Partial sale of stake in IMI Mobile

RNS Number : 0904Y

Gresham House Strategic PLC

17 August 2018

 

GRESHAM HOUSE STRATEGIC PLC

Partial sale of stake in IMI Mobile

Gresham House Strategic plc ("GHS" or "the Company") is pleased to announce that it has realised 42.2% of its holding in IMImobile ("IMI") for £9.6 million, which generated £4.96 million of profits for the Company. This realisation represented a 19% IRR and 2.13x money multiple,  significantly  above the company's stated target return of 15% IRR. Following the sale, the Company has a resultant holding of 6.3% of the issued share capital of IMI.  

Tony Dalwood, Gresham House Investment Committee Chairman for Strategic Public Equity, commented:

"Gresham House remain supporters of IMImobile and the considerable market opportunity the business is targeting, and as such we have retained a significant investment in the company. It was appropriate to rebalance portfolio weightings at this stage of GHS' evolution after 3 years of Gresham House management. The Strategic Public Equity approach is highly engaged with companies that require growth and development capital, we therefore look forward to continue to drive total shareholder return through deployment in further long term investment opportunities." 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For further information please contact:

Gresham House Strategic plc	David Potter	07711 450 391
Gresham House Asset Management Ltd Investment Manager	Tony Dalwood	0203 837 6270
finnCap Ltd Nominated Adviser and  Broker	Matt Goode / William Marle/ Emily Watts	0207 220 0500
Attila Consultants	Charles Cook / Sorrel Davies	0207 947 4489

 

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