Walsh & Company Investments Limited (ACN 152 367 649, AFSL 410 433) (Responsible Entity), as responsible entity for the New Energy Solar Fund (ARSN 609 154 298) (Trust), and New Energy Solar Limited (ACN 609 396 983) (Company) (together, New Energy Solar or the Business) are pleased to announce an offer of stapled securities (comprising fully paid ordinary units in the Trust stapled to fully paid ordinary shares in the Company) (together referred to Stapled Securities) (Offer).
Applicants who subscribe for Stapled Securities under the Offer will also be issued, for no additional consideration, one Class A Option and one Class B Option for every two Stapled Securities they acquire (Options). The Options, when exercised, will result in the issue of Stapled Securities.
As part of the Offer, New Energy Solar will apply to be admitted to the official list of the ASX and for the quotation of the Stapled Securities (under the code “NEW”), Class A Options (under the code “NEWOA”) and Class B Options (under the code “NEWOB”).
Proceeds from the issue of Stapled Securities will assist in funding the acquisition of a portfolio of 14 solar power plants to be developed in North Carolina and Oregon, and future opportunities from a pipeline of projects currently being reviewed or investigated by the Business. New Energy Solar is expected to continue to diversify its portfolio in line with its investment strategy of investing in large solar power plants, either utility scale or commercial/industrial rooftop systems, with contracted cash flows. If the Offer raises the maximum subscription amount of $200 million, New Energy Solar also intends to repay existing bank debt.