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SEQI Sequoia Economic Infrastructure Income Fund Limited

81.60
0.60 (0.74%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sequoia Economic Infrastructure Income Fund Limited LSE:SEQI London Ordinary Share GG00BV54HY67 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.60 0.74% 81.60 2,002,791 16:35:23
Bid Price Offer Price High Price Low Price Open Price
81.10 81.80 81.80 80.80 81.20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 11.08M -17.95M -0.0107 -76.45 1.38B
Last Trade Time Trade Type Trade Size Trade Price Currency
17:50:25 O 2,018 81.002 GBX

Sequoia Economic Infrast... (SEQI) Latest News (2)

Sequoia Economic Infrast... (SEQI) Discussions and Chat

Sequoia Economic Infrast... Forums and Chat

Date Time Title Posts
12/4/202421:53Sequoia Economic Infrastructure Income Fund451

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Sequoia Economic Infrast... (SEQI) Most Recent Trades

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Sequoia Economic Infrast... (SEQI) Top Chat Posts

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Posted at 14/4/2024 09:20 by Sequoia Economic Infrast... Daily Update
Sequoia Economic Infrastructure Income Fund Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker SEQI. The last closing price for Sequoia Economic Infrast... was 81p.
Sequoia Economic Infrast... currently has 1,681,169,626 shares in issue. The market capitalisation of Sequoia Economic Infrast... is £1,375,196,754.
Sequoia Economic Infrast... has a price to earnings ratio (PE ratio) of -76.45.
This morning SEQI shares opened at 81.20p
Posted at 12/4/2024 21:53 by cocopah
9.2% of shares now in treasury. With buybacks at 850,000 shares a day it won’t be long before that’s 10%! No wonder there was a director buy today. If I wasn’t so stacked, I’d have a few few more! I wonder if they will increase the dividend or just keep the share buybacks going once they hit 10% of issued shares in treasury?🤔🤔
Posted at 28/3/2024 07:17 by cocopah
8.7% of shares in Treasury now, golden star in the long-term chart, good risk management of NPLs, tight run ship on costs … yes interest rates higher for longer doesn’t help the share price but positive on income.
Posted at 15/3/2024 16:37 by cocopah
Yes, we are nearly at 8.5% of issued shares now in treasury, so one would expect an improvement in the share price. However, one only has to look at BP to see that share buybacks do not always deliver! Definitely very good news on the Bulb investment and of course we could earn more from the technology. I was surprised that there was no news at all about the hotel in Scotland that is underwater. At the previous update they said that the improvements involved would offset the issue with the hotel but no commentary on it today at all? I still believe this is a quality investment and as a long-term holder I’m very happy with the due diligence being applied to lending and the frugal approach to costs. Let’s hope we see some upward momentum on the share price!
Posted at 04/3/2024 15:45 by cocopah
8.05% of issued shares now held in treasury, seem to have added impetus to the ‘daily’ buyback (used to be c600,000 shares, now 850,000), good news on Bulb (slightly offset by the hotel in Scotland) … the BOD must be staggered that the share price isn’t 85p+ now! 🤷‍a94;️🤔
Posted at 20/2/2024 13:21 by cocopah
I emailed the MD (as you know they run a tight ship so no investor comms dept) to ask if a review of shareholder returns was in the pipeline. He replied the same day, obviously couldn’t be specific but from his reply I think they will simply keep on with the share buybacks focusing on reducing the NAV discount (in as much as that is possible whilst interest rates remain elevated). I’m happy with that tbh and we now have roughly 8% of issued share capital in treasury so I expect that to increase to 10%. Lots of execs have skin in the game above 80p so I guess if they can get the share price to the mid 80s that will be the short-term goal. 🤔👍🏻
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 09:15 by chucko1
The interest income supports a 10% yield at the current share price. The reduction in rates and gradually increasing fixed income valuation (as seen in this month's NAV upward movement) is icing.

Too easy to buy first off this morning, as though this is not especially on radar screens. The move lower from 85p to 82p over the past week was an open invitation given this update.
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 14/9/2023 13:20 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.
Sequoia Economic Infrast... share price data is direct from the London Stock Exchange

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