Gresham House PLC New Bank Facility with Kleinwort Benson Bank Ltd (9578U)
April 12 2016 - 7:42AM
UK Regulatory
TIDMGHE
RNS Number : 9578U
Gresham House PLC
12 April 2016
12 April 2016
Gresham House Plc ("Gresham House" or "the Company")
(AIM: GHE)
New Bank Facility with Kleinwort Benson Bank Ltd
Gresham House plc, the specialist asset manager, is pleased to
announce as part of its continued strategic development, that it
has signed a new GBP7 million banking facility with Kleinwort
Benson Bank Ltd ("Kleinwort Benson"). The borrowing is secured
against the Company's property assets and the deferred proceeds of
the sale of the Newton-le-Willows site to Persimmon Homes Limited
("Persimmon") announced last September.
The facility will be repayable in three tranches to match the
deferred proceeds due from Persimmon, over the next three years
accordingly:
-- GBP2.09m will be repayable on 22 March 2017;
-- GBP2.09m will be repayable on 22 March 2018; and
-- the balance will be payable on 22 March 2019.
The facility documents include covenants that are customary for
a facility of this nature and the interest rate is in line with
management's expectations.
Part of the funding is being used to repay the existing
Co-operative Bank facility of GBP2.85 million and pay down the
GBP0.67 million short-term loan notes issued in connection with the
acquisition of Aitchesse Ltd. Consistent with supporting the
Company's growth strategy, the balance of the proceeds will be
utilised for general working capital and investment purposes.
Anthony Dalwood, CEO of Gresham House said,
"This is a further element in the development of our long term
plan, and we are pleased we have secured this new facility with
Kleinwort Benson. It has enabled us to utilise the legacy property
assets of the group to support our strategy of building Gresham
House into a specialist asset manager of differentiated and
illiquid alternative investment strategies that generate superior
long term investment returns."
James Lockyer of Kleinwort Benson said,
"Gresham House is led by an experienced management team and over
the past year we have seen rapid progress in pursuance of their
strategy to develop a specialist asset manager. We are pleased to
be part of the next stage of the Company's development, supporting
their plans for growth."
Enquiries:
Gresham House plc
Anthony (Tony) Dalwood 020 3837 6270
Kleinwort Benson Bank Ltd
Anita Turland 0203 207 7192
Liberum Capital Ltd
Neil Elliot
Jill Li 020 3100 2000
Montfort Communications, greshamhouse@montfort.london
PR Adviser 07798 626282
Gay Collins 0203 770 7906
Rory King
This information is provided by RNS
The company news service from the London Stock Exchange
END
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