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NextEnergy Solar Fund's placing oversubscribed

21 June 2017 09:58

NextEnergy Solar Fund Ltd said the level of confirmed demand for its placing was significantly in excess of the original targeted fundraising of £100m.

Due to the substantial over-subscription, the board had elected to exercise its right to increase the size of the placing from the initial target of £100m to £126.5m, before expenses.

In determining the increased size of the placing, directors considered the strength of the company's near-term investment pipeline, current available cash resources and stated dividend target.

"Notwithstanding the decision to increase the size of the Placing, NESF has had to conduct an extensive scaling-back exercise," it said.

A total of 115m shares would be issued pursuant to the placing at 110p each.

"It is intended that the net proceeds of the placing will be used to fund new investments in accordance with the company's investment policy," it said.

At 9:58am: (LON:NESF) Nextenergy Solar Fund Ltd share price was +1.38p at 112.38p

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