Gore Street Energy Storage fund proposes £75m capital raise to acquire 'pipeline' of investments

Clarifies gearing change

Gore Street Energy Storage fund has announced the details of a share issuance programme that seeks to raise £75m to be able to acquire and construct new energy storage projects.

The fund will issue 68,181,818 new ordinary shares at a price of 110 pence per share, by way of an initial placing, initial offer for subscription and initial intermediaries offer, with the option for the initial issue to be "upscaled", subject to demand and the discretion of the board. The issue price represents a discount of approximately 5.98% to the closing share price of 117 pence per ordinary share on 21 March 2022, the day before the fund announced its plans to issue new shares, and a premium of approximately 5.87% to the last reported NAV of 103.9 pence per share as at 31 Decembe...