21 March 2024
Harmony Energy Income Trust plc
(the "Company")
Notification of Consent to Share
Charge
Harmony Energy Income Trust plc,
which invests in battery energy storage systems ("BESS") in Great Britain, announces
that Harmony Energy Limited ("HEL") has notified the Company that it
has granted a first ranking fixed charge over all its Ordinary
Shares in the Company (being 27,338,696 Ordinary Shares,
representing approximately 12.5% of the existing Ordinary Shares in
the Company).
The Investment Adviser to the
Company, Harmony Energy Advisors Limited, is a wholly owned
subsidiary of HEL.
HEL has entered into (i) a revolving
credit loan facility agreement (the "Triodos/HEL Facility Agreement") with
Triodos Bank UK Limited ("Triodos") and (ii) a share charge
agreement in favour of Triodos (the "Share Charge"), pursuant to which HEL
grants a first ranking fixed charge over all its Ordinary Shares in
the Company (the "Restricted
Shares") as well as its interest in certain pipeline BESS
development projects (in excess of 700 MW). The total
facility amount available to be drawn by HEL under the Triodos/HEL
Facility Agreement is £10m, and the availability period is two
years.
HEL will use the additional finance
for short-term working capital purposes.
The Restricted Shares are subject to
a Lock-up and Orderly Market Deed (as described in the Company's
prospectus). The Company and Berenberg, the Company's Financial
Adviser and Joint Broker, have provided their consents for HEL to
enter into the Share Charge and the grant of the Company's consent
has been conducted in accordance with the Company's related party
policy. The Lock-up and Orderly Market Deed remains in force but,
in the event that Triodos exercises its rights under the Share
Charge and takes ownership of the Restricted Shares, Triodos will
be permitted to dispose of such shares. However, Triodos has
executed an orderly market undertaking, pursuant to which it
undertakes that it will not, before 10 November 2027, effect any
disposal of any interest in the Restricted Shares it may acquire
following an enforcement other than through the Company's broker(s)
from time to time or otherwise following reasonable consultation
with the Company and its broker(s).
There has been no reduction in the
number of Ordinary Shares which HEL holds in the Company as a
result of these arrangements and HEL retains control of voting
rights in relation to all of the Restricted Shares.
END
For further information, please
contact:
|
Harmony Energy Advisors Limited
Paul Mason
Max Slade
Peter Kavanagh
James Ritchie
info@harmonyenergy.co.uk
|
|
|
Berenberg
Ben Wright
Dan Gee-Summons
|
+44 (0)20 3207 7800
|
|
Stifel Nicolaus Europe Limited
Mark Young
Edward Gibson-Watt
Rajpal Padam
Madison Kominski
|
+44 (0)20 7710 7600
|
|
Camarco
Eddie
Livingstone-Learmonth
Andrew Turner
Lily Pettifar
|
+44 (0)20 3757 4980
|
|
JTC
(UK) Limited
Uloma
Adighibe
HarmonyEnergyIncomeTrustPLC@jtcgroup.com
|
+44 (0)20 3832 3877
|
LEI: 254900O3XI3CJNTKR453
About Harmony Energy Advisors Limited (the "Investment
Adviser")
The Investment Adviser is a wholly
owned subsidiary of Harmony Energy Limited. The Investment Adviser
is an appointed representative of Laven Advisors LLP, which is
authorised and regulated by the Financial Conduct
Authority.
The management team of the
Investment Adviser have been exclusively focussed on the energy
storage sector (across multiple projects) in Great Britain for over
seven years, both from the point of view of asset owner/developer
and in a third-party advisory capacity.