RNS Announcements

1.7% Uplift in Unaudited Quarterly NAV & Dividend

24 September 2020

Gore Street, London's first energy storage fund supporting the transition to low carbon power, is pleased to announce that continuing good operational progress has led to further growth in the Company's unaudited Net Asset Value ("NAV").

NAV Update

As at 30 June 2020, the estimated unaudited NAV increased to 96.2 pence per share, representing an uplift of 1.6 pence per share (+1.7%) from 94.6 pence per share as at 31 March 2020. The increase in the latest quarterly NAV is attributable to both the strong performance of the Company's UK assets, recent acquisitions and ongoing progress in the construction of the Company's Irish assets, these continue to progress in-line with the anticipated completion schedules.

While the Company completed a successful fundraise during the period issuing 24,627,365 shares at 96.1 pence per share shortly after the period end on 6 July, the effect on Company's unaudited NAV per share is not considered to be material.

Dividend Declaration

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 2020 to 30 June 2020. The dividend will be paid on or around 30 October 2020 to shareholders on the register on 9 October 2020.

Over the last fiscal-year ending 30 March 2020, the Company's NAV appreciated from 91.9 pence per share to 94.6 pence per share, an increase of 2.7 pence per share (+2.9%). For the financial year to 31 March 2020, the Company has announced 7.0 pence per share in dividends.

The Company's Quarterly unaudited NAV is calculated before the 1.0 pence dividend paid by the Company in July. Therefore, the Company's unaudited ex-dividend NAV would be 93.2 pence per share, including the deduction of the recent 1.0 pence dividend distributions and the 2.0 pence declared for the June-end quarter.

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

"We are pleased with the continued performance of Gore Street's operational assets including acquisitions and good progress in the development of the Company's Irish assets, which is reflected in a significant NAV uplift for Q1 financial year 2021. The Company's attractive 7p annual dividend target for the fiscal year reinforce its defensive qualities during the Covid-19 era as the Company's assets continue to perform an essential service in balancing electricity grids".

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

 

Anita Ghanekar / Darren Vickers / Hugo Masefield (Corporate Advisory)

Henry Willcocks / Fiona Conroy (Corporate Broking)

Tel: +44 (0) 20 7 408 4050

 

Media enquiries

Buchanan

 

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.

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