Last checked at 21 Jun 2019 12:22
21 June 2019
US Solar Fund plc
(the "Company" or "US Solar Fund")
Cancellation of Share Premium Account
As stated in the prospectus of US Solar Fund plc dated 26 February 2019, in order to increase the distributable reserves available to facilitate share repurchases and the payment of future dividends, the Company had resolved that, conditional upon the issue of shares on 16 April 2019 (the "Issue") and the approval of the Court, the amount standing to the credit of the share premium account of the Company immediately following the Issue be cancelled so as to create distributable reserves. The Company had also resolved to cancel the outstanding redeemable preference shares issued on incorporation.
The Company is pleased to announce that, following the approval of the Court on 18 June 2019 and the subsequent registration of the Court Order with the Registrar of Companies on 19 June 2019, both the cancellation of the share premium account and the cancellation of the redeemable preference shares have now become effective.
US Solar Fund PLC
For further information please contact:
US Solar Fund Investor Relations
Whitney Voûte +1 718 230 4329
JTC (UK) Limited (Company Secretary)
Susan Fadil +44 (0) 203 846 9774
Christopher Gibbons
About US Solar Fund plc
US Solar Fund plc listed on the London Stock Exchange in April 2019, following its successful US$200m IPO. The Company's investment objective is to provide investors with attractive and sustainable dividends, with an element of capital growth, by investing in a diversified portfolio of solar power assets in North America and other OECD countries in the Americas.
US Solar Fund is aiming to deliver:
· an annual dividend yield target of 5.5% once all Solar Power Assets are operational with an average growth rate of 1.5 -2.0% per annum (on a fully invested and geared basis)
· initial target annual dividend yield of 2 to 3% until all Solar Power Assets are fully operational
· target net total return over the life of the Solar Power Assets of at least 7.5% per annum
Initial proceeds are expected to be invested or committed within six to nine months of Admission, with most plants expected to be operational within the following 12 months.
About the Investment Manager
US Solar Fund is managed by New Energy Solar Manager (NESM). NESM also manages New Energy Solar, an Australian Securities Exchange (ASX)-listed fund which has committed over US$800m to US and Australian solar plants since late 2015.
NESM is owned by Walsh & Company, the funds management division of Evans Dixon, an ASX listed company (ASX: ED1) with over A$18 billion of funds under advice and management.
Further information on the Company can be found on its website at www.ussolarfund.co.uk.