Sequoia Economic considering another capital raise

The London-listed company had announced on 7 December that it raised £126m in a “significantly oversubscribed” placing of ordinary shares.

As announced on 18 April 2017, as at 31 March, the net proceeds of that prior placing had now been substantially invested or committed for investment.

“In light of what the board considers to be a continued attractive pipeline of investment opportunities identified by the Investment Adviser, Sequoia Investment Management Company, the board of the company is considering increasing the company's capital base,” its board said in a statement on Monday.

“To the extent that the board resolves to proceed with a capital raise, any such issue of shares will be of benefit to existing shareholders and will include an adequate level of pre-emption which will be made available to the company's existing shareholders.”

Any such capital raise, including its structure, timing, size and approval by the board of the company, would be subject to prevailing market conditions, it added.

Further details would be announced in due course.