NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, TO U.S. PERSONS, OR IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW.
26 October 2016
Foresight Solar Fund Limited: Result of Tap Issuance
On 19 October 2016, the Board of Foresight Solar Fund Limited (the "Company”) announced its intention to raise additional capital by way of a tap issuance of up to 30,995,537 ordinary shares (the "New Shares"), representing approximately 9.99 per cent. of the Company's issued share capital (the "Tap Issuance”).
The Board is pleased to announce that the Tap Issuance was oversubscribed and £31.9m of gross proceeds has been raised. A total of 30,995,537 New Shares will be issued at a price of 103.0 pence each. It is expected that settlement with respect to those New Shares will take place on 28 October 2016.
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Following the Tap Issuance, the number of ordinary shares that the Company has in issue will be 340,950,912. The total number of Ordinary Shares with voting rights in the Company will be 340,950,912.
Commenting on the announcement, Alex Ohlsson, Chairman of the Company, said: "We are delighted with the result of the Tap Issuance, with support from both existing and new investors meaning the placing was oversubscribed. Having secured exclusivity over an 82MW operational portfolio, the Company expects to deploy the additional funds raised shortly, thereby avoiding the impact of cash drag on investors.”
Total Voting Rights
The above figure (340,950,912) 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
For further information, please contact:
Elena Palasmithepalasmith@foresightgroup.eu+44 (0)20 3667 8100
Stifel Nicolaus Europe Limited (Joint Bookrunner) +44 (0)20 7710 7600
J.P. Morgan Cazenove (Joint Bookrunner) +44 (0)20 7742 4000
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014). Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.
This announcement is neither an advertisement, a prospectus nor a financial promotion.
This announcement is not for distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States of America and the District of Columbia) (the "United States"), Australia, Canada, Japan or South Africa. This announcement does not constitute, or form part of, an offer to sell, or a solicitation of an offer to purchase, any securities in the United States, Australia, Canada, Japan or South Africa. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the U.S. Investment Company Act of 1940, as amended and may not be offered or sold directly or indirectly in or into the United States or to or for the account or benefit of any U.S. Person (within the meaning of Regulation S under the Securities Act). The securities referred to herein have not been registered under the applicable securities laws of Australia, Canada, Japan or South Africa and, subject to certain exceptions, may not be offered or sold within Australia, Canada, Japan or South Africa or to any national, resident or citizen of Australia, Canada, Japan or South Africa.
This announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by, Stifel Nicolaus Europe Limited or J.P. Morgan Cazenove or by any of their respective affiliates or agents as to or in relation to the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or their advisers and any liability therefore is expressly disclaimed.
Stifel Nicolaus Europe Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for the Company and is acting for no-one else in connection with the Tap Issuance or the matters described in this announcement and the contents of this announcement, will not regard any other person as their respective client in relation to the Tap Issuance and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Stifel Nicolaus Europe Limited nor for providing advice in connection with the Tap Issuance and the contents of this announcement or any other transaction, arrangement or matter referred to herein.
J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove, which is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority in the United Kingdom, is acting exclusively for the Company and no-one else in connection with the Tap Issuance or the matters described in this announcement and the contents of this announcement, will not regard any other person as their respective client in relation to the Tap Issuance and will not be responsible to anyone other than the Company for providing the protections afforded to clients of J.P. Morgan Cazenove nor for providing advice in connection with the Tap Issuance and the contents of this announcement or any other transaction, arrangement or matter referred to herein.