NextEnergy Solar Fund Limited Cancellation of Scrip Dividend & COVID-19 Update (1000H)
20 Marzo 2020 - 10:56AM
UK Regulatory
TIDMNESF
RNS Number : 1000H
NextEnergy Solar Fund Limited
20 March 2020
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Cancellation of Scrip Dividend & COVID-19 Update
On 27 February 2020, the Company announced the scrip reference
price of 117.00 pence per new Ordinary Share (the "Reference
Price") under the Company's scrip dividend alternative for the
interim dividend for the quarter ending 31 December 2019 (the
"Interim Dividend") as announced on 12 February 2020.
Since the Reference Price was announced equity markets globally
have experienced falls in value and extreme volatility and the
Company had experienced a fall in its share price of approximately
20% as at the close of business on 19 March 2020.
The Board has exercised its discretion to amend the Relevant
Revocation Date from 5.00 p.m. on 10 March 2020 to 5.00 p.m. on 20
March 2020 and has taken the decision to cancel the scrip dividend
alternative in respect of the Interim Dividend on the basis the
Reference Price is likely to be materially in excess of the
Company's share price.
Those Shareholders who elected to receive the Interim Dividend
as scrip alternative will instead be paid in cash on 6 April 2020
and, should they so wish, can choose to apply the cash dividend in
acquiring Ordinary Shares in the secondary market.
The Scrip Circular dated 8 August 2019 can be viewed and/or
downloaded from the Investor Relations part of the NESF website (
ne x tener g ysolarfu n d. c om ). Copies of the Scrip Circular can
also be obtained from the Company Secretary.
The Company would like to reassure investors that NESF and the
NextEnergy Capital Group, as Investment Manager, continue to
monitor the COVID-19 crisis and have taken actions where necessary
to protect employees and maintain the Company's operations. As the
situation is unprecedented the effects on the global economy remain
uncertain. The economic slowdown has not yet had a significant
impact on the Company or its underlying portfolio, but potentially
may do so in the future.
For further information:
NextEnergy Capital Limited 020 3746 0700
Michael Bonte-Friedheim
Aldo Beolchini
Cenkos Securities Plc 020 7397 8900
Justin Zawoda-Martin
Robert Naylor
William Talkington
Shore Capital 020 7408 4090
Anita Ghanekar
Darren Vickers
MHP Communications 020 3128 8100
Oliver Hughes
Apex Fund and Corporate Services
(Guernsey) Limited 01481 735 827
Nick Robilliard
Notes to Editors [i] :
A constituent of the FTSE 250 Index, NextEnergy Solar Fund
("NESF") is a renewable energy infrastructure investment company
that invests primarily in operating solar power plants in the UK
(it may invest up to 15% of its gross assets in other OECD
countries). The Company is committed to ESG principles and
responsible investment and makes a meaningful contribution to
reducing CO2 emissions through the generation of clean solar power.
NESF has been designated a Guernsey Green Fund by the Guernsey
Financial Services Commission and has been awarded the London Stock
Exchange's Green Economy Mark.
NESF has a diversified portfolio comprising 90 operating solar
assets, primarily on agricultural, industrial and commercial sites,
with a combined installed power capacity in excess of 755MW. The
Company has gross assets of GBP1,032 million, of which 89% is
invested in the UK, and net assets of GBP620 million. The majority
of long-term cash flows from its investments are
inflation-linked.
NESF's investment objective is to provide ordinary shareholders
with a sustainable and attractive dividend that increases in line
with RPI over the long term, while delivering an element of capital
growth through reinvesting net cash generated in excess of the
target dividend. The dividend is payable quarterly and the Company
is targeting a dividend for the year to 31 March 2020 of 6.87p per
ordinary share.
NESF is differentiated by its access to NextEnergy Capital Group
("NEC Group"), its Investment Manager, which has a strong track
record in sourcing, acquiring and managing operating solar assets.
WiseEnergy is NEC Group's specialist operating asset management
division, which currently provides operating asset management,
monitoring, technical due diligence and other services to over
1,300 utility-scale solar power plants with an installed capacity
in excess of 1.9 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at nextenergysolarfund.com, nextenergycapital.com and
wise-energy.eu.
[i] Note: All data is as at 31 December 2019, being the latest
date in respect of which NESF has published financial
information.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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