Gresham House PLC Sale of Legacy Asset: Southern Gateway for £7.25m (2976Q)
11 September 2017 - 4:00PM
UK Regulatory
TIDMGHE
RNS Number : 2976Q
Gresham House PLC
11 September 2017
11 September 2017
Gresham House plc ("Gresham House" or the "Company")
(AIM: GHE)
Sale of Legacy Asset - Southern Gateway (Speke) for GBP7.25
million
Gresham House, the specialist asset manager, is pleased to
announce that it has exchanged contracts with St. Modwen
Developments Limited to sell Southern Gateway, its property in
Speke for a gross value of GBP7.25 million, with completion
expected shortly thereafter. Gresham House will use the proceeds of
the sale of this inherited legacy asset to repay in full its
outstanding loan of GBP4.4 million with Kleinwort Hambros (formerly
Kleinwort Benson), with the balance adding to the net cash balance
sheet position, which is intended to support the Company's growth
strategy.
In the financial year ended 31 December 2016, Southern Gateway
generated net rental income of GBP0.46 million and was held on the
Company's balance sheet at GBP7.75 million.
Tony Dalwood, CEO of Gresham House, said: "We are pleased to
announce the sale of Southern Gateway. This leaves the land at
Newton-le-Willows as the only remaining significant legacy asset,
having been inherited by the management team in December 2014. This
brings the disposal of legacy assets to over GBP16 million, which
is greater than the market capitalisation of the Company prior to
this management team's involvement. The disposal adds to the
significant cash and liquid assets on the Gresham House balance
sheet and we will continue to use this capital to deliver a
sustainable, valuable and growing asset management business".
ENDS
For further information, please contact:
Gresham House plc
Anthony (Tony) Dalwood +44 (0) 20 3837 6270
Liberum Capital Ltd
Neil Elliot/Jill Li +44 (0) 20 3100 2000
Montfort Communications:
Gay Collins +44 7798 626282
Rory King +44 203 770 7906
GreshamHouse@montfort.london
About Gresham House
Incorporated in 1857, Gresham House plc is an AIM quoted
specialist 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
Note
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public domain. If
you have any queries on this, then please contact John-Paul
Preston, Chief Operating Officer of the Company (responsible for
arranging release of this announcement) on +44 (0) 20 3837
6270.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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