10th Feb 2015 09:13
LONDON (Alliance News) - NextEnergy Solar Fund Ltd Tuesday said it intends to go ahead with a placing of new shares at 102.77 pence per share, which represents the third tranche of a placing programme established in November last year.
The investment fund, which focuses on operational solar photovoltaic assets in the UK, said the equity fundraising will comprise an institutional placing and a further close of the offer for subscription made under the programme.
The issue price represents a premium of 1.75% to the fund's net asset value per share at the end of January this year and a premium of 2.8% to the closing share price of 100.0p per share on Monday. The net proceeds are expected to increase NAV per share, the fund said.
At the end of January, the company's unaudited NAV stood at GBP182.4 million, up 0.7% since the end of December last year.
NextEnergy Solar Fund shares were up 0.5% at 100.50 pence on Tuesday morning.
Under the placing programme, which was approved by shareholders last November following the first two tranches, the company has the authority to issue a further 155.0 million shares.
The programme is scheduled to end on November 9 this year but may finish earlier if all shares authorised to be issued have been issued.
The company is targeting a final dividend of 2.625p per share for the six months to the end of March. It will then look to pay annual dividends of 6.25 pence per share, adjusted subsequently on an annual basis in direct proportion to variations in the UK retail prices index measure of inflation.
By Samuel Agini; [email protected]; @samuelagini
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