TIDMGSF
RNS Number : 1811S
Gore Street Energy Storage Fund PLC
06 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.
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
HAVE THE SAME MEANINGS WHEN USED IN THIS ANNOUNCEMENT.
6 July 2020
Gore Street Energy Storage Fund plc
(the 'Company' or 'Gore Street')
Results of Capital Raise
Key highlights:
-- Gross proceeds of GBP23.7 million raised from the total issue
of 24,627,365 new Ordinary Shares at 96.1p per Ordinary Share
-- Net proceeds will be used to fund investment opportunities
from the Investment Adviser's considerable pipeline of 150 MW of
energy storage projects under exclusivity , in accordance with the
Company's investment policy and return profile
-- Threefold growth in available capital since IPO
Further to the announcement on 19 June 2020, the Company is
pleased to announce the result of the placing of new Ordinary
Shares pursuant to the Placing Programme (the "Placing"), a further
direct subscription for Ordinary Shares and the PrimaryBid offer
(the "PrimaryBid Offer") (together the "Fundraise").
In addition to the 3,000,000 Ordinary Shares issued to JXTG
Nippon Oil & Energy Corporation on 30 June, a total of
21,627,365 new Ordinary Shares will be issued pursuant to the
Fundraise at 96.1p per share, raising combined gross proceeds of
GBP23.7 million, which will be used to fund investments in
accordance with the Company's investment policy.
Applications have been made to the FCA for the 21,627,365 new
Ordinary Shares issued pursuant to the Fundraise to be admitted to
the premium segment of the Official List and to the London Stock
Exchange for the new Ordinary Shares to be admitted 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 8 July 2020. 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
77,176,180 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 77,176,180. 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.
Commenting on the Fundraise, Alex O'Cinneide, CEO of Gore Street
Capital, the Company's investment manager said:
"We are delighted to have had such strong support, not only from
our previous shareholders, but also from so many newcomers to Gore
Street. The level of investor demand for both the Placing and the
PrimaryBid Offer has exceeded our expectations and we welcome all
to Gore Street's shareholder register and thank them for their
commitment. We think that the level of demand reflects an awareness
of the strong income nature of our performing projects in the
Covid-19 environment, combined with excellent growth potential in
our energy storage asset class, supported by a growing unmet need
and attractive ESG characteristics.
Since IPO in May 2018 we have grown the capital available to
successfully pursue our growth strategy threefold, making this
trust the fastest growing of any of the renewable investment
trusts. This has been achieved because of our strong
differentiators of best in class capital efficiency and best in
class commercialisation of our international portfolio. We plan to
continue to grow at a rapid pace. We look forward to putting this
new capital to work against our extensive, current development
portfolio and live investment pipeline."
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
The person responsible for releasing this announcement is Susan
Fadil.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso Tel: +44 (0) 20 3826 0290
Shore Capital
Anita Ghanekar / Darren Vickers / Hugo Masefield (Corporate Advisory) Tel: +44 (0) 20 7601 6128
Henry Willcocks / Fiona Conroy (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.
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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