NextEnergy Solar Fund has announced a proposed tap issuance programme to issue up to 54,885,000 New Shares, which the company says is equivalent to 19.7% of NESF’s existing voting share capital, to respond to market demand. The company says that, in response to interest from existing and new investors, its first Tap Issue, which is to be conducted by way of a bookbuilding process to qualifying existing and new investors, is now open. The company says that the Issue price is 100.4p per New Share, which is equivalent to a premium of 1.75% to the NAV per share of 98.7p per share as at 30 June 2016 (after adjusting for second interim dividend for year ended 31 March 2016). The company say that new shares issued pursuant to first Tap Issue will receive first quarterly dividend for year ending 31 March 2017, which is expected to be 1.575p per share and payable in September 2016.
The company has also announced its NAV as at 30 June as being 101.9p per share, up from 98.5p as at 31 March 2016. The company says that the increase in NAV was principally driven by uplift in power price forecasts from 2017 onwards as well as its operating results over the period.
NextEnergy Solar Fund announces tap issue programme : NESF