Gore Street Energy - Proposed Placing and Dividend Declaration
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 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.
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
UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS AND EXPRESSIONS DEFINED IN THE PROSPECTUS HAVE THE SAME MEANINGS WHEN USED IN THIS ANNOUNCEMENT.
(the "Company" or "Gore Street")
Investment by New Strategic Investor, Proposed Placing
and Pipeline Update
Investment by Strategic Investor via a direct Subscription
JXTG's investment in
Pipeline and EPC Update
After announcing exclusivity on a 140MW GB storage pipeline on
Separately, the Company notes the recent press commentary on
Over recent years, the number of possible Engineering, Procurement and Construction ("EPC") contractors that the Company can engage with for each project has increased substantially, driving down project costs significantly to Gore Street's advantage and following a similar pattern that the Adviser saw in the emerging solar and wind markets. In 2016 there were only three possible EPC partners available to the Company and there are now approximately fifteen.
The Board has today declared an interim dividend of 1.0 penny per Ordinary Share for the period from
The dividend will be paid on or around
Proposed Placing under the Company's Placing Programme
The Board is pleased to announce that it is proposing an issue of new Ordinary Shares at a price of
Details of the Placing
A placing price of
The Placing will take place through the Company's broker Shore Capital and co-placing agent
In addition to the Placing, there will be an offer of new Ordinary Shares on the PrimaryBid platform at the Issue Price for retail investors to participate (the "PrimaryBid Offer"). A separate announcement will be made by the Company shortly regarding the PrimaryBid Offer.
The Company is relying on an available exemption from the need to publish a prospectus approved by the
Latest time for receipt of Placing commitments
Result of Placing announced
Admission becomes effective and dealings in the Placing Shares on the
*The dates and times specified above are references to BST and are subject to change, in which event details of the new times and dates will be notified, as required, through an RIS.
The Placing, and an investor's participation in it, is subject to the terms and conditions of the Placing set out in Part 9 of the Prospectus and the Placing and Offer Agreement, details of which are set out in Paragraph 7.1 of Part 12 of the Prospectus. Copies of the Prospectus may, subject to any applicable law or restrictions, be obtained from the Company's registered office, on the Company's website (www.gsenergystoragefund.com) or via the National Storage Mechanism (www.morningstar.co.uk/uk/NSM).
Admission of the Subscription Shares and of the Placing Shares
Applications will be made to the FCA for admission of the Subscription Shares (issued pursuant to the Subscription) to the premium listing segment of the Official List and to the
Applications will also be made to the FCA for admission of the Placing Shares (issued pursuant to the Placing) to the premium listing segment of the Official List and to the
Alex O'Cinneide, CEO of
"Gore Street is delighted to partner with JXTG and to have been chosen as their energy storage investment partner. This investment provides the basis for what we expect to be a long-term collaboration between Gore Street and JXTG. With this investment we once again have validation from another significant strategic investor. JXTG recognised our position as a market leader, the only listed storage fund committed to carbon-free investing and containing one of the youngest and most capital efficient grouping of assets in our expanding international portfolio. JXTG is the largest oil company in Japan, is expanding its power business from traditional generation to more diversified generation, and Gore Street and JXTG will explore the possibility of working together on various fronts leveraging Gore Street's expertise on storage technology and JXTG's expertise in the energy business in Japan.
We are also pleased to announce the launch of a new placing against a significant pipeline of attractive projects. Our assets provide an essential service for energy security while delivering a 7% yield for investors and have proved to be highly defensive in volatile market conditions. Since IPO we have delivered on our commitment to investors in both dividends and portfolio and are excited by the growth opportunity in front of us."
The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.
The person responsible for releasing this announcement is Susan Fadil.
For further information:
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Tel: +44 (0) 20 3826 0290
Anita Ghanekar / Darren Vickers / Hugo Masefield (Corporate Advisory)
Henry Willcocks / Fiona Conroy (Corporate Broking)
Tel: +44 (0) 20 7601 6128
Daniel Harris / Rishi Majithia / Ben Burnett (Corporate Finance) Tel: +44 (0) 20 3829 5000
John Goold / Dominic King (Corporate Broking)
Charles Ryland / Henry Wilson / George Beale
Tel: +44 (0) 20 7466 5000
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Email: [email protected]
Notes to Editors
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
JXTG aims to be the most prominent and internationally competitive energy and materials company in Asia and to contribute to the development of a low-carbon recycling oriented society, creating value by transforming the current business structure.
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
The new Ordinary Shares that are the subject of the Placing are not being offered or sold to any person in the
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.
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,
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,
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,
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
Quick facts: Gore Street Energy Storage Fund PLC
Market Cap: £54.72 m
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