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Gore Street Energy Storage Fund PLC

Gore Street Energy - Result of Equity Issue

RNS Number : 9707B
Gore Street Energy Storage Fund PLC
05 February 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.

5 February 2020

Gore Street Energy Storage Fund plc 

(the "Company" or "Gore Street")

Results of Placing

Key highlights:

·    3,615,986 new Ordinary Shares will be issued at 95.5p per Ordinary Share, raising gross proceeds of £3.5 million.

·    Net proceeds will be used to fund investment opportunities from the Investment Adviser's considerable pipeline of energy storage projects in the UK and internationally, in accordance with the Company's investment policy and return profile. 

·    Admission is expected to become effective at 8:00 a.m. on 11 February 2020.

Further to the announcement on 4 February 2020, the Company is pleased to announce the result of the placing of new Ordinary Shares pursuant to the Placing Programme (the "Placing"). 

A total of 3,615,986 new Ordinary Shares will be issued pursuant to the Placing at 95.5p per share.  The net proceeds of the Placing will be used to fund investments in accordance with the Company's investment policy.

Applications have been made to the FCA for the 3,615,986 new Ordinary Shares 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 11 February 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 52,548,815 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 52,548,815.  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 Placing, Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment manager said:

"We are delighted to have had inbound interest from significant institutions with strong ESG mandates. We remain fully focused on being a critical part of the transition to a low carbon economy and these shareholders will help us achieve this more rapidly. 

The Company's large and growing portfolio has been developed since IPO with best in class capital efficiency and we maintain a fully committed position. We thank both our existing shareholders and our new investors for their support of the Company and its strategy. We look forward to providing an update in the near term as we continue to build on our market leading energy storage position and pursue the attractive investment opportunities in our considerable pipeline to deliver Shareholder returns".

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)

Henry Willcocks / Fiona Conroy (Corporate Broking)

Tel: +44 (0) 20 7601 6128

 

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.

 

 

 

 

 

 

 

 


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