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(Alliance News) - Gresham House Energy Storage Fund PLC is looking to raise up to GBP30 million, the renewable energy investor confirmed on Monday.
Earlier in February, Gresham House Energy had said it would be issuing up to 30 million new shares, at an unspecified price, to buy a newly-identified, but unnamed, asset.
The company has confirmed it will be placing shares worth up to GBP30 million on Monday, but said the placing price will be above net asset value as at December 31, which was 101p. The final price will be determined by investor demand.
Shares were down 1.4% on Monday afternoon at a price of 107.50p.
The cash raised, Gresham House Energy said, will be used for the identified acquisition as well as to extend its asset at Glassenbury, Kent, by 10 megawatts.
The placing is being run solely by Cantor Fitzgerald, Gresham House Energy added.
Gresham House Energy also declared on Monday a dividend of 1 pence per share for the last quarter of 2019.
By George Collard; georgecollard@alliancenews.com
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