- Gresham House Energy Storage Fund
- 02 November 2026 16:09:38
Source: Sharecast
The stock was up 7.5% at 102p in afternoon trading after the company said it would invite offers for its entire issued share capital, comprising approximately 569.1m ordinary shares.
The decision marks a significant U-turn from the board's position on 15 September, when it rejected calls for a sale from shareholder PrimeStone, which had written to the company in June. PrimeStone owns 6.9% of GRID, according to its latest disclosed figures.
At the time of GRID's response, the board said that launching a formal sale process "would not be in the best interests of shareholders", citing strong shareholder support for its existing strategy, improving share-price performance and further growth opportunities not yet reflected in its net asset value (NAV).
The company, however, said on Monday it would continue implementing its "Growth Plan" alongside the sale process, with NAV having increased 15.8% in the first half of 2026 to 131.3p per share. The increase included a roughly 14p-per-share uplift from projects entering construction during the year.
GRID is also targeting final investment decisions in 2027 for three additional battery storage developments: Ocker Hill, with 240MW of capacity; Lister Drive, with 57MW; and Rayleigh, with 480MW.
Together, the projects represent 777MW of additional capacity and are expected to deliver further increases in NAV as development progresses, GRID said.