REG - Gresham House Energy - Result of Issue and Total Voting Rights

Gresham House Energy Storage FundAnnouncement

25/05/2023 07:00

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RNS Number : 5787A  Gresham House Energy Storage Fund  25 May 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, TO US PERSONS OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN,
NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR INTO ANY OTHER JURISDICTION
WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THE INFORMATION
CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO ISSUE OR
SELL, OR ANY SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY
INVESTMENTS IN ANY JURISDICTION. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF
THIS ANNOUNCEMENT.

 

THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE INFORMATION.

 

25 May 2023

 

Gresham House Energy Storage Fund plc

(the "Company" or "GRID")

Result of Issue and Total Voting Rights

Further to the announcements of 18 May 2023, the Board of Directors (the
"Board") of Gresham House Energy Storage Fund plc is pleased to announce the
results of the placing (the "Placing") and the retail offer (the "Retail
Offer") (together the "Issue") of new ordinary shares of 1p each in the
capital of the Company ("Ordinary Shares", and the new Ordinary Shares, "New
Ordinary Shares").

 

The Company has raised total gross proceeds of £50 million through the issue
of 32,154,341 New Ordinary Shares at a price of 155.5 pence per share.
30,584,387 of these shares will be issued via the Placing and 1,569,954 shares
will be issued via the Retail Offer.

 

Subject to confirmatory due diligence and documentation, the net proceeds of
the Issue are intended to fund the first closing of Project Iliad. If
successfully completed, Project Iliad will represent the Company's first
international transaction comprising 160MW of solar with collocated, four-hour
battery energy storage projects in California, USA.

 

John Leggate CBE, Chair of Gresham House Energy Storage Fund plc said:

"We really appreciate this positive and broad support from investors,
particularly given the current challenging market conditions. The funds raised
will give us an opportunity to secure a foothold in the US, one of our most
important target markets. The pace of renewable energy growth globally remains
strong, underpinned by the demand for cleaner, cheaper and secure energy, net
zero commitments and government incentives. The case for investing in grid
level battery energy storage remains more compelling than ever. We look
forward to reporting further progress this year."

 

Ben Guest, Fund Manager and Head of Gresham House New Energy, commented:

 

"The funds raised will kick-start our first US investment, constructing 160MW
of solar plus collocated four-hour battery energy storage system projects in
California, and we would like to thank all our shareholders for this ongoing
support and endorsement. We consider California to be one of the most exciting
renewables markets in the United States and the fundraise represents a
significant milestone in GRID's progress, as we continue to monetise the
opportunities available in an increasingly renewables-driven power market."

 

Admission of New Ordinary Shares

Application will be made for the New Ordinary Shares to be admitted to trading
on the Specialist Fund Segment of the London Stock Exchange's main market
("Admission"). Admission is expected to become effective, and dealings in the
New Ordinary Shares are expected to commence, at 8.00 a.m. (London time)
on 30 May 2023.

The New Ordinary Shares, when issued, will rank pari passu in all respects
with the existing Ordinary Shares, including the right to receive all
dividends and other distributions declared, made, or paid after the date of
Admission.

Immediately following Admission, the Company will have 573,444,694 Ordinary
Shares in issue and therefore the total voting rights in the Company will be
573,444,694. This figure may be used by Shareholders 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 interests in the Company.

This announcement contains inside information for the purposes of Article 7 of
the UK version of EU Regulation 596/2014, as it forms part of the laws of
England and Wales by virtue of the EUWA and as amended by UK legislation.
Upon the publication of this announcement, this inside information is now
considered to be in the public domain.

 

Dealing codes

 

 Ticker                         GRID
 ISIN for the Ordinary Shares   GB00BFX3K770
 SEDOL for the Ordinary Shares  BFX3K77
 Legal Entity Identifier (LEI)  213800MSJXKH25C23D82

 

 

 

For further information, please contact:

Gresham House New Energy

Ben
Guest
+44 (0) 20 3837 6270

Rupert Robinson

 

Jefferies International Limited

Stuart Klein
                                    +44 (0)
20 7029 8000

Gaudi Le Roux

Harry Randall

 

KL Communications
              gh@kl-communications.com
(mailto:gh@kl-communications.com)

Charles Gorman
                        +44 (0) 20 3995 6673

Charlotte Francis

 

JTC (UK) Limited as Company
Secretary    GHEnergyStorageCoSec@jtcgroup.com
(mailto:GHEnergyStorageCoSec@jtcgroup.com)
David Rice
                        +44 (0)203 846 9774

 

About the Company and the Manager:

Gresham House Energy Storage Fund plc seeks to provide investors with an
attractive and sustainable dividend over the long term by investing in a
diversified portfolio of utility-scale battery energy storage systems (known
as BESS) located in Great Britain and in overseas jurisdictions. In addition,
the Company seeks to provide investors with the prospect of capital growth
through the re-investment of net cash generated in excess of the target
dividend in accordance with the Company's investment policy.

The Company targets (i) an unlevered Net Asset Value total return of 8 per
cent. per annum; and (ii) a levered Net Asset Value total return of 15 per
cent. per annum.

Gresham House Asset Management Limited ("Gresham House" or the "Manager") is
the FCA authorised operating business of Gresham House plc, a London Stock
Exchange quoted specialist alternative asset manager. Gresham House is
committed to operating responsibly and sustainably, taking the long view in
delivering sustainable investment solutions. Gresham House's website is
at: www.greshamhouse.com (http://www.greshamhouse.com/)

 

Definition of utility-scale battery energy storage systems (BESS)

Utility-scale battery energy storage systems (BESS) are the enabling
infrastructure that will support the continued growth of renewable energy
sources such as wind and solar, essential to the UK's stated target to reduce
carbon emissions. They store excess energy generated by renewable energy
sources and then release that stored energy back into the grid during peak
hours when there is increased demand. BESS also provide Frequency Response
services to National Grid whereby batteries import and export power with the
aim to keep real-time supply and demand in near-perfect balance while also
protecting against unexpected outages of major power plants.

