US Solar Fund PLC Cancellation of Share Premium Account (0641D)
June 21 2019 - 6:22AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 0641D
US Solar Fund PLC
21 June 2019
21 June 2019
US Solar Fund plc
(the "Company" or "US Solar Fund")
Cancellation of Share Premium Account
As stated in the prospectus of US Solar Fund plc dated 26
February 2019, in order to increase the distributable reserves
available to facilitate share repurchases and the payment of future
dividends, the Company had resolved that, conditional upon the
issue of shares on 16 April 2019 (the "Issue") and the approval of
the Court, the amount standing to the credit of the share premium
account of the Company immediately following the Issue be cancelled
so as to create distributable reserves. The Company had also
resolved to cancel the outstanding redeemable preference shares
issued on incorporation.
The Company is pleased to announce that, following the approval
of the Court on 18 June 2019 and the subsequent registration of the
Court Order with the Registrar of Companies on 19 June 2019, both
the cancellation of the share premium account and the cancellation
of the redeemable preference shares have now become effective.
US Solar Fund PLC
For further information please contact:
US Solar Fund Investor Relations
Whitney Voûte +1 718 230 4329
JTC (UK) Limited (Company Secretary)
Susan Fadil +44 (0) 203 846 9774
Christopher Gibbons
About US Solar Fund plc
US Solar Fund plc listed on 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.
US Solar Fund is aiming to deliver:
-- an annual dividend yield target of 5.5% once all Solar Power
Assets are operational with an average growth rate of 1.5 -2.0% per
annum (on a fully invested and geared basis)
-- initial target annual dividend yield of 2 to 3% until all
Solar Power Assets are fully operational
-- target net total return over the life of the Solar Power Assets of at least 7.5% per annum
Initial proceeds are expected to be invested or committed within
six to nine months of Admission, with most plants expected to be
operational within the following 12 months.
About the Investment Manager
US Solar Fund 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$800m 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.
Further information on the Company can be found on its website
at www.ussolarfund.co.uk.
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END
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