fbpx
Register Log-in Investor Type

News

Gore Street looking for £75m

Gore Street looking for £75m – Gore Street Energy Storage is proposing to raise £75m by issuing 68,181,818 new shares at a price of 110p per share by way of an initial placing, initial offer for subscription and initial intermediaries offer. The initial issue could be upscaled subject to demand and the board’s discretion.

The issue price represents:

  • a discount of approximately 5.98% to the closing share price of 117p on Monday 21 March 2022, before Gore Street said it was looking for money
  • a discount of approximately 4.35% to the closing share price of 115p on Monday 28 March 2022, and
  • a premium of approximately 5.87% to the last reported NAV of 103.9p as at 31 December 2021.

The net proceeds will be used to acquire and construct new projects in the pipeline – investments with a total project size of over 1.3 GW in the UK and internationally, offering additional geographical portfolio diversification.

Details on how to invest through the intermediaries offer and a list of the participating intermediaries are outlined on the company’s website: www.gsenergystoragefund.com

The issue will be managed and conducted by the joint corporate brokers and joint bookrunners Shore Capital and J.P. Morgan Securities (J.P. Morgan Cazenove).

More issues to come

Following this initial issue, the directors intend to implement a programme of subsequent issues of up to 750m ordinary shares and/or C shares (less however many are issued this time. The maximum issuance this time has been set at 136,363,636 shares.

Shareholders have to approve this plan before it can proceed. There is a meeting planned for 11am on 11 April 2022.

Expected timetable

  • Initial Issue opens 29 March 2022
  • Latest time and date for receipt of completed applications from Intermediaries in respect of the Initial Intermediaries Offer 3.00 p.m. on 11 April 2022
  • Latest time and date for receipt of completed Application Forms in respect of the Initial Offer for Subscription 11.00 a.m. on 12 April 2022
  • Latest time and date for commitments under the Initial Placing 11.00 a.m. on 12 April 2022
  • Publication of results of the Initial Issue 12 April 2022
  • Initial Admission and dealings in Ordinary Shares commence 8.00 a.m. on 14 April 2022

GSF : Gore Street looking for £75m

previous story | next story

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…