Source - RNS
RNS Number : 1585K
Gore Street Energy Storage Fund PLC
06 April 2018
 

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR TO ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM)

 

Gore Street Energy Storage Fund plc

 

(the "Company")

Extension of IPO timetable

Further to the announcement on 12 March 2018, the Company announces that it is extending the timetable for the First Placing, Offer for Subscription and Intermediaries Offer as set out below.  

The response from investors to the investment proposition was positive with over 50 indicative orders received but this has been insufficient to meet the minimum fundraise of £75 million to launch the fund ("Minimum Net Proceeds"). The Board remains confident that the energy storage opportunity offered by the Company, and the Adviser's ability to acquire strong and sustainable assets at attractive prices, will deliver double digit IRRs and is therefore extending the closing date of the First Issue to enable the Adviser to progress discussions with potential strategic investors to achieve at least the Minimum Net Proceeds.

It is emphasised that in relation to the Offer for Subscription and Intermediaries Offer all funds will be returned in full if the proposed First Issue does not proceed.

Extended Timetable

2018

Latest time and date for commitments under the First Placing

12.00 p.m. on 27 April

Latest time and date for receipt of completed Application Forms in respect of the Offer for Subscription

1.00 p.m. on 27 April

Latest time and date for receipt of completed applications from the Intermediaries in respect of the Intermediaries Offer

5.00 p.m. on 27 April

Publication of results of the First Placing, Offer for Subscription and Intermediaries Offer

1 May

First Admission and dealings in Ordinary Shares commence

8.00 a.m. on 3 May

CREST accounts credited with uncertificated Ordinary Shares

3 May

Where applicable, definitive share certificates despatched by post in the week commencing*

7 May

 

 

Placing Programme

 

Placing Programme opens

4 May

 

2019

Placing Programme closes

8 March

 

All references to times in this announcement are to London times.

*Underlying Applicants who apply to Intermediaries for Ordinary Shares under the Intermediaries Offer will not receive share certificates.

Dealing codes

The dealing codes for the Shares remain as follows:

ISIN     

GB00BG0P0V73

SEDOL   

BG0P0V7

Ticker

GSF

 

Unless otherwise stated, capitalised terms used in this announcement but not defined have the same meaning as set out in the Prospectus. 

The Prospectus is available from the website www.morningstar.co.uk/uk/NSM. Copies of the Prospectus are available for inspection at the registered office of the Company, 7th Floor 9 Berkeley Street, London, United Kingdom, W1J 8DW. The Prospectus is also available on the Company's website at http://www.gsenergystoragefund.com/.

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

 

For further information:

Gore Street Capital Limited


Alex O'Cinneide

Tel: +44 (0) 20 3826 0290



Stockdale Securities Limited


Daniel Harris / El Hanan Lee (Corporate Finance)

Henry Willcocks / Fiona Conroy (Corporate Broking)

Tel: +44 (0) 20 7601 6000






Media enquiries:

Buchanan


Charles Ryland / Steph Watson / Henry Wilson

Tel: +44 (0) 20 7466 5000


Email: [email protected]

 

Disclaimer

This announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by, Stockdale Securities Limited ("Stockdale") or by any of its respective affiliates or agents as to or in relation to the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or their advisers and any liability therefore is expressly disclaimed. This announcement is an advertisement and not a prospectus. This announcement does not constitute an offer to sell, or the solicitation of an offer to subscribe for, or to buy shares in any jurisdiction.  

Stockdale, which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Stockdale or advice to any other person in relation to the matters contained herein.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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