Gresham House Energy Storage Fund secures GBP15m from new share placing
Gresham House Energy Storage Fund plc has secured about GBP15.3 million (US$19 million) in gross proceeds from the launched placing of new ordinary shares.
The Funs manager, Gresham House Plc, has placed a price of GBP 1.05 (US$1.319) apiece for a total of 14.61 million shares. The price is a discount of 4.1 to the closing middle market price on July 10, 2019. The company sets to use the proceeds to further the development of its energy storage systems.
The launched place is part of the company's ongoing Placing Programme under which it raised gross proceeds of GBP49.7 million (US$61.9 million) in late May 2019. The program will remain available until October 16, 2019, with about 36.16 million new ordinary shares schedule for issuance.
Cantor Fitzgerald Europe serves as sole book-runner in connection with the program.
Gresham House Energy Storage Fund plc invests in a portfolio of utility-scale operational Energy Storage Systems (known as ESS) located in Great Britain. The Fund is managed by Gresham House Asset Management Limited.
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