Newton-le-Willows Sold for £2.1 million

RNS Number : 2784A

Gresham House PLC

27 December 2017

 

27 December 2017

Gresham House Plc ("Gresham House" or "the Company")

(AIM: GHE)

Disposal of Final Significant Legacy Asset - Newton-le-Willows Sold for £2.1 million

Gresham House, the specialist alternative asset manager, is pleased to announce that it has exchanged contracts with Countryside Properties (UK) Limited, a leading UK home builder and urban regeneration partner, to sell its five-acre site at Newton-le-Willows for a gross value of £2.1 million, with completion expected in early 2018.

The sale represents the disposal of the last remaining significant legacy asset inherited when the current management team took over in December 2014, and brings the total consideration from the disposal of legacy assets to over £18 million, which is greater than the market capitalisation of the Company prior to the new management team's involvement. The proceeds will be added to the net cash balance sheet position and will support Gresham House's growth strategy as a specialist alternative asset manager.

Following completion of the sale of the property, Gresham House will have completed its transition from an "investment business" to a "trading business" and as such has had positive indications that it now qualifies for inheritance tax exemption under HMRC legislation through Business Relief for AIM listed companies.

Tony Dalwood, CEO of Gresham House, said:

"The sale of the land at Newton-le-Willows marks the successful completion of our realisation strategy for the assets we inherited when we took management control of Gresham House in December 2014. We have delivered on our plan to transition Gresham House from a property focused investment trust to a specialist alternative asset manager, whilst generating shareholder returns through a focus on long term return on capital and profitability. We are now a pure play specialist alternative asset manager with strategies covering private equity, infrastructure, strategic public equity, renewables and forestry. We enter 2018 with strong organic and acquisition growth potential."

Enquiries:

Gresham House plc Anthony (Tony) Dalwood Kevin Acton	[phone]
Liberum Capital Ltd Neil Elliot Jill Li	[phone]
Montfort Communications Gay Collins Louis Supple	[e-mail] [phone] [phone]

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014

About Gresham House

Incorporated in 1857, Gresham House plc is an AIM quoted specialist alternative asset management group focused on alternative and illiquid assets classes, aiming to generate superior returns for clients and shareholders over the longer term

Shareholder value creation will be driven by long-term growth in earnings as a result of increasing AUM and returns from invested capital

Gresham House currently manages investments and co-investments through its investment management platform on behalf of institutions, family offices, high-net-worth individuals, charities and endowments and private individuals

 

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