In October 2022, the Board of US Solar Fund Plc (LSE:USFP) announced that it was undertaking a strategic review of the options available to the Company to maximise value for shareholders (the "Strategic Review"). This was primarily due to structural challenges in the US solar sector alongside a sustained discount in its share price relative to its underlying net asset value. The Strategic Review included the following potential options: (i) a sale of the Company's portfolio of assets and return of funds to shareholders (the "Asset Sale"); (ii) a sale of the entire issued, and to be issued, share capital of the Company (the "PLC Sale"); and (iii) a change of the investment management arrangements of the Company (the "Investment Manager Change").

Following initial engagement with a number of interested parties, the Board received indicative proposals for the Asset Sale, PLC Sale and Investment Manager Change proposals at the end of February 2023. Following a detailed review of these indicative proposals, the Board invited a select number of interested parties to undertake further due diligence. Given the current challenging market conditions in the US, the Board has yet to receive any formal Asset Sale proposals that it considers to be in the best interests of its shareholders.

The Board and its advisers are continuing discussions with interested parties regarding the Asset Sale, however there is no certainty that such discussions will result in any proposals that it considers acceptable ultimately being forthcoming. The Board also remains in active discussions with potentially interested parties pursuant to the Investment Manager Change. The Company has recently received a possible all share offer pursuant to the PLC Sale (the "Possible All Share Offer") which was at a significant discount to the latest reported NAV.

Having carefully reviewed the Possible All Share Offer, together with its financial advisors, and having consulted with certain of its major shareholders, the Board has unanimously rejected the Possible All Share Offer. The Company is no longer in receipt of any possible offers for the issued and to be issued share capital of the Company and the Board of USF has accordingly decided to terminate the Formal Sale Process under the City Code on Takeovers and Mergers (the "Code"). As such, the Company has ceased to be in an "offer period" as defined in the Code and the requirement to make disclosures under Rule 8 of the Code has now ceased.