4th Sep 2018 13:01
LONDON (Alliance News) - Foresight Solar Fund Ltd said Tuesday it is seeking approval to issue shares on a non-preemptive basis to fund the acquisition of a portfolio of 10 ground-based, solar power assets in the UK.
The assets will cost GBP30.1 million and will have a total capacity of 72 megawatts.
"The board is therefore seeking shareholder approval to disapply the pre-emption rights on the issue of ordinary shares in the capital of the company," Foresight said.
The company will hold a general meeting to allow shareholder to vote on the matter. If approved, the company will issue a maximum of 54.0 million shares to fund the acquisition and repay parts of its loan facilities.
"The board considers that the passing of the resolution is in the best interests of the company and its shareholders as a whole," the company said.
Foresight shares were trading down 1.8% at 110.00 pence each.
Related Shares:
Foresight Solar Fund