AIM Schedule 1 - Gresham House PLC (4911E)
November 04 2015 - 2:30AM
UK Regulatory
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
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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%
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Rathbone Investment
Management.............. 285,765 3.1 285,765 2.9%
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Helium Rising Stars
Fund............................. 880,330 9.4 750,330 8.9%
------------------------------------------- -------------- ------ ------------ -----
River & Mercantile
Asset Management......... 697,107 7.5 697,107 7.1%
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Majedie Asset
Management......................... 697,107 7.5 697,107 7.1%
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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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