NextEnergy Solar Fund Limited Issue of Shares (3203A)
December 19 2014 - 7:40AM
UK Regulatory
TIDMNESF
RNS Number : 3203A
NextEnergy Solar Fund Limited
19 December 2014
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN,
SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE
UNLAWFUL OR RESTRICTED BY LAW OR TO US PERSONS (WITHIN THE MEANING
OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED).
19 December 2014
NextEnergy Solar Fund Limited (the "Company")
Issue of Shares
The Board announces that, in accordance with the terms and
conditions of the placing programme established under the Company's
prospectus dated 10 November 2014 (the "Prospectus"), it has today,
pursuant to a Placing, issued 4,000,000 New Ordinary Shares at a
price of 103 pence per Share, resulting in gross proceeds of GBP4.1
million.
Applications have been made to the FCA for admission of the New
Ordinary Shares to the premium segment of the Official List and to
trading on the London Stock Exchange's main market for listed
securities ("Admission"). It is expected that Admission will become
effective and that unconditional dealings in the New Ordinary
Shares will commence at 8.00 a.m. (London time) on 23 December
2014.
On Admission, the Company's issued share capital will comprise
180,600,000 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 180,600,000. 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 and Transparency Rules.
As stated in the Prospectus, the Manager has agreed to reimburse
a portion of its Manager's Fee to any Cornerstone Shareholder once
the reported NAV exceeds GBP300 million and provided that, until
such time as the reported NAV first exceeds GBP300 million, any
such Cornerstone Shareholder agrees to subscribe for at least 25%
of the shares to be issued pursuant to any issue of Shares. There
is a Cornerstone Shareholder which comprises funds managed by a
single investment adviser (the "Adviser"). The Cornerstone
Shareholder was not able to participate in the Placing within the
time allowed but intends, subject to ongoing due diligence on
behalf of each of the funds comprising the Cornerstone Shareholder,
to participate in the next tranche of the Placing Programme so
that, collectively, the funds comprising the Cornerstone
Shareholder's holding of Shares following such issue will be at
least 25% of the Shares then in issue. With the agreement of the
Board, the Manager has agreed with the Adviser that, subject to
such subsequent participation, the Cornerstone Shareholder will be
deemed to have participated in the Placing for the purpose of the
agreement between the Manager and the Adviser to make
reimbursements of the Manager's Fee referred to above.
For Further Information:
NextEnergy Capital Limited 020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe (Financial Adviser and Joint Lead Bookrunner) 020 7894 7667
Sue Inglis (Corporate Finance)
Andrew Worne / Andrew Davey / Tom Dixon (Sales)
Shore Capital (Sponsor and Joint Bookrunner) 020 7408 4090
Bidhi Bhoma
Anita Ghanekar
Patrick Castle
Macquarie Capital (Europe) Limited (Joint Lead Bookrunner) 020 3037 2000
Ken Fleming
MHP Communications 020 3128 8100
Jamie Ricketts
Gina Bell
Notes
Unless the context requires otherwise, words and expressions
defined in the Prospectus have the same meanings when used in this
announcement.
Notes to Editors:
NextEnergy Solar Fund
NextEnergy Solar Fund (www.nextenergysolarfund.com) is a
specialist investment fund focused on operational solar
photovoltaic assets located in the UK. The Company intends to
provide investors with a sustainable and attractive dividend that
increases in line with RPI over the long term and an element of
capital growth through the re-investment of net cash generated in
excess of the target dividend.
Further information on NextEnergy Capital and WiseEnergy is
available at www.nextenergycapital.com and www.wise-energy.eu.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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