 2023
Record Date: 28 July 2023
Payment Date: 25 August 2023
Dividend per Ordinary 1.71875 pence per share
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