NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS, OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN
This announcement does not constitute an offer to sell, or the solicitation of an offer to subscribe for, or to buy shares in any jurisdiction.
This announcement is neither an advertisement, a prospectus nor a financial promotion. Any investment in any shares referred to in this announcement may be made only on the basis of information in a prospectus (the "Prospectus") to be published by Foresight Solar Fund Limited in connection, inter alia, with the proposed admission of its to be issued ordinary shares of no par value each to the Premium Listing segment of the Official List of the UK Listing Authority and to trading on the Main Market for listed securities of the London Stock Exchange.
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Foresight Solar Fund Limited
Net Asset Value and Initial Placing and Offer Price
13 October 2014
Net Asset Value as at 30 September 2014
Foresight Solar Fund Limited (the "Company") announces that as at 30 September 2014, the unaudited net asset value ("NAV") per ordinary share was 101.69p (30 June 2014: 103.62p).
The NAV at 30 September 2014 excludes the interim dividend payable of 3p per share, for which the payment date was 30 September 2014. The change in NAV includes the positive impact of the completed acquisition of the Hunter’s Race asset effective as at 30 September 2014.
Initial Placing and Offer Price
On 25 September 2014 the Board of the Company announced its intention to raise additional capital by way of an Initial Placing and Offer for Subscription (the "Initial Placing and Offer”) of new Ordinary Shares ("New Shares”) and to create a Placing Programme in relation to its New Shares (the Initial Placing and Offer and Placing Programme, together known as the "Issues”). The Initial Placing and Offer Price is equal to the NAV per Share as at 30 September 2014 plus a premium of 2%, rounded to the nearest decimal place.
Following the announcement of NAV as at 30 September 2014, the Board therefore announces that the Initial Placing and Offer Price will be 103.7 pence per New Share.
For further information, please contact:
Sarah Cole +44 (0)203 667 8154
Oriel Securities (Sponsor and Bookrunner)
Mark Bloomfield +44 (0)20 7710 7600
Notes to Editors
About Foresight Solar Fund Limited ("The Company" or "FSFL")
FSFL is a Jersey-registered closed-end investment company. The Company invests in ground based UK solar power assets to achieve its objective of providing Shareholders with a sustainable and increasing dividend with the potential for capital growth over the long-term.
The Company raised proceeds of £150m through an initial public offering ("IPO") of shares on the main market of the London Stock Exchange in October 2013.
About Foresight Group
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with over £1.2 billion of assets under management. As one of the UK's leading solar infrastructure investment teams, Foresight funds currently manage over £900 million in 29 separate operating Photovoltaic ("PV") plants in the UK, the USA and Southern Europe.
In May 2013 Foresight executed an innovative refinancing of its existing UK solar assets through the issue of a £60m London Stock Exchange listed index-linked Solar Bond.
Foresight Group has offices in the UK, the USA and Italy.
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 US 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 US 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, Oriel Securities Limited, 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.
Oriel Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as sponsor and bookrunner to the Company and is acting for no-one else in connection with the Issues and the contents of this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Oriel Securities Limited nor for providing advice in connection with the Issues and the contents of this announcement or any other matter referred to herein.