TIDMNESF
RNS Number : 6289P
NextEnergy Solar Fund Limited
21 November 2016
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 AND THE
NETHERLANDS) 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)).
THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER
TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR
SUBSCRIBE FOR, ANY SECURITIES IN THE COMPANY IN ANY RESTRICTED
JURISDICTION, NOR SHALL IT (OR ANY PART OF IT OR THE FACT OF ITS
DISTRIBUTION) FORM THE BASIS OF, BE RELIED ON INTO IN CONNECTION
WITH OR ACT AS AN INDUCEMENT TO ENTER INTO ANY CONTRACT, COMMITMENT
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.
INVESTORS SHOULD NOT PURCHASE OR SUBSCRIBE FOR ANY SECURITIES
REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF INFORMATION
CONTAINED IN A PROSPECTUS TO BE PUBLISHED BY THE COMPANY TODAY IN
CONNECTION WITH THE COMPANY'S SHARE ISSUANCE PROGRAMME.
21 November 2016
NextEnergy Solar Fund Limited ("NESF" or the "Company")
Result of Initial Issue Pursuant to Share Issuance Programme
Highlights
-- Initial Issue oversubscribed - Directors have exercised their
right to increase number of New Ordinary Shares offered to
110,300,000.
-- Gross proceeds of GBP115.3m.
The Directors are pleased to announce the results of the Initial
Placing and Initial Offer for Subscription.
Investor demand for the Initial Issue exceeded the targeted size
of 100,000,000 New Ordinary Shares. The Board, after consulting the
Investment Manager and with the agreement of the Joint Bookrunners,
has decided not to scale back any applications for New Ordinary
Shares pursuant to the Initial Issue. Accordingly (and subject to
Admission), all applications will be met in full, with 110,300,000
New Shares being issued, raising GBP115.3m (before expenses) for
the Company. In taking the decision, the Directors took into
account the strength of the Company's short-term investment
pipeline and the Company's ability to continue to meet its stated
dividend targets.
Applications will be made to the FCA 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 is
expected to become effective, and dealings in the New Ordinary
Shares are expected to commence, at 8.00 a.m. on 25 November
2016.
Following Admission, the New Ordinary Shares will rank pari
passu in all respects with the existing Ordinary Shares, save that
they will not rank for the second quarterly interim dividend for
year ending 31 March 2017 of 1.5775p per share payable on 30
December 2016 to Shareholders on register at 18 November 2016.
On Admission, the Company's issued share capital will comprise
453,497,405 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 453,497,405. 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:
"We are pleased by the ongoing demand for the Company's shares,
which has enabled us to raise more than GBP180 million over the
last four months, increasing the Company's share capital by
approximately 63%. We believe this demand reflects investors'
confidence in NESF's investment proposition and investment
manager."
Words and expressions defined in the prospectus relating to the
Share Issue Programme and Initial Issue and published by the
Company on 15 November 2016 have the same meanings when used in
this announcement unless the context requires otherwise.
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 / Jamie Ricketts / Rebecca Emery
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 approximately GBP350m since
its initial public offering on the main market of the London Stock
Exchange in April 2014. It also has credit facilities of GBP210.0m
in place (Macquarie and Santander: GBP88.5m, of which GBP43.0m is
drawn; MIDIS: GBP44.9m; Bayerische Landesbank: GBP44.9m; and NIBC:
GBP21.7m).
NESF is differentiated by its access to NextEnergy Capital Group
(NEC Group), its investment manager and adviser, 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 1.7GW. NextPower II is NEC
Group's private equity fund with initial commitments of EUR150m,
investing in operating solar power plants and focused on
consolidating the substantial, highly fragmented Italian solar
market.
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"), 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 matters described in this announcement. Persons receiving
this announcement should note that none of Cantor Fitzgerald
Europe, 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 Europe,
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
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