Gresham House PLC Approval of Investment Advisory Agreement (3461V)
August 06 2015 - 8:52AM
UK Regulatory
TIDMGHE
RNS Number : 3461V
Gresham House PLC
06 August 2015
6 August 2015
Gresham House plc (AIM: GHE)
Approval of Investment Advisory Agreement
The Board of Gresham House plc ("Gresham House") is pleased that
today the shareholders of SPARK Ventures plc (AIM: SPK "SPARK")
have approved the change in SPARK's Investing Policy to pursue a
new Strategic Public Equity ("SPE") investment strategy in
partnership with Gresham House, as set out in the Gresham House
announcement on 21 July 2015 and Notice of General Meeting
circulated to SPARK shareholders on 22 July 2015.
Gresham House will invest a total of GBP6.4 million in SPARK
following which Gresham House will have an interest in 706,806 of
SPARK's issued ordinary shares ("Shares") representing
approximately 18.39 per cent. of SPARK's Shares and approximately
19.17 per cent. of SPARK's total voting rights following completion
of the placing, open offer and asset swaps. The following key
members of the Gresham House management team, SPE investment team
and investment committee have acquired Shares pursuant to the
Fundraising:
New Ordinary Shares subscribed pursuant to the % of Total Voting Rights following Admission
Fundraising*
Tony Dalwood 11,111 0.30%
Graham Bird 19,444 0.53%
Bruce Carnegie Brown 11,111 0.30%
Michael Phillips 2,778 0.08%
Rupert Robinson 2,778 0.08%
Under the Investment Management Agreement, Gresham House Asset
Management Ltd ("GHAM"), the Company's specialist asset management
subsidiary, will receive initially as adviser and then as manager
(when regulatory approval is received), a fee of 0.125 per cent.
per month of the net asset value of the SPARK portfolio. The
initial portfolio value will be approximately GBP39.1 million. In
addition, GHAM will be entitled to a performance fee of 15 per
cent. of the increase in net asset value per share of SPARK over a
7 per cent. hurdle rate.
Anthony Dalwood, Chief Executive of Gresham House commented:
"We are pleased that the proposed change to the investing policy
has been approved by the SPARK shareholders. This mandate
represents an important step for Gresham House as we deliver on our
plans to develop as a specialist asset manager of differentiated
and illiquid alternative investment strategies. SPARK is the first
fund that our SPE investment team will manage and we will target
superior returns by focusing on inefficient areas of the market,
taking block stakes in smaller companies and constructively
engaging to identify and support significant value creation
catalysts."
Enquiries:
Montfort Communications
Gay Collins / Rory King 07798 626282 / 07917 086227
Gresham House plc
Anthony (Tony) Dalwood 020 3837 6270
Gresham House Asset Management
Graham Bird 020 3757 5613
Westhouse Securities Ltd
Robert Finlay / Richard Johnson 020 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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