TIDMGRID
RNS Number : 5787A
Gresham House Energy Storage Fund
25 May 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO THE UNITED
STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF
SOUTH AFRICA OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO
DISTRIBUTE THIS ANNOUNCEMENT. THE INFORMATION CONTAINED HEREIN DOES
NOT CONSTITUTE OR FORM PART OF ANY OFFER TO ISSUE OR SELL, OR ANY
SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY INVESTMENTS
IN ANY JURISDICTION. PLEASE SEE THE IMPORTANT NOTICE AT THE OF THIS
ANNOUNCEMENT.
THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE
INFORMATION.
25 May 2023
Gresham House Energy Storage Fund plc
(the "Company" or "GRID")
Result of Issue and Total Voting Rights
Further to the announcements of 18 May 2023, the Board of
Directors (the "Board") of Gresham House Energy Storage Fund plc is
pleased to announce the results of the placing (the "Placing") and
the retail offer (the "Retail Offer") (together the "Issue") of new
ordinary shares of 1p each in the capital of the Company ("Ordinary
Shares", and the new Ordinary Shares, "New Ordinary Shares").
The Company has raised total gross proceeds of GBP50 million
through the issue of 32,154,341 New Ordinary Shares at a price of
155.5 pence per share. 30,584,387 of these shares will be issued
via the Placing and 1,569,954 shares will be issued via the Retail
Offer.
Subject to confirmatory due diligence and documentation, the net
proceeds of the Issue are intended to fund the first closing of
Project Iliad. If successfully completed, Project Iliad will
represent the Company's first international transaction comprising
160MW of solar with collocated, four-hour battery energy storage
projects in California, USA.
John Leggate CBE, Chair of Gresham House Energy Storage Fund plc
said:
"We really appreciate this positive and broad support from
investors, particularly given the current challenging market
conditions. The funds raised will give us an opportunity to secure
a foothold in the US, one of our most important target markets. The
pace of renewable energy growth globally remains strong,
underpinned by the demand for cleaner, cheaper and secure energy,
net zero commitments and government incentives. The case for
investing in grid level battery energy storage remains more
compelling than ever. We look forward to reporting further progress
this year."
Ben Guest, Fund Manager and Head of Gresham House New Energy,
commented:
"The funds raised will kick-start our first US investment,
constructing 160MW of solar plus collocated four-hour battery
energy storage system projects in California, and we would like to
thank all our shareholders for this ongoing support and
endorsement. We consider California to be one of the most exciting
renewables markets in the United States and the fundraise
represents a significant milestone in GRID's progress, as we
continue to monetise the opportunities available in an increasingly
renewables-driven power market."
Admission of New Ordinary Shares
Application will be made for the New Ordinary Shares to be
admitted to trading on the Specialist Fund Segment of the London
Stock Exchange's main market ("Admission"). Admission is expected
to become effective, and dealings in the New Ordinary Shares are
expected to commence, at 8.00 a.m. (London time) on 30 May
2023.
The New Ordinary Shares, when issued, will rank pari passu in
all respects with the existing Ordinary Shares, including the right
to receive all dividends and other distributions declared, made, or
paid after the date of Admission.
Immediately following Admission, the Company will have
573,444,694 Ordinary Shares in issue and therefore the total voting
rights in the Company will be 573,444,694. This figure may be used
by Shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change to, their interests in the Company.
This announcement contains inside information for the purposes
of Article 7 of the UK version of EU Regulation 596/2014, as it
forms part of the laws of England and Wales by virtue of the EUWA
and as amended by UK legislation. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Dealing codes
Ticker GRID
ISIN for the Ordinary Shares GB00BFX3K770
SEDOL for the Ordinary Shares BFX3K77
Legal Entity Identifier (LEI) 213800MSJXKH25C23D82
For further information, please contact:
Gresham House New Energy
Ben Guest +44 (0) 20 3837 6270
Rupert Robinson
Jefferies International Limited
Stuart Klein +44 (0) 20 7029 8000
Gaudi Le Roux
Harry Randall
KL Communications gh@kl-communications.com
Charles Gorman +44 (0) 20 3995 6673
Charlotte Francis
JTC (UK) Limited as Company Secretary GHEnergyStorageCoSec@jtcgroup.com
David Rice +44 (0)203 846 9774
About the Company and the Manager:
Gresham House Energy Storage Fund plc seeks to provide investors
with an attractive and sustainable dividend over the long term by
investing in a diversified portfolio of utility-scale battery
energy storage systems (known as BESS) located in Great Britain and
in overseas jurisdictions. In addition, the Company seeks to
provide investors with the prospect of capital growth through the
re-investment of net cash generated in excess of the target
dividend in accordance with the Company's investment policy.
The Company targets (i) an unlevered Net Asset Value total
return of 8 per cent. per annum; and (ii) a levered Net Asset Value
total return of 15 per cent. per annum.
Gresham House Asset Management Limited ("Gresham House" or the
"Manager") is the FCA authorised operating business of Gresham
House plc, a London Stock Exchange quoted specialist alternative
asset manager. Gresham House is committed to operating responsibly
and sustainably, taking the long view in delivering sustainable
investment solutions. Gresham House's website is at:
www.greshamhouse.com
Definition of utility-scale battery energy storage systems
(BESS)
Utility-scale battery energy storage systems (BESS) are the
enabling infrastructure that will support the continued growth of
renewable energy sources such as wind and solar, essential to the
UK's stated target to reduce carbon emissions. They store excess
energy generated by renewable energy sources and then release that
stored energy back into the grid during peak hours when there is
increased demand. BESS also provide Frequency Response services to
National Grid whereby batteries import and export power with the
aim to keep real-time supply and demand in near-perfect balance
while also protecting against unexpected outages of major power
plants.
