(“NESF” or the “Company”)
Net Asset Value Update, Quarterly Dividend and Acquisitions
- NAV at 31 December 2017 of £602.4m (30 September 2017: £602.5m)
- NAV per share of 104.7p (30 September 2017: 105.1p)
- Quarterly dividend of 1.605p per share announced for quarter ending 31 December 2017
- On track for dividend target of 6.42p per share for the year ending March 2018 (including two quarterly dividends of 1.605p per share each previously paid)
- Medium- and long-term UK power price forecasts reduced to reflect market conditions
- Unlevered discount rate for UK assets reduced by 0.25% (from 7.0% to 6.75%) to reflect increasing market value of operating solar PV assets
- Acquisition of four operating solar plants (North Norfolk, Axe View, Low Bentham and Henley) totalling 25.9MWp with an investment value of £30.9m
- At 31 December 2017, the Company’s portfolio comprised 63 plants with an installed capacity of 569MWp (30 September 2017: 50 plants for 504.9MWp installed)
Net Asset Value
NESF, the specialist investment company that primarily invests in operating solar power plants in the UK, announces its Net Asset Value (“NAV”) at 31 December 2017.
The NAV per share amounted to 104.7p as at 31 December 2017, compared to 105.1p as at 30 September 2017. The movement in NAV per share was mainly due to the change in the Company’s independent market consultants’ medium- and long-term forecasts for power prices in the UK, and the reduction in the unlevered discount rate for UK solar PV assets from 7.0% to 6.75%.
NESF has posted the Company’s updated factsheet on its website today.
Quarterly Dividend and Scrip Dividend Alternative
NESF is pleased to announce a quarterly dividend of 1.605 pence per Ordinary Share for the quarter ending 31 December 2017. The quarterly dividend of 1.605 pence will be paid on 29 March 2018 to shareholders on the register as at the close of business on 23 February 2018. The ex-dividend date will be 22 February 2018.
The Company will also be offering shareholders a scrip dividend alternative to this quarterly dividend as detailed in the Scrip Circular dated 21 August 2017, a copy of which can be viewed and/or downloaded in the Investor Relations part of the website. The Scrip Share reference price will be announced on 1 March 2018, with elections to be made by 12 March 2018.
