TIDMGSF
RNS Number : 4394Q
Gore Street Energy Storage Fund PLC
19 June 2020
EMBARGOED FOR ON 19 JUNE 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES
NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR
ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE
FOR, ANY SECURITIES OF GORE STREET ENERGY STORAGE FUND PLC.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO
ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS
UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT (EACH
A "RESTRICTED JURISDICTION").
THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE
PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT
2000 ("FSMA") AND HAS BEEN APPROVED BY PRIMARYBID LIMITED WHICH IS
AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (FRN
779021).
19 June 2020
Gore Street Energy Storage Fund plc
(" Gore Street " or the " Company " )
PrimaryBid.com Offer
Gore Street ( LON : GSF ), London's first listed energy storage
fund supporting the transition to low carbon power, is pleased to
announce, a conditional offer for subscription via PrimaryBid (the
"PrimaryBid Offer") of new ordinary shares of 1 p each in the
Company ("New Ordinary Shares") at an issue price of 96.1 pence per
New Ordinary Share (the "Issue Price"), being a discount of 3.2% to
the last 30-day volume weighted average price of 99.3 pence per
Ordinary Share. The Company is also conducting a placing of new
Ordinary Shares at the Issue Price by way of an accelerated
bookbuild process by Shore Capital and co-placing agent Zeus
Capital, pursuant to the company's existing placing programme (the
"Placing"), as well as a subscription of new Ordinary Shares at the
Issue Price by JXTG Nippon Oil & Energy Corporation .
The PrimaryBid Offer and the Placing (together the "Offer") are
conditional on the new Ordinary Shares to be issued pursuant to the
PrimaryBid Offer and the Placing being admitted to trading on the
main market of the London Stock Exchange ("Admission"). Admission
is expected to take place at 8.00 a.m. on 8 July 2020 . The
PrimaryBid Offer will not be completed without the Placing also
being completed.
The Company will use the funds raised for both the Company's
significant development pipeline as well as highly attractive
near-term potential acquisitions.
Details of the PrimaryBid Offer
The Company values its retail investor base and is therefore
pleased to provide private and other investors the opportunity to
participate in the PrimaryBid Offer by applying exclusively through
the www.PrimaryBid.com platform and the PrimaryBid mobile app
available on the Apple App Store and Google Play.
The PrimaryBid Offer, via the PrimaryBid.com platform, will be
open to individual and other investors from 7.01 a.m. on 19 June
2020 to 3.00 p.m. on 2 July 2020 . The PrimaryBid Offer may close
early if it is oversubscribed.
Subscriptions under the PrimaryBid Offer will be considered by
the Company on a "first come, first served" basis, subject to
conditions, which are available to view on PrimaryBid.com.
The Company in consultation with PrimaryBid reserves the right
to scale back any order at its discretion. The Company and
PrimaryBid reserve the right to reject any application for
subscription under the PrimaryBid Offer without giving any reason
for such rejection.
No commission is charged to investors on applications to
participate in the PrimaryBid Offer made through PrimaryBid. It is
vital to note that once an application for New Ordinary Shares has
been made and accepted via PrimaryBid, an application cannot be
withdrawn.
For further information on PrimaryBid.com or the procedure for
applications under the PrimaryBid Offer, visit www.PrimaryBid.com
or call PrimaryBid.com on +44 20 3026 4750.
The New Ordinary Shares will be issued free of all liens,
charges and encumbrances and will, when issued and fully paid, rank
pari passu in all respects with the Company's existing Ordinary
Shares.
Gore Street Energy Storage Fund plc Tel: +44 (0) 20 3826
0290
PrimaryBid Limited T el: + 44 (0) 203
Kieran D'Silva / James Deal 026 4750
Shore Capital , Sole Broker Tel: +44 (0) 20 7601
Darren Vickers / Anita Ghanekar / Hugo Masefield 6128
(Corporate Advisory)
Henry Willcocks / Fiona Conroy (Corporate Broking)
Media enquiries Tel: +44 (0) 20 7466
Buchanan 5000
Charles Ryland / Henry Wilson / George Beale
JTC (UK) Limited, Company Secretary
Tel: +44 (0) 20 7409
0181
Details of the PrimaryBid Offer
The Company values its retail investor base which has supported
the Company alongside institutional investors over the last two
years. Given the support of retail shareholders, the Company
believes that it is appropriate to provide retail and other
interested investors the opportunity to participate in the Offer.
The Company is therefore offering new Ordinary Shares through
PrimaryBid.com.
The PrimaryBid Offer is being made pursuant to an exemption from
the requirement to publish a prospectus allowed under the
Prospectus Regulation Rules. As such, there is no need for
publication of a prospectus pursuant to the Prospectus Regulation
Rules, or for approval of the same by the Financial Conduct
Authority. The PrimaryBid Offer is not being made into any
Restricted Jurisdiction.
There is a minimum subscription of GBP100 per investor under the
terms of the PrimaryBid Offer which is open to existing
shareholders and other investors subscribing via PrimaryBid.com.
This allocation will be filled on a "first come first served"
basis.
For further details please refer to the PrimaryBid.com website
at www.PrimaryBid.com . The terms and conditions on which the
PrimaryBid Offer is made, including the procedure for application
and payment for New Ordinary Shares, is available to all persons
who register with PrimaryBid.com.
Investors should make their own investigations into the merits
of an investment in the Company. Nothing in this announcement
amounts to a recommendation to invest in the Company or amounts to
investment, taxation or legal advice.
It should be noted that a subscription for New Ordinary Shares
and investment in the Company carries a number of risks. Investors
should consider the risk factors set out on PrimaryBid.com before
making a decision to subscribe for New Ordinary Shares. Investors
should take independent advice from a person experienced in
advising on investment in securities such as the New Ordinary
Shares if they are in any doubt.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com .
END
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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