REG - Gresham House Energy - Share Buyback Programme

Gresham House Energy Storage FundAnnouncement

02/02/2024 07:00

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RNS Number : 7852B  Gresham House Energy Storage Fund  02 February 2024

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JURISDICTION.

2 February 2024

 

Gresham House Energy Storage Fund PLC

("GRID" or the "Company")

 

Share Buyback Programme

 

Further to the announcement on 1 February 2024, the Board of Directors of GRID
today announces the commencement of a Share Buyback Programme. The Company
will review the Share Buyback Programme on an ongoing basis in the context of
its capital allocation decisions, as well as the discount to NAV at which the
shares are trading at any given time.

 

The Company has engaged Jefferies International Limited (Jefferies) as
buy-back agent in relation to the Share Buyback Programme on a discretionary
basis within certain pre-set parameters. The maximum price payable per share
(exclusive of expenses) will not exceed the higher of: (1) 105 per cent. of
the average market value of the Company's Shares for the five business days
immediately preceding the day on which such Share is contracted to be
purchased; or (2) the higher of the price of the last independent trade and
the highest current independent bid on the London Stock Exchange.

 

Share buybacks under the Share Buyback Programme will be made pursuant to the
authority granted to the Company at its general meeting held on 30 May 2023
which limits purchases of shares by the Company in the market to up to 14.99%
of the Company's then issued share capital.

 

The Company will announce any market repurchase of Shares on the business day
following the calendar day on which the repurchase occurred. The Company
intends that the repurchased shares will be held in Treasury.

 

The Company is satisfied that it is not currently in a closed period, nor is
it party to any inside information which has not previously been disclosed
via Regulatory Information Service.

 

The Company shall not (i) exercise any influence over how, when or whether
Jefferies effects share buybacks or (ii) change the number of shares, price or
timing of the purchases.

 

For further information, please contact:

 

Gresham House New Energy

Ben Guest
 
+44 (0) 20 3837 6270

James Bustin

 

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

Effie Aye-Maung-Hider

 

JTC (UK) Limited as Company Secretary
GHEnergyStorageCoSec@jtcgroup.com (mailto:GHEnergyStorageCoSec@jtcgroup.com)
Christopher Gibbons
            +44 (0)20 7409 0181

 

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 internationally. 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 an unlevered Net Asset Value total return of 8% per annum
and a levered Net Asset Value total return of 15% per annum, in each case
calculated net of the Company's costs and expenses.

Gresham House Asset Management is the FCA authorised operating business of
Gresham House Ltd, a specialist alternative asset manager. Gresham House is
committed to operating responsibly and sustainably, taking the long view in
delivering sustainable investment solutions.

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.

 

DISCLAIMERS

This announcement has been prepared for information purposes only. This
announcement does not constitute a prospectus relating to the Company and 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. 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.

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",
"target", "believe" (or the negatives thereof) or other variations thereof or
comparable terminology. These forward-looking statements, as well as those
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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