TIDMNESF
RNS Number : 6599I
NextEnergy Solar Fund Limited
21 June 2017
THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED IN IT, IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN, SOUTH AFRICA, ANY MEMBER STATE OF THE EUROPEAN
ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM, IRELAND, THE
NETHERLANDS AND SWEDEN) OR ANY OTHER JURISDICTION IN WHICH THE SAME
WOULD BE UNLAWFUL OR RESTRICTED BY LAW (COLLECTIVELY, "RESTRICTED
JURISDICTIONS") OR TO US PERSONS (WITHIN THE MEANING OF REGULATION
S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT")).
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE
REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS AND EXPRESSIONS
DEFINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 15 NOVEMBER
2016 (AND ANY SUPPLEMENT THERETO, INCLUDING THE SUPPLEMENTARY
PROSPECTUS PUBLISHED BY THE COMPANY ON 5 JANUARY 2017) IN
CONNECTION WITH ITS SHARE ISSUANCE PROGRAMME (THE "PROSPECTUS")
HAVE THE SAME MEANINGS WHEN USED IN THIS ANNOUNCEMENT.
21 June 2017
NextEnergy Solar Fund Limited ("NESF" or the "Company")
Result of Placing
Key highlights:
-- Level of confirmed demand significantly in excess of original
targeted fundraising of GBP100m
-- Due to substantial oversubscription, size of Placing has been increased to GBP126.5m
-- 115,000,000 New Ordinary Shares will be issued at 110p per share
-- Net proceeds intended to be used to fund new investments
-- Admission is expected to become effective at 8:00 a.m. on 23 June 2017
Further to the announcement on 13 June 2017, NextEnergy Solar
Fund Limited is pleased to announce the result of the placing of
New Ordinary Shares (the "Placing"). The level of confirmed demand
was significantly in excess of the original targeted fundraising of
GBP100m.
Due to the substantial oversubscription, the Board, after
consulting the Investment Manager and with the agreement of the
Joint Bookrunners, has elected to exercise its right to increase
the size of the Placing from the initial target of GBP100m to
GBP126.5m (before expenses). In determining the increased size of
the Placing, the Board has taken into account the strength of the
Company's near term investment pipeline, current available cash
resources and the Company's stated dividend target. Notwithstanding
the decision to increase the size of the Placing, NESF has had to
conduct an extensive scaling-back exercise.
A total of 115,000,000 New Shares will be issued pursuant to the
Placing at 110p per share. It is intended that the net proceeds of
the Placing will be used to fund new investments in accordance with
the Company's investment policy.
Applications have been made to the FCA for the 115,000,000 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 is expected to become effective, and dealings
in the New Ordinary Shares are expected to commence, at 8.00 a.m.
on 23 June 2017. 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
571,388,199 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 571,388,199. 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 Guidance and Transparency
Rules.
Commenting on the fundraising, Kevin Lyon, Chairman, said:
"The Board is delighted to have had such a positive response to
the Company's fundraising from both existing shareholders and new
investors. This fundraising will enable the Company to continue to
build on its strong position and pursue attractive investment
opportunities. The significant oversubscription of NESF's latest
fundraising demonstrates investors' confidence in NESF's investment
proposition and its Investment Manager. "
For further information:
NextEnergy Capital Limited 020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Fidante Capital 020 7832 0900
Robert Peel
Justin Zawoda-Martin
Macquarie Capital (Europe)
Limited 020 3037 2000
Nick Stamp
Shore Capital 020 7408 4090
Bidhi Bhoma
Anita Ghanekar
MHP Communications 020 3128 8100
Andrew Leach
Ivana Petkova
Luke Briggs
Notes to Editors:
NextEnergy Solar Fund
NESF is a specialist investment company that invests in
operating solar power plants in the UK. Its objective is to secure
attractive shareholder returns through RPI-linked dividends and
long-term capital growth. The Company achieves this by acquiring
solar power plants on agricultural, industrial and commercial
sites.
NESF has raised equity proceeds of GBP586m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. It also has credit facilities of GBP270.2m in place
(GBP150m from a syndicate including MIDIS, NAB and CBA; MIDIS:
GBP54.7m; Bayerische Landesbank: GBP43.8m; and NIBC: GBP21.7m).
NESF is differentiated by its access to NextEnergy Capital Group
(NEC Group), its Investment Manager, which has a strong track
record in sourcing, acquiring and managing operating solar assets.
WiseEnergy is NEC Group's specialist operating asset management
division, providing solar asset management, monitoring and other
services to over 1,250 utility-scale solar power plants with an
installed capacity in excess of 1.7 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at www.nextenergysolarfund.com, www.nextenergycapital.com
and www.wise-energy.eu.
Important Notice
Each of Cantor Fitzgerald Europe ("Cantor Fitzgerald"), Fidante
Partners (Europe) Limited ("Fidante Capital"), Macquarie Capital
(Europe) Limited ("Macquarie Capital") and Shore Capital and
Corporate Limited ("Shore Capital") is authorised and regulated in
the United Kingdom by the FCA and acting only for the Company in
connection with the Placing. Persons receiving this announcement
should note that none of Cantor Fitzgerald, Fidante Capital,
Macquarie Capital or Shore Capital will be responsible to anyone
other than the Company for providing the protections afforded to
customers of Cantor Fitzgerald, Fidante Capital, Macquarie Capital
or Shore Capital, or for advising any other person on the matters
described in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ROIMMGZVRGFGNZM
(END) Dow Jones Newswires
June 21, 2017 02:00 ET (06:00 GMT)
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