Foresight Solar Fund (FSFL) Purchases 13,863 Own Shares at Up to 71.90p in Ongoing Buyback Programme

Details of the 24 June 2026 FSFL Share Purchase Transaction

Foresight Solar Fund Limited confirmed in its 24 June 2026 announcement that it purchased 13,863 ordinary shares on the London Stock Exchange (XLON) via its appointed broker, Jefferies International Limited. The transaction was executed with a highest price paid of 71.90p per ordinary share and a lowest price paid of 71.10p per ordinary share, giving a volume weighted average price (VWAP) of 71.54p per share.

The announcement states that the repurchased shares will be held in Treasury rather than cancelled immediately. Treasury shares are shares that a company has bought back and holds itself, which can subsequently be reissued, cancelled, or used for employee share schemes. The decision to hold shares in Treasury rather than cancel them outright provides the Company with additional flexibility in its future capital management decisions, a consideration that may be of interest to shareholders monitoring FSFL's approach to its Balance Sheet.

How This Purchase Fits Within Foresight Solar's Multi-Year Buyback Programme

The purchases disclosed on 24 June 2026 form part of the Company's share buyback programme that was originally announced on 4 May 2023. This programme has been ongoing for more than three years, reflecting a sustained commitment by the Board to utilise Buybacks as a capital management tool. Share buyback programmes of this nature are commonly employed by investment trusts and listed funds that believe their shares are trading at a discount to net asset value, offering an opportunity to enhance value for continuing shareholders.

While the announcement does not specify the total volume of shares purchased under the programme to date, nor provide guidance on how many shares remain authorised for repurchase, the regularity of individual transaction disclosures suggests the programme remains active. Investors wishing to track the cumulative scale of the buyback since its inception in May 2023 would need to review the series of prior transaction notifications published by FSFL. The Company did not disclose total programme expenditure or remaining buyback capacity in this announcement.

Impact on Foresight Solar Fund's Total Issued Share Capital and Voting Rights

Following settlement of the 24 June 2026 purchases, Foresight Solar Fund's total issued share capital will comprise 609,958,720 ordinary shares. This figure includes shares held in Treasury. It is important to note that Treasury shares do not carry voting rights, which is why the Company separately discloses the total voting rights figure for regulatory purposes.

The announcement states that the total voting rights figure applicable to shareholders is 545,509,434. This is the figure that shareholders — and any persons with a notifiable interest in the Company — must use when performing calculations to determine whether they are required to make a disclosure under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules (DTRs). The difference between the total issued share capital (609,958,720) and total voting rights (545,509,434) represents ordinary shares held in Treasury, which currently amounts to 64,449,286 shares on this basis. This is a substantial proportion of the total Issued Capital held in Treasury, reflecting the scale of the buyback activity over recent years.

The Role of Jefferies International Limited as Broker for FSFL's Buyback Transactions

Jefferies International Limited is acting as the Company's broker for the execution of buyback transactions. Jefferies is a well-established institutional broker operating within the London market and frequently acts for investment trusts and listed funds in connection with market purchases of their own shares. The use of a named broker provides a clear audit trail for regulatory purposes and ensures that repurchases are conducted in compliance with applicable market abuse and transparency rules.

The announcement provides contact details for Jefferies, naming Gaudi Le Roux and Harry Randall-Knowles as points of contact. Singer Capital Markets and Sodali & Co are also listed as advisers to the Company, alongside JTC (Jersey) Limited, reflecting the range of professional service providers engaged by FSFL in its day-to-day operations. The involvement of Sodali & Co, a Shareholder engagement and governance advisory firm, may be of note to investors monitoring the Company's Investor relations activity.

Regulatory Background: Why FSFL Must Disclose Individual Share Purchases

UK-listed companies that repurchase their own shares are required to disclose each individual transaction as a regulatory notification. This requirement derives from the UK Market Abuse Regulation (UK MAR) as retained following the UK's departure from the European Union, as well as Listing Rules obligations applicable to companies admitted to trading on the London Stock Exchange. Each notification must include the number of shares purchased, the highest and lowest prices paid, and the volume weighted average price.

These disclosures ensure that the market remains fully informed of changes to a company's share capital structure and prevents any perception of Insider Trading or market manipulation in connection with buyback activity. The transparency obligations apply equally to the disclosure of total voting rights following each purchase, enabling shareholders to maintain an accurate picture of their proportionate holding and any associated disclosure obligations they may hold under the DTRs. Foresight Solar Fund, incorporated in Jersey with its LEI (Legal entity Identifier) recorded as 213800VO4O83JVSSOX33, is fully subject to these UK regulatory requirements by virtue of its London listing.

