FSFL Foresight Solar Fund Limited

 
TIDMFSFL 
 
 
   Foresight Solar Fund Limited: Placing Price and Net Asset Value 
 
   NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO 
U.S. PERSONS, OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, SOUTH 
AFRICA OR JAPAN 
 
   This announcement does not constitute an offer to sell, or the 
solicitation of an offer to subscribe for, or to buy shares in any 
jurisdiction. 
 
   This announcement is neither an advertisement, a prospectus nor a 
financial promotion.  Any investment in any shares referred to in this 
announcement may be made only on the basis of information in the 
prospectus (the "Prospectus") published by Foresight Solar Fund Limited 
on 25 September 2014, in connection with a placing programme (the 
"Placing Programme") for ordinary shares of no par value each ("Ordinary 
Shares"), to be admitted to the Premium Listing segment of the Official 
List of the UK Listing Authority and to trading on the Main Market for 
listed securities of the London Stock Exchange. 
 
   Foresight Solar Fund Limited (the "Company") announces that as at 15 May 
2015, the unaudited Net Asset Value ("NAV") per Ordinary Share was 100.9 
pence (31 March 2015: 100.2 pence). 
 
   The increase in NAV from 31 March 2015 includes accrued interest, income 
earned and all finance costs incurred during the period. All other 
valuation assumptions remain consistent with those previously outlined 
in the NAV statement released on 8 May 2015.   In particular, the 
average discount rate applied to future cashflows has remained unchanged 
at 7.8% per annum, which has been the rate used from the NAV as at 31 
December 2014 onwards. 
 
   Placing Price 
 
   On 18 May 2015, the Board of the Company announced its intention to 
raise additional capital by way of a placing of new Ordinary Shares 
under the Placing Programme announced on 25 September 2014 in accordance 
with the Prospectus (the "Placing").  Following the announcement of NAV 
as at 15 May 2015, the Board announces that the Placing price is being 
set at 102.7 pence per new Ordinary Share.  The Placing price is equal 
to the NAV per Share as at 15 May 2015 plus a premium of 1.75 per cent., 
rounded to the nearest decimal place. 
 
   New Ordinary Shares to be issued under the Placing will carry an 
entitlement to the first quarterly dividend of 1.52 pence, as announced 
on 27 April 2015, in respect of the period from 1 January to 31 March 
2015, which will be paid on 30 June 2015. 
 
   Timetable 
 
   The timetable is subject to change at the discretion of the Company, 
Stifel Nicolaus Europe Limited and J.P. Morgan Cazenove. Qualified 
investors are invited to apply for new Ordinary Shares by contacting 
either Stifel Nicolaus Europe Limited or J.P. Morgan Cazenove. The 
decision to allot any shares to any qualified investors shall be at the 
discretion of the Company, Stifel Nicolaus Europe Limited and J.P. 
Morgan Cazenove. 
 
 
 
 
Event                                                                     Date 
Announcement of NAV and Placing price                              28 May 2015 
Placing Opens                                                      28 May 2015 
Latest time and date for receipt of Placing                 12:00pm on 11 June 
commitments                                                               2015 
Results of Placing announced                                      12 June 2015 
Admission and Settlement                                          16 June 2015 
Crediting of CREST in respect of New Shares             8.00am on 16 June 2015 
Share certificates in respect of New Shares despatched    On or around 23 June 
 (if applicable)                                                          2015 
 
 
   ENDS 
 
 
 
 
For further information, please contact: 
Foresight Group 
Elena Palasmith epalasmith@foresightgroup.eu            +44 (0)203 667 8100 
 
 
 
 
  Stifel Nicolaus Europe Limited (Sponsor and Joint 
  Bookrunner)                                           +44 (0)20 7710 7600 
Mark Bloomfield 
 Neil Winward 
 Tunga Chigovanyika 
J.P. Morgan Cazenove (Joint Bookrunner)                 +44 (0)20 7742 4000 
 
 
   William Simmonds 
 
 
 
   ENDS 
 
   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's 
233MW, ten asset portfolio is fully operational. 
 
   The Company raised proceeds of GBP150m through an initial public 
offering ("IPO") of shares on the main market of the London Stock 
Exchange in October 2013, and a further GBP96.2m through issues under 
the Placing Programme in October 2014 and March 2015. 
 
   About Foresight Group 
 
   Foresight Group was established in 1984 and today is a leading 
independent infrastructure and private equity investment manager with 
over GBP1.3 billion of assets under management. As one of the UK's 
leading solar infrastructure investment teams Foresight funds currently 
manage GBP1 billion in over 40 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 GBP60m London Stock Exchange 
listed index-linked Solar Bond. 
 
   Foresight Group has offices in London, Nottingham, Guernsey, Rome and 
San Francisco. 
 
   www.foresightgroup.eu 
 
   This announcement is not for distribution, directly or indirectly, in or 
into the United States of America (including its territories and 
possessions, any state of the United States of America and the District 
of Columbia) (the "United States"), Australia, Canada, Japan or South 
Africa. This announcement does not constitute, or form part of, an offer 
to sell, or a solicitation of an offer to purchase, any securities in 
the United States, Australia, Canada, Japan or South Africa.  The 
securities of the Company have not been and will not be registered under 
the U.S. Securities Act of 1933, as amended (the "Securities Act") or 
the US Investment Company Act of 1940, as amended and may not be offered 
or sold directly or indirectly in or into the United States or to or for 
the account or benefit of any US Person (within the meaning of 
Regulation S under the Securities Act). The securities referred to 
herein have not been registered under the applicable securities laws of 
Australia, Canada, Japan or South Africa and, subject to certain 
exceptions, may not be offered or sold within Australia, Canada, Japan 
or South Africa or to any national, resident or citizen of Australia, 
Canada, Japan or South Africa. 
 
   This announcement has been issued by and is the sole responsibility of 
the Company. No representation or warranty, express or implied, is or 
will be made as to, or in relation to, and no responsibility or 
liability is or will be accepted by, Stifel Nicolaus Europe Limited, or 
J.P. Morgan Cazenove or by any of their respective affiliates or agents 
as to or in relation to the accuracy or completeness of this 
announcement or any other written or oral information made available to 
or publicly available to any interested party or their advisers and any 
liability therefore is expressly disclaimed. 
 
   Stifel Nicolaus Europe Limited, which is authorised and regulated in the 
United Kingdom by the Financial Conduct Authority, is acting as sponsor 
to the Company and is acting for no-one else in connection with the 
Placing and the contents of this announcement and will not be 
responsible to anyone other than the Company for providing the 
protections afforded to clients of Stifel Nicolaus Europe Limited nor 
for providing advice in connection with the Issues and the contents of 
this announcement or any other matter referred to herein. 
 
   J.P. Morgan Cazenove which is authorised by the Prudential Regulation 
Authority and regulated by the Prudential Regulation Authority and the 
Financial Conduct Authority and Stifel Nicolaus Europe Limited (together, 
the "Joint Bookrunners"), are each acting exclusively for the Company 
and no-one else in connection with the Placing or the matters referred 
to in this announcement, will not regard any other person as their 
respective client in relation to the Placing and will not be responsible 
to anyone other than the Company for providing the protections afforded 
to their respective clients or for providing advice in relation to the 
Placing or any transaction or arrangement referred to in this 
announcement. 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Foresight Solar Fund Limited via Globenewswire 
 
   HUG#1924382 
 
 
 
 

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