TIDMGSF
RNS Number : 3727W
Gore Street Energy Storage Fund PLC
23 April 2021
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION .
UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS AND EXPRESSIONS
DEFINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 30 NOVEMBER
2020 HAVE THE SAME MEANINGS WHEN USED IN THIS ANNOUNCEMENT.
23 April 2021
Gore Street Energy Storage Fund plc
(the 'Company' or 'Gore Street')
Result of Capital Raise
Key highlights:
-- Gross proceeds of GBP135 million raised from the total issue
of 132,352,941 new Ordinary Shares at 102p per Ordinary Share
-- Net proceeds will be deployed towards the Company's
significant development pipeline of 1.3GW of attractive accretive
opportunities and near-term potential acquisition of a 80MW project
expected in the coming weeks
-- In addition, net proceeds will be deployed in relation to
accelerating development of the Company's existing portfolio,
including the Republic of Ireland assets' expansion from 30MW to
90MW
-- Successful fundraise doubles market capitalisation
Further to the announcement on 6 April 2021, the Company is
pleased to announce the result of the placing of new Ordinary
Shares pursuant to the Placing Programme (the "Placing") and the
PrimaryBid offer (the "PrimaryBid Offer") (together the
"Fundraise").
A total of 132,352,941 new Ordinary Shares will be issued
pursuant to the Fundraise at 102p per share, raising combined gross
proceeds of GBP135 million, which will be used to fund investments
in accordance with the Company's investment policy.
Applications have been made to the FCA for the 132,352,941 new
Ordinary Shares issued pursuant to the Fundraise 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"). Admission is
expected to become effective, and dealings in the new Ordinary
Shares are expected to commence, at 8.00 a.m. on 27 April 2021.
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
276,224,622 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 276,224,622. 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 Fundraise, Alex O'Cinneide, CEO of Gore Street
Capital, the Company's investment manager said:
"We are delighted that we once again have had such strong demand
for our fundraise from both institutional and retail investors, the
scale of which almost doubles our market capitalisation. We believe
this reflects the widespread understanding of energy storage's ever
increasing role in national energy security and Gore Street
Capital's role as the leading investment manager in this unique
sector at a time when there has never been a more attractive macro
environment for investment in the asset class. As we approach our
third anniversary, we are very proud of the growth of the Company.
Gore Street has grown its portfolio from 6MW to 440MW, now the
largest energy storage portfolio available to a financial investor
and in parallel we have delivered on our promises to investors on a
sector leading dividend, portfolio returns and diversification.
We look forward to investing the proceeds against our
considerable pipeline of attractive value-accretive acquisitions
and ongoing development opportunities for the benefit of our new
and existing shareholders."
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
The person responsible for releasing this announcement is Susan
Fadil.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso Tel: +44 (0) 20 3826 0290
Shore Capital (Joint Corporate Broker and Joint Bookrunner)
Anita Ghanekar / Hugo Masefield (Corporate Advisory) Tel: +44 (0) 20 7408 4090
Henry Willcocks / Fiona Conroy (Corporate Broking)
J. P. Morgan Cazenove (Joint Corporate Broker and
Joint Bookrunner)
William Simmonds / Jérémie Birnbaum (Corporate Tel: +44 (0) 20 7742
Finance) 4000
Buchanan (Media enquiries)
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.
Disclaimer
This announcement has been issued by, and is the sole
responsibility of, Gore Street Energy Storage Fund plc (the
"Company").
This announcement is for information purposes only and is not
intended to and does not constitute or form part of any offer or
invitation to purchase or subscribe for, or any solicitation to
purchase or subscribe for shares in any jurisdiction in which such
an offer or solicitation is unlawful.
This announcement does not constitute, or form part of, an offer
to sell or the solicitation of an offer to purchase or subscribe
for any Company securities in any of Australia, Canada, the
Republic of South Africa, Japan, the United States. The Ordinary
Shares in the capital of the Company have not been and will not be
registered under the US Securities Act of 1933, as amended (the "US
Securities Act") or under any securities laws of any state or other
jurisdiction of the United States, and may not be offered, sold,
taken up, exercised, resold, renounced, or otherwise transferred,
directly or indirectly, in or into the United States except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the US Securities Act and in
compliance with any applicable securities laws of any state or
other jurisdiction of the United States.
The distribution of this announcement into jurisdictions other
than the United Kingdom may be restricted by law, and, therefore,
persons into whose possession this announcement comes should inform
themselves about and observe any such restrictions. Any failure to
comply with any such restrictions may constitute a violation of the
securities laws of such jurisdiction. In particular, subject to
certain exceptions, this announcement should not be distributed,
forwarded to or transmitted in any of Australia, Canada, the
Republic of South Africa, Japan or the United States.
This announcement does not constitute a recommendation
concerning the Fundraise. The price and value of securities can go
down as well as up. Past performance is not a guide to future
performance. The contents of this announcement are not to be
construed as legal, business, financial or tax advice.
Each of Shore Capital, which is authorised and regulated in the
United Kingdom by the Financial Conduct Authority, and J.P. Morgan
Securities plc, which conducts its UK investment banking activities
as J.P. Morgan Cazenove ("J.P. Morgan Cazenove") and which is
authorised by the Prudential Regulation Authority and regulated by
the Prudential Regulation Authority and the FCA, is acting
exclusively for the Company and for no-one else in relation to the
Placing, Admission and the other arrangements referred to in this
announcement. Neither Shore Capital nor J.P. Morgan Cazenove will
regard any other person (whether or not a recipient of this
announcement) as its client in relation to the Placing or Admission
and will not be responsible to anyone other than the Company for
providing the protections afforded to its clients or for providing
any advice in relation to the Placing or Admission, the contents of
this announcement or any transaction or arrangement referred to
herein. Apart from the responsibilities and liabilities, if any,
which may be imposed on Shore Capital or J.P. Morgan Cazenove by
the FSMA or the regulatory regime established thereunder, neither
Shore Capital nor J.P. Morgan Cazenove makes any representation
express or implied in relation to, nor accepts any responsibility
whatsoever for, the contents of this announcement or any other
statement made or purported to be made by it or on its behalf in
connection with the Company, the Ordinary Shares, the Placing or
Admission. Each of Shore Capital and J.P. Morgan Cazenove
accordingly, to the fullest extent permissible by law, disclaims
all and any responsibility or liability whether arising in tort,
contract or otherwise which it might have in respect of this
announcement or any other statement.
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