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Gresham House Energy Storage Fund launches new share placing

Author: Portland General Electric. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

July 11 (Renewables Now) - Gresham House Energy Storage Fund plc (LON:GRID) today launched a non-pre-emptive placing of new ordinary shares with the goal of raising additional funds for investments.

The energy storage fund launched last year by UK asset manager Gresham House Plc (LON:GHE) will be offering a yet-to-be-determined number of shares to institutional investors at a price of GBP 1.05 (USD 1.319/EUR 1.171) apiece. This is a discount of 4.1% to the closing middle market price on July 10, 2019.

The move is part of the company’s ongoing Placing Programme under which it raised gross proceeds of GBP 49.7 million in late May 2019. At the time, it issued some 49.23 million shares at a price of GBP 1.01 apiece.

Cantor Fitzgerald Europe serves as sole bookrunner in connection with the programme.

(GBP 1.0 = USD 1.256/EUR 1.115)

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