Gore Street Energy Storage Fund PLC 1.7% Uplift in Unaudited Quarterly NAV & Dividend (9412Z)
September 24 2020 - 2:00AM
UK Regulatory
TIDMGSF
RNS Number : 9412Z
Gore Street Energy Storage Fund PLC
24 September 2020
24 September 2020
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
1.7% Uplift in Unaudited Quarterly NAV and Dividend
Distribution
Gore Street, London's first energy storage fund supporting the
transition to low carbon power, is pleased to announce that
continuing good operational progress has led to further growth in
the Company's unaudited Net Asset Value ("NAV").
NAV Update
As at 30 June 2020, the estimated unaudited NAV increased to
96.2 pence per share, representing an uplift of 1.6 pence per share
(+1.7%) from 94.6 pence per share as at 31 March 2020. The increase
in the latest quarterly NAV is attributable to both the strong
performance of the Company's UK assets, recent acquisitions and
ongoing progress in the construction of the Company's Irish assets,
these continue to progress in-line with the anticipated completion
schedules.
While the Company completed a successful fundraise during the
period issuing 24,627,365 shares at 96.1 pence per share shortly
after the period end on 6 July, the effect on Company's unaudited
NAV per share is not considered to be material.
Dividend Declaration
In addition, the Board of Directors (the "Board") of Gore Street
has today declared an interim dividend of 2.0 pence per ordinary
share for the period 1 April 2020 to 30 June 2020. The dividend
will be paid on or around 30 October 2020 to shareholders on the
register on 9 October 2020.
Over the last fiscal-year ending 30 March 2020, the Company's
NAV appreciated from 91.9 pence per share to 94.6 pence per share,
an increase of 2.7 pence per share (+2.9%). For the financial year
to 31 March 2020, the Company has announced 7.0 pence per share in
dividends.
The Company's Quarterly unaudited NAV is calculated before the
1.0 pence dividend paid by the Company in July. Therefore, the
Company's unaudited ex-dividend NAV would be 93.2 pence per share,
including the deduction of the recent 1.0 pence dividend
distributions and the 2.0 pence declared for the June-end
quarter.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment adviser commented:
"We are pleased with the continued performance of Gore Street's
operational assets including acquisitions and good progress in the
development of the Company's Irish assets, which is reflected in a
significant NAV uplift for Q1 financial year 2021. The Company's
attractive 7p annual dividend target for the fiscal year reinforce
its defensive qualities during the Covid-19 era as the Company's
assets continue to perform an essential service in balancing
electricity grids".
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
Anita Ghanekar / Darren Vickers / Hugo Masefield (Corporate Advisory) Tel: +44 (0) 20 7 408 4050
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.
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END
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