Renewable energy infrastructure investment company gives institutional investors another chance to buy its shares on a reduced premium in a one-day fund raising.
Gresham House Energy Storage (GRID) is giving institutional investors another chance to buy its shares on a reduced premium.
The £163 million renewable energy infrastructure fund has launched a share placing at 105p, 4.1% below yesterday’s closing price of 109.5p but above its net asset value per share of 98.5p which means the fund raise will benefit existing shareholders.
No target for the amount being sought has been announced. Broker Cantor Fitzgerald is organising the placing which will close at 3pm today.
The new shares would be eligible for the second quarterly dividend due to be announced, the company said.
GRID is a 4%-yielding income fund investing in big, industrial-sized batteries for storing wind and solar power. It raised £100 million in its flotation in November and in May drew in a further £49.7 million as part of its placing programme.
At the time it noted that some potential investors were still doing due diligence on the company and that further placings might occur before the programme expires on 16 October.
GRID shares dipped 1p to 108.5p.