Gore Street Energy Storage Fund PLC Results of Capital Raise (1521Q)
October 17 2019 - 2:00AM
UK Regulatory
TIDMGSF
RNS Number : 1521Q
Gore Street Energy Storage Fund PLC
17 October 2019
THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED IN IT, IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE
SAME WOULD BE UNLAWFUL OR RESTRICTED BY LAW.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE
REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS AND EXPRESSIONS
DEFINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 16 July 2019
(IN CONNECTION WITH ITS SHARE ISSUANCE PROGRAMME (THE "PROSPECTUS")
HAVE THE SAME MEANINGS WHEN USED IN THIS ANNOUNCEMENT.
17 October 2019
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Results of Capital Raise
Gore Street Energy Storage Fund plc (ticker: GSF), London's
first listed energy storage fund investing in income producing
assets in the UK and internationally announces that further to the
announcement on 10 October 2019, the Company has in total raised
gross proceeds of approximately GBP10.7m in its latest fundraising
campaign. This total includes GBP9.5m raised from the National
Treasury and Management Agency (the "NTMA") controller and manager
of the Irish Strategic Investment Fund, a sovereign wealth fund and
significant renewable energy investor. In addition, the Company has
raised a further GBP1.2m from new and existing institutional
investors as part of its ongoing Placing Programme (the
"Placing").
Pursuant to the Placing 1,264,071 new Ordinary Shares will be
issued at 93.8p per share. It is intended that the net proceeds of
the Placing will be used to fund new investments in accordance with
the Company's investment policy. Applications will be made to the
FCA for the 1,264,071 new Ordinary Shares to be admitted to the
premium segment of the Official List and to the London Stock
Exchange for admission to trading on its main market for listed
securities. Admission is expected to become effective, and dealings
in the new Ordinary Shares are expected to commence, at 8.00 a.m.
on 22 October 2019. Following Admission, the new Ordinary Shares
will rank pari passu in all respects with the existing Ordinary
Shares.
On Admission, the Company's issued share capital will comprise
48,932,829 Ordinary Shares, none of which will be held in treasury.
Each Ordinary Share carries the right to one vote and, therefore,
the total number of voting rights in the Company on Admission will
be 48,932,829. This figure may be used by Shareholders and other
investors as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment adviser said:
"In the eighteen months since Gore Street successfully completed
its IPO we have built by far the largest portfolio of energy
storage assets available to the financial investor at 189MW. To
support this considerable growth the manager has more than doubled
the amount of capital available which has included investments from
Sovereign Wealth Funds and multi-national corporations which are
leaders in this sector, as well as a range of tier one
institutional investors.
Our pipeline has grown substantially since our IPO, growing from
over 500MW to over 1GW across 21 projects today. Together, these
reinforce our position as the leading manager investing in this
sector globally. We are very proud of managing a hugely capital
efficient model with all funds raised to date fully utilised in our
international portfolio.
We are delighted to be playing a leading role in the growth of
energy storage, a sector that will perform an essential service in
supporting the growth of variable renewable technologies
internationally to meet global carbon emissions targets. Over the
coming quarters we expect to announce a series of further
investments in assets across our target markets and look forward to
briefing the market on them in due course."
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide Tel: +44 (0) 20 3826 0290
Shore Capital
Anita Ghanekar / Hugo Masefield (Corporate Advisory) Tel: +44 (0) 20 7601 6128
Henry Willcocks / Fiona Conroy (Corporate Broking)
Media enquiries
Buchanan
Charles Ryland / Steph Watson / Henry Wilson Tel: +44 (0) 20 7466 5000
Email: Gorestreet@buchanan.uk.com
JTC (UK) Limited, Company Secretary Tel: +44 (0) 20 7409 0181
Notes to Editors
About Gore Street Energy Storage Fund plc
Gore Street is London's first listed energy storage fund and
seeks to provide Shareholders with a significant opportunity to
invest in a diversified portfolio of utility scale energy storage
projects. In addition to growth through exploiting its considerable
pipeline, the Company aims to deliver consistent and robust
dividend yield as income distributions to its Shareholders.
Important Notices and Disclaimers
Shore Capital and Corporate Limited ("Shore Capital") is
authorised and regulated in the United Kingdom by the FCA and
acting only for the Company in connection with the Placing, the
Placing Programme and Admission. Persons receiving this
announcement should note that Shore Capital will not be responsible
to anyone other than the Company for providing the protections
afforded to customers of Shore Capital, or for advising any other
person on the matters described in this announcement.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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