BlackRock New Energy Investment Trust plc
31 December 2013
Reminder of your right to subscribe for Ordinary Shares at 59p per share on
31 January 2014
As set out in the Prospectus of BlackRock New Energy Investment Trust plc (the
"Company") dated 18 June 2009, owners of Subscription Shares can subscribe for
Ordinary Shares of 5 pence in the Company on a quarterly basis and this
announcement is intended to remind you of that right.
This announcement is issued by way of reminder only and is not to be read as a
recommendation to Subscription Shareholders to exercise their Subscription
Share Rights or otherwise. When deciding whether or not to exercise your
Subscription Share Rights, you should bear in mind that it is possible that the
Company will be placed into members' voluntary liquidation shortly after the
exercise of the Subscription Share Rights and the amount that you would receive
in cash pursuant to the proposed scheme of reconstruction (the "Scheme")
described in the circular dated 19 December 2013 (the "Circular") in respect of
the new Ordinary Shares arising upon such exercise may be less than the
exercise price of 59p per share. If the Scheme is not implemented, you will
have further opportunities to subscribe for all or any of the Ordinary Shares
to which your Subscription Shares relate on each of 30 April and 31 July 2014
(and if any such date is not a Business Day, the succeeding Business Day)
at 59p per share.
In the event that the Company is put into members' voluntary liquidation in
connection with the cash exit proposals described in the Circular , the
Subscription Share Rights will lapse and no notice of the exercise of the
Subscription Share Rights after the effective date (which is expected to be
14 February 2014) will be processed and any remittance of the Subscription Share
Price made in respect of such notice will be returned to the relevant
Subscription Shareholder without interest at their own risk. The Subscription
Shareholders will be entitled to receive a payment out of the assets of the
Company which will be determined in accordance with the Company's Articles of
Association. The payment to Subscription Shareholders will be calculated by
reference to the middle market quotations (as derived from the Official List)
for one subscription share for the 10 consecutive dealing days ending on 13
December 2013. Subscription Shareholders who choose to exercise their
Subscription Share Rights on 31 January 2014 should note that they will not be
able to elect to roll-over their new Ordinary Shares arising upon such exercise
for New Energy Fund Shares under the New Energy Rollover Option (as described
in the Circular) as the deadline for receipt of elections under that option
will have passed and instead they will be deemed to have elected for the Cash
Option under the Scheme.
If you are in any doubt about the action you should take, you are recommended
immediately to seek your own personal financial advice from your independent
financial adviser, stockbroker, solicitor, accountant, bank manager or from an
appropriately qualified independent adviser authorised pursuant to the
Financial Services and Markets Act 2000. All Subscription Shareholders are
strongly advised to consult their professional advisers regarding their own tax
position.
Exercise of Subscription Share Rights held in Certificated form
Shareholders wishing to exercise their Subscription Share Rights, who hold
their shares in Certificated form, should refer to the instructions on the
reverse of their Subscription Share Certificate(s). Shareholders must lodge the
relevant Subscription Share certificate(s) at the office of Computershare
Priority Applications, Corporate Actions, Bristol BS99 6AJ during the period of
28 days ending at 5.00 pm on the relevant Subscription Date (31 January 2014),
having completed the notice of exercise of Subscription Share Rights, and a
remittance for the aggregate Subscription Price for the Ordinary Shares in
respect of which the Subscription Share Rights are being exercised. Shares will
be allotted within ten business days of the relevant Subscription Date (by 14
February 2014).
Exercise of Subscription Share Rights held through CREST
Shareholders wishing to exercise their Subscription Share Rights, who hold
their Shares through CREST, should send a USE (Unmatched Stock Event)
instruction as set out below together with a remittance for the aggregate
Subscription Price in respect of which the Subscription Share Rights are being
exercised. When sending a USE instruction Shareholders should use the following
participation and member account IDs when processing their instructions:
CREST Participant ID = 0RA20
CREST Member Account ID = NEWENERG
The USE instruction should be inputted to settle in accordance with the CREST
timetable on the relevant Subscription Date (31 January 2014). Ordinary Shares
will be allotted within ten business days of the relevant Subscription Date (by
14 February 2014).
All times referred to relate to the normal CREST daily timetable. It is a
Subscription Shareholder's responsibility to monitor that timetable for changes
until 2.00 p.m. on 31 January 2014 and to take appropriate action if any of the
events are brought forward.
