Last checked at 4 Oct 2021 07:00
1 October 2021
US SOLAR FUND PLC ("USF", the "Company")
Purchase of Management Fee Shares
In accordance with the terms of the investment management agreement (the "IMA") between the Company and New Energy Solar Manager Pty Limited (the "Investment Manager"), the key terms of which were outlined in the Company's Prospectus that was published on 13 April 2021 (the "Prospectus"), 10 per cent. of the investment management fee (the "Management Share Amount") shall be received by the Investment Manager, or an Associate, in Ordinary Shares of the Company ("Management Fee Shares").
The Company will apply an amount equal to the Management Share Amount to the purchase on behalf of the Investment Manager or an Associate (as directed by the Investment Manager) of Ordinary Shares for cash in the secondary market. In making, or directing a broker or other agent of the Company to make any such purchases, the Company shall act as the agent of the Investment Manager or the relevant Associate (as directed by the Investment Manager) and not as principal.
The Investment Manager purchased 221,176 Management Fee Shares on 1 October 2021 at an average price of $1.01, reflecting the Management Share Amount due to the Investment Manager for the period from 1 July 2020 to 30 June 2021.
Combined with previous Management Fee Share purchases and issuances, the Investment Manager or the relevant Associates will hold a total of 464,760 Management Fee Shares.
The Management Fee Shares are subject to a minimum lock-in period of 36 months from the Payment Date.
Unless the context otherwise requires, capitalised terms used in this announcement have the meanings in the Prospectus.
For further information, please contact:
US Solar Fund Whitney Voute
| +1 718 230 4329 |
Cenkos Securities plc James King Tunga Chigovanyika Will Talkington
| +44 20 7397 8900 |
Jefferies International Limited Stuart Klein Gaudi le Roux
| +44 20 7029 8000
|
KL Communications | +44 20 3995 6673 |
Charles Gorman Will Sanderson |
About US Solar Fund plc
US Solar Fund plc, established in 2019, is listed on the premium segment of the London Stock Exchange in April 2019 with a market capitalisation of approximately $340m. The Company's investment objective is to provide investors with attractive and sustainable dividends with an element of capital growth by owning and operating solar power assets in North America and other OECD countries in the America.
The solar power assets that the Company acquires or constructs are expected to have an asset life of at least 30 years and generate stable and uncorrelated cashflows by selling electricity to creditworthy offtakers under long-term power purchase agreements (or PPAs). The Company's portfolio currently consists of 42 operational solar projects with a total capacity of 493MWDC, all located in the United States.
Further information on the Company can be found on its website at http://www.ussolarfund.co.uk.
About the Investment Manager
USF is managed by New Energy Solar Manager (NESM). NESM also manages New Energy Solar, an Australian Securities Exchange (ASX)-listed fund. NESM manages over US$1.4bn of invested capital across US and Australian solar plants.
NESM is owned by E&P Funds, the funds management division of E&P Financial Group, an ASX listed company (ASX: EP1) with over A$20 billion of funds under advice.