Foresight to raise over $60m and list on JSE
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Foresight Solar Fund is planing to raise in excess of £50m ($61.48m) by way of an inward secondary listing on the main board of the JSE and private placement in South Africa of new ordinary shares.
Foresight Solar Fund is planing to raise in excess of £50m ($61.48m) by way of an inward secondary listing on the main board of the JSE and private placement in South Africa of new ordinary shares.
JSE private placement opened on Friday, March 3 and will close on Wednesday, March 29.
The Board said that the “success of the South African Renewable Energy Program has created a sophisticated understanding and appreciation of solar and other renewable energy assets in South Africa, and interest in the Company”.
Due to South African exchange control regulations, South African investors’ ability to invest and hold shares outside of South Africa is restricted in terms of size.
The Company has applied and has been granted approval by the Financial Surveillance Department of the South African Reserve Bank.
The inward listed shares will be classified as domestic investment on the JSE and will allow South African investors the opportunity to invest in the Company on an unrestricted basis.
The Company believes that the secondary listing and private placement will improve the depth and spread of the shareholder base of the Company which should, as a result improve the liquidity and tradability of the ordinary shares; provide the Company with access to a wider pool of international capital; and provide the Company with an additional platform to raise equity funding to pursue growth and investment opportunities in the future.
Following the secondary listing and private placement, the ordinary shares will be fully transferrable between the UK and South African share registers.
Rand Merchant Bank, a division of FirstRand Bank, has been appointed by the Company as South African bookrunner and JSE sponsor.
Foresight is an independent infrastructure and private equity investment manager, which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has £2.3bn AUM across a number of funds, including listed vehicles, limited partnerships, enterprise investment schemes and venture capital trusts.