20 July 2022
Sequoia Economic Infrastructure Income Fund Limited
(the "Company")
Dividend Declaration
Investment Adviser Shares
Interim Dividend for the Period Ended 30 June 2022
The Directors of the Company have declared that an interim dividend of 1.5625p per share will be payable to holders of Ordinary Shares as follows in respect of the three-month period ended 30 June 2022:
| Ex-Dividend Date:
| 28 July 2022
|
| Record Date:
| 29 July 2022
|
| Payment Date:
| 26 August 2022 |
| Dividend per Ordinary Share:
| 1.5625 pence per share
|
As previously announced by the Company on 6 May 2022, the Board had exercised its discretion to suspend the Scrip Dividend Alternative. As the Company's shares continue to trade at a discount to NAV, the Board has determined that the reinstatement of the Scrip Dividend Alternative would not be beneficial to shareholders as a whole and accordingly the Interim Dividend will be paid in full in cash. Dividends will be paid gross of tax.
The Board will keep under consideration the re-instatement of the Scrip Dividend Alternative in respect of future quarterly dividends, subject to an assessment of the relevant prices and costs and determination that doing so would be accretive to the Company's NAV for the benefit of shareholders as a whole.
Investment Adviser Shares
The Company further announces that in accordance with the terms of the Investment Advisory Agreement between the Company and Sequoia Investment Management Company Limited (the "Investment Adviser"), the Board has considered the issue of shares to the Investment Adviser for the relevant portion of the fees payable to the Investment Adviser for the three month period ended 30 June 2022. As the closing price for the Company's ordinary shares on 18 July 2022 (being the last trading day prior to the Board considering the issue of shares to the Investment Adviser) was at a discount to the last published NAV per share, the relevant portion of the fees payable to the Investment Adviser for the three month period ended 30 June 2022 which would otherwise have been issued as shares, will instead be paid by the Company to the Investment Adviser in cash in the amount of £293,823.74. The Investment Adviser has committed to issue an irrevocable instruction upon receipt of the funds to utilise such cash to acquire ordinary shares in the capital of the Company in the market without delay and such shares will be subject to a three-year rolling lock-up in accordance with the terms of the Investment Advisory Agreement. A further announcement will be released in the coming days once the shares have been acquired by the Investment Adviser
For further information please contact:
| Sequoia Investment Management Company Steve Cook Dolf Kohnhorst Randall Sandstrom Greg Taylor Anurag Gupta
| +44 (0) 20 7079 0480
|
| Jefferies International Limited (Corporate Broker & Financial Adviser) Neil Winward Gaudi Le Roux
| +44 (0) 20 7029 8000 |
| Tulchan Communications (Financial PR) Elizabeth Snow Martin Pengelley
| +44 (0) 20 7353 4200 |
| Sanne Fund Services (Guernsey) Limited (Company Secretary) Matt Falla Katrina Rowe
| +44 (0) 1481 755530
|
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.
LEI: 2138006OW12FQHJ6PX91
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