TIDMFSFL
RNS Number : 5538B
Foresight Solar Fund Limited
10 June 2019
10 June 2019
Foresight Solar Fund Limited
NOTICE OF ANNUAL GENERAL MEETING
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE
ATTENTION
If you are in any doubt as to what action you should take, you
are recommended to seek your own financial advice from your
stockbroker or other independent adviser authorised under the
Financial Services and Markets Act 2000.
If you have recently sold or transferred all of your shares in
Foresight Solar Fund Limited, please forward this document,
together with the accompanying documents, as soon as possible,
either to the purchaser or transferee or to the person who arranged
the sale or transfer so they can pass these documents to the person
who now holds the shares.
NOTICE is hereby given that the Annual General Meeting ("AGM")
of the Company will be held at 28 Esplanade, St Helier, Jersey, JE2
3QA on Tuesday, 25 June 2019, at 9:30am (BST), or at any
adjournment thereof, for the purpose of considering and, if thought
fit, passing the following resolutions which resolutions 1 to 11
will be proposed as ordinary resolutions and resolutions 12 to 15
will be proposed as special resolutions:
Ordinary Resolutions
1. To receive and adopt the Company's annual accounts for the
financial year ended 31 December 2018 together with the directors'
report and auditors' report on those accounts.
2. To approve the directors' remuneration report (excluding the
directors' remuneration policy), as set out on page 43 of the
Company's annual report and accounts for the financial year ended
31 December 2018.
3. To approve the directors' remuneration policy, as set out on
page 43 of the Company's annual report and accounts for the
financial year ended 31 December 2018, which takes effect
immediately after the end of annual general meeting.
4. To re-appoint KPMG LLP as the Company's auditor to hold
office from the conclusion of this meeting until the conclusion of
the next annual general meeting at which accounts are laid before
the Company.
5. To authorise the directors of the Company to determine the auditor's remuneration.
6. To approve the Dividend Policy.
7. To elect Monique O'Keefe to the Board of the Company
following her appointment under article 101 of the Company's
articles of association (the "Articles").
8. To reappoint Alexander Ohlsson as a director of the Company.
9. To reappoint Chris Ambler as a director of the Company.
10. To reappoint Peter Dicks as a director of the Company.
11. THAT, subject to resolution 12 below being passed, in
addition to any existing power and authority granted to the
Directors, the Directors of the Company be and are hereby
authorised pursuant to Article 153.1 to exercise the power
conferred on them by Article 152(b) of the Articles to offer
holders of ordinary shares in the capital of the Company the right
to elect to receive ordinary shares credited as fully paid, instead
of cash in respect of the whole (or some part to be determined by
the Directors) of dividends declared, made or paid during the
period starting with the date of this Resolution and ending at the
conclusion of the third annual general meeting of the Company
following the date of this Resolution and shall be permitted to do
all acts and things required or permitted to be done in accordance
with the Articles in connection therewith.
Special Resolutions
12. THAT the following alterations be made to the Articles:
a. In respect of Article 10.1.6, the cross-reference to Article
150 be deleted and replaced with a cross-reference to Article 152;
and
b. In respect of Article 152, the words 'at par' in Articles
152(a) and 152(b) be deleted and replaced with the words 'at stated
value'.
13. THAT the Company be and is hereby generally and
unconditionally authorised, pursuant to and in accordance with
Article 57 of the Companies (Jersey) Law, 1991 (as amended) (the
"Law") to make market purchases of its own ordinary shares of no
par value in the capital of the Company (the "Ordinary Shares") on
such terms and in such manner as the directors of the Company shall
from time to time determine, subject always to the terms of any
class rights in the Articles and provided that:
a. the maximum aggregate number of Ordinary Shares hereby
authorised to be purchased shall be such number as represents 14.99
per cent of the aggregate number of Ordinary Shares in issue as at
25 June 2019;
b. the minimum price which may be paid for an Ordinary Share shall be GBP0.01;
c. the maximum price exclusive of any expenses which may be paid
for an Ordinary Share is an amount equal to the higher of (i) 105%
of the average of the middle market quotations for an Ordinary
Share (as derived from the Daily Official List of the London Stock
Exchange plc) for the five business days immediately preceding the
date on which such Ordinary Share is contracted to be purchased;
and (ii) the higher of the last independent trade and the highest
current independent bid on the trading venue on which the purchase
is carried out.
d. the authority hereby conferred is in addition to all and any
authorities in place in respect of market purchases by the Company
and shall expire at the conclusion of the Company's next annual
general meeting or on the date falling 18 months from the date of
the passing of this resolution, whichever is earlier, unless
previously revoked, varied or renewed by the Company in general
meeting;
e. the Company may at any time prior to the expiry of such
authority make a contract or contracts to purchase Ordinary Shares
under such authority which will or might be completed or executed
wholly or partly after the expiration of such authority and may
make a purchase of Ordinary Shares in pursuance of any such
contract or contracts; and
f. the directors of the Company provide a statement of solvency
in accordance with the Articles 55 and 57 of the Law.
