Gore Street Energy Storage Fund PLC - investor in utility-scale energy storage projects - Proposes issue of further 250 million shares, at 100 pence each, following initial issue of 60 million shares in mid-November.
The issue price represents a discount of about 7.8% to the closing middle market share price of 108.5 pence per share on November 27 and a premium of about 3.6% to the last reported NAV of 96.2 pence at June 30. Initial admission expected on December 17.
The net proceeds from the issue will be used to acquire new projects in the company's pipeline or to fund capital expenditure requirements of investments in its existing portfolio.
"The investment manager has identified a pipeline of investments with a total project size of approximately 1.3 gigawatts," Gore Street adds.
Current stock price: 104.15 pence
Year-to-date change: up 7.9%
By Paul McGowan; paulmcgowan@alliancenews.com
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Gore Street En. (GSF)