Bluefield Solar Income Fund Limited Result of Placing (9462F)

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RNS Number : 9462F

Bluefield Solar Income Fund Limited

20 November 2020

THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO ANY US PERSON (AS DEFINED IN REGULATION S ("REGULATION S") UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) OR IN OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT (INCLUDING THE APPENDIX).

THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE INCLUDING IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR TO US PERSONS.

The information contained within this announcement is deemed by Bluefield Solar Income Fund Limited to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

20 November 2020

Bluefield Solar Income Fund Limited

("Bluefield Solar" or the "Company")

Result of Placing

Further to the announcement dated 16 November 2020 the Board of Bluefield Solar Income Fund Limited (the "Company") is pleased to announce the successful placing of new ordinary shares.

A total of 36,500,000 new ordinary shares (the "Placing Shares") have been placed, subject to Admission and on the other terms and conditions set out in the Appendix to the announcement made on 16 November 2020, by Numis Securities Limited ("Numis") at a price of 124p per share, raising gross proceeds of approximately GBP45 million. The Placing Shares represent approximately 9.99% of the issued ordinary share capital of the Company prior to the Placing.

The Placing was over-subscribed and accordingly it has been necessary to scale back applications. However, the Company took into account applications for Placing Shares from existing shareholders with a view to giving these priority over other investors, where applicable, and allocating to existing shareholders such number of Placing Shares to enable them to retain their existing percentage holding of Ordinary Shares in the issued share capital Company following the issue of Placing Shares.

All Placing Shares issued pursuant to the Placing will, when issued and fully paid, confer the right to receive all dividends or other distributions made, paid or declared, if any, by reference to a record date after the date of their issue.

Application has been made for the Placing 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 24 November 2020 (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 406,999,622. The total number of voting rights of the Company will be 406,999,622 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 Guidance and Transparency Rules.

John Rennocks, Chairman of the Company, commented "We are delighted with the success of this significantly oversubscribed placing, the first fundraise undertaken by Bluefield Solar since we broadened the investment mandate earlier this year. It places the Company in a strong position to continue with its growth plans in 2021 and we thank our shareholders for their support."

Capitalised terms used but not defined in this announcement have the same meanings as set out in the placing announcement of the Company released at 7.00am on 16 November 2020.

For further information:

 
 Bluefield Partners LLP (Investment Adviser)                 Tel: [phone] 
  James Armstrong / Neil Wood / Giovanni Terranova                www.bluefieldllp.com 
 Numis Securities Limited (Broker)                           Tel: [phone] 
  Tod Davis / David Benda                                                www.numis.com 
 Ocorian (Company Secretary & Administrator)                 Tel: [phone] 
  Kevin Smith                                                          www.ocorian.com 
 Media enquiries: 
  Buchanan (PR Adviser)                                      Tel: [phone] 
  Henry Harrison-Topham / Henry Wilson / Charlotte Slater          www.buchanan.uk.com 
                                                                  [e-mail] 
 

Notes to Editors

About Bluefield Solar Income Fund Limited

Bluefield Solar Income Fund Limited is a UK income fund focused primarily on acquiring and managing UK-based solar projects to generate renewable energy for periods of typically 25 years or longer. Not less than 75% of the fund's gross assets will be invested into UK solar assets. The fund can also invest up to 25% of its gross assets into onshore wind, hydro and storage technologies. Its primary objective is to deliver to its shareholders stable, long-term sterling income via quarterly dividends. The majority of the fund and its group's revenue streams are regulated and non-correlated to the UK energy market. The fund owns and operates one of the UK's largest diversified portfolios of solar assets with a combined installed power capacity in excess of 543 Megawatt peak (MWp).

Further information can be viewed at www.bluefieldsif.com

About Bluefield Partners LLP

Bluefield Partners LLP was established in 2009 and is an investment adviser to companies and funds investing in renewable energy infrastructure. It has a proven record in the selection, acquisition and supervision of large-scale energy assets in the UK and Europe. The team has been involved in over GBP1.9 billion renewable funds and/or transactions in both the UK and Europe since 2008, including over GBP1.2 billion in the UK since December 2011.

Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 100 UK based solar PV assets that are agriculturally, commercially or industrially situated. Based in its London office, it is supported by a dedicated and highly experienced team of investment, legal and portfolio executives. Bluefield Partners LLP was appointed as investment adviser to Bluefield Solar Income Fund Limited in June 2013.

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November 20, 2020 02:00 ET (07:00 GMT)