14. THAT, subject to resolution 13 ("Resolution 13") above being
passed, the Company be and is hereby generally and unconditionally
authorised to cancel any shares it repurchases pursuant to
Resolution 13 or pursuant to Article 58A(1)(b) of the Law to hold
such shares it repurchases pursuant to Resolution 13 as treasury
shares to be dealt with in accordance with the provisions of the
Law as the directors of the Company see fit.
15. THAT, in addition to any existing power and authority
granted to the Directors, the Directors of the Company be and are
hereby generally empowered to allot Ordinary Shares of no par value
carrying the rights, privileges and subject to the restrictions
attached to the Ordinary Shares as set out in the Articles of the
Company (the "Ordinary Shares") or to grant rights to subscribe for
or, to convert securities into Ordinary Shares ("equity
securities"), including the allotment and grant of rights to
subscribe for, or to convert securities into or the sale of,
Ordinary Shares held by the Company as treasury shares in each case
for cash as if any pre-emption rights in relation to the issue of
or sale of shares, as set out in Article 10.2 of the articles of
association of the Company and in the Listing Rules made by the
Financial Conduct Authority under Part VI of the Financial Services
and Markets Act 2000 (as amended), did not apply to any such
allotment of or grant of rights to subscribe for or to convert into
equity securities or sale, provided that this power:
a. shall expire at the conclusion of the Company's next annual
general meeting or on the date falling 15 months after the passing
of this resolution, whichever is earlier, save that the Company
may, before such expiry, make an offer or agreement which would or
might require equity securities to be allotted after such expiry
and the Directors may allot equity securities in pursuance of any
such offer or agreement as if the power conferred hereby had not
expired; and
b. shall be limited to the allotment of up to 54,894,155
Ordinary Shares of no par value (representing approximately 10% per
cent. of the issued share capital of the Company).
By order of the Board
Alexander Ohlsson - Chairman
Foresight Solar Fund Limited
6 June 2019
Registered Office: 28 Esplanade, St Helier, Jersey JE2 3 QA
Registered Number: 113721
LEI: 213800VO4O83JVSSOX33
For further information, please contact:
Foresight Group InstitutionalIR@ForesightGroup.eu
Joanna Andrews +44 (0)20 3763 6951
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Mark Bloomfield
Neil Winward
Gaudi Le Roux
Citigate Dewe Rogerson +44 (0)20 7638 9571
Nick Hayns
Elizabeth Kittle
Lucy Eyles
JTC (Jersey) Limited - Company Secretary Foresightsolar@jtcgroup.com
Christopher Gibbons +44 (0) 1534 700 000
Notes:
1. As a member you are entitled to appoint a proxy or proxies to
exercise all or any of your rights to attend, speak and vote at the
annual general meeting and you should have received a proxy form. .
A proxy need not be a member of the Company but must attend the
annual general meeting to represent you. You may appoint more than
one proxy provided each proxy is appointed to exercise rights
attached to different shares. You can only appoint a proxy using
the procedure set out in these notes and the notes to the proxy
form. You may not use any electronic address provided either in
this notice or any related documents (including the circular and
proxy form) to communicate with the Company for any purpose other
than those expressly stated.
2. To be valid any proxy form or other instrument appointing a
proxy, together with any power of attorney or other authority under
which it is signed or a certified copy thereof, must be received by
post or (during normal business hours only) by hand at
Computershare Investor Services (Jersey) Limited, Queensway House,
Hilgrove Street, St. Helier, Jersey, JE1 1ES no later than 9:30am
on 21 June 2019 before the time of the meeting or any adjourned
meeting.
3. The return of a completed proxy form or other instrument of
proxy will not prevent you attending the annual general meeting and
voting in person if you wish.
4. In the case of joint holders, the vote of the senior who
tenders a vote, whether in person or by proxy, will be accepted to
the exclusion of the votes of the other joint holders and, for this
purpose, seniority will be determined by the order in which the
names stand in the register of members in respect of the joint
holding.
5. Only those shareholders registered in the Company's register
of members at 9.30am, on 21 June 2019 (or, if the meeting is
adjourned, 48 hours (excluding non-working days) before the time
fixed for the adjourned meeting) shall be entitled to attend, speak
and vote at the meeting in respect of the number of Ordinary Shares
registered in their name at that time. In each case, changes to
entries on the register of members of the Company after that time
shall be disregarded in determining the rights of any person to
attend, speak and vote at the meeting.
