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First Day of Dealings

25 May 2018

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR TO ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM)

Gore Street, London's first listed energy storage fund investing in income producing assets in the UK and internationally, is pleased to announce that commencement of dealings in its Ordinary Shares is expected at 8.00am today on the main market of the London Stock Exchange and admission to the premium segment of the Official List of the UK Listing Authority ("Admission"). The ticker is 'GSF' and ISIN is GB00BG0P0V73.

Highlights

  • Seeks to provide investors with a sustainable, attractive income through dividends over the long term alongside capital growth; targeting an annual dividend of 7% of NAV per Ordinary Share in each financial year paid quarterly (subject to a minimum target of 7 pence per Ordinary Share), and a target dividend of 4% of NAV per Ordinary Share (subject to a minimum target of 4 pence per Ordinary Share) for the period from Admission to 31 March 2019.
  • Initial capital raise of £30.6 million to be invested in a diversified portfolio of utility scale energy storage projects with strong returns, delivered through multiple revenue streams that can be stacked on a single battery.
  • Established seed portfolio with blue-chip commercial partners and a pipeline of more than 60 potential projects primarily in the UK, as well as in North America and Western Europe.
  • The use of renewable energy is targeted to reach 31% of total energy generated in the UK by 2020, but can be intermittent and therefore increase difficulties in balancing demand/supply of electricity
  • Battery storage enables excess energy in the system to be stored at times of over-production and the release of this energy when grid capacity is constrained
  • Strong strategic partnerships with cornerstone investors, NEC Energy Solutions and Nippon Koei
  • Non-executive and independent board, consisting of Patrick Cox (Chairman), Caroline Banszky, Max King and Thomas Murley
  • Gore Street Capital Limited has extensive experience and expertise in sourcing, structuring and managing large renewable energy projects globally

The total number of ordinary shares in the Company in issue immediately following Admission is 30,600,000, each with equal voting rights. The total voting rights figure can be used by shareholders as the denominator for the calculations by which they will determine whether they are requested to notify their interest in the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Unless otherwise stated, capitalised terms used in this announcement but not defined have the same meaning as set out in the Prospectus dated 9 March 2018.

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

 

For further information:

Gore Street Capital Limited  
Alex O'Cinneide Tel: +44 (0) 20 3826 0290
   
Stockdale Securities Limited  
Daniel Harris / Owen Matthews (Corporate Finance)
Henry Willcocks / Fiona Conroy (Corporate Broking)
Tel: +44 (0) 20 7601 6000

Media enquiries:

Buchanan  
Charles Ryland / Steph Watson / Henry Wilson Tel: +44 (0) 20 7466 5000
  Email: Gorestreet@buchanan.uk.com

 

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.

 

Disclaimer

This announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by, Stockdale Securities Limited ("Stockdale") or by any of its respective affiliates or agents as to or in relation to the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or their advisers and any liability therefore is expressly disclaimed. This announcement is an advertisement and not a prospectus. This announcement does not constitute an offer to sell, or the solicitation of an offer to subscribe for, or to buy shares in any jurisdiction.

Stockdale, which is authorised and regulated by the Financial Conduct Authority, 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 Stockdale or advice to any other person in relation to the matters contained herein.

 

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