 

DISCLAIMERS

This announcement has been prepared for information purposes only.

This announcement is not an offer to sell or a solicitation of any offer to
buy New Ordinary Shares in the United States, Australia, Canada, the Republic
of South Africa, Japan, or any Member State of the European Economic Area, or
any of their respective territories or possessions, or in any other
jurisdiction where such offer or sale would be unlawful. No action has been
taken by the Company or Jefferies that would permit an offering of any shares
in the capital of the Company or possession or distribution of this
announcement or any other offering or publicity material relating to such
shares in any jurisdiction where action for that purpose is required. Persons
into whose possession this announcement comes are required by the Company and
Jefferies to inform themselves about, and to observe, such restrictions.

 

This communication is not for publication or distribution, directly or
indirectly, in or into the United States of America. This communication is
not an offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered, sold,
resold, transferred or delivered directly or indirectly in the United States,
or to, or for the account or benefit of, U.S. Persons, except pursuant to an
applicable exemption from registration. No public offering of securities is
being made in the United States.

The Company has not been and will not be registered under the US Investment
Company Act of 1940 (the "Investment Company Act") and, as such, holders of
the Ordinary Shares will not be entitled to the benefits of the Investment
Company Act. No offer, sale, resale, pledge, delivery, distribution, or
transfer of the Ordinary Shares may be made except under circumstances that
will not result in the Company being required to register as an investment
company under the Investment Company Act.

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 may not be used in making any investment decision in
isolation. This announcement on its own does not contain sufficient
information to support an investment decision and investors should ensure that
they obtain all available relevant information before making any investment.
This announcement does not constitute or form part of and may not be construed
as an offer to sell, or an invitation to purchase or otherwise acquire,
investments of any description, nor as a recommendation regarding the possible
offering or the provision of investment advice by any party. No information in
this announcement should be construed as providing financial, investment or
other professional advice and each prospective investor should consult its own
legal, business, tax, and other advisers in evaluating the investment
opportunity. No reliance may be placed for any purposes whatsoever on this
announcement or its completeness.

The information and opinions contained in this announcement are provided as at
the date of the announcement and are subject to change without notice and no
representation or warranty, express or implied, is or will be made in relation
to the accuracy or completeness of the information contained herein and no
responsibility, obligation or liability or duty (whether direct or indirect,
in contract, tort or otherwise) is or will be accepted by the Company, the
Manager, Jefferies or any of their affiliates or by any of their respective
officers, employees or agents to update or revise publicly any of the
statements contained herein. No reliance may be placed for any purpose
whatsoever on the information or opinions contained in this announcement or on
its completeness, accuracy, or fairness. The document has not been approved by
any competent regulatory or supervisory authority.

Potential investors should be aware that any investment in Company is
speculative, involves a high degree of risk, and could result in the loss of
all or substantially all of their investment. Results can be positively or
negatively affected by market conditions beyond the control of the Company or
any other person. Any data on past performance contained herein is no
indication as to future performance and there can be no assurance that any
targeted or projected returns will be achieved or that the Company will be
able to implement its investment strategy or achieve its investment
objectives. Any target returns published by the Company are targets only.
There is no guarantee that any such returns can be achieved or can be
continued if achieved, nor that the Company will make any distributions
whatsoever. There may be other additional risks, uncertainties and factors
that could cause the returns generated by the Company to be materially lower
than the target returns of the Company.

The information in this announcement may include forward-looking statements,
which are based on the current expectations, intentions and projections about
future events and trends or other matters that are not historical facts and in
certain cases can be identified by the use of terms such as "may", "will",
"should", "expect", "anticipate", "project", "estimate", "intend", "continue",
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included in any related materials, are not guarantees of future performance
and are subject to known and unknown risks, uncertainties, assumptions about
the Company and other factors, including, among other things, the development
of its business, trends in its operating industry, and future capital
expenditures and acquisitions. In light of these risks, uncertainties and
assumptions, the events in the forward-looking statements may not occur and
actual results may differ materially from those expressed or implied by such
forward-looking statements. Given these risks and uncertainties, prospective
investors are cautioned not to place undue reliance on forward-looking
statements.

Jefferies International Limited, which is authorised and regulated by the
Financial Conduct Authority in the United Kingdom, is acting only for the
Company in connection with the matters described in this announcement and is
not acting for or advising any other person, or treating any other person as
its client, in relation thereto and will not be responsible for providing the
regulatory protection afforded to clients of Jefferies or advice to any other
person in relation to the matters contained herein. Neither Jefferies nor any
of its directors, officers, employees, advisers, or agents accepts any
responsibility or liability whatsoever for this announcement, its contents or
otherwise in connection with it or any other information relating to the
Company, whether written, oral or in a visual or electronic format.

Each of the Company, the Manager, Jefferies and their affiliates and their
respective officers, employees and agents expressly disclaim any and all
liability which may be based on this announcement and any errors therein or
omissions therefrom.

No representation or warranty is given to the achievement or reasonableness of
future projections, management targets, estimates, prospects or returns, if
any. Any views contained herein are based on financial, economic, market and
other conditions prevailing as at the date of this announcement. The
information contained in this announcement will not be updated.

 

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