TIDMGHE

RNS Number : 4911E

AIM

04 November 2015

 
                        ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT 
                        PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 
                        OF THE AIM RULES FOR COMPANIES ("AIM RULES") 
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 COMPANY NAME: 
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 Gresham House plc 
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 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, 
  COMPANY TRADING ADDRESS (INCLUDING POSTCODES) 
  : 
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 REGISTERED OFFICE: 
  5 New Street Square 
  London 
  EC4A 3TW 
 
  TRADING ADDRESS: 
  12 Austin Friars 
  London 
  EC2N 2HE 
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 COUNTRY OF INCORPORATION: 
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 England 
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 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION 
  REQUIRED BY AIM RULE 26: 
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 www.greshamhouse.com 
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 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF 
  OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, 
  DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION 
  IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER 
  UNDER RULE 14, THIS SHOULD BE STATED: 
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 Gresham House plc ("Gresham House" or "the Company"), 
  the UK based and incorporated specialist asset 
  manager focused on alternative investment strategies 
  and illiquid asset classes, has announced that 
  it is proposed that its wholly owned subsidiary, 
  Gresham House Holdings Limited will acquire 
  100% of Aitchesse Limited ("Aitchesse"), one 
  of the leading managers of forestry and timber 
  assets in the UK. Admission is sought due to 
  the acquisition of Aitchesse being a Reverse 
  Takeover under Rule 14. The acquisition of Aitchesse 
  will cause Gresham House to migrate from being 
  an investing company to being a trading business. 
 
  The consideration for the acquisition comprises 
  initial consideration of GBP4.02 million and, 
  subject to achieving an EBITDA target, up to 
  GBP3.47 million of additional consideration. 
  The initial consideration is to be satisfied 
  by the payment of GBP1.84 million in cash (of 
  which GBP0.37 million shall be used to repay 
  to Aitchesse amounts owing by certain of the 
  Sellers), GBP0.67 million by the issue of the 
  Short Term Loan Notes to the Sellers and GBP1.5 
  million by the issue of 507,523 Ordinary Shares 
  (based on a price of 298.5p per Ordinary Share 
  (being the NAV at 30 June 2015)). The initial 
  cash consideration will be satisfied out of 
  the Group's existing cash resources. Subject 
  to achieving an EBITDA target during the period 
  to 28 February 2018, the additional consideration 
  is to be satisfied by the payment of up to GBP1.50 
  million in cash and up to GBP2.20 million by 
  the issue of up to 736,074 Ordinary Shares to 
  the Sellers (based on a price of 298.5p per 
  share). 
 
  Established in 2002 and based in Perth, Scotland, 
  Aitchesse manages the portfolios of four clients 
  and has assets under management of GBP192.7 
  million as at 30 June 2015 (based upon the latest 
  available (or agreed) valuations for its clients' 
  portfolios). Since 2007 until 30 June 2015, 
  Aitchesse's assets under management have increased 
  from approximately GBP38 million to approximately 
  GBP193 million. 
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 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING 
  ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES 
  (i.e. where known, number and type of shares, 
  nominal value and issue price to which it seeks 
  admission and the number and type to be held 
  as treasury shares): 
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 9,850,961 ordinary shares of 25 pence each ("Ordinary 
  Shares") 
  1,073,855 Warrants over Ordinary Shares 
 
  507,522 Ordinary Shares are to be issued to 
  satisfy the initial consideration for the acquisition 
  of Aitchesse Limited and will be subject to 
  a lock-in for a period of 12 months following 
  admission. 
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 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) 
  AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: 
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 Capital to be raised: None 
  Expected Market Capitalisation: GBP32.3 million 
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 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS 
  AT ADMISSION: 
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 21.6% 
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 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM 
  TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED 
  TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS 
  AIM SECURITIES) ADMITTED OR TRADED: 
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 NA 
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 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED 
  DIRECTORS (underlining the first name by which 
  each is known or including any other name by 
  which each is known): 
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 John Anthony Victor Townsend - Chairman 
  Anthony (Tony) Lionel Dalwood - CEO 
  Duncan James Langlands Abbot - Finance Director 
  Richard Andrew Chadwick - Non-Executive Director 
  Peter Geoffrey Moon - Senior Non-Executive Director 
  Michael Charles Phillips - Strategic Development 
  Director 
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 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS 
  EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE 
  CAPITAL, BEFORE AND AFTER ADMISSION (underlining 
  the first name by which each is known or including 
  any other name by which each is known): 
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                                                    Pre-admission        Post Admission 
   -------------------------------------------  ----------------------  ------------------- 
   Shareholder                                       Number                Number 
                                                   of Ordinary           of Ordinary 
                                                     Shares        %       Shares       % 
   -------------------------------------------  --------------  ------  ------------  ----- 
   Revcap Estates 
    24 Limited...........................          1,170,452      12.5   1,170,452    11.9% 
   -------------------------------------------  --------------  ------  ------------  ----- 
   The Trustees of 
    the Rowe Trust...................               644,209       6.9     644,209     6.5% 
   -------------------------------------------  --------------  ------  ------------  ----- 
   The Estate of A 
    P Stirling..............................        468,436       5.0     468,436     4.8% 
   -------------------------------------------  --------------  ------  ------------  ----- 
   Rathbone Investment 
    Management..............                        285,765       3.1     285,765     2.9% 
   -------------------------------------------  --------------  ------  ------------  ----- 
   Helium Rising Stars 
    Fund.............................               880,330       9.4     750,330     8.9% 
   -------------------------------------------  --------------  ------  ------------  ----- 
   River & Mercantile 
    Asset Management.........                       697,107       7.5     697,107     7.1% 
   -------------------------------------------  --------------  ------  ------------  ----- 
   Majedie Asset 
    Management.........................             697,107       7.5     697,107     7.1% 
   -------------------------------------------  --------------  ------  ------------  ----- 
   Digby Couslon Guy                                   -           -      426,398     4.3% 
   -------------------------------------------  --------------  ------  ------------  ----- 
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 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE 
  WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: 
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 NA 
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 (i) ANTICIPATED ACCOUNTING REFERENCE DATE 
  (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION 
  IN THE ADMISSION DOCUMENT HAS BEEN PREPARED 
  (this may be represented by unaudited interim 
  financial information) 
  (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST 
  THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: 
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           (i) 31 December 
            (ii) 30 June 2015 for both Aitchesse Limited 
            and Gresham House plc 
            (iii) 30 June 2016 (annual report for the 12 
            months ended 31 December 2015) 
            30 September 2016 (interim report for the 6 
            months ended 30 June 2016) 

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