TIDMGSF
RNS Number : 7805R
Gore Street Energy Storage Fund PLC
02 July 2020
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.
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A
PROSPECTUS. INVESTORS MUST SUBSCRIBE FOR OR PURCHASE ANY SHARES
REFERRED TO IN THIS ANNOUNCEMENT ONLY ON THE BASIS OF INFORMATION
CONTAINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 16 JULY
2019 (THE "PROSPECTUS") AND NOT IN RELIANCE ON THIS ANNOUNCEMENT. A
COPY OF THE PROSPECTUS IS AVAILABLE FOR INSPECTION, SUBJECT TO ANY
APPLICABLE RESTRICTIONS, FROM THE COMPANY'S REGISTERED OFFICE AND
ON ITS WEBSITE (WWW.GSENERGYSTORAGEFUND.COM).
UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS AND EXPRESSIONS
DEFINED IN THE PROSPECTUS HAVE THE SAME MEANINGS WHEN USED IN THIS
ANNOUNCEMENT.
2 July 2020
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Update on Fundraise Timetable
Timetable Extension to Accommodate Additional Investors
Gore Street, London's first listed energy storage fund
supporting the transition to low carbon power, announces an
extension to the expected timetable announced on 19 June.
Gore Street has been encouraged by the strong interest received
from a wide range of investors to participate in the current
fundraising. In order to facilitate orders from some significant
additional investors, the latest time for receipt of placing
commitments has been extended by two business days to 3.00 p.m. on
Monday 6(th) July 2020. The new Ordinary Shares will still be
eligible for the dividend announced on 19 June 2020 in respect of
the period from 1 January to 31 March 2020.
The timetable for retail investors to participate via the
PrimaryBid platform remains open until 3.00 p.m. today.
A revised timetable for the placing commitments is provided
below:
Expected timetable
Placing opened Friday 19 June 2020
Latest time for receipt of Placing commitments 3.00 p.m. on Monday, 6 July
2020
Result of Placing announced 7.00 a.m. on Tuesday, 7 July
2020
Admission becomes effective and dealings
in the new Ordinary Shares on the London
Stock Exchange's main market for listed 8.00 a.m. on Wednesday, 8
securities commence July 2020
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso Tel: +44 (0) 20 3826 0290
Shore Capital (Sole Broker)
Anita Ghanekar / Darren Vickers / Hugo Masefield (Corporate Advisory) Tel: +44 (0) 20 7601 6128
Henry Willcocks / Fiona Conroy (Corporate Broking)
Zeus Capital (Co-Placing Agent)
Daniel Harris / Rishi Majithia / Ben Burnett (Corporate Finance)
Tel: +44 (0) 20 3829 5000
John Goold / Dominic King (Corporate Broking)
Media enquiries
Buchanan
Charles Ryland / Henry Wilson / George Beale 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.
The Company targets an annual dividend of 7.0% of NAV per
Ordinary Share in each financial year, subject to a minimum target
of 7.0 pence per Ordinary Share. Dividends are paid quarterly.
Important Notes and Disclaimers
Members of the public are not eligible to take part in the
Placing. This announcement and the terms and conditions referred to
herein are directed in the United Kingdom only at persons selected
by Shore Capital or Zeus Capital who are "investment professionals"
falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "FPO") or "high net
worth companies, unincorporated associations etc" falling within
Article 49(2) of the FPO, or persons to whom it may otherwise be
lawfully communicated (all such persons together being referred to
as "Relevant Persons"). This announcement and the terms and
conditions referred to herein must not be acted on or relied on in
the United Kingdom by persons who are not Relevant Persons. Any
investment or investment activity to which this announcement
relates is available only to, and will be engaged in only with,
persons in the United Kingdom who are Relevant Persons.
The new Ordinary Shares that are the subject of the Placing are
not being offered or sold to any person in the European Union,
other than to "qualified investors" as defined in the Prospectus
Regulation. All offers of new Ordinary Shares pursuant to the
Placing will be made pursuant to the Prospectus. In the United
Kingdom, this announcement is being directed solely at persons in
circumstances in which section 21(1) of the Financial Services and
Markets Act 2000 (as amended) does not apply. This announcement
does not constitute or form part of, and should not be construed
as, any offer or invitation or inducement for sale, transfer or
subscription of, or any solicitation of any offer or invitation to
buy or subscribe for or to underwrite, any share in the Company or
to engage in investment activity (as defined by the Financial
Services and Markets Act 2000) in any jurisdiction nor shall it, or
any part of it, or the fact of its distribution form the basis of,
or be relied on in connection with, any contract or investment
decision whatsoever, in any jurisdiction. This announcement does
not constitute a recommendation regarding any securities.
