Foresight Solar Fund Limited Share Buyback Programme (3483Y)
May 04 2023 - 2:00AM
UK Regulatory
TIDMFSFL
RNS Number : 3483Y
Foresight Solar Fund Limited
04 May 2023
4 May 2023
Foresight Solar Fund Limited
( the "Company" or "Foresight Solar")
Share Buyback Programme
The Board of Directors of Foresight Solar and the Company's
Investment Manager, Foresight Group LLP, note the discount at which
the Company's share price trades as compared to its net asset value
("NAV") per Ordinary Share and believe that the current share price
does not accurately reflect the value of the Company's
portfolio.
Accordingly, the Board today announces the commencement of a
Share Buyback Programme. The Company has allocated an initial GBP10
million from its available cash reserves to the Share Buyback
Programme and will review this allocation on an ongoing basis
considering the Company's liquidity position and the pipeline of
investment opportunities available, as well as the discount to NAV
at which the shares are trading at any given time. There is no
certainty that any buybacks will be conducted or that the full
buyback allocation will be utilised.
The Company has engaged Jefferies International Limited as
buy-back agent in relation to the Share Buyback Programme. The
maximum price payable per share (exclusive of expenses) will not
exceed the higher of: (i) 105% of the average middle market
quotations for the five business days preceding the date of
purchase; and (ii) the higher of the last independent bid and the
highest current independent bid on the London Stock Exchange.
Share buybacks under the Engagement will be made pursuant to the
authority granted to the Company at its general meeting held on 15
June 2022 which limit purchases of Ordinary Shares by the Company
in the market to up to 14.99% of the Company's issued capital.
A buy-back of Shares on any trading day may represent a
significant proportion of the daily trading volume in the Shares on
the Exchange (and could exceed the 25% limit of the average daily
trading volume of the preceding 20 business days as referred to in
the Commission Delegated Regulation (EU) No. 2016/1052 on buy-back
programmes (as it forms part of UK law by virtue of the European
Union (Withdrawal) Act 2018)).
The Company will announce any market repurchase of Shares on the
business day following the calendar day on which the repurchase
occurred. The Company intends that the repurchased shares will be
held in Treasury.
Foresight Solar is satisfied that it is not currently in a
closed period, nor is it party to any inside information which has
not previously been disclosed via Regulated Information
Service.
Foresight Group
Matheus Fierro +44 (0)20 3911 2318
(InstitutionalIR@ForesightGroup.eu)
Jefferies International Limited +44 (0)20 7029 8000
Gaudi Le Roux
William Brown
Harry Randall
Citigate Dewe Rogerson +44 (0)20 7638 9571
Toby Moore
Lucy Gibbs
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END
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