Results of Capital Raise
17 October 2019
THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED IN IT, IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR RESTRICTED BY LAW.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS AND EXPRESSIONS DEFINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 16 JULY 2019 (IN CONNECTION WITH ITS SHARE ISSUANCE PROGRAMME (THE "PROSPECTUS") HAVE THE SAME MEANINGS WHEN USED IN THIS ANNOUNCEMENT.
Gore Street Energy Storage Fund plc (ticker: GSF), London's first listed energy storage fund investing in income producing assets in the UK and internationally announces that further to the announcement on 10 October 2019, the Company has in total raised gross proceeds of approximately £10.7m in its latest fundraising campaign. This total includes £9.5m raised from the National Treasury and Management Agency (the "NTMA") controller and manager of the Irish Strategic Investment Fund, a sovereign wealth fund and significant renewable energy investor. In addition, the Company has raised a further £1.2m from new and existing institutional investors as part of its ongoing Placing Programme (the "Placing").
Pursuant to the Placing 1,264,071 new Ordinary Shares will be issued at 93.8p per share. It is intended that the net proceeds of the Placing will be used to fund new investments in accordance with the Company's investment policy. Applications will be made to the FCA for the 1,264,071 new Ordinary Shares to be admitted to the premium segment of the Official List and to the London Stock Exchange for admission 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 22 October 2019. 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 48,932,829 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 48,932,829. 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.
Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment adviser said:
"In the eighteen months since Gore Street successfully completed its IPO we have built by far the largest portfolio of energy storage assets available to the financial investor at 189MW. To support this considerable growth the manager has more than doubled the amount of capital available which has included investments from Sovereign Wealth Funds and multi-national corporations which are leaders in this sector, as well as a range of tier one institutional investors.
Our pipeline has grown substantially since our IPO, growing from over 500MW to over 1GW across 21 projects today. Together, these reinforce our position as the leading manager investing in this sector globally. We are very proud of managing a hugely capital efficient model with all funds raised to date fully utilised in our international portfolio.
We are delighted to be playing a leading role in the growth of energy storage, a sector that will perform an essential service in supporting the growth of variable renewable technologies internationally to meet global carbon emissions targets. Over the coming quarters we expect to announce a series of further investments in assets across our target markets and look forward to briefing the market on them in due course."
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|
|Anita Ghanekar / Hugo Masefield (Corporate Advisory)||Tel: +44 (0) 20 7601 6128|
|Henry Willcocks / Fiona Conroy (Corporate Broking)|
|Charles Ryland / Steph Watson / Henry Wilson||Tel: +44 (0) 20 7466 5000|
|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.
Important Notices and Disclaimers
Shore Capital and Corporate Limited ("Shore Capital") is authorised and regulated in the United Kingdom by the FCA and acting only for the Company in connection with the Placing, the Placing Programme and Admission. Persons receiving this announcement should note that Shore Capital will not be responsible to anyone other than the Company for providing the protections afforded to customers of Shore Capital, or for advising any other person on the matters described in this announcement.