TIDMGSF
RNS Number : 1829I
Gore Street Energy Storage Fund PLC
12 April 2022
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE
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 .
12 April 2022
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Results of Upscaled and Oversubscribed Initial Issue
Key highlights:
-- Gross proceeds of GBP150 million raised from the issue of
136,363,636 new Ordinary Shares at 110 pence per Ordinary Share by
way of an Initial Placing, Initial Offer for Subscription and
Initial Intermediaries Offer
-- The Initial Issue was significantly oversubscribed above the GBP150 million upper limit
-- Due to this significant level of demand, the Board, after
consultation with the Investment Manager and the Joint Bookrunners
determined to increase the target size of the Initial Issue from
gross proceeds of GBP75 million to the maximum amount previously
announced of GBP150 million. The Initial Issue was subject to scale
back
-- Net proceeds will be deployed towards the Company's significant pipeline of over 1.3GW
Gore Street, London's first listed energy storage fund
supporting the transition to low carbon power, is pleased to
announce that further to the announcement on 29 March 2022, the
Company has raised gross proceeds of GBP150 million by way of an
Initial Placing, Initial Offer for Subscription and Initial
Intermediaries Offer (the "Initial Issue"). Institutional and
retail investor demand was considerable and substantially more than
GBP150 million was raised in the Initial Issue and was therefore
subject to scale back.
As a result of the strong level of support from both
institutional and retail investors, and taking into account the
Company's acquisition pipeline, the Board, after consultation with
the Investment Manager and the Joint Bookrunners has determined to
increase the target size of the Initial Issue from gross proceeds
of GBP75 million to GBP150 million. Accordingly, the Initial Issue
will result in the issue of 136,363,636 new Ordinary Shares at the
Issue Price of 110 pence per share.
The net proceeds of the Initial Issue will be used to acquire
and construct new projects in the Company's pipeline. The
Investment Manager has identified a pipeline of investments with a
total project size of approximately 1.3GW comprising 900 MW in GB,
375 MW in North America and 100 MW in Europe. The Investment
Manager remains confident in its ability to deploy the net proceeds
of the Initial Issue to its broad pipeline of investment
opportunities in a timely manner.
Applications have been made to the FCA for the 136,363,636 new
Ordinary Shares issued pursuant to the Initial Issue 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 is expected to
become effective, and dealings in the new Ordinary Shares are
expected to commence, at 8.00 a.m. on 14 April 2022. Following
Admission, the new Ordinary Shares will rank pari passu in all
respects with the existing Ordinary Shares.
Immediately following Admission, the Company's issued share
capital will comprise 481,399,478 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 481,399,478. 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.
The new Ordinary Shares will be entitled to receive the next
quarterly dividend for the period to 31 March 2022.
Any capitalised terms used but not otherwise defined in this
announcement have the meaning set out in the Prospectus published
by the Company on 29 March 2022.
Alex O'Cinneide, CEO of Gore Street Capital Limited, the
Company's investment manager, commented:
"We are delighted by the continued support from our existing
shareholders for this fundraise and we welcome all of the new
shareholders to the Company, as we plan to grow Gore Street further
and take advantage of potential new investments from our compelling
pipeline of domestic and international opportunities. Since
defining this category the Company has grown over 18x since IPO in
May 2018, and our ongoing leadership in this sector consistently
drives the development of this asset class. We are uniquely
situated with operational assets in four high growth markets, with
the recent acquisitions in Germany and the US being a testament to
that increasing international portfolio opportunity adding further
diversification to our revenue base. This, combined with our
continued focus on acquisition pricing discipline and strength of
revenues per MW/h all support Gore Street in the delivery of our
targeted 7% dividend yield for shareholders.
"The further headroom created by this oversubscribed fundraise
will enable the Company to continue to pursue attractive
opportunities globally, and we look forward to updating
shareholders on our progress in due course."
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso / 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
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
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 or into any jurisdiction in
which such an offer or solicitation is unlawful.
This announcement 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.
Each of Shore Capital and Corporate Limited and Shore Capital
Stockbrokers Limited (together "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 Initial Issue, the Share
Issuance Programme or any 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
Initial Issue, the Share Issuance Programme or any 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 Initial Issue, the Share Issuance
Programme or any 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 Shares, the Initial Issue, the Share Issuance
Programme or any 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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