Disclosure of interests

RNS Number : 5537J

Gresham House Energy Storage Fund

05 December 2018

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT

Gresham House Energy Storage Fund Plc (the "Company")

5 December 2018

Disclosure of interests

As set out in the prospectus published by the Company on 17 October 2018 (the "Prospectus")  and the supplementary prospectus published by the Company on 6 November 2018 (the "Supplementary Prospectus"), certain Shareholders who are members of the Gresham House management team, funds under management of the Gresham House Group, Noriker and the shareholders of Noriker received Ordinary Shares in connection with the acquisition of the Seed Assets and through additional subscriptions for Ordinary Shares in the Issue.

In accordance with Paragraph 2 of Part 4 of the Supplementary Prospectus, the Company announces that it has been notified that such Shareholders, and Shareholders presumed to be acting in concert with them as set out in the Prospectus and the Supplementary Prospectus (together the "Concert Party"), are interested in a total of 43,341,799 Ordinary Shares, carrying 43.34 per cent. of the voting rights in the Company.

Any acquisitions of additional interests in shares carrying voting rights by or on behalf of a member of the Concert Party which would increase the aggregate interests in shares carrying voting rights of the Concert Party as a whole would trigger a mandatory offer under Rule 9 of the Takeover Code. Individual members of the Concert Party remain subject to the mandatory offer provisions of Rule 9 and any acquisition of additional interests in shares carrying voting rights by or on behalf of a member of the Concert Party which would increase the interests in shares carrying voting rights of that member to 30% or more would trigger a mandatory offer under Rule 9.

Defined terms used in this announcement but not defined herein shall have the meaning set out in the Prospectus and/or the Supplementary Prospectus, as appropriate.

For further information, please contact:

Gresham House New Energy  Ben Guest		[phone]
Cantor Fitzgerald Europe        Richard Harris Robert Peel Alan Ray		[phone] [phone] [phone]
JTC (UK) Limited Christopher Gibbons		[phone]
Montfort Communications Gay Collins / Louis Supple		[e-mail] [phone] / [phone]

Notes to Editors:

Gresham House Energy Storage Fund PLC is a specialist investment company that was established to take advantage of the significant market opportunity for battery-based energy storage systems ("ESS"). It was launched and admitted to trading on the London Stock Exchange in November 2018, having raised equity proceeds £100 million. The invested portfolio comprises five ESS projects, with a total grid connection capacity of 70MW, and is valued at £57.2 million.

The Company has appointed Gresham House Asset Management Limited as its investment manager and AIFM.

The Company is targeting dividend payments of 4.5p per Ordinary Share in respect of the financial year ending 31 December 2019 and 7.0p per Ordinary Share in financial periods thereafter combined with capital growth that, once the portfolio is fully invested, results in an unlevered Net Asset Value total return of 8 per cent. per annum, calculated net of the Company's costs and expenses.*

The Company expects, once the portfolio is fully invested and certain further asset management activities are completed in respect of the ESS projects it holds, to introduce leverage to the portfolio. The Company may borrow an amount not exceeding 50 per cent. of the Company's Net Asset Value at the time of drawdown. The target levered Net Asset Value total return, taking into account the asset management activities, is 15 per cent. per annum, calculated net of the Company's costs and expenses.*

* This is a target only and is based on current market conditions as at the date of the prospectus published by the Company on 17 October 2018 and is not a profit forecast. There can be no assurance that this target will be met or that the Company will make any distributions at all. This target should not be taken as an indication of the Company's expected or actual current or future results. The Company's actual return will depend upon a number of factors, including but not limited to the size of the Issue, the Company's net income and the Company's ongoing charges figure. Potential investors should decide for themselves whether or not the return is reasonable and achievable in deciding whether to invest in the Company. References to leverage refer to the ratio of borrowings to Net Assets.

 

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