Gore Street Energy Storage Fund plc Share Offer
This offer is now closed for applications through interactive investor
Results of the upscaled and oversubscribed initial issue
The Issue Price was set at 110 pence per new Ordinary Share.
Gore Street Energy Storage Fund plc (GSF) has successfully raised gross proceeds of £150 million.
The Initial Issue was significantly oversubscribed above the £150 million upper limit.
Due to this significant level of demand, the Board, after consultation with the Investment Manager and the Joint Bookrunners determined to increase the target size of the Initial Issue from gross proceeds of £75 million to the maximum amount previously announced of £150 million. The Initial Issue was subject to scale back.
Applications have been made for 136,363,636 New Ordinary Shares to be admitted to trading on the London Stock Exchange's main market.
Customers will receive approximately 38% of the amount applied for rounded down to the nearest whole share.
Share allocations and uninvested cash are being credited today (Wednesday 13 April 2022). Confirmation of allocations will be sent once the shares and refunds are showing on accounts.
Please note the allocation policy was set by GSF and not Interactive Investor.
Offer period
- The Offer Period for the Gore Street Energy Storage Fund plc Share Offer closed at 1pm on Monday 11 April 2022.
Trading starts
- Admission and unconditional dealing in the new Ordinary Shares is expected to commence at 8am on Thursday 14 April 2022. There is no conditional dealing period.
- When admitted to trading, the new Ordinary Shares will be registered with SEDOL (Stock Exchange Daily Official List) number BG0P0V7 and trade under the symbol "GSF".
- If you buy or sell Gore Street Energy Storage Fund plc Ordinary Shares after admission the relevant share dealing rate will apply.
Alex O'Cinneide, CEO of Gore Street Capital Limited, the Company's investment manager, commented:
"We are delighted by the continued support from our existing shareholders for this fundraise and we welcome all of the new shareholders to the Company, as we plan to grow Gore Street further and take advantage of potential new investments from our compelling pipeline of domestic and international opportunities. Since defining this category the Company has grown over 18x since IPO in May 2018, and our ongoing leadership in this sector consistently drives the development of this asset class. We are uniquely situated with operational assets in four high growth markets, with the recent acquisitions in Germany and the US being a testament to that increasing international portfolio opportunity adding further diversification to our revenue base. This, combined with our continued focus on acquisition pricing discipline and strength of revenues per MW/h all support Gore Street in the delivery of our targeted 7% dividend yield for shareholders.
"The further headroom created by this oversubscribed fundraise will enable the Company to continue to pursue attractive opportunities globally, and we look forward to updating shareholders on our progress in due course."
Key information
| Issue price per share: | 110 pence |
| Minimum investment: | £1,000 (multiples of £1 thereafter) |
| Stock ticker: | GSF |
| SEDOL: | BG0P0V7 |
Expected timetable
| Offer open: | 29 March 2022 |
| Offer close: | 11 April 2022 (1pm) |
| Result announced: | 12 April 2022 |
| Unconditional dealing starts: | 14 April 2022 (8am) |
This website is issued by, and is the sole responsibility of, Interactive Investor Services Limited. This website is an advertisement and not a Prospectus. Any application to participate in the Offer can and will only be made on the basis of the Prospectus, together with any supplements thereto.
Interactive Investor Services Limited uses the GSF Prospectus in accordance with the Company's consent and the conditions set out in the GSF Prospectus.
Investing in IPOs carries a high degree of risk. If you are unsure of the suitability of an investment please seek Financial Advice. You are not guaranteed to make a profit, the value of your investments can go down as well as up. You may not get back all the money you invest. Any notification of an IPO on our website is not an endorsement of the issue, nor is it solicitation for interest in the issue. Investment in the Company should not be regarded as short-term in nature. You should consider carefully all of the information set out in the Offer documents, including all the risks attached to investing in the Company before you apply.
"Gore Street Energy Storage Fund plc" and the Gore Street Energy Storage Fund plc logo are registered trademarks of Gore Street Energy Storage Fund plc. Reproduced by kind permission of Gore Street Energy Storage Fund plc. All rights reserved.
This announcement has been published by Interactive Investor Services Limited.
This announcement has been prepared and is the sole responsibility of Interactive Investor Services Limited of 201 Deansgate, Manchester, M3 3NW, which is an authorised person for the purposes of the Financial Services and Markets Act 2000.