TIDMGSF

RNS Number : 5235N

Gore Street Energy Storage Fund PLC

30 September 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.

30 September 2021

Gore Street Energy Storage Fund plc

(the "Company" or "Gore Street")

Result of Oversubscribed Capital Raise

Key highlights:

-- Gross proceeds of GBP73.6 million raised from the total available issue of 68,811,220 new Ordinary Shares at 107p per Ordinary Share under the the Placing and PrimaryBid Offer

-- Net proceeds will be deployed towards the Company's significant development pipeline of over 1.0GW/ 2.5GWh of attractive accretive opportunities, including a 2GWh active pipeline across North America and Western Europe, of which 160MWh is currently under exclusivity

Further to the announcement on 20 September 2021, the Company is pleased to announce the result of the placing of new Ordinary Shares (the "Placing") and the PrimaryBid offer (the "PrimaryBid Offer") (together the "Fundraise").

A total of 68,811,220 new Ordinary Shares, comprised of 67,883,824 under the Placing and 927,396 under the PrimaryBid Offer, will be issued pursuant to the Fundraise at 107p per share, raising combined gross proceeds of GBP73.6 million, which will be used to fund investments in accordance with the Company's investment policy.

Due to the significant level of demand that exceeded the available allocation of 68,811,220 new Ordinary Shares, a scaling back exercise has been undertaken with respect to applications received pursuant to the Fundraise.

Applications have been made to the FCA for the 68,811,220 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 4 October 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 345,035,842 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 345,035,842. 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 with this latest successful and once again oversubscribed capital raise, fully utilising all of the available authority at this time. We would like to thank our shareholders for their support and to take the opportunity to welcome new shareholders to the Company. We are looking forward to allocating the new capital resources against our significant pipeline of attractive international opportunities, including a number currently under exclusivity, as we continue to reinforce our leadership as the category defining company in this space. We remain focused on aggressively capturing the market opportunity in front of us, in particular with expected large growth across Europe and the US. We look forward to updating the market in due course."

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 / Maria Vaggione                                  Tel: +44 (0) 20 3826 0290 
 
 
Shore Capital (Joint Corporate Broker and Joint Bookrunner) 
Anita Ghanekar / Rose Ramsden / Iain Sexton (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  Tel: +44 (0) 20 7742 
 (Corporate Finance)                            4000 
 

Buchanan (Media enquiries)

 
Charles Ryland / Henry Wilson / George   Tel: +44 (0) 20 7466 5000 
 Beale 
                                         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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