Upcoming Dividend • Jan 24
Upcoming dividend of AU$0.14 per share at 23% yield Eligible shareholders must have bought the stock before 31 January 2023. Payment date: 08 February 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 23%. Within top quartile of Australian dividend payers (6.7%). Higher than average of industry peers (3.4%). Announcement • Dec 02
New Energy Solar Limited Announces Resignation of Liam Thomas as CEO, Effective 31 December 2022 New Energy Solar Limited announced changes to the Company's external management arrangements following completion of the U.S. asset sale by way of the sale of NEW's shareholding in NES Galaxy, LLC to MN8 Energy which was announced on 21 November 2022. Liam Thomas has resigned as CEO of the Company and his last day will be 31 December 2022. Announcement • Dec 01
New Energy Solar Limited Announces Board Changes New Energy Solar announced changes to the board of the Company (Board) following completion of the U.S. asset sale through the sale of NEW's shareholding in NES Galaxy, LLC to MN8 Energy which was announced on 21 November 2022. Mr. Jeff Whalan, Chair, has resigned as Chair and a director of the Company, effective 1 December 2022. In addition, Mr. John Martin and Ms Maxine McKew have resigned as non-executive directors of the Company, effective 1 December 2022. Non-executive director, Mr. James Davies, has been appointed to the role of Chair of the Company and Ms Caroline Purtell, who is also the NEW Company Secretary, has been appointed as a non- executive director of the Company, date of appointment 1 December 2022. Non-executive director, Mr. John Holland, remains on the Board. These changes to the Board are consistent with the intention of the Board to wind up the Company by the end of 2023. Shareholder value remains the Board's priority, including the need to reduce running costs and maximise final proceeds, as the Company is wound up. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director John Michael Holland was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 22
Goldman Sachs Renewable Power LLC entered into an agreement to acquire 14 U.S. solar assets from New Energy Solar Limited (ASX:NEW) for $245 million. Goldman Sachs Renewable Power LLC entered into an agreement to acquire 14 U.S. solar assets from New Energy Solar Limited (ASX:NEW) for $245 million on August 22, 2022. The Proposed Transaction remains subject to conditions set out in the transaction documents including NEW shareholder approval, customary financier and offtaker consents, and customary U.S. regulatory approvals. The Proposed Transaction represents the sale of NEW’s main undertaking and, if approved by shareholders and if the transaction conditions are met, will eventually result in the de-listing of NEW from the ASX and the winding up of the Company. RBC Capital Markets, LLC acted as financial advisor and Ashurst LLP and Foley & Lardner LLP acted as legal advisors for New Energy Solar Limited. Announcement • Aug 10
New Energy Solar Reportedly in Exclusive Talks with MN8 over Portfolio New Energy Solar Limited (ASX:NEW) is in exclusive talks with Goldman Sach's renewable energy investor MN8 Energy about a sale of its entire portfolio of 14 US solar farms. It comes after a sale process for the $251.7 million, Australian-listed business launched on February 28, 2022. Announcement • Jun 06
New Energy Solar Announces Executive Changes New Energy Solar Limited announced that one of its two Company Secretaries, Hannah Chan, has resigned effective June 6, 2022. The remaining Company Secretary, Caroline Purtell, will act as the sole Company Secretary. Price Target Changed • Apr 27
Price target increased to AU$1.04 Up from AU$0.91, the current price target is provided by 1 analyst. New target price is 31% above last closing price of AU$0.80. Stock is up 0.6% over the past year. The company posted a net loss per share of AU$0.066 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director John Michael Holland was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 10
New Energy Solar Limited, Annual General Meeting, May 31, 2022 New Energy Solar Limited, Annual General Meeting, May 31, 2022. Price Target Changed • Mar 01
Price target increased to AU$1.04 Up from AU$0.91, the current price target is provided by 1 analyst. New target price is 15% above last closing price of AU$0.91. Stock is up 20% over the past year. The company posted a net loss per share of AU$0.066 last year. Announcement • Sep 10
New Energy Solar Limited (ASX:NEW) announces an Equity Buyback for 34,782,608 shares, representing 9.73% for AUD 29.91 million. New Energy Solar Limited (ASX:NEW) announces a share repurchase program. Under the program, the company will repurchase up to 34,782,608 shares, representing 9.73% of its issued share capital, for a total of AUD 29.9 million. The shares will be repurchased either at a share buy-back discount between 5% and 25% (inclusive) (and at 2% intervals) or at the Final Price. The scale back will take place on a pro-rata basis, after taking into account instances where Shareholders would be left with a holding of 500 Shares or fewer, or as otherwise deemed necessary by the Company. The company has fixed September 15, 2021, as the record date for the offer. The repurchase will be valid till October 22, 2021. As of September 9, 2021, the company has 357,418,401 shares in issue. Announcement • Jun 09
