US Solar Fund PLC Issue of Management Shares (9978P)
16 October 2019 - 5:00PM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 9978P
US Solar Fund PLC
16 October 2019
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.
GENERAL TEXT AMENDMENT
The following amendments have been made to the 'Issue of
Management Shares' announcement released on 15 October at 7:00am
under RNS No 8336P.
In the first paragraph, the text in brackets has been added for
clarity:
"New Energy Solar [Manager] Pty Limited"
"...the Company will apply an amount equal to the Management
Share Amount in the issuance of [such number of] new Ordinary
Shares [as is equal to the Management Share Amount divided by the
last reported NAV per Ordinary Share]."
The third paragraph has been amended to clarify that the
Management Shares are being admitted to the Official List.
All other details remain unchanged.
The full amended text is shown below.
15 October 2019
US Solar Fund PLC
(the "Company")
Issue 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"), 10 per cent. of the
investment management fee (the "Management Share Amount") shall be
received by the Investment Manager, or its associates, in Ordinary
Shares of $US0.01 each in the capital of the Company ("Management
Shares"). Under the terms of the IMA, where 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 in the issuance of such number of new Ordinary Shares as is
equal to the Management Share Amount divided by the last reported
NAV per Ordinary Share. Where 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 in
the market on behalf of the Investment Manager.
Given that the Ordinary Shares are currently trading at a
premium to their last reported NAV per Ordinary Share, in
accordance with the terms of the IMA, the Company has issued 41,775
Management Shares at a price of US$0.979 per share representing the
Management Share Amount due to the Investment Manager for the
period from 26 February 2019 to 30 June 2019. The Management Shares
are subject to a minimum lock-in period of 36 months from the date
of issue.
The Management Shares are expected to be admitted to the premium
listing category of the Official List and to commence trading on
the premium segment of the Main Market on or around 16 October
2019.
For further information, please contact:
US Solar Fund
Whitney Voûte +1 718 230 4329
Cenkos Securities plc
Will Rogers
Will Talkington
Justin Zawoda-Martin +44 20 7397 8900
Macquarie Capital (Europe) Limited
Stephen Taylor
Nick Stamp +44 20 3037 2000
KL Communications +44 20 3995 6699
Charles Gorman
Josie Workman
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).
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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