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NextEnergy SolFnd Ld (NESF)

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Wednesday 21 June, 2017

NextEnergy SolFnd Ld

Result of Placing

RNS Number : 6599I
NextEnergy Solar Fund Limited
21 June 2017
 

THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED IN IT, IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM, IRELAND, THE NETHERLANDS AND SWEDEN) OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR RESTRICTED BY LAW (COLLECTIVELY, "RESTRICTED JURISDICTIONS") OR TO US PERSONS (WITHIN THE MEANING OF REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")).

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014.  UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS AND EXPRESSIONS DEFINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 15 NOVEMBER 2016 (AND ANY SUPPLEMENT THERETO, INCLUDING THE SUPPLEMENTARY PROSPECTUS PUBLISHED BY THE COMPANY ON 5 JANUARY 2017) IN CONNECTION WITH ITS SHARE ISSUANCE PROGRAMME (THE "PROSPECTUS") HAVE THE SAME MEANINGS WHEN USED IN THIS ANNOUNCEMENT.

21 June 2017

NextEnergy Solar Fund Limited ("NESF" or the "Company")

Result of Placing

Key highlights:

·           Level of confirmed demand significantly in excess of original targeted fundraising of £100m

·           Due to substantial oversubscription, size of Placing has been increased to £126.5m

·           115,000,000 New Ordinary Shares will be issued at 110p per share

·           Net proceeds intended to be used to fund new investments

·           Admission is expected to become effective at 8:00 a.m. on 23 June 2017

Further to the announcement on 13 June 2017, NextEnergy Solar Fund Limited is pleased to announce the result of the placing of New Ordinary Shares (the "Placing").  The level of confirmed demand was significantly in excess of the original targeted fundraising of £100m.

Due to the substantial oversubscription, the Board, after consulting the Investment Manager and with the agreement of the Joint Bookrunners, has elected to exercise its right to increase the size of the Placing from the initial target of £100m to £126.5m (before expenses).  In determining the increased size of the Placing, the Board has taken into account the strength of the  Company's near term investment pipeline, current available cash resources and the Company's stated dividend target.  Notwithstanding the decision to increase the size of the Placing, NESF has had to conduct an extensive scaling-back exercise. 

A total of 115,000,000 New Shares will be issued pursuant to the Placing at 110p per share.  It is intended that the net proceeds of the Placing will be used to fund new investments in accordance with the Company's investment policy.

Applications have been made to the FCA for the 115,000,000 New Ordinary Shares to be admitted to the premium segment of the Official List and to the London Stock Exchange for New Ordinary Shares to be admitted to trading on its main market for listed securities.  Admission is expected to become effective, and dealings in the New Ordinary Shares are expected to commence, at 8.00 a.m. on 23 June 2017.  Following Admission, the New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares.

On Admission, the Company's issued share capital will comprise 571,388,199 Ordinary Shares, none of which will be held in treasury.  Each Ordinary Share carries the right to one vote and, therefore, the total number of voting rights in the Company on Admission will be 571,388,199.  This figure may be used by Shareholders and other investors 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 FCA's Disclosure Guidance and Transparency Rules.

Commenting on the fundraising, Kevin Lyon, Chairman, said:

"The Board is delighted to have had such a positive response to the Company's fundraising from both existing shareholders and new investors.  This fundraising will enable the Company to continue to build on its strong position and pursue attractive investment opportunities.  The significant oversubscription of NESF's latest fundraising demonstrates investors' confidence in NESF's investment proposition and its Investment Manager. "

For further information:

NextEnergy Capital Limited

020 3239 9054

Michael Bonte-Friedheim

 

Aldo Beolchini

 

Cantor Fitzgerald Europe

020 7894 7667

Sue Inglis

 

Fidante Capital

020 7832 0900

Robert Peel


Justin Zawoda-Martin


Macquarie Capital (Europe) Limited

020 3037 2000

Nick Stamp


Shore Capital

020 7408 4090

Bidhi Bhoma


Anita Ghanekar


MHP Communications

020 3128 8100

Andrew Leach
Ivana Petkova

Luke Briggs

Notes to Editors:

NextEnergy Solar Fund

NESF is a specialist investment company that invests in operating solar power plants in the UK.  Its objective is to secure attractive shareholder returns through RPI-linked dividends and long-term capital growth.  The Company achieves this by acquiring solar power plants on agricultural, industrial and commercial sites.

NESF has raised equity proceeds of £586m since its initial public offering on the main market of the London Stock Exchange in April 2014.  It also has credit facilities of £270.2m in place (£150m from a syndicate including MIDIS, NAB and CBA; MIDIS: £54.7m; Bayerische Landesbank: £43.8m; and NIBC: £21.7m).

NESF is differentiated by its access to NextEnergy Capital Group (NEC Group), its Investment Manager, which has a strong track record in sourcing, acquiring and managing operating solar assets.  WiseEnergy is NEC Group's specialist operating asset management division, providing solar asset management, monitoring and other services to over 1,250 utility-scale solar power plants with an installed capacity in excess of 1.7 GW.

Further information on NESF, NEC Group and WiseEnergy is available at www.nextenergysolarfund.com, www.nextenergycapital.com and www.wise-energy.eu.

Important Notice

Each of Cantor Fitzgerald Europe ("Cantor Fitzgerald"), Fidante Partners (Europe) Limited ("Fidante Capital"), Macquarie Capital (Europe) Limited ("Macquarie Capital") and Shore Capital and Corporate Limited ("Shore Capital") is authorised and regulated in the United Kingdom by the FCA and acting only for the Company in connection with the Placing.  Persons receiving this announcement should note that none of Cantor Fitzgerald, Fidante Capital, Macquarie Capital or Shore Capital will be responsible to anyone other than the Company for providing the protections afforded to customers of Cantor Fitzgerald, Fidante Capital, Macquarie Capital or Shore Capital, or for advising any other person on the matters described in this announcement.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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