Business
Initial admission - Offcl Lst
Initial admission - Offcl Lst.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \nRNS Number : 2655P Gore Street Energy Storage Fund PLC 25 May 2018 \n\nNOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR TO ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM)\n25 May 2018\nGore Street Energy Storage Fund plc\n(the \"Company\" or \"Gore Street\")\n \nFirst Day of Dealings\n \nGore Street, London's first listed energy storage fund investing in income producing assets in the UK and internationally, is pleased to announce that commencement of dealings in its Ordinary Shares is expected at 8.00am today on the main market of the London Stock Exchange and admission to the premium segment of the Official List of the UK Listing Authority (\"Admission\"). The ticker is 'GSF' and ISIN is GB00BG0P0V73. \n \nHighlights\n· Seeks to provide investors with a sustainable, attractive income through dividends over the long term alongside capital growth; targeting an annual dividend of 7% of NAV per Ordinary Share in each financial year paid quarterly (subject to a minimum target of 7 pence per Ordinary Share), and a target dividend of 4% of NAV per Ordinary Share (subject to a minimum target of 4 pence per Ordinary Share) for the period from Admission to 31 March 2019. \n· Initial capital raise of £30.6 million to be invested in a diversified portfolio of utility scale energy storage projects with strong returns, delivered through multiple revenue streams that can be stacked on a single battery.\n· Established seed portfolio with blue-chip commercial partners and a pipeline of more than 60 potential projects primarily in the UK, as well as in North America and Western Europe.\n· The use of renewable energy is targeted to reach 31% of total energy generated in the UK by 2020, but can be intermittent and therefore increase difficulties in balancing demand/supply of electricity\n· Battery storage enables excess energy in the system to be stored at times of over-production an...