Foresight Solar proposes share placing

Foresight Solar proposes share placing

The £280m Foresight Solar trust, which invests in solar power plants, is placing thousands of shares as it looks to support the growth of the company.

In an update published on 5 September, the company announced it was offering 28.15m shares at a price of £1.025 each.

The investment manager said the proceeds of the placing would help the company take advantage of investment opportunities over the next 12 months.

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On 23 September last year, the company issued and immediately repurchased these shares, which are currently held in treasury.

At the time, Foresight Solar said these treasury shares would subsequently be available to be sold to meet future market demand.

Placing opened at 7am on 6 September and the latest time for placing commitments was 1pm on 8 September.

The company raised proceeds of £150m through an initial public offering of shares on the main market of the London Stock Exchange in October in 2013.