NOT
FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, TO U.S. PERSONS OR IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR
THEIR RESPECTIVE TERRITORIES OR POSSESSIONS, OR INTO ANY OTHER
JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART
OF ANY OFFER TO ISSUE OR SELL, OR ANY SOLICITATION OF ANY OFFER TO
SUBSCRIBE OR PURCHASE, ANY INVESTMENTS IN ANY
JURISDICTION.
2 February 2024
Gresham House Energy Storage
Fund PLC
("GRID" or the
"Company")
Share Buyback
Programme
Further to the announcement on 1
February 2024, the Board of Directors of GRID today announces the
commencement of a Share Buyback Programme. The Company will review
the Share Buyback Programme on an ongoing basis in the context of
its capital allocation decisions, as well as the discount to NAV at
which the shares are trading at any given time.
The Company has engaged Jefferies
International Limited (Jefferies) as buy-back agent in relation to
the Share Buyback Programme on a discretionary basis within certain
pre-set parameters. The maximum price payable per share (exclusive
of expenses) will not exceed the higher of: (1) 105 per cent. of
the average market value of the Company's Shares for the five
business days immediately preceding the day on which such Share is
contracted to be purchased; or (2) the higher of the price of the
last independent trade and the highest current independent bid on
the London Stock Exchange.
Share buybacks under the Share Buyback Programme will be made
pursuant to the authority granted to the Company at its general
meeting held on 30 May 2023 which limits purchases of shares by the
Company in the market to up to 14.99% of the Company's then issued
share capital.
The Company will announce any market
repurchase of Shares on the business day following the calendar day
on which the repurchase occurred. The Company intends that the
repurchased shares will be held in Treasury.
The Company is satisfied that it is
not currently in a closed period, nor is it party to any inside
information which has not previously been disclosed
via Regulatory Information Service.
The Company shall not (i) exercise
any influence over how, when or whether Jefferies effects share
buybacks or (ii) change the number of shares, price or timing of
the purchases.
For further information, please
contact:
Gresham House New Energy
Ben Guest
+44 (0) 20 3837 6270
James Bustin
Jefferies International Limited
Stuart
Klein
+44 (0) 20 7029 8000
Gaudi Le Roux
Harry Randall
KL
Communications
gh@kl-communications.com
Charles Gorman
+44 (0) 20 3995 6673
Charlotte Francis
Effie Aye-Maung-Hider
JTC
(UK) Limited as Company Secretary
GHEnergyStorageCoSec@jtcgroup.com
Christopher Gibbons
+44 (0)20 7409
0181
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.
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.
DISCLAIMERS
This announcement has been prepared
for information purposes only. This announcement does not
constitute a prospectus relating to the Company and does not
constitute, or form part of, any offer or invitation to sell or
issue, or any solicitation of any offer to subscribe for, any
shares in the Company in any jurisdiction nor shall it, or any part
of it, or the fact of its distribution, form the basis of, or be
relied on in connection with or act as any inducement to enter
into, any contract therefor. The merits or suitability of any
securities must be independently determined by the recipient on the
basis of its own investigation and evaluation of the Company. Any
such determination should involve, among other things, an
assessment of the legal, tax, accounting, regulatory, financial,
credit and other related aspects of the securities.
This announcement may not be used in
making any investment decision in isolation. This announcement on
its own does not contain sufficient information to support an
investment decision and investors should ensure that they obtain
all available relevant information before making any investment.
This announcement does not constitute or form part of and may not
be construed as an offer to sell, or an invitation to purchase or
otherwise acquire, investments of any description, nor as a
recommendation regarding the possible offering or the provision of
investment advice by any party. No information in this announcement
should be construed as providing financial, investment or other
professional advice and each prospective investor should consult
its own legal, business, tax and other advisers in evaluating the
investment opportunity. No reliance may be placed for any purposes
whatsoever on this announcement or its completeness.
The information and opinions
contained in this announcement are provided as at the date of the
announcement and are subject to change without notice and no
representation or warranty, express or implied, is or will be made
in relation to the accuracy or completeness of the information
contained herein and no responsibility, obligation or liability or
duty (whether direct or indirect, in contract, tort or otherwise)
is or will be accepted by the Company, the Manager, Jefferies or
any of their affiliates or by any of their respective officers,
employees or agents to update or revise publicly any of the
statements contained herein. No reliance may be placed for any
purpose whatsoever on the information or opinions contained in this
announcement or on its completeness, accuracy or fairness. The
document has not been approved by any competent regulatory or
supervisory authority.
Any investment in Company is
speculative, involves a high degree of risk, and could result in
the loss of all or substantially all of their investment. Results
can be positively or negatively affected by market conditions
beyond the control of the Company or any other person. Any data on
past performance contained herein is no indication as to future
performance and there can be no assurance that any targeted or
projected returns will be achieved or that the Company will be able
to implement its investment strategy or achieve its investment
objectives. Any target returns published by the Company are targets
only. There is no guarantee that any such returns can be achieved
or can be continued if achieved, nor that the Company will make any
distributions whatsoever. There may be other additional risks,
uncertainties and factors that could cause the returns generated by
the Company to be materially lower than the target returns of the
Company.
The information in this announcement
may include forward-looking statements, which are based on the
current expectations, intentions and projections about future
events and trends or other matters that are not historical facts
and in certain cases can be identified by the use of terms such as
"may", "will", "should", "expect", "anticipate", "project",
"estimate", "intend", "continue", "target", "believe" (or the
negatives thereof) or other variations thereof or comparable
terminology. These forward-looking statements, as well as those
included in any related materials, are not guarantees of future
performance and are subject to known and unknown risks,
uncertainties, assumptions about the Company and other factors,
including, among other things, the development of its business,
trends in its operating industry, and future capital expenditures
and acquisitions. In light of these risks, uncertainties and
assumptions, the events in the forward-looking statements may not
occur and actual results may differ materially from those expressed
or implied by such forward looking statements. Given these risks
and uncertainties, prospective investors are cautioned not to place
undue reliance on forward-looking statements.
Jefferies International Limited,
which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom, 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 Jefferies or advice to any other person in relation to
the matters contained herein. Neither Jefferies nor any of its
directors, officers, employees, advisers or agents accepts any
responsibility or liability whatsoever for this announcement, its
contents or otherwise in connection with it or any other
information relating to the Company, whether written, oral or in a
visual or electronic format. Each of the Company, the Manager,
Jefferies and their affiliates and their respective officers,
employees and agents expressly disclaim any and all liability which
may be based on this announcement and any errors therein or
omissions therefrom.
No representation or warranty is
given to the achievement or reasonableness of future projections,
management targets, estimates, prospects or returns, if any. Any
views contained herein are based on financial, economic, market and
other conditions prevailing as at the date of this announcement.
The information contained in this announcement will not be
updated.