Result of 2024 Annual General Meeting

Gresham House Energy Storage Fund
20 June 2024
 

20 June 2024

GRESHAM HOUSE ENERGY STORAGE FUND PLC

(GRID, the "Company")

Result of 2024 Annual General Meeting

 

Gresham House Energy Storage Fund PLC (LSE: GRID) announces that at the Company's 2024 Annual General Meeting held today, all resolutions were passed on poll and the results of the poll, including the proxy votes received, are set out below.

Resolutions 1 to 10 (inclusive) were proposed as ordinary resolutions and resolutions 11 to 17 (inclusive) were proposed as special resolutions.

 

 

Resolution

Votes For1

%

Votes Against

%

Total votes validly cast

Total votes cast as % of issued share capital2

Votes Withheld3

1

Receive annual accounts for period ended 31 December 2023.

327,813,994

99.86%

448,382

0.14%

328,262,376

57.68%

93,124

2

Approve directors' remuneration report.

327,826,626

99.87%

426,661

0.13%

328,253,287

57.68%

102,213

3

Approve the Company's dividend policy.

327,870,738

99.88%

381,946

0.12%

328,252,684

57.68%

102,816

4

Re-elect John Leggate as a director.

327,758,847

99.85%

502,311

0.15%

328,261,158

57.68%

94,342

5

Re-elect Isabel Liu as director.

327,804,563

99.86%

454,244

0.14%

328,258,807

57.68%

96,693

6

Re-elect Duncan Neale as a director.

327,757,730

99.85%

501,077

0.15%

328,258,807

57.68%

96,693

7

Re-elect Cathy Pitt as a director.

327,795,269

99.86%

463,538

0.14%

328,258,807

57.68%

96,693

8

Re-elect David Stevenson as director.

327,901,668

99.89%

357,139

0.11%

328,258,807

57.68%

96,693

9

To re-appoint BDO LLP as the Company's auditor.

327,935,830

99.90%

321,492

0.10%

328,257,322

57.68%

98,178

10

To authorise the board of directors to determine the auditors remuneration.

327,982,012

99.92%

272,959

0.08%

328,254,971

57.68%

100,529

11

To authorise the Company to allot ordinary shares.

327,785,210

99.85%

485,840

0.15%

328,271,050

57.69%

84,450

12

To authorise the disapplication of statutory pre-emption in relation the ordinary shares authorised in resolution 11.

327,531,222

99.78%

725,985

0.22%

328,257,207

57.68%

98,293

13

To authorise the Company to make market purchases of its own shares.

327,974,867

99.91%

307,273

0.09%

328,282,140

57.69%

73,360

14

To permit general meetings to be called on 14 days' notice.

327,967,709

99.90%

316,207

0.10%

328,283,916

57.69%

71,584

15

To cancel the credit balance of the Company's share premium reserve account.

327,905,388

99.91%

306,307

0.09%

328,211,695

57.68%

143,805

16

The credit balance of the Company's share premium reserve account be capitalised and applied in paying up new B ordinary shares in the capital of the Company. The B Ordinary Shares are allotted and issued.

 

327,683,059

99.85%

494,866

0.15%

328,177,925

57.67%

177,575

17

To cancel and extinguish the B Ordinary Shares in relation to resolution 16.

327,662,785

99.85%

505,840

0.15%

328,168,625

57.67%

186,875

 

1 Includes discretionary votes cast by the Chair.

2 Shares held in treasury count to the total issued share capital but are not voted.

3 A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.

 

Every shareholder has one vote for every Ordinary Share held. As at close of business on Tuesday, 18 June 2024, the share capital of the Company consisted of 573,444,694 Ordinary Shares of which 569,064,139 shares held with voting rights. The Company held 4,380,555 Ordinary Shares in treasury.

 

In accordance with Listing Rule 9.6.2, copies of all the resolutions passed, other than ordinary business, will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

For further information, please contact:

 

Gresham House New Energy

Ben Guest

 

+44 (0) 20 3837 6270



Jefferies International Limited

Stuart Klein

Gaudi le Roux

Harry Randall

 

 

+44 (0) 20 7029 8000

KL Communications

Charles Gorman

Charlotte Francis

 

 

+44 (0) 20 3995 6673

 

JTC (UK) Limited as Company Secretary

Christopher Gibbons

 

 

+44 (0) 207 409 0181

 

Notes:

 

Every shareholder has one vote for every Ordinary Share held. As at close of business on 18 June 2024, the share capital of the Company consisted of 571,525,509 Ordinary Shares with voting rights. The Company does not hold any shares in Treasury.

 

In accordance with Listing Rule 9.6.2 copies of all the resolutions passed, other than ordinary business, will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

About the Company and the Manager: 

 

Gresham House Energy Storage Fund plc seeks to provide investors with an attractive and sustainable dividend over the long term by investing in a diversified portfolio of utility-scale battery energy storage systems (known as BESS) located in Great Britain and internationally. In addition, the Company seeks to provide investors with the prospect of capital growth through the re-investment of net cash generated in excess of the target dividend in accordance with the Company's investment policy.

 

The Company targets an unlevered Net Asset Value total return of 8% per annum and a levered Net Asset Value total return of 15% per annum, in each case calculated net of the Company's costs and expenses.

 

Gresham House Asset Management is the FCA authorised operating business of Gresham House Ltd, a specialist alternative asset manager. Gresham House is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.

 

http://www.greshamhouse.com/

 

 

Definition of utility-scale battery energy storage systems (BESS)

 

Utility-scale battery energy storage systems (BESS) are the enabling infrastructure that will support the continued growth of renewable energy sources such as wind and solar, essential to the UK's stated target to reduce carbon emissions. They store excess energy generated by renewable energy sources and then release that stored energy back into the grid during peak hours when there is increased demand.

LEI number: 213800MSJXKH25C23D82

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