Further to its announcement on 10 November 2014 that the Initial Issue was open for applications, NextEnergy Solar Fund Limited reports that it has received commitments under the Initial Placing for 85,316,434 New Ordinary Shares and applications under the Offer for a further 5,683,566 New Ordinary Shares.
Accordingly, the Company has received demand, pursuant to the Initial Issue, for 91,000,000 New Ordinary Shares in total from both existing and new shareholders. The Company indicated, on 9 October 2014, that it was targeting an initial issue of 75,000,000 New Shares pursuant to its Placing Programme.
In view of the scale of its pipeline of potential investments, NextEnergy Solar Fund Limited has decided not to scale back any applications for New Shares pursuant to the Initial Issue and, accordingly, all applications will be met in full, raising £95.5 million (before expenses) for the Company.
Applications have been made to the Financial Conduct Authority 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 19 November 2014. Following Admission, the New Shares will rank pari passu in all respects with the existing Ordinary Shares.
On Admission, the Company’s issued share capital will comprise 176,600,000 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 176,600,000. 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 and Transparency Rules.
Commenting on the fundraising, Kevin Lyon, Chairman, said: “We are particularly pleased to announce such a successful capital increase. We have more than doubled the number of shares in issue, underlining investors’ support for the Company. Existing and new shareholders have contributed to the fundraise, broadening the shareholder base significantly. We believe this support bodes well for the further growth of the Company. NextEnergy Solar Fund Limited has successfully achieved the objectives set out at its formation. With the pipeline of investment opportunities secured by the Manager and the proceeds of this fundraising in place, we look forward to updating shareholders on further progress in the near future”.