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US Solar Fund PLC - Americas-focused utility-scale solar power plant investor - Reports that due to over-subscription of initial issue of shares by new and existing investors, company has increased its size to USD132 million from USD105 million.
As a result, 132.0 million shares will be issued at USD1.0 each, with 122.4 million shares as part of the placing, 3.3 million under the subscription offer and 6.3 million shares under the intermediaries offer.
"We're delighted with this strong backing from individual and institutional investors for our first fundraise following US Solar Fund's IPO two years ago. We will put these funds to work immediately, reducing our Heelstone Portfolio financing costs along with the fund's total gearing, and deploying into our pipeline of attractive investment opportunities. Among other benefits, these transactions will increase dividend cover and be accretive to NAV," said Chair Gill Nott.
Current stock price: USD1.02
Year-to-date change: down 5.6%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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