The UK BESS-owning Gresham House Energy Storage Fund has launched a formal sales process, a decision which has seen its share price jump 10%.
The board of the fund, which trades under the GRID ticker on the London Stock Exchange, has instructed its financial advisers to launch a process to invite offers for the entire issued ordinary share capital.
That is 569,064,139 ordinary shares and a market capitisation of nearly £600 million (US$800 million).
It is one of the largest owners of battery energy storage system (BESS) capacity in the UK, and its sale would follow that of peer Harmony Energy Income Trust (HEIT) last year.
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John Leggate CBE, Chair of GRID, said: “The decision by the Board to launch a formal sale process has been taken after careful consideration of a wide range of feedback from our shareholders and has not been taken lightly. It comes against a backdrop in which the Board and the Manager continue to execute the Company’s Growth Plan which has been reflected in the continued growth in the Company’s earnings and a 15.8% uplift in its Net Asset Value during the first six months of the year.”
“Despite no change in the Board’s confidence in the Company’s ability to deliver on the Growth Plan, we recognise some shareholders’ increased desire to accelerate value delivery which has caused the Board to commence an FSP process whilst continuing to pursue the Growth Plan.”
More on this to follow tomorrow.
