TIDMNESF
RNS Number : 5689F
NextEnergy Solar Fund Limited
23 February 2015
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN,
SOUTH AFRICA OR ANY OTHER 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).
SAVE IN RELATION TO THE UK AND THE REPUBLIC OF IRELAND, NO
ACTION HAS BEEN TAKEN BY THE COMPANY, THE JOINT BOOKRUNNERS OR THE
SPONSOR THAT WOULD PERMIT AN OFFERING OF THE NEW ORDINARY SHARES OR
POSSESSION OR DISTRIBUTION OF THIS ANNOUNCEMENT, ANY OTHER
PUBLICITY MATERIAL OR ANY OFFERING MATERIAL RELATING TO SUCH SHARES
IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED.
PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT OR ANY OTHER SUCH
MATERIALS COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY
SUCH RESTRICTIONS. ANY FAILURE TO COMPLY WITH ANY SUCH RESTRICTIONS
MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH
JURISDICTION.
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS. THIS
ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO ISSUE
OR SELL, OR ANY SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE,
ANY SECURITIES IN THE COMPANY IN ANY JURISDICTION, INCLUDING THE
UNITED STATES, NOR SHALL IT (OR ANY PART OF IT OR THE FACT OF ITS
DISTRIBUTION) FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION
WITH, ANY CONTRACT THEREFOR OR INVESTMENT DECISION IS RESPECT OF
ANY SUCH SECURITIES. WITHOUT PREJUDICE TO THE FOREGOING GENERALITY,
THIS ANNOUNCEMENT DOES NOT CONSTITUTE A RECOMMENDATION REGARDING
ANY SECURITIES.
ANY INVESTMENT DECISION MUST BE MADE EXCLUSIVELY ON THE BASIS OF
THE PROSPECTUS PUBLISHED BY THE COMPANY ON 10 NOVEMBER 2014 (AND
ANY SUPPLEMENT THERETO) IN CONNECTION WITH ITS PLACING PROGRAMME
(THE "PROSPECTUS"). UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS
AND EXPRESSIONS DEFINED IN THE PROSPECTUS HAVE THE SAME MEANINGS
WHEN USED IN THIS ANNOUNCEMENT.
23 February 2015
NextEnergy Solar Fund Limited (the "Company")
Result of Placing and Further Allotment of New Shares Pursuant
to Offer
The Board is pleased to announce that the proposed issue of New
Ordinary Shares announced on 10 February 2015 (the "Issue") has
raised gross proceeds of GBP61.4 million.
The Company has received commitments under the institutional
placing for 55,356,358 New Ordinary Shares and applications under
the Offer for a further 4,393,642 New Ordinary Shares. Accordingly,
a total of 59,750,000 New Ordinary Shares will be issued at a price
of 102.77p per share.
The net proceeds of the Issue will be used to invest in a number
of suitable UK solar assets available for potential acquisition in
the near term. As previously announced, the Company has a strong
pipeline of further assets available for acquisition: total
capacity of c.148MWp with investment value of c.GBP207 million
secured (through letters of intent giving Company exclusivity for
defined periods) as at 31 January 2015, the majority of which are
expected to be accredited under 1.4 ROC regime.
Applications have been made to the Financial Conduct Authority
for the New Ordinary Shares to be admitted to the premium segment
of the Official List and to the London Stock Exchange for New
Ordinary Shares to be admitted to trading on its main market for
listed securities ("Admission"). Admission is expected to become
effective, and dealings in the New Ordinary Shares are expected to
commence, at 8.00 a.m. on 27 February 2015. Following Admission,
the New Ordinary Shares will rank pari passu in all respects with
the existing Ordinary Shares.
On Admission, the Company's issued share capital will comprise
240,350,000 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 240,350,000. 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.
Commenting on the fundraising, Kevin Lyon, Chairman, said:
"We are extremely pleased with the results of this Placing and
Offer. Shareholders, existing and new, continue to strongly support
the Company and its growth ambitions. As a result, since the
Company's IPO 10 months ago, its market capitalisation has nearly
tripled through further share issues, including this Issue."
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
Nick Stamp
MHP Communications 020 3128 8100
Andrew Leach
Jamie Ricketts
Gina Bell
Additional Important Notices
Cantor Fitzgerald, which is authorised and regulated in the
United Kingdom by the FCA, is acting exclusively for the Company in
connection with issue of New Shares pursuant to the Placing
Programme and Admission and will not be responsible to anyone other
than the Company for providing the protections afforded to clients
of Cantor Fitzgerald or for advising any such person in connection
with the Placing Programme or related matters. This does not limit
or exclude any responsibilities which Cantor Fitzgerald Europe may
have under FSMA or the regulatory regime established
thereunder.
Macquarie Capital (Europe) Limited, which is authorised and
regulated in the United Kingdom by the FCA, is acting exclusively
for the Company in connection with issue of New Shares pursuant to
the Placing Programme and Admission and will not be responsible to
anyone other than the Company for providing the protections
afforded to clients of Macquarie Capital (Europe) Limited or for
advising any such person in connection with the Placing Programme
or related matters. This does not limit or exclude any
responsibilities which Macquarie Capital (Europe) Limited may have
under FSMA or the regulatory regime established thereunder.
Shore Capital and Corporate Limited, which is authorised and
regulated in the United Kingdom by the FCA, is acting exclusively
for the Company in connection with issue of New Shares pursuant to
the Placing Programme and Admission and will not be responsible to
anyone other than the Company for providing the protections
afforded to clients of Shore Capital and Corporate Limited or for
advising any such person in connection with the Placing Programme
or related matters. This does not limit or exclude any
responsibilities which Shore Capital and Corporate Limited may have
under FSMA or the regulatory regime established thereunder.
Shore Capital Stockbrokers Limited (the "Sponsor"), which is
authorised and regulated in the United Kingdom by the FCA, is
acting exclusively for the Company in connection with issue of New
Shares pursuant to the Placing Programme and Admission and will not
be responsible to anyone other than the Company for providing the
protections afforded to clients of Shore Capital Stockbrokers
Limited or for advising any such person in connection with the
Placing Programme or related matters. This does not limit or
exclude any responsibilities which Shore Capital Stockbrokers
Limited may have under FSMA or the regulatory regime established
thereunder.
Notes to Editors:
NextEnergy Solar Fund
NextEnergy Solar Fund (www.nextenergysolarfund.com) is a
specialist investment company focused on operational solar
photovoltaic ("PV") 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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