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19th February 2015
The Board of Foresight Solar Fund Limited (the "Company") is pleased to announce a proposed placing of new Ordinary Shares under the Placing Programme announced on 25 September 2014 in accordance with the Prospectus (the "Placing"). The Placing price will be based on an updated NAV per Ordinary Share to be announced on 3 March 2015 plus a premium of 1.75% to cover the costs of the Placing.
The proceeds from the Placing will be used to repay the existing acquisition facility and enable the Company to take advantage of additional investment opportunities identified in the UK market, therefore avoiding cash drag on Shareholders’ funds.
Unless otherwise defined herein, terms used in this announcement shall have the same meanings as those defined in the Prospectus.
The timetable is subject to change at the discretion of the Company, Oriel Securities Limited and J.P. Morgan Cazenove.
|Announcement of issue of equity under the Placing Programme and timetable||19 February 2015|
|Announcement of NAV and Placing price||3 March 2015|
|Placing Opens ||3 March 2015|
|Latest time and date for receipt of Placing commitments||12:00pm on 12 March 2015|
|Results of Placing announced||13 March 2015|
|Admission and Settlement||17 March 2015|
For further information
Oriel Securities +44 (0)20 7710 7600
J.P. Morgan Cazenove+44 (0)20 7742 4000
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, and a further £60.1m through an Initial Placing and Offer for Subscription in October 2014.
About Foresight Group
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with over £1.3 billion of assets under management. As one of the UK’s leading solar infrastructure investment teams Foresight funds currently manage over £930 million in 44 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.