Foresight Solar Fund will issue new shares in an effort to raise further capital, having allocated all of its existing credit facilities (GBP 95 million) in the acquisition of solar projects in the UK, and the funds first moves in to the Australian market.
The new shares will be issued under Foresight’s existing placing program, at an initial price of GBP 1.08 per share. This price is 2.9% below the closing market price per share on 24/10 /17, and investors will be eligible for the fund’s second quarterly dividend, expected on Nov. 24th 2017. Foresight Solar Fund’s target dividend for the years stands at 6.32 pence ($0.083) per ordinary share.
Newly raised funds will be used “to pay down debt and to allow the company to take advantage of a number of further attractive investment opportunities in the UK and overseas markets,” according to a press release from Foresight.
The new share placement will be open to ‘qualified investors’, with share allocations given at the discretion of the company. Foresight Solar Fund will apply to the UK listing authority and expects the shares to be admitted for trading on the London Stock Exchange no later than November 10th.
Popular content
Having acquired its first projects in Australia earlier this year, Foresight looks to be focused on this market for future acquisitions. According to a statement from the group: “The board believes that the Australian solar market is attractive, as it offers the opportunity to diversify the Company’s portfolio into an overseas market that benefits from strong regulatory support.”
Foresight Solar Fund also announced that it is abandoning a previously announced plan to seek a secondary listing on the Johannesburg Stock Exchange.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.