4th Oct 2018 11:00
LONDON (Alliance News) - Foresight Solar Fund Ltd on Thursday said it intends to raise at least GBP34 million through a share placing to proceed with a acquisition of a portfolio of UK solar assets.
The company said it intends to seek shareholder approval to issue 54.0 million shares at 107.5 pence each, representing a 4.0% discount to the closing share price on September 4 of 112.0p, when the acquisition was announced.
The stock was trading 1.9% higher on Thursday at 109.39p per share.
In addition, the company said its net asset value per share as at the end of August stood at 105.8p, up slightly from 105.2p reported at the end of June.
In August, Foresight Solar had retained exclusivity over a portfolio of three operational assets with a total installed capacity of 20 megawatts. The company has agreed to proceed with the acquisition of two of the three assets representing 15.2 megawatts.
In September, Foresight Solar said it secured exclusivity over a portfolio of 10 operational solar assets in the UK with a total installed capacity of 72 megawatts. Following discussions with the vendor, the company has agreed to proceed with the acquisition of nine out of the 10 assets, which represents 65.7 megawatts.
In total, the 11 operational assets that the company intends to acquire represents 80.9 megawatts and are all located in the UK. The assets will be acquired from funds managed by Foresight Group LLP for GBP34 million.
Related Shares:
Foresight Solar Fund