REG - US Solar Fund PLC US Solar Fund - USFP - Final Results of Tender Offer

Us Solar FundAnnouncement

11/06/2024 07:00

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RNS Number : 8747R  US Solar Fund PLC  11 June 2024

11 June 2024

US Solar Fund PLC

("USF", or the "Company")

 

Final Results of Tender Offer

 

The Board of Directors of USF is pleased to announce the final results of the
Tender Offer, as set out in the shareholder circular published by the Company
on 3 May 2024 (the "Circular"), which closed at 1.00 p.m. on 10 June 2024.

 

As previously announced, the Tender Offer was implemented in order to return
up to $19m to Shareholders. The Tender Offer was made at the Tender Price of
$0.764 per share, equivalent to the 31 December 2023 NAV of $0.78 per share,
less 2% for the costs of administering the Tender Offer.

 

The Company today announces that 270,669,694 Shares have been validly tendered
pursuant to the Tender Offer.

 

Eligible Shareholders who validly tendered a percentage of their Shares equal
to or less than their Basic Entitlement shall have all tendered Shares
purchased in full under the terms of the Tender Offer. Following a scale back
exercise, Shareholders who validly tendered a percentage of Shares greater
than their Basic Entitlement will have a number of Shares equal to their Basic
Entitlement purchased in full plus approximately 0.32 per cent. of their
Excess Applications, in accordance with the process described in the Circular.

 

The Company will purchase in aggregate 24,358,974 Shares under the Tender
Offer at a price of $0.764 per share. This is the maximum number of Shares to
be acquired under the Tender Offer, representing approximately 7.33% of the
issued share capital of the Company.

 

It is anticipated that by 20 June 2024, the proceeds payable to the Company's
Shareholders for the certificated Ordinary Shares purchased under the Tender
Offer will be despatched in the form of a cheque and that CREST account
holders will have their CREST accounts credited by 20 June 2024.

 

As set out in the Circular, the Ordinary Shares will be purchased by Cavendish
Capital Markets Limited ("Cavendish") pursuant to the Tender Offer and the
Company will purchase such Ordinary Shares from Cavendish, which shall then be
held in treasury.

 

Following such purchase, the Company's total issued share capital remains
332,192,361 Ordinary Shares (including treasury shares). The total voting
rights will be 307,833,387 and this figure may be used by shareholders for the
calculations by which they will determine if they are required to notify their
major interest in, or a change to their major interest in, the company under
the FCA's Disclosure Guidance and Transparency Rules.

 

Capitalised terms used in this announcement have the meanings given to them in
the Circular.

 

For further information, please contact:

 

 US Solar Fund                       +44 20 7939 0550

 Meredith Frost (Amber)
 Cavendish Capital Markets Limited   +44 20 7397 8900

 Tunga Chigovanyika

 James King

 Will Talkington

 KL Communications                   +44 20 3382 6644

 Charles Gorman

 Charlotte Francis

 Patrick Lodge

About US Solar Fund plc

US Solar Fund plc, established in 2019, 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 Americas.

 

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 41 operational solar projects with a total capacity of 443MWDC,
all located in the United States.

 

Further information on the Company can be found on its website
at http://www.ussolarfund.co.uk (http://www.ussolarfund.co.uk/) .

 

 

About Amber Infrastructure Group

Amber Infrastructure (Amber) is an international infrastructure specialist,
focused on investment origination, development, asset management and
in Europe, fund management. Amber's core business focuses on infrastructure
assets across the public, transport, energy, digital and demographic
infrastructure sectors that support the lives of people, homes and businesses
internationally.

 

Among other funds, Amber Infrastructure advises International Public
Partnerships, a FTSE 250-listed Company with a market cap of
approximately £2.5 billion and 15-year track record of long-term investment
in infrastructure assets globally. Amber is headquartered in London with
offices in Europe, North America and Australia and employs c.180
infrastructure professionals. Amber has had a strategic partnership with
the Hunt Group of Companies in the US since 2015. Learn more
at www.amberinfrastructure.com (http://www.amberinfrastructure.com/) .

 

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