20 June 2024
GRESHAM HOUSE ENERGY STORAGE FUND PLC
(GRID, the "Company")
Result of 2024 Annual General Meeting
Gresham House Energy Storage Fund PLC (LSE: GRID) announces that at the Company's 2024 Annual General Meeting held today, all resolutions were passed on poll and the results of the poll, including the proxy votes received, are set out below.
Resolutions 1 to 10 (inclusive) were proposed as ordinary resolutions and resolutions 11 to 17 (inclusive) were proposed as special resolutions.
|
| Resolution | Votes For1 | % | Votes Against | % | Total votes validly cast | Total votes cast as % of issued share capital2 | Votes Withheld3 |
| 1 | Receive annual accounts for period ended 31 December 2023. | 327,813,994 | 99.86% | 448,382 | 0.14% | 328,262,376 | 57.68% | 93,124 |
| 2 | Approve directors' remuneration report. | 327,826,626 | 99.87% | 426,661 | 0.13% | 328,253,287 | 57.68% | 102,213 |
| 3 | Approve the Company's dividend policy. | 327,870,738 | 99.88% | 381,946 | 0.12% | 328,252,684 | 57.68% | 102,816 |
| 4 | Re-elect John Leggate as a director. | 327,758,847 | 99.85% | 502,311 | 0.15% | 328,261,158 | 57.68% | 94,342 |
| 5 | Re-elect Isabel Liu as director. | 327,804,563 | 99.86% | 454,244 | 0.14% | 328,258,807 | 57.68% | 96,693 |
| 6 | Re-elect Duncan Neale as a director. | 327,757,730 | 99.85% | 501,077 | 0.15% | 328,258,807 | 57.68% | 96,693 |
| 7 | Re-elect Cathy Pitt as a director. | 327,795,269 | 99.86% | 463,538 | 0.14% | 328,258,807 | 57.68% | 96,693 |
| 8 | Re-elect David Stevenson as director. | 327,901,668 | 99.89% | 357,139 | 0.11% | 328,258,807 | 57.68% | 96,693 |
| 9 | To re-appoint BDO LLP as the Company's auditor. | 327,935,830 | 99.90% | 321,492 | 0.10% | 328,257,322 | 57.68% | 98,178 |
| 10 | To authorise the board of directors to determine the auditors remuneration. | 327,982,012 | 99.92% | 272,959 | 0.08% | 328,254,971 | 57.68% | 100,529 |
| 11 | To authorise the Company to allot ordinary shares. | 327,785,210 | 99.85% | 485,840 | 0.15% | 328,271,050 | 57.69% | 84,450 |
| 12 | To authorise the disapplication of statutory pre-emption in relation the ordinary shares authorised in resolution 11. | 327,531,222 | 99.78% | 725,985 | 0.22% | 328,257,207 | 57.68% | 98,293 |
| 13 | To authorise the Company to make market purchases of its own shares. | 327,974,867 | 99.91% | 307,273 | 0.09% | 328,282,140 | 57.69% | 73,360 |
| 14 | To permit general meetings to be called on 14 days' notice. | 327,967,709 | 99.90% | 316,207 | 0.10% | 328,283,916 | 57.69% | 71,584 |
| 15 | To cancel the credit balance of the Company's share premium reserve account. | 327,905,388 | 99.91% | 306,307 | 0.09% | 328,211,695 | 57.68% | 143,805 |
| 16 | The credit balance of the Company's share premium reserve account be capitalised and applied in paying up new B ordinary shares in the capital of the Company. The B Ordinary Shares are allotted and issued.
| 327,683,059 | 99.85% | 494,866 | 0.15% | 328,177,925 | 57.67% | 177,575 |
| 17 | To cancel and extinguish the B Ordinary Shares in relation to resolution 16. | 327,662,785 | 99.85% | 505,840 | 0.15% | 328,168,625 | 57.67% | 186,875 |
1 Includes discretionary votes cast by the Chair.
2 Shares held in treasury count to the total issued share capital but are not voted.
3 A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.
Every shareholder has one vote for every Ordinary Share held. As at close of business on Tuesday, 18 June 2024, the share capital of the Company consisted of 573,444,694 Ordinary Shares of which 569,064,139 shares held with voting rights. The Company held 4,380,555 Ordinary Shares in treasury.
In accordance with Listing Rule 9.6.2, copies of all the resolutions passed, other than ordinary business, will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
For further information, please contact:
| Gresham House New Energy Ben Guest |
+44 (0) 20 3837 6270 |
| | |
| Jefferies International Limited Stuart Klein Gaudi le Roux Harry Randall
|
+44 (0) 20 7029 8000 |
| KL Communications Charles Gorman Charlotte Francis
|
+44 (0) 20 3995 6673 |
|
JTC (UK) Limited as Company Secretary Christopher Gibbons |
+44 (0) 207 409 0181 |
Notes:
Every shareholder has one vote for every Ordinary Share held. As at close of business on 18 June 2024, the share capital of the Company consisted of 571,525,509 Ordinary Shares with voting rights. The Company does not hold any shares in Treasury.
In accordance with Listing Rule 9.6.2 copies of all the resolutions passed, other than ordinary business, will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
About the Company and the Manager:
Gresham House Energy Storage Fund plc seeks to provide investors with an attractive and sustainable dividend over the long term by investing in a diversified portfolio of utility-scale battery energy storage systems (known as BESS) located in Great Britain and internationally. In addition, the Company seeks to provide investors with the prospect of capital growth through the re-investment of net cash generated in excess of the target dividend in accordance with the Company's investment policy.
The Company targets an unlevered Net Asset Value total return of 8% per annum and a levered Net Asset Value total return of 15% per annum, in each case calculated net of the Company's costs and expenses.
Gresham House Asset Management is the FCA authorised operating business of Gresham House Ltd, a specialist alternative asset manager. Gresham House is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.
Definition of utility-scale battery energy storage systems (BESS)
Utility-scale battery energy storage systems (BESS) are the enabling infrastructure that will support the continued growth of renewable energy sources such as wind and solar, essential to the UK's stated target to reduce carbon emissions. They store excess energy generated by renewable energy sources and then release that stored energy back into the grid during peak hours when there is increased demand.
LEI number: 213800MSJXKH25C23D82
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