REG - Gore Street Energy - 1.7% Uplift in Unaudited Quarterly NAV & Dividend

Gore Street Energy Storage FundAnnouncement

24/09/2020 07:00

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RNS Number : 9412Z  Gore Street Energy Storage Fund PLC  24 September 2020

24 September 2020

Gore Street Energy Storage Fund plc

(the "Company" or "Gore Street")

1.7% Uplift in Unaudited Quarterly NAV and Dividend Distribution

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)  Tel: +44 (0) 20 7 408 4050

 Henry Willcocks / Fiona Conroy (Corporate Broking)

 

Media enquiries

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

 

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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