Banpu Energy Australia Pty Ltd agreed to acquire Beryl and Manildra Solar Farms from New Energy Solar Limited (ASX:NEW) for approximately AUD 290 million. Banpu Energy Australia Pty Ltd agreed to acquire Beryl and Manildra Solar Farms from New Energy Solar Limited (ASX:NEW) for approximately AUD 290 million on June 7, 2021. The deal is subject to Foreign Investment Review Board approval. The deal is expected to close within two months. The net proceeds will be used to repay group debt and reduce gearing below the long-term target of 50%, and to buy back NEW securities. RBC Capital Markets, Australia acted as financial advisor to New Energy Solar Limited. David Ryan, Michael Trent and Blair Feng of Herbert Smith Freehills acted as legal advisor to New Energy Solar Limited. Announcement • May 19
Banpu Reportedly Closing in on New Energy Banpu Public Company Limited (SET:BANPU) is firming as the front runner in the contest to buy New Energy Solar Limited (ASX:NEW)'s Australian operations, according to sources. Final bids are due on Monday (May 24, 2021) in the competition for the ASX-listed group. Palisade Investment Partners Limited together with First Sentier Investors (UK) Funds Limited, Lighthouse Infrastructure Management Limited and Infrastructure Capital Group Ltd. were also in the final stages of the competition, but the thinking now is that Banpu is out in the front of the field. On offer are New Energy Solar's 110 megawatt Beryl plant and the 55MW Manildra facilities in NSW. Announcement • Mar 21
New Energy Solar Limited Announces Distribution for the Six Months Ended December 31, 2020 New Energy Solar Limited announced the payment of NEW's distribution of 3.00 for the six months ended 31 December 2020 per stapled security and will be paid to stapled security holders on 19 March 2021. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue misses expectations Revenue missed analyst estimates by 296%. Is New 90 Day High Low • Feb 25
New 90-day low: AU$0.78 The company is down 10.0% from its price of AU$0.86 on 27 November 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 18% over the same period. Announcement • Dec 31
NextPower III LP, fund managed by NextEnergy Capital Limited cancelled the acquisition of 50% stake in Mount Signal 2 Solar Power Plant (MS2) from New Energy Solar Limited (ASX:NEW). NextPower III LP, fund managed by NextEnergy Capital Limited agreed to acquire 50% stake in Mount Signal 2 Solar Power Plant (MS2) from New Energy Solar Limited (ASX:NEW) for $52 million on June 24, 2020. Under the terms of the consideration, the purchase price will be structured as an upfront payment of $47 million and a subsequent performance-linked payment of $5 million, payable 12 months after transaction completion. The purchase price is based on the net asset valuation for 50% of MS2 amounting to $50.3 million on December 31, 2019 and original equity investment value of 50% of MS2 of $44 million. Upon successful completion, transaction expenses incurred by NEW for the asset sale will be approximately $2.2 million. The transaction is subject to final confirmatory due diligence, an in-person site visit, final negotiation and execution of satisfactory documentation. The transaction is expected to close early in the second half of 2020. As of August 11, 2020, New Energy Solar Limited has determined to extend the negotiation of final agreements to ensure that the outstanding equipment warranty claims are resolved before finalizing the transaction. Accordingly, if the sale proceeds, it is now likely to be completed in the fourth quarter of 2020.
NextPower III LP, fund managed by NextEnergy Capital Limited cancelled the acquisition of 50% stake in Mount Signal 2 Solar Power Plant (MS2) from New Energy Solar Limited (ASX:NEW) on December 31, 2020. Is New 90 Day High Low • Nov 17
New 90-day high: AU$0.98 The company is up 10.0% from its price of AU$0.89 on 19 August 2020. The Australian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 3.0% over the same period. Announcement • Oct 28
New Energy Solar to Sell Farms New Energy Solar Limited (ASX:NEW) has decided to sell its Australian solar farms following a strategic review, blaming limited support for the listed renewables industry. New Energy Solar which owns 14 solar projects in the US, plans to offload its 110 megawatt Beryl plant and 55MW Manildra facilities in NSW after a review of its assets conducted by RBC. RBC will launch a competitive auction for the Australian solar farms with indicative bids due in January. Is New 90 Day High Low • Oct 01
New 90-day low: AU$0.80 The company is down 32% from its price of AU$1.18 on 03 July 2020. The Australian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is down 7.0% over the same period. Announcement • Aug 21
New Energy Solar Limited to Report First Half, 2020 Results on Aug 21, 2020 New Energy Solar Limited announced that they will report first half, 2020 results on Aug 21, 2020 Announcement • Jul 31
New Energy Solar Limited (ASX : NEW) completed the acquisition of A portfolio of world-class solar power plants. New Energy Solar Limited (ASX : NEW) agreed to acquire A portfolio of world-class solar power plants on May 04, 2020. Since establishment, New Energy Solar Limited has raised over A$500 million of equity, acquired a portfolio of world-class solar power plants, and has a deep pipeline of opportunities primarily across the United States and Australia.
New Energy Solar Limited (ASX : NEW) completed the acquisition of A portfolio of world-class solar power plants on May 04, 2020. 