Business
Acquisition, £30m Commitment, Proposed Fundraising
Acquisition, £30m Commitment, Proposed Fundraising.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \nRNS Number : 1517B Gore Street Energy Storage Fund PLC 05 June 2019 \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS 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.\nTHIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SECURITIES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF INFORMATION TO BE CONTAINED IN THE PROSPECTUS.\nSubject to approval by the Financial Conduct Authority, a prospectus setting out further details of the Issue and the Placing Programme is expected to be published by the Company in due course (the \"Prospectus\"). A copy of the Prospectus will be available, once published, on the Company website at: http://www.gsenergystoragefund.com.\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 and was authorised for release by Alex O'Cinneide. \nPLEASE SEE THE IMPORTANT NOTICE CONTAINED WITHIN THIS ANNOUNCEMENT.\nGore Street Energy Storage Fund plc\n(the \"Company\" or \"Gore Street\" or \"GSF\")\n160MW Portfolio Acquisition\n£30m Commitment from Irish Sovereign Wealth Investor\nProposed Fundraising\n \nThe Board of Gore Street Energy Storage Fund (ticker: GSF), is pleased to announce that the Company has entered into agreements to acquire a controlling interest in a 160 MW portfolio of projects (\"Projects\") in Northern Ireland and the Republic of Ireland (the \"Acquisitions\"). To fund the Projects and further pipeline, the Company also announces a proposed issue by way of an institutional placing, offer for subscription and intermediaries offer to raise up to £50m (the \"Issue\") and a subsequent placing programme of new Ordinary Shares and/or C Shares (the \"Placing Programme\"), conditional on shareholder approval and the publication of a prospectus. £31m has already been committed for investment in the Company, subject to the satisfaction of certain conditions. Of this £31m, £6m will be invested as part of the Issue and a further £25m is to be invested following t...