TIDMHEIT
RNS Number : 6933C
Harmony Energy Income Trust PLC
12 October 2022
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA,
AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR 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 SECTION ENTITLED "IMPORTANT LEGAL INFORMATION" AT THE OF
THIS ANNOUNCEMENT.
This announcement is released by Harmony Energy Income Trust plc
and contains inside information for the purposes of the UK version
of the Market Abuse Regulation (EC No. 594/2014).
12 October 2022
Harmony Energy Income Trust plc
("HEIT" or the "Company")
Result of the Issue
Further to the announcement on 28 September 2022, Harmony Energy
Income Trust plc hereby announces that it will issue ca. 15 million
new C Shares ("C Shares") at a price of 100p per C Share raising
gross proceeds of ca. GBP15 million to be used towards the
acquisition of pipeline projects SPVs (totalling 182 MW / 364 MWh)
in conjunction with the issue of not less than 7 million C Shares
as consideration shares on acquisition of the projects in due
course as further described below.
The Company and the Investment Adviser would like to thank all
investors for their support throughout the process in what has been
a very challenging market backdrop. The net proceeds of the Issue,
together with not less than 7 million C Shares to be issued to
Harmony Energy as consideration, will enable the Company to
exercise its right of first refusal on these projects and secure
them at the attractive entry point agreed pursuant to the Pipeline
Agreement. The acquisitions are subject to final due diligence and
independent valuation, which will determine the acquisition value
to be satisfied through a combination of cash and not less than 7
million C Shares. The Investment Adviser has identified potential
alternative funding options for construction with the intention of
progressing the projects within the existing grid energisation
timeframes, thereby facilitating the commencement of commercial
operations of the projects in 2024.
The new projects, when acquired, will increase the Company's
portfolio to 9 BESS projects with a total capacity of c.500MW /
1GWh. The Company's Pillswood project (99MW / 198 MWh) is scheduled
to commence operations in November 2022 and is expected to be the
UK's largest operational BESS project by MWh.
Norman Crighton, Chairman of the Company, said:
"I would like to thank investors for all their engagement in the
process and support for the proposition, whilst recognizing that
the pressures from the market and economic uncertainty have
severely limited their ability to commit capital currently. HEIT's
unique advantage of having a defined pipeline of an additional 500
MW / 1 GWh BESS projects with grid energisation timelines between
now and the end of 2025 means it can continue to access very
attractive 2-hour duration BESS projects which are not readily
available on the open market at attractive pricing levels. The
Company will now look to bring those projects into the Company's
portfolio in line with its right of first refusal."
Paul Mason, Managing Director of Harmony Energy Advisors Limited
commented :
"It has been clear from our engagement with investors that there
is consensus on the compelling case for acquiring the projects. We
look forward to moving ahead with the projects."
Application for admission
Application has been made for admission of 14,771,364 C Shares
to trading on the Specialist Fund Segment of the London Stock
Exchange plc's main market (" Admission "). It is expected that
Admission will occur and dealings in the Ordinary Shares will
commence at 8.00 a.m. (London time) on 14 October 2022. The C
Shares will trade under the ticker "HEIC" (ISIN: GB00BLNNFZ25).
LEI: 254900O3XI3CJNTKR453.
For electronic settlement through CREST, the Trade date is 12
October for settlement on 14 October 2022.
Joh. Berenberg, Gossler & Co. KG, London Branch
("Berenberg") acted as Sole Financial Adviser, Global Coordinator
and Bookrunner.
Defined terms in this announcement have the same meaning as
defined in the announcement on 28 September 2022.
For further information, please contact:
Berenberg
Gillian Martin
Ben Wright
Dan Gee-Summons +44 (0)20 3207 7800
Camarco (PR adviser to the Company)
Georgia Edmonds
Eddie Livingstone-Learmonth
Lily Pettifar +44 (0)20 3757 4980
Harmony Energy Advisors Limited
Peter Kavanagh
Paul Mason
James Ritchie
Max Slade
IMPORTANT LEGAL INFORMATION
This announcement is not an offer to sell or solicitation of any
offer to buy any securities in the Company.
