US Solar sees departure of senior management amid strategic review

On 17 October, the £321m trust announced it would be undertaking a strategic review that could include the sale of its share capital in light of a sustained double-digit discount and “structural challenges” in the US solar sector.

As part of the review, US Solar’s investment manager New Energy Solar Manager (NESM) told the trust’s board that it had implemented incentivisation arrangements with key employees to encourage them to remain in the firm during the strategic review period.

Despite this, chief investment officer Adam Haughton will be leaving NESM in December after four years to “pursue an alternative career opportunity”.

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Chief executive officer Liam Thomas, who joined the firm as a director in 2016, will continue to lead the strategic review process. However, he will cease being an employee of E&P Financial Group, NESM’s parent company, from 31 December. 

After this date, he will be retained as a consultant to E&P and devote 25% of his time to US Solar and the strategic review. 

As part of the changes, Bert Snarr, who joined in June this year, has been promoted to director and will serve as the commercial lead on the strategic review.

According to the trust’s board, the company’s asset management arrangements and the operational performance of USF’s assets remain unaffected following the personnel changes. The outcome of the strategic review is expected during the first quarter of 2023.

Chair Gill Nott said: “Following the announcement of our strategic review, the board is sympathetic to the decision of both Liam and Adam to each separately pursue other career opportunities beyond NESM.

“We are grateful to Liam for agreeing a contractual commitment with his new employer to continue to lead the strategic review process.”

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Nott added that it remains “fully committed” to the strategic review process and is “entirely focused” on delivering a successful outcome that maximises value for shareholders as soon as practically possible. 

All options available to the trust are being considered as part of the review. This could include a sale of the entire issued, and to be issued, share capital of the company, which will be conducted under the framework of a “formal sale process”. 

Other options on the table could include selling the company’s portfolio and returning funds to shareholders or changing its investment management arrangements.