Exercise of Subscription Share Rights held through the BlackRock Stocks &
Shares ISA or Share Plan
Savings Scheme Participants wishing to exercise their Subscription Share Rights
should download the Savings Plan Notice of Exercise of Subscription Share
Rights Form or the Stocks & Shares ISA Notice of Exercise of Subscription Share
Rights Form which will shortly be available from the BlackRock website,
complete and return it to the address given at the top of the form. Forms must
be received at least seven business days before the relevant Subscription Date
on which the exercise of Subscription Share Rights are applicable and therefore
should be received by 22 January 2014. Shares arising from the exercise of
Subscription Share Rights will be issued within ten business days of the
relevant Subscription Date (by 14 February 2014).
Net asset value and share price information
* The net asset value per Ordinary Share (fully diluted) and the closing
prices for the Company's Ordinary Shares and Subscription Shares, taken
from the Daily Official List of the London Stock Exchange on the first
dealing day in each of the six months prior to the date of this
announcement and on the latest practicable date prior to the date of this
announcement, were as follows:
Net asset value Ordinary Share Subscription Share
(pence) Price (pence) Price (pence)
2013
1 July 42.63 38.25 0.25
1 August 45.54 40.75 0.25
2 September 43.61 40.50 0.25
1 October 44.97 41.00 0.25
1 November 46.53 44.625 0.25
2 December 45.33 43.00 0.25
30 December 45.83 44.00 0.25
Subscription Shareholders should note that as at the latest practicable date
prior to the date of this announcement, the Subscription Shares were
siginficantly "out-of-the money" (i.e. the exercise price exceeded both the
share price and net asset value per Ordinary Share). Whilst it is not possible
to know what the net asset value of the Ordinary Shares will be at the time the
Company would be placed into members' voluntary liquidation if all the
resolutions to implement the Scheme are passed, it is likely that the net asset
value per Ordinary Share will remain less than the price per share payable on
exercise of the Subscription Share Rights and accordingly, the amount payable
in accordance with the Scheme under the Cash Option is also likely to be less
than the amount paid to exercise the Subscription Share Rights.
If you are in any doubt as to the action you should take, you should
immediately consult your stockbroker, bank manager, solicitor, accountant or
other independent financial adviser, authorised under the Financial Services
and Markets Act 2000 (FSMA).Taxation
On exercise of the right to convert any Subscription Shares into Ordinary
Shares, the Ordinary Shares issued pursuant to the Subscription Share Rights
will be treated as the same asset in respect of which the Subscription Share
Rights are exercised. The base cost of each such Ordinary Share will be the
deemed base cost of the Subscription Share that it replaces, plus the
subscription price. Further information relating to taxation can be found at
Part V of the prospectus dated 18 June 2009.
Capitalised terms have the meanings given to them in the prospectus dated 18
June 2009 or in the Circular.
If you have any enquiries regarding the procedures described above, these
should be referred, in the case of CREST sponsored members, to their CREST
sponsor and, in the case of other members including CREST sponsors, to the
Receiving Agent, at Computershare Investor Services PLC, PO Box 859, The
Pavilions, Bridgwater Road, Bristol BS99 1XZ, telephone 0870 707 1164.
Mrs A B Powley
BlackRock Investment Management (UK) Limited
Secretary
END
The forms in respect of the exercise of Subscription Share Rights of
Subscription Shares held within the BlackRock Savings Plan and Stocks and
Shares ISA are available from www.blackrock.co.uk/brne. Neither the contents of
the Manager's website nor the contents of any website accessible from the
hyperlinks on the Manager's website (or any other website) is incorporated
into, or forms part of, this announcement.