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1.7% Uplift in Unaudited Quarterly NAV & Dividend
1.7% Uplift in Unaudited Quarterly NAV & Dividend.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9412Z\n Gore Street Energy Storage Fund PLC\n 24 September 2020\n \n \n \n 24 September 2020\n Gore Street Energy Storage Fund plc\n (the \"Company\" or \"Gore Street\")\n 1.7% Uplift in Unaudited Quarterly NAV and Dividend Distribution\n 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\").\n NAV Update\n 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.\n 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.\n Dividend Declaration\n 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.\n 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.\n 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.\n Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment adviser commented:\n \"We are pleased with the continued performance of Gore Street's operational assets including acquisitions and good progress...