US Solar Fund PLC Issue of Management Shares (9978P)

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                  [phone] 
Cenkos Securities plc 
 Will Rogers 
 Will Talkington 
 Justin Zawoda-Martin                [phone] 
Macquarie Capital (Europe) Limited 
 Stephen Taylor 
 Nick Stamp                          [phone] 
KL Communications                    [phone] 
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 [e-mail] or visit www.rns.com.

END

IOEFFDFUIFUSEIS

(END) Dow Jones Newswires

October 16, 2019 02:00 ET (06:00 GMT)