Result of AGM

RNS Number : 1454J

Bluefield Solar Income Fund Limited

03 December 2018

 

3 December 2018

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Result of Annual General Meeting

Bluefield Solar (LON:BSIF), a sterling income fund that invests in UK-based solar assets, announces that at the Annual General Meeting ("AGM") of the Company held at 11.00 am, 30 November 2018, Ordinary Resolutions 1 to 11 and Special Resolution 13 were passed without amendment and Ordinary Resolution 12 and Special Resolution 14 failed.  Resolution 12 was a discontinuation vote which the Board asked shareholders to reject, a recommendation which was followed by over 99% of votes cast.

Resolution 13

That, in substitution for any existing disapplication authority in force as at the date of this Annual General Meeting, the Directors be and are hereby generally and unconditionally authorised to allot, issue and/or sell equity securities for cash as if article 6.2 of the Articles did not apply to any such allotment, issue and/or sale, provided that this power shall be limited to the allotment, issue and/or sale of up to 10 per cent. of the Ordinary Shares in issue as at the date of this Annual General Meeting for the period expiring at the date falling 15 months after the date of the passing of this resolution or the conclusion of the next annual general meeting of the Company, whichever is earlier (unless previously renewed, varied or revoked by the Company in a general meeting), save that the Company shall be entitled to make offers or agreements before the expiry of such power which would or might require equity securities to be allotted and issued after such expiry and the Directors shall be entitled to allot and issue equity securities pursuant to any such offer or agreement as if the power conferred hereby had not expired.

Resolution 14

That, conditional on special resolution 13 above having been passed, in substitution for any existing disapplication authority in force as at the date of this Annual General Meeting (but in additional to and without prejudice to the power granted by special resolution 13 above), the Directors be and are hereby generally and unconditionally authorised to allot, issue and/or sell equity securities for cash as if article 6.2 of the Articles did not apply to any such allotment, issue and/or sale, provided that this power shall be limited to the allotment, issue and/or sale of up to an additional 10 per cent. of the Ordinary Shares in issue as at the date of this Annual General Meeting for the period expiring at the date falling 15 months after the date of the passing of this resolution or the conclusion of the next annual general meeting of the Company, whichever is earlier (unless previously renewed, varied or revoked by the Company in a general meeting), save that the Company shall be entitled to make offers or agreements before the expiry of such power which would or might require equity securities to be allotted and issued after such expiry and the Directors shall be entitled to allot and issue equity securities pursuant to any such offer or agreement as if the power conferred hereby had not expired.

The voting breakdown of all resolutions follow:

Resolution	Votes For		Votes Against		Votes Withheld*
1 - Ordinary	214,684,851	99.97%	59,222	0.03%	45,059
2 - Ordinary	214,703,645	99.98%	37,736	0.02%	47,752
3 - Ordinary	214,681,001	99.97%	62,379	0.03%	45,752
4 - Ordinary	214,719,467	99.99%	23,914	0.01%	45,752
5 - Ordinary	185,707,732	86.48%	29,035,648	13.59%	45,752
6 - Ordinary	146,871,584	75.66%	47,239,915	24.34%	20,677,633
7 - Ordinary	205,560,710	99.99%	27,643	0.01%	9,200,779
8 - Ordinary	214,714,096	99.99%	20,757	0.01%	54,280
9 - Ordinary	214,725,496	99.99%	20,757	0.01%	42,880
10 - Ordinary	214,725,496	99.99%	20,757	0.01%	42,880
11 - Ordinary	214,723,214	99.99%	22,729	0.01%	43,190
12 - Ordinary	1,115,544	0.52%	213,618,719	99.48%	54,869
13 - Special	214,703,657	99.99%	29,836	0.01%	55,640
14 - Special	157,921,099	73.80%	56,056,073	26.20%	811,960

*A vote withheld is not a vote in law and is therefore not counted towards the proportion of votes "for" or "against" the Resolution.

** including discretionary votes.

The Board has noted the significant votes received against Resolutions 6 and 14.

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 Estera International Fund Managers (Guernsey) Limited (Company Secretary & Administrator) Kevin Smith Tel: [phone] www.estera.com Media enquiries: Buchanan (PR Adviser) Henry Harrison-Topham / 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 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 465MWp.

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 £1.5 billion of solar PV funds and/or transactions in both the UK and Europe since 2008, including over £800 million in the UK since December 2011. Bluefield currently advises in excess of 500MWp of solar PV assets, including Bluefield Solar.

Bluefield has led the acquisitions of, and currently advises on over 80 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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