Result of EGM

RNS Number : 2202T

Bluefield Solar Income Fund Limited

01 October 2014

 



Bluefield Solar Income Fund Limited

1 October 2014

Result of EGM

The Board of Bluefield Solar Income Fund Limited (the "Company") is pleased to announce that, at the Extraordinary General Meeting (the "EGM") of the Company held on 1 October 2014 at 10.00am, all resolutions were duly passed. In accordance with Listing Rule 9.6.2 the resolutions passed at the Extraordinary General Meeting have been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.

Resolution 1 related to the proposed acquisition from the L&P Sellers of the Target Portfolio as described in the Circular to shareholders dated 9 September 2014. The consideration payable to the L&P Sellers for the acquisition of the Target Holdco 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 now expected that completion of the Acquisition Agreement (which remains conditional on Admission) will occur in the week commencing Monday 6 October 2014 and accordingly a further announcement regarding the issue price and the number of Consideration Shares to be issued will be made shortly.

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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