This announcement may not be published, distributed or
transmitted by any means or media, directly or indirectly, in whole
or in part, in or into the United States. This announcement does
not constitute an offer to sell, or a solicitation of an offer to
buy, securities in the United States. The securities mentioned
herein have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the "US Securities Act") or
with any securities regulatory authority of any state or other
jurisdiction of the United States and, subject to limited
exceptions, will not be offered, sold, exercised, resold,
transferred or delivered, directly or indirectly, in or into the
United States or to, or for the account or benefit of, any US
person (as defined under Regulation S under the US Securities Act).
The Company has not been, and will not be, registered under the
U.S. Investment Company Act of 1940, as amended (the "Investment
Company Act") and, as such, holders of the Company's securities
will not be entitled to the benefits of the Investment Company Act.
No offer, sale, resale, pledge, delivery, distribution or transfer
of the Company's securities 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. No public
offering of securities is being made in the United States.
Neither the U.S. Securities and Exchange Commission nor any
state securities commission has approved or disapproved of these
securities or passed upon the adequacy of this document. Any
representation to the contrary is a criminal offence in the United
States.
Neither this announcement nor any copy of it may be taken or
transmitted into or distributed in Canada, Australia, Japan or the
Republic of South Africa or any other jurisdiction in which the
same would be unlawful or to any resident thereof. Any failure to
comply with these restrictions may constitute a violation of the
securities laws or the laws of any such jurisdiction. The
distribution of this announcement in other jurisdictions may be
restricted by law and the persons into whose possession this
announcement comes should inform themselves about, and observe, any
such restrictions. This announcement does not constitute an offer
to sell, or the solicitation of an offer to acquire or subscribe,
for securities in any jurisdiction where such offer or solicitation
is unlawful or would impose any unfulfilled registration,
qualification, publication or approval requirements on Harmony
Energy Income Trust plc or Joh. Berenberg, Gossler & Co. KG,
London Branch.
Moreover, the Company's securities will not be registered under
the applicable securities laws of Australia, Canada, the Republic
of South Africa, Japan or any member state of the European Economic
Area (other than any member state of the European Economic Area
where the Company's securities may be lawfully marketed).
Joh. Berenberg, Gossler & Co. KG, London Branch
("Berenberg") is authorised by the German Federal Financial
Supervisory Authority and subject to limited regulation by the
Financial Conduct Authority ("FCA") and is acting exclusively for
the Company and for no one else in connection with the matters
described in this announcement and will not be responsible to
anyone (whether or not a recipient of this announcement) other than
the Company for providing the protections afforded to clients of
Berenberg or for affording advice in relation to the contents of
this announcement or any matters referred to herein.
None of the Company, the Investment Adviser, Berenberg, or any
of their respective affiliates, accepts any responsibility or
liability whatsoever for, or makes any representation or warranty,
express or implied, as to this announcement, including the truth,
accuracy or completeness of the information in this announcement
(or whether any information has been omitted from the announcement)
or any other information relating to the Company or associated
companies, whether written, oral or in a visual or electronic form,
and howsoever transmitted or made available or for any loss
howsoever arising from any use of the announcement or its contents
or otherwise arising in connection therewith. The Company, the
Investment Adviser and Berenberg, and their respective affiliates,
accordingly disclaim all and any liability whether arising in tort,
contract or otherwise which they might otherwise have in respect of
this announcement or its contents or otherwise arising in
connection therewith.
, the news service of the London Stock Exchange. RNS is approved by
the Financial Conduct Authority to act as a Primary Information
Provider in the United Kingdom. Terms and conditions relating to
the use and distribution of this information may apply. For further
information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ROIGPGACUUPPGCP
(END) Dow Jones Newswires
October 12, 2022 10:48 ET (14:48 GMT)
Harmony Energy Income (LSE:HEIT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Harmony Energy Income (LSE:HEIT)
Historical Stock Chart
From Jul 2023 to Jul 2024