Solar IPO Points To Positive UK Market
Bluefield Solar Income Fund has announced its intention to launch an initial public offering ("IPO") of shares on the Main Market of the London Stock Exchange.
The Fund is seeking to raise £150 million by way of a Placing and an Offer for Subscription of Ordinary Shares. The Fund aims to deliver long-term stable distributions to its investors by acquiring and optimising a portfolio of UK based solar PV infrastructure.
Applications will be made to the Financial Conduct Authority (the "FCA") for the Ordinary Shares to be admitted to the premium segment of the Official List and to the London Stock Exchange for such Ordinary Shares to be admitted to trading on the London Stock Exchange's Main Market for listed securities. The Fund will be structured as a Guernsey incorporated closed-ended investment company with an indefinite life.
The IPO is being structured as (i) a placing primarily targeted at institutional investors and (ii) an offer for subscription available to investors, who are likely to be eligible to hold such investment via an ISA. It is expected that a prospectus will be published and the placing and offer for subscription will open in mid-June and that the IPO will close and the Ordinary Shares will commence trading early in July 2013. Numis Securities is acting as sole sponsor, broker and financial adviser in relation to the IPO.
