US Solar Fund PLC PAYMENT FRAUD UPDATE -- FURTHER RECOVERY OF $2.7m (8232D)
24 February 2020 - 6:00PM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 8232D
US Solar Fund PLC
24 February 2020
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INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN
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24 February 2020
US SOLAR FUND PLC (USF, the "Company")
PAYMENT FRAUD UPDATE - FURTHER RECOVERY OF $2.7m
Further to the update on 21 February 2020, the Board of US Solar
Fund plc (LON: USF (USD)/USFP (GBP)) and New Energy Solar Manager
(the Investment Manager) have since been advised that the relevant
banks had successfully recovered a further $2.7m which has been
returned to USF-controlled accounts. Together with the $3.6m
recovery announced on 31 January 2020, total recovery stands at
$6.3m of the $6.9m transferred.
The Board does not expect the $0.6m not yet recovered to have
any impact on the next, or any subsequent, estimate of Net Asset
Value. Recovery and investigation activities involving all external
stakeholders are continuing, as is the previously announced review
of the Investment Manager's financial processes and controls.
Further updates will be announced in due course.
For further information, please contact:
US Solar Fund
Whitney V oûte +1 718 230 4329
Cenkos Securities plc
Will Rogers
Rob Naylor
Will Talkington +44 20 7397 8900
KL Communications +44 20 3995 6673
Charles Gorman
Charlotte Stickings
About US Solar Fund plc
US Solar Fund plc listed on the premium segment of 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.
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$20 billion of funds under advice and management.
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END
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