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Gore Street Energy Storage Fund Plc (GSF.L)

LSE - LSE Delayed price. Currency in GBp (0.01 GBP)
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120.20-0.80 (-0.66%)
At close: 04:35PM BST
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  • j
    jonathan
    April Result of Capital Raise
    Key highlights:
    Gross proceeds of £135 million raised from the total issue of 132,352,941 new Ordinary Shares at 102p per Ordinary Share

    · Net proceeds will be deployed towards the Company's significant development pipeline of 1.3GW of attractive accretive opportunities and near-term potential acquisition of a 80MW project expected in the coming weeks

    · In addition, net proceeds will be deployed in relation to accelerating development of the Company's existing portfolio, including the Republic of Ireland assets' expansion from 30MW to 90MW

    · Successful fundraise doubles market capitalisation

    Further to the announcement on 6 April 2021, the Company is pleased to announce the result of the placing of new Ordinary Shares pursuant to the Placing Programme (the "Placing") and the PrimaryBid offer (the "PrimaryBid Offer") (together the "Fundraise").

    A total of 132,352,941 new Ordinary Shares will be issued pursuant to the Fundraise at 102p per share, raising combined gross proceeds of £135 million, which will be used to fund investments in accordance with the Company's investment policy.

    Applications have been made to the FCA for the 132,352,941 new Ordinary Shares issued pursuant to the Fundraise to be admitted to the premium segment of the Official List and to the London Stock Exchange for the new Ordinary Shares to be admitted to trading on its main market for listed securities ("Admission"). Admission is expected to become effective, and dealings in the new Ordinary Shares are expected to commence, at 8.00 a.m. on 27 April 2021. Following Admission, the new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares.

    On Admission, the Company's issued share capital will comprise 276,224,622 Ordinary Shares, none of which will be held in treasury. Each Ordinary Share carries the right to one vote and, therefore, the total number of voting rights in the Company on Admission will be 276,224,622. This figure may be used by Shareholders and other investors 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 interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

    Commenting on the Fundraise, Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment manager said:

    "We are delighted that we once again have had such strong demand for our fundraise from both institutional and retail investors, the scale of which almost doubles our market capitalisation. We believe this reflects the widespread understanding of energy storage's ever increasing role in national energy security and Gore Street Capital's role as the leading investment manager in this unique sector at a time when there has never been a more attractive macro environment for investment in the asset class. As we approach our third anniversary, we are very proud of the growth of the Company. Gore Street has grown its portfolio from 6MW to 440MW, now the largest energy storage portfolio available to a financial investor and in parallel we have delivered on our promises to investors on a sector leading dividend, portfolio returns and diversification.
  • J
    Johnny Randal
    Future : Renewable Energy and For health and clean environment to live, The company will prosper too and those who Invest in it will share the rich bounty it go higher because many investor will take it as cash cow...
  • p
    peter
    I would be grateful for clarification:- will the next dividend payment be 2 pence per share or 4 pence per share?
  • j
    jonathan
    Thinks: 102p for 2ndary offering means a 105-ish SP not too bad, also would be prem2NAV under 5%, also not too bad in this direly over-hyped over-priced sector.
  • Y
    Yahoo Finance Insights
    GSF.L reached an all time high at 96.04
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    Yahoo Finance Insights
    GSF.L reached an all time high at 95.06
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    Yahoo Finance Insights
    GSF.L reached an all time high at 95.06
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    Yahoo Finance Insights
    GSF.L reached an all time high at $96.30
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    Yahoo Finance Insights
    GSF.L reached an all time high at $96.20
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    Yahoo Finance Insights
    GSF.L reached an all time high at $96.10
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    Yahoo Finance Insights
    GSF.L reached an all time high at $96.25
  • Y
    Yahoo Finance Insights
    GSF.L reached an all time high at $95.52
  • Y
    Yahoo Finance Insights
    GSF.L reached an all time high at $95.00
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    Yahoo Finance Insights
    GSF.L reached an all time high at $95.80
  • Y
    Yahoo Finance Insights
    GSF.L reached an all time high at $95.52
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    Yahoo Finance Insights
    GSF.L reached an all time high at $95.54
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    Yahoo Finance Insights
    GSF.L reached an all time high at $95.05
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    Yahoo Finance Insights
    GSF.L reached an all time high at $95.50
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    Yahoo Finance Insights
    GSF.L reached an all time high at $95.31
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    Yahoo Finance Insights
    GSF.L reached an all time high at $93.15