US Solar Fund Appoints Manager After Shareholders Pass New Investment Policy

In a stock exchange notice today (17 November), the trust's board said the motion to amend the investment policy had been approved by 89.6% of shareholders.

Amber Infrastructure Investment Advisor will replace the former investment manager New Energy Solar Manager (NESM).

US Solar fund unveils revised investment policy

Last month, the trust said that as well as changing managers, it would expand its investment mandate, which would come into effect once the appointment was confirmed.

The amendments to the strategy include allowing investment into "development stage assets" and other UK-listed investment trusts, as well as removing the requirement for assets to have additional revenue contracts agreed for a minimum ten-year duration.

Amber, which is a part of Amber Infrastructure Group, is working with NESM to ensure a smooth transition, with a target transition date of 1 December.

US Solar Fund selects new investment manager candidate

Gill Nott, chair of the trust, said: "Following extensive shareholder consultation, the shareholder vote marked the final stage of a robust and extensive process pursued by the board over the past 12 months to consider all options to protect shareholder value against a challenging backdrop.

"With its 15-year track record in UK investment company management and substantial experience acquiring, developing, managing and divesting utility scale solar projects in the US, the board believes Amber has all the necessary expertise to maximise shareholder value and will put USF on a stronger footing for the future."

Tom O'Shaughnessy, head of North America at Amber, said the firm is looking forward to working with the board, shareholders and the company's advisors.

RECENT NEWS

The Penny Drops: Understanding The Complex World Of Small Stock Machinations

Micro-cap stocks, often overlooked by mainstream investors, have recently garnered significant attention due to rising c... Read more

Current Economic Indicators And Consumer Behavior

Consumer spending is a crucial driver of economic growth, accounting for a significant portion of the US GDP. Recently, ... Read more

Skepticism Surrounds Trump's Dollar Devaluation Proposal

Investors and analysts remain skeptical of former President Trump's dollar devaluation plan, citing tax cuts and tariffs... Read more

Financial Markets In Flux After Biden's Exit From Presidential Race

Re-evaluation of ‘Trump trades’ leads to market volatility and strategic shifts.The unexpected withdrawal of Joe Bid... Read more

British Pound Poised For Continued Gains As Wall Street Banks Increase Bets

The British pound is poised for continued gains, with Wall Street banks increasing their bets on sterling's strength. Th... Read more

China's PBoC Cuts Short-Term Rates To Stimulate Economy

In a move to support economic growth, the People's Bank of China (PBoC) has cut its main short-term policy rate for the ... Read more