Sequoia Economic Infrastructure Income Fund Limited (LON:SEQI) has 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 September 2023:
| Ex-Dividend Date: | 26 October 2023 |
| Record Date: | 27 October 2023 |
| Payment Date: | 24 November 2023 |
| Dividend per Ordinary Share: | 1.71875 pence per share |
As previously announced by Sequoia on 6 May 2022, the Board had exercised its discretion to suspend the Scrip Dividend Alternative. With effect from the Company’s Q3 dividend, which is expected to be paid on or around 24 November 2023, the Company will be introducing the option for shareholders to invest their dividend in a Dividend Reinvestment Plan. Further details are available in the announcement made on 13 October 2023.
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 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 September 2023. As the closing price for the Company’s ordinary shares on 17 October 2023 (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 September 2023 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 £247,795.94. 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.
In addition, Sequoia has been notified by the Investment Adviser that, rather than sell any of the shares it owns and which it has the right to sell at this time, it intends to enter into a borrowing facility secured against its shares held in the Company, as it believes the current share price is not properly reflective of the Company’s net asset value per share. The Investment Adviser owns 4,785,730 shares, excluding holdings by individuals at the Investment Adviser.