The material set forth herein is not intended, and should not be
construed, as an offer of securities for sale or subscription in
the United States or any other jurisdiction. Any purchase of
Ordinary Shares should be made solely on the basis of the
information contained in the Prospectus. This announcement is not
for publication or distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any
state of the United States and the District of Columbia),
Australia, Canada, South Africa or Japan. The distribution of this
announcement may be restricted by law in certain jurisdictions and
persons into whose possession any document or other information
referred to herein comes should inform themselves about and observe
any such restriction. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such
jurisdiction. The Company will not be registered under the US
Investment Company Act of 1940, as amended. In addition, the
Ordinary Shares referred to herein have not been and will not be
registered under the US Securities Act of 1933 (the "Securities
Act") or under the securities laws of any state of the United
States and may not be offered or sold in the United States or to or
for the account or benefit of US persons absent registration or
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and in
compliance with any applicable State securities laws. The offer and
sale of Ordinary Shares referred to herein has not been and will
not be registered under the Securities Act or under the applicable
securities laws of any state, province or territory of Australia,
Canada, South Africa or Japan. Subject to certain exceptions, the
Ordinary Shares referred to herein may not be offered or sold in
Australia, Canada, South Africa or Japan or to, or for the account
or benefit of, any national, resident or citizen of Australia,
Canada, South Africa or Japan. There will be no offer of the
Ordinary Shares in the United States, Australia, Canada, South
Africa or Japan.
Each of Shore Capital and Corporate Limited ("Shore Capital")
and Zeus Capital Limited ("Zeus 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 and Zeus Capital will not be responsible to anyone
other than the Company for providing the protections afforded to
customers of Shore Capital and Zeus Capital, or for advising any
other person on the matters described in this announcement.
The information contained in this announcement is given at the
date of its publication (unless otherwise indicated), is for
background purposes only and does not purport to be full or
complete. No representation or warranty, express or implied, is or
will be made as to, or in relation to, and no responsibility or
liability is or will be accepted by the Company, the Adviser, Shore
Capital, Zeus Capital or by any of their respective affiliates
partners, directors, officers, employees, advisers or agents as to,
or in relation to, the truth, accuracy or completeness of the
information in this announcement (or whether any information has
been omitted from the announcement) or any other information
relating to the Company, whether written, oral or in a visual or
electronic form and howsoever transmitted or made available, or any
loss howsoever arising from any use of this announcement or its
contents or otherwise in connection with it.
Certain statements in this announcement are forward-looking
statements which are based on the Company's expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts. These statements are not guarantees of future
performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. Given these risks and uncertainties,
prospective investors are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date of such statements and, except as required by
applicable law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise. The information
contained in this announcement is subject to change without notice
and none of the Company, the Adviser, Shore Capital or Zeus Capital
assumes any responsibility or obligation to update publicly or
review any of the forward-looking statements contained in this
announcement.
The value of investments may go down as well as up, and all of
the value of an investor's investment in the Company will be at
risk. Past performance is not a guide to future performance and the
information in this announcement or any documents relating to the
Placing (including, without limitation, the Prospectus) cannot be
relied upon as a guide to future performance. Any persons needing
advice should contact a professional adviser.
Accessing this announcement in certain jurisdictions may be
restricted by law. Persons accessing this announcement must satisfy
themselves that it is lawful to do so under any applicable
securities laws of the jurisdiction in which they access this
announcement. The Company assumes no responsibility in the event
there is a violation by any person of any such restrictions.
Information to Distributors
Solely for the purposes of the product governance requirements
contained within: (a) EU Directive 2014/65/EU on markets in
financial instruments, as amended ("MiFID II"); (b) Articles 9 and
10 of Commission Delegated Directive (EU) 2017/593 supplementing
MiFID II; and (c) local implementing measures (together, the
"Product Governance Requirements"), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the Product Governance
Requirements) may otherwise have with respect thereto, the Ordinary
Shares have been subject to a product approval process, which has
determined that the Ordinary Shares are: (i) compatible with an end
target market of retail investors and investors who meet the
criteria of professional clients and eligible counterparties, each
as defined in MiFID II; and (ii) eligible for distribution through
all distribution channels as are permitted by MiFID II (the "Target
Market Assessment"). Notwithstanding the Target Market Assessment,
distributors should note that: the price of the Ordinary Shares may
decline and investors could lose all or part of their investment;
the Ordinary Shares offer no guaranteed income and no capital
protection; and an investment in the Ordinary Shares is compatible
only with investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The Target
Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation
to the Placing Programme. Furthermore, it is noted that,
notwithstanding the Target Market Assessment, Shore Capital and
Zeus Capital will only procure investors who meet the criteria of
professional clients and eligible counterparties. For the avoidance
of doubt, the Target Market Assessment does not constitute: (a) an
assessment of suitability or appropriateness for the purposes of
MiFID II; or (b) a recommendation to any investor or group of
investors to invest in, or purchase, or take any other action
whatsoever with respect to the Ordinary Shares.
Each distributor is responsible for undertaking its own target
market assessment in respect of the Ordinary Shares and determining
appropriate distribution channels.
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
MSCFZGGNRMRGGZM
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