Results of Placing

RNS Number : 0077X

Bluefield Solar Income Fund Limited

14 November 2014

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL

Bluefield Solar Income Fund Limited

14 November 2014

Results of placing

Further to the announcement dated 3 November 2014 the Board of Bluefield Solar Income Fund Limited (the "Company") is pleased to announce the successful placing of new Ordinary Shares.

A total of 120,000,000 new Ordinary Shares (the "New Ordinary Shares") have been placed, subject to Admission and on the other terms and conditions set out in the Prospectus  dated 3 October 2014, by Numis Securities Limited ("Numis") at a price of 102.5p per share, raising gross proceeds of approximately £123 million. The New Ordinary Shares represent approximately 83% of the issued Ordinary Share capital of the Company prior to the Placing.

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 the date of Admission of the Placing Shares.

For the avoidance of doubt the New Ordinary Shares noted above are expected to be issued on 19 November 2014 and will therefore not be entitled to the interim dividend in respect of the year to 30 June 2015 payable to shareholders on the register as at 14 November 2014.

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 (the "FCA") 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 8.00am on 19 November 2014 (or such later date as may be agreed between the Company and Numis).

Following Admission, the number of Ordinary Shares that the Company has in issue will be 270,917,224. The total number of voting rights of the Company will be 270,917,224 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.

John Rennocks, Chairman of the Company said..."The Board is delighted with the success of the capital raise which has seen over 50 institutions backing the placement. It emphasises the power of a transparent investment approach and sector leading investment returns. The placement gives the Company the platform to execute its previously described pipeline and consolidate its position as the leading solar asset focused company in terms of size, portfolio and returns",

Capitalised terms used but not defined in this announcement have the same meanings as set out in the Prospectus issued by the Company on 3 October 2014.

Enquiries:

James Armstrong / Mike Rand / Giovanni Terranova

Bluefield Partners LLP - Company Investment Adviser

Tel: [phone]

Tod Davis / David Benda/Jamie Lillywhite

Numis Securities Limited - Company Broker

Tel: [phone]

Kevin Smith

Heritage International Fund Managers Limited - Company Secretary & Administrator

Tel: [phone]

Disclaimer

Numis Securities Limited is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Numis Securities Limited or advice to any other person in relation to the matters contained herein.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada, Japan, New Zealand, South Africa, or any Member State of the EEA (other than the United Kingdom). The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement does not contain or constitute an offer for sale of, or the solicitation of an offer or an invitation to buy or subscribe for securities to any person in the United States, Australia, Canada, Japan, New Zealand, South Africa, in any Member State of the EEA (other than the United Kingdom), or in any jurisdiction to whom or in which such offer or solicitation is unlawful.

Note to editors

About Bluefield Solar Income Fund Limited (BSIF)

BSIF is a Guernsey-registered investment company focusing on investment into large scale agricultural and industrial solar assets. It was the first solar focused fund to list on the London Stock Exchange in July, 2013, and has raised over £270 million including and since its initial public offering of shares. In June, 2014, it agreed a three-year revolving credit facility with Royal Bank of Scotland plc, for up to £50 million.

BSIF seeks to provide shareholders with an attractive return, principally in the form of quarterly income distributions, by investing in a diversified portfolio of solar energy assets, each located within the UK, with a focus on utility scale assets and portfolios on greenfield, industrial and/or commercial sites.

About Bluefield Partners LLP (Bluefield)

Bluefield was established in 2009 as a specialist investor into solar energy. Bluefield's team has a proven track record in the selection, acquisition and supervision of large scale energy and infrastructure assets in the UK and Europe.

The London based team has been involved in over £500m solar energy transactions in both the UK and Europe since 2008, including over £235 million in the UK since December 2011. Bluefield has led the acquisitions on over 50 UK based solar assets.

Bluefield was appointed Investment Adviser to the Company in June 2013.

 

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