Results of General Meeting
16 October 2019
Gresham House Energy Storage Fund PLC
Results of the General Meeting
The Company is pleased to announce that, at the general meeting held at 10:00 a.m. on 16 October 2019, each of the resolutions proposed at that meeting (the "Resolutions") were duly passed without amendment.
Details of those resolutions passed are as follows:
Votes For (including discretion)
% Votes For (including discretion)
% Votes Against
Total Votes Cast (excl. Votes Withheld)
Votes Cast as % of Issued Share Capital
1. To authorise the Directors to allot securities in the Company
2. To disapply the rights of pre-emption in relation to the allotment of securities
3. To authorise the Directors to call a General Meeting on not less than 14 clear days' notice
A vote withheld is not a vote in law and is therefore not counted towards the proportion of votes "for" or "against" the Resolution.
A summary of these resolutions can be found below:-
· Resolution 1: an ordinary resolution to grant the Company authority to allot up to 10 per cent. of the Company's share capital as at the date of the General Meeting;
· Resolution 2: a special resolution to disapply pre-emption rights in respect of such number of Shares as represents 10 per cent. of the Company's issued share capital as at the date of the General Meeting; and
· Resolution 3: a special resolution that any General Meeting of the Company other than an Annual General Meeting may be called on not less than 14 clear days' notice.
The number of shares authorised under Resolutions 1 and 2 was 20,000,000, being 10% of the share capital at the date of the General Meeting.
As a result of the relevant authorities being passed at the General Meeting, the issue of the 4,270,650 Further Shares announced on 11 October 2019 is now conditional only upon Further Share Admission, which is expected to become effective on 17 October 2019.
Following Further Share Admission, the number of Ordinary Shares that the Company has in issue will be 204,270,650. The total number of voting rights of the Company will be 204,270,650 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interests in the Company.
Further information regarding Resolution 3
The Company confirms will only use the shorter notice period permitted by Resolution 3 where it is merited by the purpose of the meeting, in limited and time-sensitive circumstances where it would clearly be to the advantage of Shareholders as a whole.
Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the announcement of the Placing released to the market at 07:00 a.m. on 3 October 2019 and in the Prospectus which can be found on the Company's website at newenergy.greshamhouse.com/esfplc/.
Gresham House Asset Management Limited
+44 (0) 20 3837 6270
Cantor Fitzgerald Europe
Richard Harris (Sales)
Robert Peel (Corporate Finance)
Alan Ray (Corporate Finance)
+44 (0) 20 7894 8229
+44 (0) 20 7894 7719
+44 (0) 20 7894 8590
+44 (0) 7798 626 282
+44 (0) 20 3770 7907
About the Company and the Manager
Gresham House Energy Storage Fund PLC owns a portfolio of six utility-scale operational energy storage systems (known as ESS) located in Great Britain. The portfolio has a total capacity of 75MW. The Company is managed by Gresham House Asset Management Limited under the leadership of Ben Guest. The Company was admitted to trading on the London Stock Exchange (Specialist Fund Segment) on 13 November 2018 having raised £100 million of gross proceeds from investors. Including issuance following IPO, it has now raised a total of approximately £207 million of gross proceeds from investors.
Gresham House Asset Management's New Energy team has a proven track record in developing and operating energy storage and other renewable assets having developed 75MW of energy storage systems and approximately 290MW of predominantly ground-mounted solar projects.
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