Important information

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 30 November 2020, the Company has raised gross proceeds of £60 million by way of an Initial Placing, Offer for Subscription and Intermediaries Offer (the "Initial Issue").

Due to the significant level of demand that exceeded the target proceeds of £60 million, a scaling back exercise has been undertaken with respect to applications received pursuant to the Initial Issue.

The net proceeds of the Initial Issue will be used to acquire new projects in the Company's pipeline and/or to fund capital expenditure requirements of investments in Gore Street's existing portfolio. The Investment Manager has identified a pipeline of investments with a total project size of approximately 1.3GW.

A total of 60 million new Ordinary Shares will be issued (subject to Admission) pursuant to the Initial Issue at 100 pence per share. Of these, 37,336,899 Ordinary Shares will be issued under the Initial Placing, 15,731,130 Ordinary Shares will be issued under the Offer for Subscription and 6,931,971 Ordinary Shares will be issued under the Intermediaries Offer.

Applications have been made to the FCA for the 60,000,000 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 16 December 2020. 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 143,871,681 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 143,871,681. 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 30 September 2020 which is expected to be declared shortly.

Any capitalised terms used but not otherwise defined in this announcement have the meaning set out in the Prospectus published by the Company on 30 November 2020.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Alex O'Cinneide, CEO of Gore Street Capital Limited, the Company's investment manager, commented: 

"We are delighted with the demand for this significantly oversubscribed latest capital raise which we believe reflects both the positive outlook for the asset class in playing a critical role in the future of our transition to a low carbon economy and Gore Street Capital's pre-eminent role as a manager of choice in this asset class. We would like to thank our new and existing investors for their recognition of our market leading experience in the sector, and we will continue to work to deliver on our commitments to them. We are looking forward to deploying this capital against our significant global pipeline of 1.3GW and towards the capital expenditure requirements in the Company's existing 440MW portfolio."

For further information:

The Company's LEI is 213800GPUNVGG81G4O21

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 any jurisdiction in which such an offer or solicitation is unlawful.

This announcement does not constitute, or form part of, an offer to sell or the solicitation of an offer to purchase or subscribe for any Company securities in any of Australia, Canada, the Republic of South Africa, Japan, the United States or any member state of the EEA (other than, prior to the expiry of the Implementation Period, the Republic of Ireland). The new Ordinary Shares in the capital of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act") or under any securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, taken up, exercised, resold, renounced, or otherwise transferred, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.

The distribution of this announcement into jurisdictions other than the United Kingdom may be restricted by law, and, therefore, persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws of such jurisdiction. In particular, subject to certain exceptions, this announcement and the Prospectusshould not be distributed, forwarded to or transmitted in any of Australia, Canada, the Republic of South Africa, Japan, the United States or any member state of the EEA (other than, prior to the expiry of the Implementation Period, the Republic of Ireland) .

The merits or suitability of any securities must be independently determined by the recipient on the basis of its own investigation and evaluation of the Company. Any such determination should involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of the securities.

This announcement does not constitute a recommendation concerning the Initial Issue, the Placing Programme or any Subsequent Issue. The price and value of securities can go down as well as up. Past performance is not a guide to future performance. The contents of this announcement are not to be construed as legal, business, financial or tax advice.

Each of 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 Placing 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 Placing 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 Placing 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 Ordinary Shares, the Initial Issue, the Placing 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.