Bluefield Solar Income Fund (LSE:BSIF) has launched a full strategic review and formal sale process after some shareholders objected to the proposed transition to an integrated power producer model.
A fortnight ago, the investment trust said it would explore a shift to an integrated model with its investment manager, the Bluefield Group, following a prolonged share price underperformance that was at odds with consistently strong underlying returns and operational excellence.
"Following extensive engagement with its shareholders, it has become clear that such a transition is unlikely to be the preferred strategic direction of shareholders as a whole,” the company said in a statement.
"A majority of shareholders expressed a clear preference for alternative value-maximising options, such as the potential sale of the company or its assets."
The board noted that a previous private sales process found that prospective bidders tended to favour integrated platforms that combine operational assets with the investment adviser's platform and development expertise.
Investment adviser and manager Bluefield Partners has agreed to support the sale of its businesses in tandem with BSIF's operational assets and development pipeline.
This will allow it to optimise the potential value of a transaction and open the sale process up to the widest possible pool of potential acquirers.
BSIF said it is not currently in discussions with or in receipt of any approach from potential offerors, but has entered an offer period under the UK takeover code and will update shareholders as appropriate.