Source - LSE Regulatory
RNS Number : 5018L
SQN Secured Income Fund PLC
30 April 2020

SQN Secured Income Fund plc

(LSE: SSIF) (the "Company" or "SSIF")


Update on Continuation Vote and Management Arrangements

The Board of SQN Secured Income Fund plc (LSE: SSIF), a specialist secured lending income generating investment trust, notes the announcement earlier today of the outcome of the SQN Asset Finance Income Fund's ("AFIF") strategic review and, in particular, the intention of SQN Capital Management, LLC and SQN Capital Management (UK) Limited (together 'SQN CM') to enter into an agreement under which KKV Investment Management Ltd ("KKV") will become the Investment Manager of AFIF.

KKV is a newly formed investment management company under the UK Asset Management arm of Kvika Banki hf ("Kvika").  Kvika is an Icelandic publicly traded specialist bank focusing on asset management and investment services.  Kvika focuses on providing high quality and tailor-made services to its varied client base through its operations in Iceland and the United Kingdom.  KKV will be led by Dawn Kendall and Ariel Vegoda, both currently senior personnel within the SQN Group.  Under an agreement with SQN CM, it is intended that the employees of SQN Capital Management (UK) Limited ("SQN UK") will transfer to KKV.  Dawn Kendall is the lead portfolio manager at SQN Asset Management Limited ('SQN AM') which is currently responsible for SSIF's investment portfolio and shares resources with SQN UK.  The Board of SSIF has therefore commenced a dialogue over the future management of SSIF with SQN CM and KKV. 

It is the SSIF Board's expectation that at the same time as the appointment of KKV to manage AFIF is formalised, which is expected to occur on or around 1 June, 2020, the management of SSIF will transfer to KKV on the same contractual terms as are currently in place.  This transfer is expected to take place with the agreement of both the SSIF Board and SQN CM which will continue to provide support and consulting services to KKV for a period of at least an additional twelve months at no additional cost to SSIF.  The SSIF Board remains aware, however, that the appointment of KKV to manage AFIF remains subject to the finalisation of various agreements between AFIF, KKV and SQN CM.

Shareholders should note that this expected change in management arrangements will not affect the previously announced Continuation Vote that is due to be held on 19th June 2020 and that Dawn Kendall and her team will be extensively involved in that process.

A further announcement will be made in due course.

Background Information on KKV

KKV is a subsidiary of Kvika Securities Ltd. ("KSL").  KSL is the UK subsidiary of Kvika, a Nordic commercial bank with a focus on asset management and investment services (including corporate finance, corporate banking and capital markets).  Kvika is a market leader in consolidation and rationalisation in the Icelandic financial market and has the strategic focus of growing its asset management operations.  It is now the second largest asset manager in Iceland with £2.6bn in assets under management.  Kvika was awarded Bank of the Year in Iceland in 2018 and 2019 by the leading industry magazine, The Banker.  Kvika is headquartered in Iceland with its shares listed on Nasdaq Iceland.

KSL is regulated and authorised in the UK by the Financial Conduct Authority to manage alternative investment funds and provide asset management and corporate finance services.


Ken Hillen, Chairman of the Company, commented: "We look forward to continuing to work with Dawn Kendall and her team after the transfer of the management of the Company to KKV Investment Management."

 For further information please contact:

SQN Asset Management Limited

Dawn Kendall


tel: +44 1932 575 888


finnCap Ltd.

Corporate Finance:

William Marle / Giles Rolls


Mark Whitfeld


tel: +44 20 7220 0500






Kepler Partners LLP

Hugh van Cutsem


tel: +44 20 3384 8790

Buchanan Communications

Charles Ryland/Henry Wilson


tel: +44 20 7466 5000

Prosek Partners (for KKV)

Tel: +44 20 3890 9193

Fiona Laffan/Clare Glyn


The Company aims to provide shareholders with attractive risk-adjusted returns, principally in the form of regular, sustainable dividends, through investment predominantly in a range of secured loans and other secured loan-based instruments originated through a variety of channels and diversified by way of asset class, geography and duration. 

This announcement is released by SQN Secured Income Fund plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, the person responsible for releasing this announcement is Ken Hillen, Chairman.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit
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