20th Oct 2016 08:27
LONDON (Alliance News) - Bluefield Solar Income Fund Ltd on Thursday said it raised GBP60.6 million under its placing programme, ahead of the GBP50.0 million originally planned.
The fund said commitments for 60.0 million new shares were received under the placing, with those shares to be issued at a price of 101.00 pence per share. The new shares will represent around 19% of Bluefield Solar's issued share capital.
Shares in Bluefield Solar were down 0.2% at 102.00p on Thursday morning.
Earlier this month when it first announced the placing, Bluefield Solar had said it would be issuing around 49.5 million shares, with funds to be used to prepay amounts outstanding under its revolving credit facility, to finance further acquisitions and cover due diligence costs.
On Thursday, Bluefield Solar said the new shares are expected to be admitted to the Main Market on Monday.
"We are delighted to announce this successful issue of 60.0 million new shares. With the final closure of the renewable obligation scheme set for March 2017, this new capital will enable us to seek further assets in the remaining five months and, if successful, benefit from their attractive yields. As we have stated, these new shares will not be dilutive to the already announced dividend attributable to existing shareholders," said Chairman John Rennocks.
By Hannah Boland; [email protected]; @Hannaheboland
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