6. A vote withheld is not a vote in law, which means that the
vote will not be counted in the calculation of votes for or against
the resolution. If you select the "Discretionary" option or if no
voting indication is given, your proxy will vote (or abstain from
voting) at his or her discretion. Your proxy will vote (or abstain
from voting) as he or she thinks fit in relation to any other
matter which is put before the meeting.
7. Any person holding five per cent. or more of the total voting
rights of the Company who appoints a person other than the chairman
of the meeting as his proxy will need to ensure that both he and
his proxy complies with their respective disclosure obligations
under the UK Disclosure and Transparency Rules.
Explanation of business
The Notice of Annual General Meeting contains certain items of
business which are of a technical nature and are therefore
explained below:
Resolution 11 - Authority to implement any Scrip Dividend
Offer
Resolution 11 grants the Directors the necessary authority, in
accordance with the terms of Article 153.1 of the Articles to offer
a scrip dividend alternative in respect of future dividends, made
or paid in the period ending at the conclusion of the third annual
general meeting of the Company following the date of this
resolution which is in accordance with Investment Association
Guidelines. The Board believes that this authority offers the
Company and its shareholders a greater level of flexibility in
relation to dividend payments.
Resolution 12 - Alteration of Articles
Resolution 12 seeks shareholder authority for minor amendments
(to correct certain cross references) to be made to the Company's
articles of association (the "Existing Articles") in order to
ensure the provisions of this Article mirror the pre-emption right
provisions in the Financial Conduct Authority's Listing Rules at LR
9.3.11. A copy of the Existing Articles and the proposed new
articles will be available for inspection during normal business
hours (Saturdays, Sundays and public holidays excepted) at the
registered office of the Company at 28 Esplanade, St Helier,
Jersey, JE2 3QA and at the offices of Dickson Minto, Broadgate
Tower, 20 Primrose Street, London EC2A 2EW from the date of this
notice of the Company's annual general meeting up until the close
of the annual general Meeting.
Resolution 13 - Authority to purchase own Ordinary Shares
Resolution 13 seeks shareholder authority for the directors of
the Company to make market purchases of Ordinary Shares in
accordance with the provisions of the Law. In some circumstances
companies may find it advantageous to use surplus funds to purchase
their own shares in the market. This can lead to increases in net
asset value per share on those shares not purchased. The directors
of the Company [have no present intention of exercising this
authority and] confirm that they will only purchase Ordinary Shares
where they believe the effect would be to increase net asset value
per share and would be in the best interests of shareholders.
Resolution 13 specifies the minimum and maximum prices which may
be purchased under this authority. The authority will expire at the
conclusion of the Company's next annual general meeting or on the
date falling 18 months from the date of the passing of this
resolution. The buy back of the Ordinary Shares referred to in
Resolution 13 will allow the Company to cancel such shares or hold
them as treasury shares.
As at 5 June 2019 (the latest practicable date prior to the
publication of this document), there are no warrants or options to
subscribe for ordinary shares that are outstanding.
Resolution 14 - Treasury Shares
Resolution 14 seeks shareholder authority for the directors of
the Company to hold shares it repurchases pursuant to special
resolution 13 as treasury shares. The Company is able under Jersey
law to hold its own shares as treasury shares. If the Company
elects to hold the Ordinary Shares it buys back as treasury shares,
it will not be treated as a member by virtue of holding such
shares. Indeed, it will not be allowed to exercise any voting
rights in respect of such shares and the number of treasury shares
in issue will not be taken into account when calculating, for the
purposes of any resolutions, the total number or any required
proportion of shares in issue. The Company cannot make or receive
any dividend in respect of treasury shares and cannot exercise or
enforce any rights or obligations in respect of such shares.
Resolution 15 - Authority to allot Shares on a non pre-emptive
basis
Generally, the directors may only allot shares or securities in
the Company (or grant rights to subscribe for, or to convert any
security into, shares in the Company) for cash if they have been
authorised to do so by shareholders and they must first offer such
shares or securities to shareholders in proportion to their
existing holdings. If passed, in addition to any existing power and
authority granted to the Directors, the special resolution will
authorise the directors to allot shares in the Company (and to
grant rights to subscribe for, or to convert any security into,
shares in the Company) up to an additional 54,894,155 Ordinary
Shares of no par value (representing approximately 10% of the
Company's issued ordinary share capital as at 5 June 2019 (being
the latest practicable date prior to the publication of this
document) as if pre-emption rights did not apply to such allotment
immediately following the adoption of this resolution.
The authority will expire at the conclusion of the next AGM of
the Company or, if earlier, on the date which is 15 months after
the date of the AGM. The directors intend to renew this authority
annually at each AGM of the Company. The directors have no present
intention of exercising this authority although they will use it in
the event of an offer of a scrip dividend.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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