TIDMGRID
RNS Number : 0039N
Gresham House Energy Storage Fund
27 May 2022
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, TO U.S. PERSONS OR IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR
JAPAN OR THEIR RESPECTIVE TERRITORIES OR POSSESSIONS, OR INTO ANY
OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS
ANNOUNCEMENT. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE
OR FORM PART OF ANY OFFER TO ISSUE OR SELL, OR ANY SOLICITATION OF
ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY INVESTMENTS IN ANY
JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION .
27 May 2022
Gresham House Energy Storage Fund plc
(the "Company" or "GRID")
Result of Placing and Total Voting Rights
Further to its announcement of 25 May 2022, the Directors of
GRID are pleased to announce that the Company has raised gross new
proceeds of GBP150 million through the issue of 103,448,275
ordinary shares of 1 pence each in the capital of the Company (the
"New Ordinary Shares") (the "Placing"). The Placing was
significantly oversubscribed and a scaling back exercise has been
undertaken.
The Company anticipates that the Net Issue Proceeds of the
Placing and drawings under the Company's available debt facilities
will fund the majority of the Existing Pipeline.
Jefferies International Limited ("Jefferies") acted as sole
global coordinator, bookrunner and financial adviser to the
Company.
John Leggate CBE, Chair of Gresham House Energy Storage Fund PLC
said:
"Strong investor demand means that we can commit to further
development of our pipeline to create even greater scale and
diversification. Notwithstanding the substantial demand and level
of oversubscription, we have opted to maintain appropriate capital
discipline with a view to protecting our level of dividend cover
and the potential for future NAV growth whilst maintaining our
growth trajectory."
Ben Guest, Fund Manager and Head of Gresham House New Energy,
commented:
"We are delighted to have reached this milestone. The capital
raised allows us to execute on the deployment of the majority of
our Existing Pipeline of 747MW which will see us reach 1,597MW in
operating capacity in due course. As always, I would like to thank
our investors for their backing, both in supporting this
fundraising as well as for approving the recently-proposed changes
to our Investment Policy which, we anticipate, will unlock
significant value for shareholders."
Admission of New Ordinary Shares
A total of 103,448,275 New Ordinary Shares will be issued
(subject to Admission) pursuant to the Placing. Application has
been made for the New Ordinary Shares to be admitted to trading on
the Specialist Fund Segment of the London Stock Exchange's main
market. Admission is expected to occur and dealings in the New
Ordinary Shares to commence at 8.00 a.m. (London time) on 31 May
2022.
The New Ordinary Shares, when issued, will rank pari passu in
all respects with the existing Ordinary Shares, including the right
to receive all dividends and other distributions declared, made or
paid after the date of Admission.
Immediately following Admission, the Company will have
541,290,353 Ordinary Shares in issue and therefore the total voting
rights in the Company will be 541,290,353. This figure may be used
by Shareholders 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 interests in the Company.
Capitalised terms used in this announcement shall, unless the
context otherwise requires, bear the meanings given to them in the
prospectus published on 25 May 2022 and the announcement issued by
the Company on 25 May 2022, all of which can be found on the
Company's website at
https://greshamhouse.com/real-assets/new-energy-sustainable-infrastructure/gresham-house-energy-storage-fund-plc/
.
This announcement contains inside information for the purposes
of Article 7 of the UK version of EU Regulation 596/2014, as it
forms part of the laws of England and Wales by virtue of the EUWA
and as amended by UK legislation. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Dealing codes
Ticker GRID
ISIN for the Ordinary Shares GB00BFX3K770
SEDOL for the Ordinary Shares BFX3K77
Legal Entity Identifier (LEI) 213800MSJXKH25C23D82
For Further Information
Gresham House New Energy
Ben Guest +44 (0)20 3837 6270
Jefferies International Limited
Stuart Klein
Gaudi Le Roux
Harry Randall +44 (0)20 7029 8000
KL Communications gh@kl-communications.com
Charles Gorman +44 (0)20 3995 6673
Charlotte Francis
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 and
the Overseas Jurisdictions. 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.
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.
DISCLAIMERS
This announcement has been prepared for information purposes
only.
This announcement is an advertisement and does not constitute a
prospectus relating to the Company and does not constitute, or form
part of, any offer or invitation to sell or issue, or any
solicitation of any offer to subscribe for, any shares in the
Company in any jurisdiction nor shall it, or any part of it, or the
fact of its distribution, form the basis of, or be relied on in
connection with or act as any inducement to enter into, any
contract therefor. Copies of the Prospectus are available from:
https://greshamhouse.com/real-assets/new-energy-sustainable-infrastructure/gresham-house-energy-storage-fund-plc/
.
This communication is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This communication is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered, sold, resold, transferred or
delivered directly or indirectly in the United States, or to, or
for the account or benefit of, U.S. Persons, except pursuant to an
applicable exemption from registration. No public offering of
securities is being made in the United States.
The Company has not been and will not be registered under the US
Investment Company Act of 1940 (the "Investment Company Act") and,
as such, holders of the Ordinary Shares will not be entitled to the
benefits of the Investment Company Act. No offer, sale, resale,
pledge, delivery, distribution or transfer of the Ordinary Shares
may be made except under circumstances that will not result in the
Company being required to register as an investment company under
the Investment Company Act.
The merits or suitability of any securities must be
independently determined by the recipient on the basis of its own
investigation and evaluation of the Company. Any such determination
should involve, among other things, an assessment of the legal,
tax, accounting, regulatory, financial, credit and other related
aspects of the securities.
This announcement may not be used in making any investment
decision in isolation. This announcement on its own does not
contain sufficient information to support an investment decision
and investors should ensure that they obtain all available relevant
information before making any investment. This announcement does
not constitute or form part of and may not be construed as an offer
to sell, or an invitation to purchase or otherwise acquire,
investments of any description, nor as a recommendation regarding
the possible offering or the provision of investment advice by any
party. No information in this announcement should be construed as
providing financial, investment or other professional advice and
each prospective investor should consult its own legal, business,
tax and other advisers in evaluating the investment opportunity. No
reliance may be placed for any purposes whatsoever on this
announcement or its completeness.
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 herein 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 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. The document has not been
approved by any competent regulatory or supervisory authority.
Potential investors should be aware that any investment in
Company is speculative, involves a high degree of risk, and could
result in the loss of all or substantially all of their investment.
Results can be positively or negatively affected by market
conditions beyond the control of the Company or any other person.
Any data on past performance contained herein is no indication as
to future performance and there can be no assurance that any
targeted or projected returns will be achieved or that the Company
will be able to implement its investment strategy or achieve its
investment objectives. Any target returns published by the Company
are targets only. There is no guarantee that any such returns can
be achieved or can be continued if achieved, nor that the Company
will make any distributions whatsoever. There may be other
additional risks, uncertainties and factors that could cause the
returns generated by the Company to be materially lower than the
target returns of the Company.
The information in this announcement may include 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, 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.
Jefferies International Limited, which is authorised and
regulated by the Financial Conduct Authority in the United Kingdom,
is acting only for the Company in connection with the matters
described in this announcement and is not acting for or advising
any other person, or treating any other person as its client, in
relation thereto and will not be responsible for providing the
regulatory protection afforded to clients of Jefferies or advice to
any other person in relation to the matters contained herein.
Neither Jefferies nor any of its directors, officers, employees,
advisers or agents accepts any responsibility or liability
whatsoever for this announcement, its contents or otherwise in
connection with it or any other information relating to the
Company, whether written, oral or in a visual or electronic
format.
Each of the Company, the Manager, Jefferies 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.
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END
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