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US Solar Fund PLC on Friday said it terminated the formal sales process as it received no offer it deemed suitable.
The company said it had not yet received a formal asset sale proposal that it would consider in the best interest of its shareholders, as it gave an update on its strategic review posted in October.
US Solar Fund is an investment company focusing on owning and operating solar power assets in North America.
The company announced the strategic review in October. It said the review was due to ‘a sustained discount in its share price relative to its underlying net asset value’ on Friday.
US Solar Fund added that it received a possible all share offer, which it rejected, regarding a sale at a significant discount to its last reported net asset value.
In March, the company reported a NAV, as at December 31, of $0.963 per share, down from $0.970 at September 30.
US Solar Fund shares were 4.2% lower at 62.00 pence each in London on Friday morning.
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