Source - RNS
RNS Number : 7553M
Sequoia Economic Infra Inc Fd Ld
18 October 2016
 

Sequoia Economic Infrastructure Income Fund Limited

(the "Company")

 

18 October 2016

 

C Share Conversion Ratio and Admission of new Ordinary Shares to Official List and trading on the London Stock Exchange

 

Further to its announcement dated 12 September 2016, the Company is pleased to announce the following information in relation to the conversion of its C Shares.

 

Conversion Ratio for C Shares

 

The Net Asset Values attributable to the Ordinary Shares and the C Shares as at the Calculation Time, being 30 September 2016, were 99.79 pence per share and 98.21 pence per share respectively. Accordingly, the Conversion Ratio, as calculated in accordance with the Company's Articles as summarised in the prospectus published on 6 May 2016 (the "Prospectus"), is 0.9842 Ordinary Shares for every one C Share.

 

The Conversion Ratio includes a deduction of 1.5 pence in respect of the Ordinary share class dividend declared and 1.0 pence in respect of the C Share class dividend declared for the period ending 30 September 2016 as announced earlier today. For the avoidance of doubt, the Ordinary Shares arising on Conversion will not be entitled to this dividend. The Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares of the Company already in issue, including the right to receive all dividends declared from the date of their admission.

 

Entitlements will be rounded down to the nearest whole share. Any fractions of Ordinary Shares arising on Conversion will not be allocated to holders of C Shares but will be aggregated and sold for the benefit of the Company.

 

Further details of the Conversion and rights attaching to the C Shares are set out in the Company's Articles as summarised in the Prospectus.

 

Terms defined in the Prospectus have the same meaning in this announcement unless otherwise defined.

 

Admission to the Official List and to trading on the London Stock Exchange

 

On the basis of the Conversion Ratio, applications have been made for 172,404,119 Ordinary Shares to be admitted to the Premium Segment of the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in these new Ordinary Shares will commence at 8.00 a.m. on 1 November 2016.

 

The C Share register is expected to close at 5.30 p.m. on 31 October 2016.  The listing of the C Shares is expected to be cancelled from the Official List and the London Stock Exchange with effect from 8.00 a.m. on 1 November 2016.

 

Expected timetable

 



Record date for conversion and C Share register closes

 

5.30pm on Monday, 31 October 2016

Admission of new Ordinary Shares

8.00am on Tuesday, 1 November 2016

 

Cancellation of listing of C Shares, and dealings in new Ordinary Shares commence

 

    8.00am on Tuesday, 1 November 2016

Cancellation of listing of C Shares, and dealings in new Ordinary Shares commence

 

Tuesday, 1 November 2016

Crediting of CREST accounts with new Ordinary Shares

 

Tuesday, 1 November 2016

Share certificates in respect of new Ordinary Shares dispatched

Thursday, 3 November 2016

 

The above timetable is subject to change at the discretion of the Company and Stifel Nicolaus Europe Limited.

 

Voting Rights and Capital

 

Effective from 1 November 2016, the Company's share capital will consist of 475,215,705 Ordinary Shares, each Ordinary Share conferring upon the holder one vote. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

 

For further information please contact:

 

Sequoia Investment Management Company

Steve Cook

Dolf Kohnhorst

Randall Sandstrom

Greg Taylor

 

+44 (0)20 7079 0480

 

Stifel Nicolaus Europe Limited

Neil Winward

Mark Bloomfield

Gaudi Le Roux

 

+44 (0)20 7710 7600

 

Praxis Fund Services Limited (Company Secretary)

Shona Darling

 

+44 (0) 1481 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. The Company has been advised that the Shares can be considered as 'excluded securities' for the purposes of the FCA rules regarding the definition and promotion of Non-Mainstream Pooled Investments (NMPIs).


This information is provided by RNS
The company news service from the London Stock Exchange
 
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