NextEnergy Solar Regulatory News (NESF)

NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR TO U.S. PERSONS (WITHIN THE MEANING OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED).

THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, ANY OFFER FOR SALE OR SUBSCRIPTION OF, OR SOLICITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR, ANY SHARES IN NEXTENERGY SOLAR FUND LIMITED IN ANY JURISDICTION, INCLUDING THE UNITED STATES, NOR SHALL IT, OR ANY PART OF IT, OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR INVESTMENT DECISION WHATSOEVER, IN ANY JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A RECOMMENDATION REGARDING ANY SECURITIES.

13 November 2014

NextEnergy Solar Fund Limited("NESF" or the "Company")

Result of Initial Placing and Initial Allotment of New Shares Pursuant to the Offer(the "Initial Issue")

Further to its announcement on 10 November 2014 that the Initial Issue was open for applications, the Company is pleased to report 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, the Company 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.

NESF 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."

Terms defined in the Prospectus dated 10 November 2014 have the same meanings when used in this announcement.

For further information:

Important Notes:

Cantor Fitzgerald Europe, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for NESF in connection with issue of New Shares pursuant to the Placing Programme and Admission and will not be responsible to anyone other than NESF for providing the protections afforded to clients of Cantor Fitzgerald Europe or for advising any such person in connection with the Placing Programme. This does not limit or exclude any responsibilities which Cantor Fitzgerald Europe may have under FSMA or the regulatory regime established thereunder.

Macquarie Capital (Europe) Limited, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for NESF in connection with issue of New Shares pursuant to the Placing Programme and Admission and will not be responsible to anyone other than NESF for providing the protections afforded to clients of Macquarie Capital (Europe) Limited or for advising any such person in connection with the Placing Programme. This does not limit or exclude any responsibilities which Macquarie Capital (Europe) Limited may have under FSMA or the regulatory regime established thereunder.

Shore Capital and Corporate Limited, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for NESF in connection with issue of New Shares pursuant to the Placing Programme and Admission and will not be responsible to anyone other than NESF for providing the protections afforded to clients of Shore Capital and Corporate Limited or for advising any such person in connection with the Placing Programme. This does not limit or exclude any responsibilities which Shore Capital and Corporate Limited may have under FSMA or the regulatory regime established thereunder.

Shore Capital Stockbrokers Limited, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for NESF in connection with issue of New Shares pursuant to the Placing Programme and Admission and will not be responsible to anyone other than NESF for providing the protections afforded to clients of Shore Capital Stockbrokers Limited or for advising any such person in connection with the Placing Programme. This does not limit or exclude any responsibilities which Shore Capital Stockbrokers Limited may have under FSMA or the regulatory regime established thereunder.

Notes to Editors:

NextEnergy Solar Fund

NextEnergy Solar Fund (www.nextenergysolarfund.com) is a specialist investment fund focused on operational solar photovoltaic ("PV") assets located in the UK. The Company intends to provide investors with a sustainable and attractive dividend that increases in line with RPI over the long term and an element of capital growth through the re-investment of net cash generated in excess of the target dividend.

Further information on NextEnergy Capital and WiseEnergy is available at www.nextenergycapital.com and www.wise-energy.eu.