Bluefield Solar Income Fund Limited Acquires the Target Portfolio from L&P Ethical Investment Initiative Limited

Posted: 8th October 2014 08:47

On 9 September the Board of Bluefield Solar Income Fund Limited (the "Company") announced that it had entered into a conditional contract to acquire the Target Portfolio from L&P Ethical Investment Initiative Limited and L&P Alternative Investments Limited (together, the "L&P Sellers"), details of which were included in the circular to shareholders of the same date. At the Extraordinary General Meeting of the Company held on Wednesday, 1 October 2014, Shareholders approved the Acquisition.
The consideration payable to the L&P Sellers for the acquisition is to be satisfied by the issue of new Ordinary Shares in the Company (the "Consideration Shares") and for these purposes the issue price of each Consideration Share will be equal to the average mid-market price of the Ordinary Shares during the seven dealing days up to and including the third dealing day prior to completion of the Acquisition Agreement.
It is expected that completion of the Acquisition Agreement (which remains conditional on Admission) will occur on Thursday, 9 October 2014 and accordingly the issue price of the Consideration Shares will be 103.14286 pence per share resulting in the issue of 7,490,540 new Ordinary Shares to the L&P Sellers. The Consideration Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of the Company. This includes the right to receive all dividends and other distributions declared or paid in respect of such Ordinary Shares after the date of Admission of the Consideration Shares.
Application has been made for the Consideration Shares to be admitted to the premium segment of the Official List of the Financial Conduct Authority (the "FCA") and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will take place at 8.00am on 9 October 2014 (or such later date as may be agreed between the Company and Numis).
Following Admission, the number of Ordinary Shares that the Company has in issue will be 150,917,224. The total number of voting rights of the Company will be 150,917,224 and this figure 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 Disclosure and Transparency Rules.

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