REG - Harmony Energy Inc. - Notification of Consent to Share Charge

Harmony Energy Income TrustAnnouncement

21/03/2024 07:00

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RNS Number : 6762H  Harmony Energy Income Trust PLC  21 March 2024

21 March 2024

Harmony Energy Income Trust plc

(the "Company")

Notification of Consent to Share Charge

 

Harmony Energy Income Trust plc, which invests in battery energy storage
systems ("BESS") in Great Britain, announces that Harmony Energy Limited
("HEL") has notified the Company that it has granted a first ranking fixed
charge over all its Ordinary Shares in the Company (being 27,338,696 Ordinary
Shares, representing approximately 12.5% of the existing Ordinary Shares in
the Company).

The Investment Adviser to the Company, Harmony Energy Advisors Limited, is a
wholly owned subsidiary of HEL.

HEL has entered into (i) a revolving credit loan facility agreement (the
"Triodos/HEL Facility Agreement") with Triodos Bank UK Limited ("Triodos") and
(ii) a share charge agreement in favour of Triodos (the "Share Charge"),
pursuant to which HEL grants a first ranking fixed charge over all its
Ordinary Shares in the Company (the "Restricted Shares") as well as its
interest in certain pipeline BESS development projects (in excess of 700
MW).  The total facility amount available to be drawn by HEL under the
Triodos/HEL Facility Agreement is £10m, and the availability period is two
years.

HEL will use the additional finance for short-term working capital purposes.

The Restricted Shares are subject to a Lock-up and Orderly Market Deed (as
described in the Company's prospectus). The Company and Berenberg, the
Company's Financial Adviser and Joint Broker, have provided their consents for
HEL to enter into the Share Charge and the grant of the Company's consent has
been conducted in accordance with the Company's related party policy. The
Lock-up and Orderly Market Deed remains in force but, in the event that
Triodos exercises its rights under the Share Charge and takes ownership of the
Restricted Shares, Triodos will be permitted to dispose of such shares.
However, Triodos has executed an orderly market undertaking, pursuant to which
it undertakes that it will not, before 10 November 2027, effect any disposal
of any interest in the Restricted Shares it may acquire following an
enforcement other than through the Company's broker(s) from time to time or
otherwise following reasonable consultation with the Company and its
broker(s).

There has been no reduction in the number of Ordinary Shares which HEL holds
in the Company as a result of these arrangements and HEL retains control of
voting rights in relation to all of the Restricted Shares.

END

For further information, please contact:

 Harmony Energy Advisors Limited
 Paul Mason

 Max Slade

 Peter Kavanagh

 James Ritchie
 info@harmonyenergy.co.uk (mailto:info@harmonyenergy.co.uk)

 Berenberg                                                    +44 (0)20 3207 7800

 Ben Wright

 Dan Gee-Summons

 Stifel Nicolaus Europe Limited                               +44 (0)20 7710 7600

 Mark Young

 Edward Gibson-Watt

 Rajpal Padam

 Madison Kominski

 Camarco                                                      +44 (0)20 3757 4980
 Eddie Livingstone-Learmonth

 Andrew Turner

 Lily Pettifar

 JTC (UK) Limited                                             +44 (0)20 3832 3877
 Uloma Adighibe

 HarmonyEnergyIncomeTrustPLC@jtcgroup.com
 (mailto:HarmonyEnergyIncomeTrustPLC@jtcgroup.com)

 

LEI: 254900O3XI3CJNTKR453

About Harmony Energy Advisors Limited (the "Investment Adviser")

The Investment Adviser is a wholly owned subsidiary of Harmony Energy Limited.
The Investment Adviser is an appointed representative of Laven Advisors LLP,
which is authorised and regulated by the Financial Conduct Authority.

The management team of the Investment Adviser have been exclusively focussed
on the energy storage sector (across multiple projects) in Great Britain for
over seven years, both from the point of view of asset owner/developer and in
a third-party advisory capacity.

 

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