DISCLAIMERS
This announcement has been prepared for information purposes
only.
This announcement is not an offer to sell or a solicitation of
any offer to buy New Ordinary Shares in the United States,
Australia, Canada, the Republic of South Africa, Japan, or any
Member State of the European Economic Area, or any of their
respective territories or possessions, or in any other jurisdiction
where such offer or sale would be unlawful. No action has been
taken by the Company or Jefferies that would permit an offering of
any shares in the capital of the Company or possession or
distribution of this announcement or any other offering or
publicity material relating to such shares in any jurisdiction
where action for that purpose is required. Persons into whose
possession this announcement comes are required by the Company and
Jefferies to inform themselves about, and to observe, such
restrictions.
This communication is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This communication is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered, sold, resold, transferred or
delivered directly or indirectly in the United States, or to, or
for the account or benefit of, U.S. Persons, except pursuant to an
applicable exemption from registration. No public offering of
securities is being made in the United States.
The Company has not been and will not be registered under the US
Investment Company Act of 1940 (the "Investment Company Act") and,
as such, holders of the Ordinary Shares will not be entitled to the
benefits of the Investment Company Act. No offer, sale, resale,
pledge, delivery, distribution, or transfer of the Ordinary Shares
may be made except under circumstances that will not result in the
Company being required to register as an investment company under
the Investment Company Act.
The merits or suitability of any securities must be
independently determined by the recipient on the basis of its own
investigation and evaluation of the Company. Any such determination
should involve, among other things, an assessment of the legal,
tax, accounting, regulatory, financial, credit and other related
aspects of the securities.
This announcement may not be used in making any investment
decision in isolation. This announcement on its own does not
contain sufficient information to support an investment decision
and investors should ensure that they obtain all available relevant
information before making any investment. This announcement does
not constitute or form part of and may not be construed as an offer
to sell, or an invitation to purchase or otherwise acquire,
investments of any description, nor as a recommendation regarding
the possible offering or the provision of investment advice by any
party. No information in this announcement should be construed as
providing financial, investment or other professional advice and
each prospective investor should consult its own legal, business,
tax, and other advisers in evaluating the investment opportunity.
No reliance may be placed for any purposes whatsoever on this
announcement or its completeness.
The information and opinions contained in this announcement are
provided as at the date of the announcement and are subject to
change without notice and no representation or warranty, express or
implied, is or will be made in relation to the accuracy or
completeness of the information contained herein and no
responsibility, obligation or liability or duty (whether direct or
indirect, in contract, tort or otherwise) is or will be accepted by
the Company, the Manager, Jefferies or any of their affiliates or
by any of their respective officers, employees or agents to update
or revise publicly any of the statements contained herein. No
reliance may be placed for any purpose whatsoever on the
information or opinions contained in this announcement or on its
completeness, accuracy, or fairness. The document has not been
approved by any competent regulatory or supervisory authority.
Potential investors should be aware that any investment in
Company is speculative, involves a high degree of risk, and could
result in the loss of all or substantially all of their investment.
Results can be positively or negatively affected by market
conditions beyond the control of the Company or any other person.
Any data on past performance contained herein is no indication as
to future performance and there can be no assurance that any
targeted or projected returns will be achieved or that the Company
will be able to implement its investment strategy or achieve its
investment objectives. Any target returns published by the Company
are targets only. There is no guarantee that any such returns can
be achieved or can be continued if achieved, nor that the Company
will make any distributions whatsoever. There may be other
additional risks, uncertainties and factors that could cause the
returns generated by the Company to be materially lower than the
target returns of the Company.
The information in this announcement may include forward-looking
statements, which are based on the current expectations, intentions
and projections about future events and trends or other matters
that are not historical facts and in certain cases can be
identified by the use of terms such as "may", "will", "should",
"expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "believe" (or the negatives thereof) or other
variations thereof or comparable terminology. These forward-looking
statements, as well as those included in any related materials, are
not guarantees of future performance and are subject to known and
unknown risks, uncertainties, assumptions about the Company and
other factors, including, among other things, the development of
its business, trends in its operating industry, and future capital
expenditures and acquisitions. In light of these risks,
uncertainties and assumptions, the events in the forward-looking
statements may not occur and actual results may differ materially
from those expressed or implied by such forward-looking statements.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements.
Jefferies International Limited, which is authorised and
regulated by the Financial Conduct Authority in the United Kingdom,
is acting only for the Company in connection with the matters
described in this announcement and is not acting for or advising
any other person, or treating any other person as its client, in
relation thereto and will not be responsible for providing the
regulatory protection afforded to clients of Jefferies or advice to
any other person in relation to the matters contained herein.
Neither Jefferies nor any of its directors, officers, employees,
advisers, or agents accepts any responsibility or liability
whatsoever for this announcement, its contents or otherwise in
connection with it or any other information relating to the
Company, whether written, oral or in a visual or electronic
format.
Each of the Company, the Manager, Jefferies and their affiliates
and their respective officers, employees and agents expressly
disclaim any and all liability which may be based on this
announcement and any errors therein or omissions therefrom.
No representation or warranty is given to the achievement or
reasonableness of future projections, management targets,
estimates, prospects or returns, if any. Any views contained herein
are based on financial, economic, market and other conditions
prevailing as at the date of this announcement. The information
contained in this announcement will not be updated.
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END
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