NextEnergy Solar Fund Limited Issue of Shares (3203A)

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

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