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

Clarifies gearing change

clock • 2 min read
Gore Street Energy Storage fund has identified a pipeline of investments in the UK and globally
Image:

Gore Street Energy Storage fund has identified a pipeline of investments in the UK and globally

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...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot