Business
Unaudited Quarterly NAV and Dividend Declaration
Unaudited Quarterly NAV and Dividend Declaration.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n\n 12 March 2024 \nGore Street Energy Storage Fund plc \n(the \"Company\" or \"GSF\") \nUnaudited Quarterly Net Asset Value and Dividend Declaration\n \nHighlights\n· The Company continued to deliver against its strategy and dividend objectives for shareholders. \n· The Company's Board of Directors has approved a dividend of 2.0 pence per share for the December-end quarter. The ex-dividend date will be 21 March 2024, followed by a record date of 22 March 2024. The dividend will be paid on or around 12 April 2024.\n· The aggregate portfolio has continued to generate sustainable and diversified revenues.\n· The Company's Q3 Net Asset Value (NAV) per share decreased by 1.7% to 111.0 pence per ordinary share at December-end 2023 (112.9 pence per ordinary share as at September-end 2023). Inclusive of the 2.0 pence dividend paid during the period, the quarterly NAV total return was 0.12%, bringing NAV total return since IPO to 49%.\n· Revenue curves are updated and disclosed to the market biannually during the audited interim and annual reporting periods. However, the Investment Manager has taken the prudent approach of updating the near-term GB revenue curves. The updated curves reflect actual revenue achieved over the past 12 months and the Investment Manager's view of the GB market for the coming months. These more conservative curves have been used in the December-end quarter valuations and are the primary driver of the reduction in NAV.\n· As of the date of publication, the Company reports a 45% increase in energised capacity compared to its previous reported period (September-end 2023)\n· As part of its portfolio buildout, the Company's GB exposure as a percentage of its operational capacity is expected to fall to c.30% on a MWh basis by the end of 2024.\n· All other long-term assumptions remain unchanged.\n \nDecember-end NAV Bridge\n\n\n\n\nMovement in NAV since September-end 2023\n\n\nChanges in NAV £m\n\n\nChanges in NAV per share in pence\n\n\n\n\nNAV September-end 2023\n\n\n543.3\n\n\n112.9\n\n\n\n\nShare Issuance\n\n\n15.8\n\n\n-\n\n\n\n\nFund + S...