NextEnergy Solar Fund has announced plans to issue and then immediately repurchase into treasury of 30,850,000 new shares. Over time the shares can then be sold out of treasury, which the company says will give it the flexibility to raise additional capital in an “efficient and cost-effective manner”. The company says the shares will be sold at a premium to NAV to meet market demand as well as provide it with additional capital to take advantage of new investment opportunities. The proposed sale and repurchase of shares requires shareholder approval and a general meeting has been convened for 30 November 2015. The company has also announced that it has increased the size of its revolving credit facility from £31.5m to £100m. the term of the new portion (£68.5m) is to May 2017.
NESF proposes share issue and repurchase whilst extending credit facility to £100m : NESF