Acquisition Update

RNS Number : 6756T

Bluefield Solar Income Fund Limited

07 October 2014

 



Bluefield Solar Income Fund Limited

7 October 2014

Acquisition update

On 9 September the Board of Bluefield Solar Income Fund Limited (the "Company") announced that it had entered into a conditional contract to acquire the Target Portfolio from L&P Ethical Investment Initiative Limited and L&P Alternative Investments Limited (together, the "L&P Sellers"), details of which were included in the circular to shareholders of the same date. At the Extraordinary General Meeting of the Company held on Wednesday, 1 October 2014, Shareholders approved the Acquisition.

The consideration payable to the L&P Sellers for the acquisition is to be satisfied by the issue of new Ordinary Shares in the Company (the "Consideration Shares") and for these purposes the issue price of each Consideration Share will be equal to the average mid-market price of the Ordinary Shares during the seven dealing days up to and including the third dealing day prior to completion of the Acquisition Agreement.

It is expected that completion of the Acquisition Agreement (which remains conditional on Admission) will occur on Thursday, 9 October 2014 and accordingly the issue price of the Consideration Shares will be 103.14286 pence per share resulting in the issue of 7,490,540 new Ordinary Shares to the L&P Sellers. The Consideration 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 Consideration Shares.

Application has been made for the Consideration 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 9 October 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 150,917,224. The total number of voting rights of the Company will be 150,917,224 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.

Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular to shareholders dated 9 September 2014.

Enquiries:

James Armstrong / Mike Rand / Giovanni Terranova

Bluefield Partners LLP - Company Investment Adviser

Tel: [phone]

Tod Davis / David Benda

Numis Securities Limited - Company Broker

Tel: [phone]

Kevin Smith

Heritage International Fund Managers Limited - Company Secretary & Administrator

Tel: [phone]

Note to editors:

About Bluefield Solar Income Fund Limited (the "Company" or "BSIF")

BSIF is a Guernsey-registered investment company focusing on large scale agricultural and industrial solar assets. The Company raised gross proceeds of GBP130m in July 2013 through an initial public offering ("IPO") of shares on the main market of the London Stock Exchange. It raised a further GBP13m capital via a tap issue in February 2014.

The Company seeks to provide shareholders with an attractive return, principally in the form of semi-annual 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. The Company delivered on its target dividend of 4 pence per share in relation to the first financial year ending 30 June 2014. It is seeking to deliver 7 pence per share in respect of the Company's second financial year, rising with RPI thereafter.

About Bluefield Partners LLP ("Bluefield")

Bluefield was established in 2009 and is an investment adviser to companies and funds investing in solar energy infrastructure. The Investment Adviser's team 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 GBP500m of solar photovoltaic ("PV") funds and/or transactions in both the UK and Europe since 2008, including over GBP235m in the UK since December 2011.

Bluefield has led the acquisitions, and currently advises on over 50 UK based solar 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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