Business
Fundraising update and Extension of Timetable
Fundraising update and Extension of Timetable.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \nRNS Number : 3270H Gore Street Energy Storage Fund PLC 31 July 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.\n 31 July 2019\nGore Street Energy Storage Fund plc\n(the \"Company\" or \"Gore Street\" )\nFundraising update and Extension of Timetable\nGore Street Energy Storage Fund plc (ticker: GSF), London's first listed energy storage fund investing in income producing assets in the UK and internationally, today announces an update in relation to the Initial Issue and a very short extension to the fundraising timetable as set out in its announcement on 16 July 2019.\nThe Company is in discussions and due diligence with a number of existing and new institutional investors in relation to the Initial Placing. Although these discussions are progressing well, the Company does not expect that it will receive commitments of £15 million at this time, that the National Treasury Management Agency (\"NTMA\")1 had previously set as a condition to the Initial NTMA Subscription. The Company is pleased to confirm that NTMA waived this condition and will invest an amount equal to one third of the gross proceeds of the Initial Placing and Offer for Subscription (excluding any amount invested by them), with no minimum2. NTMA remains committed to invest the £25 million Additional NTMA Subscription pursuant to the terms of the NTMA Subscription Agreement.\nAccordingly, the Company announces a very short extension of the timetable for the Initial Issue so it can conclude its discussions with investors with a view to completing the Initial Placing and the Offer for Subscription forthwith. Details of the extended timetable are set out below.\nThe Company is well placed with funding sources for the Irish projects through the Placing Programme from investors which have expressed interest in the Initial Issue but have not been able to invest at this time, from other investment vehicles which are controlled by or have appointed as their investment adviser, the Adviser and through debt providers. \nUnless otherwise stated, capitalised term...