Gresham House PLC Newton-le-Willows Sold for £2.1 million (2784A)
December 27 2017 - 2:00AM
UK Regulatory
TIDMGHE
RNS Number : 2784A
Gresham House PLC
27 December 2017
27 December 2017
Gresham House Plc ("Gresham House" or "the Company")
(AIM: GHE)
Disposal of Final Significant Legacy Asset - Newton-le-Willows
Sold for GBP2.1 million
Gresham House, the specialist alternative asset manager, is
pleased to announce that it has exchanged contracts with
Countryside Properties (UK) Limited, a leading UK home builder and
urban regeneration partner, to sell its five-acre site at
Newton-le-Willows for a gross value of GBP2.1 million, with
completion expected in early 2018.
The sale represents the disposal of the last remaining
significant legacy asset inherited when the current management team
took over in December 2014, and brings the total consideration from
the disposal of legacy assets to over GBP18 million, which is
greater than the market capitalisation of the Company prior to the
new management team's involvement. The proceeds will be added to
the net cash balance sheet position and will support Gresham
House's growth strategy as a specialist alternative asset
manager.
Following completion of the sale of the property, Gresham House
will have completed its transition from an "investment business" to
a "trading business" and as such has had positive indications that
it now qualifies for inheritance tax exemption under HMRC
legislation through Business Relief for AIM listed companies.
Tony Dalwood, CEO of Gresham House, said:
"The sale of the land at Newton-le-Willows marks the successful
completion of our realisation strategy for the assets we inherited
when we took management control of Gresham House in December 2014.
We have delivered on our plan to transition Gresham House from a
property focused investment trust to a specialist alternative asset
manager, whilst generating shareholder returns through a focus on
long term return on capital and profitability. We are now a pure
play specialist alternative asset manager with strategies covering
private equity, infrastructure, strategic public equity, renewables
and forestry. We enter 2018 with strong organic and acquisition
growth potential."
Enquiries:
Gresham House plc
Anthony (Tony) Dalwood +44 (0) 20 3837
Kevin Acton 6270
Liberum Capital Ltd
Neil Elliot
Jill Li +44 (0)20 3100 2000
Montfort Communications greshamhouse@montfort.london
Gay Collins +44 (0)7798 626282
Louis Supple +44 (0)7739 430102
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014
About Gresham House
Incorporated in 1857, Gresham House plc is an AIM quoted
specialist alternative asset management group focused on
alternative and illiquid assets classes, aiming to generate
superior returns for clients and shareholders over the longer
term
Shareholder value creation will be driven by long-term growth in
earnings as a result of increasing AUM and returns from invested
capital
Gresham House currently manages investments and co-investments
through its investment management platform on behalf of
institutions, family offices, high-net-worth individuals, charities
and endowments and private individuals
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISBDBDDRDDBGRX
(END) Dow Jones Newswires
December 27, 2017 02:00 ET (07:00 GMT)
Gresham House (LSE:GHE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gresham House (LSE:GHE)
Historical Stock Chart
From Apr 2023 to Apr 2024