TIDMGRID
RNS Number : 9764I
Gresham House Energy Storage Fund
22 April 2022
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STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR
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PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS
ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
22 April 2022
Gresham House Energy Storage Fund plc (the "Company")
Notice of General Meeting and Publication of Circular
Further to the announcement on 6 April 2022, Gresham House
Energy Storage Fund plc, the UK's largest utility-scale battery
energy storage fund, is today posting a Circular convening a
general meeting (the "General Meeting") to be held at 3:00 p.m. on
Friday, 13 May 2022 at The Scalpel, 18th Floor, 52 Lime Street,
London EC3M 7AF.
The Resolutions to be considered at the General Meeting include
seeking Shareholder authority to make certain amendments to the
Company's investment policy. The principal proposed amendments are
as follows:
-- to invest up to 10% of GAV in Ready-to-Build Projects which is expected to:
- simplify and accelerate acquisition processes;
- reduce the total acquisition cost by 5 - 10%;
- remove or materially decrease related party transactions with
the Gresham House Group which will potentially be helpful in
facilitating a migration to the premium segment of the London Stock
Exchange in due course;
-- to invest up to 30% of GAV in ESS Projects in Overseas
Jurisdictions which is expected to increase EBITDA and NAV growth
over time by:
- leveraging track record, reputation, scale and expertise;
- diversifying into major OECD markets with similarities to the
UK in terms of wholesale market structure, renewables growth and
penetration where the market is often at an early stage resulting
in stronger target returns compared with the UK; and
-- to allow the acquisition of land in connection with ESS Projects.
In addition, in order to assist in financing pipeline
opportunities alongside the Company's existing debt facility and
accordion facility, the Board is also seeking Shareholder authority
to disapply pre-emption rights over 400,000,000 new Ordinary Shares
or new C Shares, in aggregate (the "New Shares"). Any future issue
of such New Shares will be subject to the publication of a
Prospectus in due course.
Further details of the relevant Resolutions are set out in the
Circular which can be found on the Company's website at
newenergy.greshamhouse.com/esfplc/ and will also be available on
the national storage mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Capitalised terms used in this announcement shall, unless the
context requires otherwise, have the meanings given to them in the
Circular.
The information contained in this announcement may constitute
inside information. The person responsible for the release of this
announcement on behalf of the Company is JTC (UK) Limited.
Further information
Gresham House New Energy
Ben Guest
Rupert Robinson +44 (0)20 3837 6270
Jefferies International Limited
Stuart Klein
Gaudi Le Roux +44 (0)20 7029 8000
KL Communications gh@kl-communications.com
Charles Gorman +44 (0)20 3995 6673
Will Sanderson
Millie Steyn
About the Company and the Manager:
Gresham House Energy Storage Fund plc seeks to provide investors
with an attractive and sustainable dividend over the long term by
investing in a diversified portfolio of utility-scale battery
energy storage systems (known as BESS) located in Great Britain,
Northern Ireland and the Republic of Ireland. In addition, the
Company seeks to provide investors with the prospect of capital
growth through the re-investment of net cash generated in excess of
the target dividend in accordance with the Company's investment
policy.
The Company targets a dividend of 7.0p per Ordinary Share in
each financial year and a NAV total return in the range of 8 - 15
per cent. per annum. [1]
Gresham House Asset Management Limited is the FCA authorised
operating business of Gresham House plc, a London Stock Exchange
quoted specialist alternative asset manager. Gresham House is
committed to operating responsibly and sustainably, taking the long
view in delivering sustainable investment solutions.
www.greshamhouse.com
Definition of utility-scale battery energy storage systems
(BESS):
Utility-scale battery energy storage systems (BESS) are the
enabling infrastructure that will support the continued growth of
renewable energy sources such as wind and solar, essential to the
UK's stated target to reduce carbon emissions. They store excess
energy generated by renewable energy sources and then release that
stored energy back into the grid during peak hours when there is
increased demand.
IMPORTANT INFORMATION
This announcement has been prepared for information purposes
only.
The information and opinions contained in this announcement are
provided as at the date of the announcement and are subject to
change without notice and no representation or warranty, express or
implied, is or will be made in relation to the accuracy or
completeness of the information contained in this announcement and
no responsibility, obligation or liability or duty (whether direct
or indirect, in contract, tort or otherwise) is or will be accepted
by the Company, the Manager, Jefferies International Limited or any
of their affiliates or by any of their respective officers,
employees or agents to update or revise publicly any of the
statements contained herein. No reliance may be placed for any
purpose whatsoever on the information or opinions contained in this
announcement or on its completeness, accuracy or fairness. This
announcement and the Circular have not been approved by any
competent regulatory or supervisory authority.
The information in this announcement includes forward-looking
statements, which are based on the current expectations, intentions
and projections about future events and trends or other matters
that are not historical facts and in certain cases can be
identified by the use of terms such as "may", "will", "should",
"expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "believe" (or the negatives thereof) or other
variations thereof or comparable terminology. These forward-looking
statements, as well as those included in any related materials, are
not guarantees of future performance and are subject to known and
unknown risks, uncertainties and assumptions about the Company and
other factors, including, among other things, the development of
its business, trends in its operating industry, and future capital
expenditures and acquisitions. In light of these risks,
uncertainties and assumptions, the events in the forward-looking
statements may not occur and actual results may 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.
Each of the Company, the Manager, Jefferies International
Limited and their affiliates and their respective officers,
employees and agents expressly disclaim any and all liability which
may be based on this announcement and any errors therein or
omissions therefrom.
No representation or warranty is given to the achievement or
reasonableness of future projections, management targets,
estimates, prospects or returns, if any. Any views contained herein
are based on financial, economic, market and other conditions
prevailing as at the date of this announcement. The information
contained in this announcement will not be updated.
[1] These are targets only and not a profit forecasts. There can
be no assurance that these targets will be met or that the Company
will make any distributions at all. These target returns should not
be taken as an indication of the Company's expected or actual
current or future results. The Company's actual return will depend
upon a number of factors, including but not limited to the number
of New Shares issued pursuant to any share issuance programme under
which the Company issues New Shares, the Company's net income and
the Company's ongoing charges figure. Potential investors should
decide for themselves whether or not the return is reasonable and
achievable in deciding whether to invest in or increase their
investment in the Company. See further "Risk Factors" in Part II of
the Circular.
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END
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