LONDON, UK: Since IPO, US Solar Fund plc (LON:USF) has successfully executed its strategy of delivering a sustainable dividend for shareholders.
However, structural challenges in the US solar sector alongside a recent sustained discount of the share price to its net asset value have impeded the Company’s ability to grow its asset base.
The Board maintains strong conviction in the value of the Company’s assets and its business plan, as well as the US solar sector; however, given the challenges that the Company continues to face, the Board has taken the decision to consider all potential strategic options to maximise shareholder value.
Accordingly, the Board of US Solar Fund announced that it is undertaking a strategic review of the options available to the Company to maximise value for shareholders.
The Board will consider all options available to the Company, including, but not limited to, a sale of the entire issued, and to be issued, share capital of the Company which will be conducted under the framework of a “formal sale process” in accordance with the Takeover Code, selling the Company’s portfolio and returning funds to shareholders or changing the investment management arrangements of the US Solar Fund.
The Board has appointed Jefferies International Limited and KeyBanc Capital Markets as Joint Financial Advisers, and Cenkos Securities as Joint Corporate Broker to assist the Company with the Strategic Review. Jefferies International Limited is acting as Rule 3 adviser to the Company under the Takeover Code.