Bluefield Solar Income Fund Limited Issue of Ordinary Shares (2855B)
09 January 2018 - 6:00PM
UK Regulatory
TIDMBSIF
RNS Number : 2855B
Bluefield Solar Income Fund Limited
09 January 2018
9 January 2018
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Issue of Ordinary Shares in respect of the Investment Adviser's
variable fee pursuant to the Investment Advisory Agreement
Bluefield Solar (LON:BSIF), a sterling income fund that invests
in UK-based solar assets, announces that on 18 September 2017 the
Company declared a fourth interim dividend of 1.5 pence per
Ordinary Share in respect of the financial year ended 30 June 2017,
taking the total distribution for that financial year to 7.25 pence
per Ordinary Share.
Under the terms of the Investment Advisory Agreement if, in any
year (excluding the Company's first financial year), the Company
exceeds its distribution target of 7 pence per Ordinary Share (as
increased annually in line with RPI), the Investment Adviser will
be entitled to a variable fee equal to 30 per cent. of the excess,
subject to a maximum variable fee in any year equal to 1.00 per
cent. of the NAV as at the end of the relevant financial year. The
variable fee shall be satisfied by the issue of Ordinary Shares to
the Investment Adviser (or to such persons as the Investment
Adviser may direct, subject to the terms of the Investment Advisory
Agreement) at the end of the relevant financial year at an issue
price equal to the prevailing NAV per Ordinary Share at the
financial year end, adjusted for dividends paid. The target
dividend for the year in question was 7.18 pence per Ordinary
Share, meaning that the excess distribution was 0.07 pence per
Ordinary Share. Applied to a base number of 369,811,281 Ordinary
Shares and using an adjusted NAV as at 30 June 2017 of 107.49 pence
per share, 72,249 new Ordinary Shares have been issued to the
Investment Adviser in respect of the variable fee for the financial
year ended 30 June 2017, representing a total consideration of GBP
77,660.
The Ordinary Shares issued to the Investment Adviser (or to such
persons as the Investment Adviser nominates) in satisfaction of the
variable fee are subject to a three year lock-up period, with
one-third of the relevant Ordinary Shares becoming free from the
lock-up on each anniversary of their issue (subject to certain
usual exceptions).
Application has been made for the new Ordinary Shares to be
admitted to the premium segment of the Official List of the
Financial Conduct Authority 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 8.00
am on 12 January 2018.
The new Ordinary Shares will, when issued, be credited as fully
paid and will rank pari passu in all respects with the existing
Ordinary Shares of the Company. This includes the right to receive
all dividends and other distributions declared or paid in respect
of such Ordinary Shares after Admission.
Capitalised terms used but not defined in this announcement have
the same meanings as set out in the Prospectus issued by the
Company on 26 October 2015.
Total Voting Rights
Following Admission, the number of Ordinary Shares that the
Company has in issue will be 369,883,530. The total number of
voting rights of the Company will be 369,883,530 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 and Transparency Rules.
For further information:
Bluefield Partners LLP (Company Investment Tel: +44 (0) 20 7078 0020
Adviser) www.bluefieldllp.com
James Armstrong / Mike Rand / Giovanni
Terranova
Numis Securities Limited (Company Broker) Tel: +44 (0) 20 7260 1000
Tod Davis / David Benda www.numis.com
Heritage International Fund Managers Limited Tel: +44 (0) 1481 716 000
(Company Secretary & Administrator) www.heritage.co.gg
Kevin Smith
Media enquiries:
Buchanan (PR Adviser) Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham / Vicky Hayns / www.buchanan.uk.com
Henry Wilson BSIF@buchanan.uk.com
Notes to Editors
About Bluefield Solar
Bluefield Solar is a sterling income fund focused on acquiring
and managing UK-based solar projects to generate stable renewable
energy for periods of typically 25 years or longer. The Company's
primary objective is to deliver to its shareholders stable, long
term sterling income via quarterly dividends, which are linked to
RPI. The majority of the Group's revenue streams are regulated and
non-correlated to traditional markets. Bluefield Solar owns and
operates one of the UK's largest, diversified portfolios of solar
assets, with a combined installed power capacity in excess of
440MWp.
Further information can be viewed at www.bluefieldsif.com.
About Bluefield Partners LLP ('Bluefield')
Bluefield was established in 2009 and is an investment adviser
to companies and funds investing in solar energy infrastructure. It
has a proven record in the selection, acquisition and supervision
of large scale energy and infrastructure assets in the UK and
Europe. The team has been involved in over GBP1.25 billion of solar
PV funds and/or transactions in both the UK and Europe since 2008,
including over GBP500 million in the UK since December 2011.
Bluefield has led the acquisitions of, and currently advises on,
over 70 UK based solar PV assets that are agriculturally,
commercially or industrially situated. Based in its London office,
Bluefield's partners are supported by a dedicated and highly
experienced team of investment, legal and portfolio executives.
Bluefield was appointed Investment Adviser to the Company in June
2013.
This information is provided by RNS
The company news service from the London Stock Exchange
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