Foresight Solar Fund's Position in the UK Listed Solar and Renewables Sector

Foresight Solar Fund Limited is a Jersey-incorporated investment trust that invests principally in Solar Energy infrastructure Assets. The Company has been listed on the London Stock Exchange for a number of years and is managed by Foresight Group, a specialist infrastructure and Equity/">Private Equity investment manager. FSFL's portfolio consists of ground-mounted solar photovoltaic assets primarily located in the United Kingdom, with some international exposure.

The listed renewables investment trust sector has faced notable challenges in recent years, including rising interest rates — which increase the discount rates applied to long-duration infrastructure assets — and the persistent trading discounts to net asset value that have affected many peers across the sector. Share buybacks have been one of the primary tools deployed by FSFL's Board, alongside other capital allocation measures, to address this discount. The continuation of the programme through June 2026 signals that the Board continues to view buybacks as a constructive use of available capital, though the Company has not provided explicit guidance on this matter in the present announcement.

Treasury Share Holdings and Their Implications for FSFL Shareholders

As noted above, the repurchased shares are being held in Treasury. The accumulation of Treasury shares over the course of a multi-year buyback programme can have several implications for shareholders. In the near term, reducing the number of voting shares in the market increases each remaining shareholder's proportionate economic interest in the Company's assets and Earnings, even if the effect of any single transaction is modest in isolation.

Over the longer term, Treasury shares afford the Company optionality. Should FSFL's Board wish to raise equity capital in the future — for instance, to fund new asset acquisitions — Treasury shares could potentially be reissued to the market without the cost and time associated with a full new share issue, subject to existing shareholder authorities. Equally, the Board could resolve to cancel Treasury shares, which would reduce the Company's nominal share capital. Neither course of action has been indicated in the current announcement, and investors should not read any forward implication into the current disclosure beyond what has been stated.

How Foresight Group Manages Investor Relations for FSFL

The announcement identifies Matheus Fierro at Foresight Group as the investor relations contact for FSFL, reachable at [email protected] and on +44 (0)20 3911 2318. Foresight Group acts as the Alternative Investment Fund Manager (AIFM) and investment manager for FSFL, overseeing both the deployment of capital into solar assets and the overall administration of the fund. As the external manager, Foresight Group plays a central role in shaping FSFL's capital allocation strategy, including buyback policy.

JTC (Jersey) Limited, represented by Claire Brazenall, serves as the Company's administrator and is contactable at its Jersey office. The administration of FSFL from Jersey reflects the Company's legal domicile, which is a common structure for UK-listed investment trusts seeking a well-regulated offshore Jurisdiction. Despite the Jersey incorporation, FSFL operates under full FCA oversight by virtue of its London listing, ensuring UK investor protections apply throughout.

Share Price Context and What Investors May Be Watching After This Disclosure

The VWAP of 71.54p at which FSFL repurchased shares on 24 June 2026 provides a reference point for where the Company's shares were trading on that date. The immediate share price impact of the disclosure was not clear from available public information at the time of writing. However, the price range of 71.10p to 71.90p across the session's buyback activity provides some indication of intraday trading conditions for FSFL ordinary shares.

Investors may be watching several developments in the period ahead. These include the pace and scale of further buyback transactions under the existing programme, any forthcoming net asset value (NAV) update from the Company, and broader sector conditions affecting listed solar and renewables investment trusts on the London Stock Exchange. Portfolio performance, power price trends, and the trajectory of interest rates remain material factors for FSFL's valuation. The Company has not provided any forward guidance in this announcement, and all such factors remain subject to market and macroeconomic uncertainty.

Shareholder Notification Obligations Following Changes to FSFL's Voting Rights Figure

As a result of the 24 June 2026 share purchase, the total voting rights in Foresight Solar Fund Limited now stand at 545,509,434. Any shareholder — or connected persons acting in concert — who holds an interest at or above the relevant thresholds set by the FCA's Disclosure Guidance and Transparency Rules must use this updated figure when assessing their notification obligations. Major shareholding thresholds under the DTRs typically trigger at 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50%, and 75% of total voting rights, with notifications required whenever a holding crosses one of these thresholds in either direction.

Given that FSFL is a large company with over 600 million shares in issue, institutional shareholders holding significant positions may need to track changes in the voting rights denominator carefully to ensure compliance. The Company publishes the updated voting rights figure in each transaction notification precisely to facilitate this calculation. Shareholders who are uncertain about their obligations are advised to seek their own legal or regulatory advice. The Company itself has not made any specific statements regarding known changes in major shareholdings in connection with this announcement.