REG - Gore Street Energy - Results of Upscaled & Oversubscribed Initial Issue

Gore Street Energy Storage FundAnnouncement

12/04/2022 18:00

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RNS Number : 1829I  Gore Street Energy Storage Fund PLC  12 April 2022

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 12 April 2022

Gore Street Energy Storage Fund plc

(the "Company" or "Gore Street")

Results of Upscaled and Oversubscribed Initial Issue

Key highlights:

·    Gross proceeds of £150 million raised from the issue of 136,363,636
new Ordinary Shares at 110 pence per Ordinary Share by way of an Initial
Placing, Initial Offer for Subscription and Initial Intermediaries Offer

 

·    The Initial Issue was significantly oversubscribed above the £150
million upper limit

 

·    Due to this significant level of demand, the Board, after
consultation with the Investment Manager and the Joint Bookrunners determined
to increase the target size of the Initial Issue from gross proceeds of £75
million to the maximum amount previously announced of £150 million. The
Initial Issue was subject to scale back

 

·    Net proceeds will be deployed towards the Company's significant
pipeline of over 1.3GW

 

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 29 March 2022, the Company has raised gross proceeds of £150
million by way of an Initial Placing, Initial Offer for Subscription and
Initial Intermediaries Offer (the "Initial Issue"). Institutional and retail
investor demand was considerable and substantially more than £150 million was
raised in the Initial Issue and was therefore subject to scale back.

 

As a result of the strong level of support from both institutional and retail
investors, and taking into account the Company's acquisition pipeline, the
Board, after consultation with the Investment Manager and the Joint
Bookrunners has determined to increase the target size of the Initial Issue
from gross proceeds of £75 million to £150 million. Accordingly, the Initial
Issue will result in the issue of 136,363,636 new Ordinary Shares at the Issue
Price of 110 pence per share.

 

The net proceeds of the Initial Issue will be used to acquire and construct
new projects in the Company's pipeline. The Investment Manager has identified
a pipeline of investments with a total project size of approximately 1.3GW
comprising 900 MW in GB, 375 MW in North America and 100 MW in Europe. The
Investment Manager remains confident in its ability to deploy the net proceeds
of the Initial Issue to its broad pipeline of investment opportunities in a
timely manner.

 

Applications have been made to the FCA for the 136,363,636 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 14 April 2022. 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 481,399,478 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 481,399,478. 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 31 March 2022.

Any capitalised terms used but not otherwise defined in this announcement have
the meaning set out in the Prospectus published by the Company on 29 March
2022.

 

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

"We are delighted by the continued support from our existing shareholders for
this fundraise and we welcome all of the new shareholders to the Company, as
we plan to grow Gore Street further and take advantage of potential new
investments from our compelling pipeline of domestic and international
opportunities. Since defining this category the Company has grown over 18x
since IPO in May 2018, and our ongoing leadership in this sector consistently
drives the development of this asset class. We are uniquely situated with
operational assets in four high growth markets, with the recent acquisitions
in Germany and the US being a testament to that increasing international
portfolio opportunity adding further diversification to our revenue base.
This, combined with our continued focus on acquisition pricing discipline and
strength of revenues per MW/h all support Gore Street in the delivery of our
targeted 7% dividend yield for shareholders.

 

"The further headroom created by this oversubscribed fundraise will enable the
Company to continue to pursue attractive opportunities globally, and we look
forward to updating shareholders on our progress in due course."

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

For further information:

 Gore Street Capital Limited
 Alex O'Cinneide / Paula Travesso / Maria Vaggione                 Tel: +44 (0) 20 3826 0290

 Shore Capital (Joint Corporate Broker and Joint Bookrunner)
 Anita Ghanekar / Rose Ramsden / Iain Sexton (Corporate Advisory)  Tel: +44 (0) 20 7408 4090

 Fiona Conroy (Corporate Broking)

 

 J. P. Morgan Cazenove (Joint Corporate Broker and Joint Bookrunner)
 William Simmonds / Jérémie Birnbaum (Corporate Finance)              Tel: +44 (0) 20 7742 4000

 

Buchanan (Media enquiries)

 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

 

 

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

This announcement does not constitute, or form part of, any offer or
invitation to sell or issue, or any solicitation of any offer to subscribe
for, any shares in the Company in any jurisdiction nor shall it, or any part
of it, or the fact of its distribution, form the basis of, or be relied on in
connection with or act as any inducement to enter into, any contract therefor.

Each of Shore Capital and Corporate Limited and Shore Capital Stockbrokers
Limited (together "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 Share Issuance 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
Share Issuance 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
Share Issuance 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 Shares, the Initial Issue, the Share Issuance 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.

 

 

 

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