17 December 2020
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Result of Annual General Meeting
Bluefield Solar (LON:BSIF), a sterling income fund that invests principally in UK-based solar assets, announces that at the Annual General Meeting ("AGM") of the Company held at 11.00 am, 17 December 2020, Ordinary Resolutions 1 to 12 and Special Resolution 13 were passed without amendment. Special Resolution 14 was not passed.
The Board notes the large number of votes received against Resolution 14 and advises that it will continue to engage with the Company's shareholders to understand the reasons for the votes.
The full text of the Special Resolutions is noted below:
Resolution 13
That, in substitution for any existing disapplication authority in force as at the date of this Annual General Meeting, the Directors be and are hereby generally and unconditionally authorised to allot, issue and/or sell equity securities for cash as if article 6.2 of the Articles of Incorporation did not apply to any such allotment, issue and/or sale, provided that this power shall be limited to the allotment, issue and/or sale of up to 10 per cent. of the Ordinary Shares in issue as at the date of this Annual General Meeting for the period expiring at the date falling 15 months after the date of the passing of this resolution or the conclusion of the next annual general meeting of the Company, whichever is earlier (unless previously renewed, varied or revoked by the Company in a general meeting), save that the Company shall be entitled to make offers or agreements before the expiry of such power which would or might require equity securities to be allotted and issued after such expiry and the Directors shall be entitled to allot and issue equity securities pursuant to any such offer or agreement as if the power conferred hereby had not expired.
Resolution 14
That, in addition to any existing authorities granted to the Directors, the Directors be, and hereby are, empowered to allot, issue and/or sell equity securities for cash as if article 6.2 of the Articles of Incorporation did not apply to any such allotment, issue and/or sale, provided that this power shall be limited to the allotment, issue and/or sale of up to an additional 10 per cent. of the Ordinary Shares in issue as at the date of this Annual General Meeting for the period expiring at the date falling 15 months after the date of the passing of this resolution or the conclusion of the next annual general meeting of the Company, whichever is earlier (unless previously renewed, varied or revoked by the Company in general meeting), save that the Company shall be entitled to make offers or agreements before the expiry of such power which would or might require equity securities to be allotted and issued after such expiry and the Directors shall be entitled to allot and issue equity securities pursuant to any such offer or agreement as if the power conferred hereby had not expired.
The voting breakdown of all resolutions follow:
| Resolution |
Votes For** |
Votes Against |
Votes Withheld* |
||
| 1 - Ordinary |
228,478,860 |
100% |
0 |
0% |
399,154 |
| 2 - Ordinary |
228,334,086 |
99.97% |
71,911 |
0.03% |
472,017 |
| 3 - Ordinary |
228,334,251 |
99.99% |
30,416 |
0.01% |
513,347 |
| 4 - Ordinary |
225,697,724 |
99.98% |
51,368 |
0.02% |
3,128,921 |
| 5 - Ordinary |
228,159,934 |
99.91% |
204,733 |
0.09% |
513,347 |
| 6 - Ordinary |
225,365,319 |
99.95% |
123,417 |
0.05% |
3,389,278 |
| 7 - Ordinary |
228,333,251 |
99.99% |
30,416 |
0.01% |
514,347 |
| 8 - Ordinary |
221,603,526 |
99.95% |
109,264 |
0.05% |
7,165,224 |
| 9 - Ordinary |
228,440,741 |
99.99% |
24,090 |
0.01% |
413,183 |
| 10 - Ordinary |
228,471,157 |
100% |
0 |
0% |
406,857 |
| 11 - Ordinary |
228,484,423 |
100% |
0 |
0% |
393,591 |
| 12 - Ordinary |
228,172,420 |
99.88% |
263,212 |
0.12% |
442,381 |
| 13 - Special |
228,238,742 |
99.91% |
210,718 |
0.09% |
428,554 |
| 14 - Special |
165,841,789 |
72.6% |
62,580,086 |
27.4% |
456,139 |
*A vote withheld is not a vote in law and is therefore not counted towards the proportion of votes "for" or "against" the Resolution.
** including discretionary votes.
For further information:
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Notes to Editors
About Bluefield Solar
Bluefield Solar is a UK income fund focused, primarily, on acquiring and managing UK-based solar projects to generate renewable energy for periods of typically 25 years or longer. Not less than 75% of the Company's gross assets will be invested into UK solar assets. The Company can also invest up to 25% of its gross assets into onshore wind, hydro and storage technologies. Its primary objective is to deliver to its shareholders stable, long term sterling income via quarterly dividends. The majority of the Group's revenue streams are regulated and non-correlated to the UK energy market. Bluefield Solar owns and operates one of the UK's largest, diversified portfolios of solar assets with a combined installed power capacity in excess of 543 Megawatt peak.
Further information can be viewed at www.bluefieldsif.com
About Bluefield Partners LLP ('Bluefield')
Bluefield Partners was established in 2009 and is an investment adviser to companies and funds investing in renewable energy infrastructure. It has a proven record in the selection, acquisition and supervision of large-scale energy assets in the UK and Europe. The team has been involved in over £1.8 billion renewable funds and/or transactions in both the UK and Europe since 2008, including over £1.1 billion in the UK since December 2011.
Bluefield Partners has led the acquisitions of, and currently advises on, over 100 UK based solar PV assets that are agriculturally, commercially or industrially situated. Based in its London office, it is supported by a dedicated and highly experienced team of investment, legal and portfolio executives. Bluefield Partners was appointed Investment Adviser to Bluefield Solar in June 2013.
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