Last checked at 29 Apr 2020 12:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY INVESTMENTS IN ANY JURISDICTION.
29 April 2020
US Solar Fund PLC
(the "Company")
PURCHASE OF MANAGEMENT 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 Investment Manager or its associates shall receive 10% of the investment management fee (the Management Share Amount) in Ordinary Shares of $US0.01 each in the capital of the Company (Management Shares).
Under the terms of the IMA, if the Ordinary Shares are trading at a premium to the last reported NAV per Ordinary Share, the Company will apply an amount equal to the Management Share Amount to the issue of a number of new Ordinary Shares equal to the Management Share Amount divided by the last reported NAV per Ordinary Share. If the Ordinary Shares have traded at a discount to the last reported NAV per Ordinary Share, the Company will apply (or procure that a broker applies) an amount equal to the Management Share Amount to the purchase of Ordinary Shares on behalf of the Investment Manager.
As the Ordinary Shares are trading at a discount to the last reported NAV per Ordinary Share, 51,223 Management Shares were purchased on 28 April 2020 at an average price of US$0.959, reflecting the Management Share Amount due to the Investment Manager for the period from 30 September 2019 to 31 December 2019.
The Management Shares are subject to a minimum lock-in period of 36 months from the date of issue.
For further information, please contact:
US Solar Fund Whitney Voûte
| +1 718 230 4329 |
Cenkos Securities plc Will Rogers Rob Naylor Will Talkington
| +44 20 7397 8900 |
KL Communications | +44 20 3995 6699 |
Charles Gorman Charlotte Stickings | |
JTC (UK) Limited (Company Secretary) | USSolarFund-CompanySecretary@jtcgroup.com |
Christopher Gibbons | +44 20 3846 9774 |
About US Solar Fund plc
US Solar Fund plc is listed on the premium segment of the London Stock Exchange, following its successful US$200m IPO in April 2019. 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.
The Company will acquire or construct, own and operate solar power assets that 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).
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 which has committed over US$900m 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.