Issue of Ordinary Shares

RNS Number : 2855B

Bluefield Solar Income Fund Limited

09 January 2018

 

9 January 2018

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Issue of Ordinary Shares in respect of the Investment Adviser's variable fee pursuant to the Investment Advisory Agreement

Bluefield Solar (LON:BSIF), a sterling income fund that invests in UK-based solar assets, announces that on 18 September 2017 the Company declared a fourth interim dividend of 1.5 pence per Ordinary Share in respect of the financial year ended 30 June 2017, taking the total distribution for that financial year to 7.25 pence per Ordinary Share.

Under the terms of the Investment Advisory Agreement if, in any year (excluding the Company's first financial year), the Company exceeds its distribution target of 7 pence per Ordinary Share (as increased annually in line with RPI), the Investment Adviser will be entitled to a variable fee equal to 30 per cent. of the excess, subject to a maximum variable fee in any year equal to 1.00 per cent. of the NAV as at the end of the relevant financial year. The variable fee shall be satisfied by the issue of Ordinary Shares to the Investment Adviser (or to such persons as the Investment Adviser may direct, subject to the terms of the Investment Advisory Agreement) at the end of the relevant financial year at an issue price equal to the prevailing NAV per Ordinary Share at the financial year end, adjusted for dividends paid. The target dividend for the year in question was 7.18 pence per Ordinary Share, meaning that the excess distribution was 0.07 pence per Ordinary Share.  Applied to a base number of 369,811,281 Ordinary Shares and using an adjusted NAV as at 30 June 2017 of 107.49 pence per share, 72,249 new Ordinary Shares have been issued to the Investment Adviser in respect of the variable fee for the financial year ended 30 June 2017, representing a total consideration of GBP 77,660.

The Ordinary Shares issued to the Investment Adviser (or to such persons as the Investment Adviser nominates) in satisfaction of the variable fee are subject to a three year lock-up period, with one-third of the relevant Ordinary Shares becoming free from the lock-up on each anniversary of their issue (subject to certain usual exceptions).

Application has been made for the new Ordinary Shares to be admitted to the premium segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will take place at 8.00 am on 12 January 2018.

The new Ordinary Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company. This includes the right to receive all dividends and other distributions declared or paid in respect of such Ordinary Shares after Admission.

Capitalised terms used but not defined in this announcement have the same meanings as set out in the Prospectus issued by the Company on 26 October 2015.

Total Voting Rights

Following Admission, the number of Ordinary Shares that the Company has in issue will be 369,883,530.  The total number of voting rights of the Company will be 369,883,530 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.

For further information:

Bluefield Partners LLP (Company Investment Adviser) James Armstrong / Mike Rand / Giovanni Terranova	Tel: [phone] www.bluefieldllp.com
Numis Securities Limited (Company Broker) Tod Davis / David Benda	Tel: [phone] www.numis.com
Heritage International Fund Managers Limited (Company Secretary & Administrator) Kevin Smith	Tel: [phone] www.heritage.co.gg
Media enquiries: Buchanan (PR Adviser) Henry Harrison-Topham / Vicky Hayns / Henry Wilson	Tel: [phone] www.buchanan.uk.com [e-mail]

Notes to Editors

About Bluefield Solar

Bluefield Solar is a sterling income fund focused on acquiring and managing UK-based solar projects to generate stable renewable energy for periods of typically 25 years or longer.  The Company's primary objective is to deliver to its shareholders stable, long term sterling income via quarterly dividends, which are linked to RPI.  The majority of the Group's revenue streams are regulated and non-correlated to traditional markets.  Bluefield Solar owns and operates one of the UK's largest, diversified portfolios of solar assets, with a combined installed power capacity in excess of 440MWp.

Further information can be viewed at www.bluefieldsif.com.

About Bluefield Partners LLP ('Bluefield')

Bluefield was established in 2009 and is an investment adviser to companies and funds investing in solar energy infrastructure. It has a proven record in the selection, acquisition and supervision of large scale energy and infrastructure assets in the UK and Europe.  The team has been involved in over £1.25 billion of solar PV funds and/or transactions in both the UK and Europe since 2008, including over £500 million in the UK since December 2011.

Bluefield has led the acquisitions of, and currently advises on, over 70 UK based solar PV assets that are agriculturally, commercially or industrially situated.  Based in its London office, Bluefield's partners are supported by a dedicated and highly experienced team of investment, legal and portfolio executives.  Bluefield was appointed Investment Adviser to the Company in June 2013.

 

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