TIDMFSFL
RNS Number : 6834M
Foresight Solar Fund Limited
25 May 2022
25 May 2022
Foresight Solar Fund Limited
("Foresight Solar" or "the Company")
Proposed change to Investment Policy, publication of Circular
and Notice of Annual General Meeting
The Board of Directors of Foresight Solar Fund Limited, together
with the Investment Manager, are pleased to announce the intention
to seek shareholder approval to amend the Company's Investment
Policy to allow the Company to invest up to five per cent of the
Company's Gross Asset Value ("GAV") in Development Stage Assets,
being solar or battery storage system ("BSS") opportunities that
are pre-construction and may not have secured grid connection
rights or planning consent at the date of investment. Such
Investments may include direct investment in projects or investment
via corporate development funding structures.
Introduction to the change in Investment Policy
Foresight Solar's objective is to provide Shareholders with a
sustainable, progressive quarterly dividend and enhanced capital
value by investing in ground-based solar power plants [and BSS
assets] in the UK and internationally. Since its IPO in 2013, the
Company has acquired 58 ground-based solar power plants, 50 of
which are in the UK, and has paid all its target dividends and
delivered an annual total shareholder return of 7.2%.
Based on the experience of the Investment Manager and current
market opportunities available, the Board sees an opportunity for
the Company to invest in solar, BSS and co-location projects at an
earlier stage when they would be categorised as Development Stage
Assets. More specifically, such assets would be defined as assets
that are in a pre-construction development stage, where they have a
delivery plan and have either secured the necessary land rights, or
options to obtain such land rights, but require additional work to
be completed before the project is ready to commence construction.
For example, this additional work may include, without limitation,
the agreement of key contracts, the securing of planning
permission, grid connections and environmental permits (or other
necessary permits) ("Development Stage Assets").
The background to and reasons for the proposed change to the
Company's Investment Policy, and explanation of why the Board
recommends Shareholders vote in favour of the requisite resolution
to be proposed at the Annual General Meeting, is set out in the
2022 Notice of Annual General Meeting, now available on the
Company's website at
fsfl.foresightgroup.eu/investor-relations/publications/ .
Benefits of the Proposal
The Board believes that the Proposal and proposed material
change to the Company's current investment policy will have the
following benefits for Shareholders:
-- create access to a further pipeline of investment
opportunities in which the Company has had active oversight of the
development process.
-- provide the Company with an enhanced ability to secure fully
consented projects through either direct acquisition of Development
Stage Assets or acquisition rights under the terms of joint venture
agreements (or other similar structures). As a result, the Company
may be able to acquire project development rights or projects that
are construction-ready at more competitive rates than those being
brought to the market at 'Ready to Build'.
-- Whilst investment in the earlier stages of project
development is not without risks, it can allow the Company to
benefit directly from enhanced returns on a modest level of
investment. This represents an attractive option for investment of
surplus cash currently generated by the operational portfolio.
-- Partnering with experienced developers may present
opportunities to enter new markets with instant access to a
pipeline of scale.
-- Opportunities to develop investment opportunities and realise
additional value within the Fund's existing portfolio through
proprietary development.
Annual General Meeting ("AGM")
The Company is also pleased to announce that the 2022 Notice of
Annual General Meeting is now available to view on the Company's
website at fsfl.foresightgroup.eu/investor-relations/publications/
.
The Company's AGM will be held at 28 Esplanade, St. Helier,
Jersey, JE2 3QA at 9:30 a.m. on Wednesday, 15 June 2022.
The formal Notice of the Annual General Meeting will be posted
to all shareholders and in accordance with Listing Rule 9.6.1
copies of the documents have been submitted to the FCA and will
shortly be available for inspection from the National Storage
Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
.
Action to be taken
Shareholders are encouraged to vote on the resolutions to be
proposed at the AGM by completing the form of proxy in line with
the instructions set out therein. Shareholders may also submit
their proxy votes online by registering at
www.investorcentre.co.uk/eproxy and entering the Control Number,
Shareholder Reference Number (SRN) and PIN set out in the form of
proxy.
Completed proxy appointment must be received by the Registrar by
no later than 9:30 a.m. on Monday, 13 June 2022. Further details
can be found in the Notice of Annual General Meeting.
Recommendation
The Board considers that all of the resolutions to be proposed
at the AGM are in the best interests of the Company and its members
as a whole.
Accordingly, the Board unanimously recommends that Shareholders
vote in favour of the Resolutions to be proposed at the AGM as each
of the Directors intend to do in relation to the Ordinary Shares in
respect of which they have voting control.
If you have any questions that you would like to put to the
Board or to the Foresight Group, please contact the Company
Secretary, by email at Foresightsolar@jtcgroup.com, by no later
than close of business on Friday, 10 June 2022.
For further information, please contact:
Foresight Group
Nish Sivarajan +44 (0)20 3911 2318
(InstitutionalIR@ForesightGroup.eu)
Jefferies International Limited +44(0)20 7029 8000
Neil Winward
Gaudi Le Roux
Citigate Dewe Rogerson +44(0)20 7638 9571
Toby Moore
Laura Banks
Lucy Gibbs
JTC (Jersey) Limited as Company Secretary +44 (0)203 846 9774
Christopher Gibbons
(Foresightsolar@jtcgroup.com)
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END
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