Bluefield Solar Fund Provides Specific Details Of IPO
Further to its announcement on 11 July 2013 that it has raised £130 million in its initial public offering ("IPO"), Bluefield Solar Income Fund Limited (the "Fund"), a newly incorporated investment fund focusing on large scale agricultural and industrial solar assets, has announced its first day of trading on the Main Market of the London Stock Exchange.
Reflecting strong investor demand, including a cornerstone investment from CCLA Investment Management Limited, the Fund has placed 130 million shares, conditional on Admission, at an issue price of 100 pence per Ordinary Share, raising gross proceeds of £130 million, significantly exceeding the minimum target fund raise of £75m.
The beneficial interests of Directors in the issued share capital of the Fund will be as follows:
The director's name is followed by the number of ordinary shares under placing/offer for subscription and the number of ordinary shares in lieu of first two years' fees which provides thte total shares for that director and the percentage of the share capital
John Rennocks 55,000 100,000 155,000 0.12%
Paul Le Page 70,000 70,000 0.05%
Laurence McNairn 30,000 60,000 90,000 0.07%
John Scott 40,000 60,000 100,000 0.08%
The beneficial interests of the partners of the Investment Adviser to the Fund will be as follows:
The partner's name is followed by the number of ordinary shares under placing/offer for subscription and the percentage of issued share is of the capital
James Armstrong 50,000 0.04%
William Doughty 750,000 0.58%
Jon Moulton 500,000 0.38%
Mike Rand 50,000 0.04%
Anthony Williams 1,500,000 1.15%
The issued share capital of the Fund will be 130,290,000 shares.
Commenting on the announcement, James Armstrong, a Managing Partner of Bluefield Partners LLP, the Investment Adviser to the Fund, said, "We view this first successful IPO of a solar fund in the UK as a pivotal moment in the growth of large scale UK solar. The Fund has been backed by a broad range of investors, including some of the largest fund management groups globally and in the UK, which is a clear reflection that solar energy assets are rightly being recognised as a great way to earn long term, stable income.
"The UK solar sector will play an increasingly important role in the UK Government's 2020 renewable energy targets, as it continues to drive down installation costs and reduce its reliance on subsidies. We believe this is the start of a significant growth phase for the sector."
John Rennocks, Non-Executive Chairman, of the Fund said, "The success of the listing gives the Bluefield Fund a strong platform from which to become a leading player in the rapidly growing large scale UK solar sector. Solar energy has the potential to be a major investment theme over the coming years, due to ease of deployment, stability of energy production and on-going cost reductions. The Board are very excited about the Fund's potential."
