Business
Result of Placing and Offer for Subscription
Result of Placing and Offer for Subscription.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \nRNS Number : 8199H Gore Street Energy Storage Fund PLC 05 August 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 5 August 2019\nGore Street Energy Storage Fund plc\n(the \"Company\" or \"Gore Street\" )\nResult of Placing and Offer for Subscription\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 announces that further to the announcement on 31 July 2019, the Company has in total raised gross proceeds of approximately £30.9m in its latest fundraising campaign, thereby over doubling the available capital for GSF to deploy in energy storage assets since IPO. This total includes gross proceeds of £5.91 million by way of an Initial Placing and Offer for Subscription (the \"Fundraise\") together with an additional £25m commitment from the National Treasury Management Agency (\"NTMA\")1 to be drawn upon as announced on 5 June 2019 which will give Gore Street considerable funds available for investment.\nSince IPO in May 2018, following this fundraise, Gore Street has more than doubled in size to approximately £62m assets under management and has built a portfolio of 189MW across eight assets in the UK and the Republic of Ireland. GSF has an additional 500MW in pipeline in UK, Ireland and continental Europe, which it intends to execute against in the coming months.\nApplications have been received under the Fundraise for 6,497,267 Ordinary Shares which will be issued at a price of 91 pence per Ordinary Share. Of these, 3,821,763 Ordinary Shares will be issued under the Initial Placing and 2,675,504 Ordinary Shares will be issued under the Offer for Subscription. The Fundraise included a subscription by the NTMA of 1,624,300 Ordinary Shares. This is in addition to their commitment to invest a further £25 million Additional NTMA Subscription pursuant to the terms of the NTMA Subscription Agreement. Also, further to the announcement on 16 July, the Fundraise includes a subscription by NEC Energy Solution...