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Gore Street Energy Fund PLC kicks off expansion programme with £60mln fund raise

Following this initial raise, Gore Street intends to issue up to a further 250mln shares

() has initiated the programme to finance a major expansion of its portfolio of industrial battery assets.

The first stage is a subscription and placing of 60mln new shares at 100p each to be sold through an initial placing, offer for subscription and intermediaries offer.

Following this initial raise, Gore Street intends to issue up to a further 250mln shares at the same price.

The 100p price per share is a 7.8% discount to the firms closing share price on Friday and a 3.6% premium to the last reported net value of NAV of 96.2p as of June 30, 2020.

Investors in the initial Issue will be entitled to receive the next quarterly dividend for the period to September 30, 2020, which is expected to be declared around mid-December 2020, Gore Street said.

In a statement, Alex O’Cinneide, the trust’s investment manager, commented: “We are delighted to announce today’s placing and offer for subscription to take advantage of opportunities in the compelling near term pipeline of approximately 1.3GW that is currently available to the company.”

Read More: Gore Street Energy Fund PLC kicks off expansion programme with £60mln fund raise

2020-11-30 02:00:00

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