Uplift in Unaudited Quarterly, NAV and Dividend Declaration
07 September 2021
Gore Street, London's first energy storage fund supporting the transition to low carbon power, is pleased to announce the Company's unaudited Net Asset Value ("NAV") for the quarter.
As at 30 June 2021, the estimated unaudited NAV was 101.0 pence per share, representing an uplift of 0.1 pence per share from the NAV as at 31 March 2021 (100.9). NAV during the period benefitted from the strong performance of the Company's UK and Irish assets over the quarter. The NAV also reflects the significant equity raise in April which had an issuance price of 99.8 pence after expenses. The Company notes that following best practice, during unaudited quarters, no updates are made to any long-term assumptions in relation to portfolio Companies' valuations.
In addition, the Board of Directors (the "Board") of Gore Street has today declared an interim dividend of 2.0 pence per ordinary share for the period 1 April 2021 to 30 June 2021. The ex-dividend date will be 16 September 2021 and the record date 17 September 2021. The dividend will be paid on or around 8 October 2021.
Over the last fiscal-year ending 31 March 2021, the Company's NAV appreciated from 94.6 pence per share to 100.9 pence per share, an increase of 6.3 pence per share (+6.7%). Over this same period, the Company has announced 7.0 pence per share in dividends.
The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso
Tel: +44 (0) 20 3826 0290
Shore Capital (Joint Corporate Broker)
Anita Ghanekar / Rose Ramsden (Corporate Advisory)
Henry Willcocks / Fiona Conroy (Corporate Broking)
Tel: +44 (0) 20 7408 4090
J. P. Morgan Cazenove (Joint Corporate Broker)
William Simmonds / Jérémie Birnbaum (Corporate Finance)
Tel: +44 (0) 20 7742 4000
Charles Ryland / Henry Wilson / George Beale
Tel: +44 (0) 20 7466 5000
Email: [email protected]
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.