US Solar Fund PLC Purchase of Management Fee Shares (3926C)
October 10 2022 - 12:03PM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 3926C
US Solar Fund PLC
10 October 2022
10 October 2022
US SOLAR FUND PLC
("USF", the "Company")
Purchase of Management Fee Shares
In accordance with the terms of the investment management
agreement (IMA) between the Company and New Energy Solar Manager
Pty Limited (Investment Manager), the key terms of which were
outlined in the Company's Prospectus published on 13 April 2021
(Prospectus), ten per cent of the investment management fee
(Management Share Amount) shall be received by the Investment
Manager, or an Associate, in Ordinary Shares of the Company (
Management Fee Shares ).
The Company will apply an amount equal to the Management Share
Amount to the purchase on behalf of the Investment Manager or an
Associate (as directed by the Investment Manager) of Ordinary
Shares for cash in the secondary market. In making, or directing a
broker or other agent of the Company to make any such purchases,
the Company shall act as the agent of the Investment Manager or the
relevant Associate (as directed by the Investment Manager) and not
as principal.
The Investment Manager purchased 185,352 Management Fee Shares
on 10 October 2022 at an average price of $0.86, reflecting the
Management Share Amount due to the Investment Manager for the
period from 1 January 2022 to 30 June 2022.
Combined with previous Management Fee Share purchases, the
Investment Manager or the relevant Associates will hold a total of
826,228 Management Fee Shares .
The Management Fee Shares are subject to a minimum lock-in
period of 36 months from the Payment Date.
Unless the context otherwise requires, capitalised terms used in
this announcement have the meanings in the Prospectus.
LEI: 2138007BIUWE7AHS5Y90
For further information, please contact:
US Solar Fund
Whitney Voute +1 718 230 4329
Cenkos Securities plc
James King
Tunga Chigovanyika
Will Talkington +44 20 7397 8900
Jefferies International Limited
Stuart Klein
Gaudi le Roux +44 20 7029 8000
KL Communications +44 20 3995 6673
Charles Gorman
Charlotte Francis
Millie Steyn
About US Solar Fund plc
US Solar Fund plc, established in 2019, is listed on the premium
segment of the London Stock Exchange in April 2019. The Company's
investment objective is to provide investors with attractive and
sustainable dividends with an element of capital growth by owning
and operating solar power assets in North America and other OECD
countries in the America.
The solar power assets that the Company acquires or constructs
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). The Company's portfolio currently consists of 42
operational solar projects with a total capacity of 543MW(DC) , all
located in the United States.
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 Pty Limited, which
also manages Australian Securities Exchange (ASX)-listed New Energy
Solar ( www.newenergysolar.com.au ). Combined, US Solar Fund and
New Energy Solar have invested approximately US$1.3 billion in 57
projects totalling 1.2GW(DC) .
NESM is owned by E&P Funds, the funds management division of
E&P Financial Group, an ASX listed company (ASX: EP1) with over
A$20 billion of funds under advice.
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