Secured Income Fund PLC — Net Asset Value 2019

Oct 16, 2019

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RNS Number : 9977P

SQN Secured Income Fund PLC

16 October 2019

16 October 2019                                  

SQN Secured Income Fund plc

Monthly Net Asset Values and Fact Sheets

SQN Secured Income Fund plc (LSE: SSIF) (the "Company"), a specialist secured lending income investment trust, listed in the UK, is pleased to provide its amended June 2019 and July 2019 monthly net asset values ("NAV") and monthly fact sheets, together with its August 2019 NAV and monthly fact sheet.  The data herein is confirmation of guidance provided in an RNS release of 8 October 2019 and is reflected in the year end financial report also released today.

Amended 30 June 2019 Net Asset Value

Subsequent to the year end, the Company became aware of information in relation to loans on two platforms.  In addition, a readjustment to certain credit loss allowances was made to better reflect the underlying conditions of the inherited portfolio and revised judgements of the provisions required under IFRS 9.  As a result, the loss allowance as at 30 June 2019 for those two platforms has been amended, resulting in a difference in the net asset value from that announced on 25 July 2019 as follows:

	30 June 2019	30 June 2019
	£'000	pence per share
Net asset value announced on 25 July 2019	51,153	97.04
Increase in platform loss allowance and associated decrease in accrued loan interest	(1,024)	(1.94)
	------------	------------
Amended net asset value	50,129	95.10
	------------	------------

Amended 31 July 2019 Net Asset Value

The above adjustment to the 30 June 2019 net asset value, and the above noted readjustment to certain credit loss allowances, had a knock-on effect on the 31 July 2019 net asset value announced on 29 August 2019 as follows:

	31 July 2019	31 July 2019
	£'000	pence per share
Net asset value announced on 29 August 2019	51,117	96.97
Adjustment to 30 June 2019 NAV	(1,024)	(1.94)
Increase in platform loss allowance and associated decrease in accrued loan interest	(34)	(0.06)
	------------	------------
Amended net asset value	50,059	94.97
	------------	------------

31 August 2019 Net Asset Value

The Company announces that, as at 31 August 2019, the unaudited estimated NAV per ordinary share (cum-income) was 94.93 pence.

The NAV total return in August 2019 was 0.27% (July 2019: 0.47% (amended from 0.53% announced on 29 August 2019)).

Fact Sheet

The Company announces that it has today published its monthly fact sheet to the end of August 2019, together with its adjusted monthly fact sheets for June 2019 and July 2019. Please follow the link below to access the fact sheets, which are also available to download from the Company's website.

http://www.rns-pdf.londonstockexchange.com/rns/9977P_1-2019-10-15.pdf

(http://www.sqncapital.com/managed-funds/sqn-secured-income-fund/about/)

For further information please contact:

SQN Asset Management Limited Neil Roberts/Jeremiah Silkowski/Dawn Kendall	tel: +44 1932 575 888
finnCap Ltd. Corporate Finance: William Marle / Giles Rolls Sales: 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

Notes to Editor

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.

The Company's Investment Managers are SQN Capital Management, LLC, a Registered Investment Advisor with the United States Securities and Exchange Commission and its subsidiary, SQN Asset Management Limited. The principals responsible for managing the portfolio are Jeremiah Silkowski, Dawn Kendall and Neil Roberts.

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 rns@lseg.com or visit www.rns.com.

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