Gresham House PLC Proposed appointment as investment adviser (7521T)
17 October 2017 - 5:00PM
UK Regulatory
TIDMGHE
RNS Number : 7521T
Gresham House PLC
17 October 2017
17 October 2017
Gresham House Plc ("Gresham House" or "the Company")
(AIM: GHE)
Proposed appointment of Gresham House as external investment
adviser to Hazel Renewable Energy VCT1 plc and Hazel Renewable
Energy VCT2 plc
Gresham House, the specialist asset manager, is pleased to
announce that the boards of Hazel Renewable Energy VCT1 plc ("Hazel
1") and Hazel Renewable Energy VCT2 plc ("Hazel 2") intend to
appoint Gresham House Asset Management ("GHAM"), a wholly owned
subsidiary of the Company, as investment adviser for their
respective asset portfolios. The appointment is conditional on the
approval by shareholders of Hazel 2 of proposals for the
reorganisation of the Company at a forthcoming General Meeting
scheduled to be held on 7 November 2017.
Hazel 1 and Hazel 2, currently advised by Hazel Capital LLP
("Hazel Capital"), have combined net assets under management
("AUM") of cGBP50 million and hold identical investment portfolios
of renewable energy assets, including ground-mounted solar,
roof-top solar and small wind projects.
Gresham House is currently in exclusive discussions to acquire
Hazel Capital and anticipates entering into a binding agreement by
the end of October. On completion, the acquisition will create a
new division for the Company: Gresham House New Energy.
Anthony Dalwood, CEO of Gresham House, said:
"Gresham House intends to launch a renewables division on its
asset management platform. These VCTs are both an opportunity for
further group AUM growth plus an additional product line. We look
forward to working with the VCT Boards and the Hazel Capital team
to successfully develop these new avenues."
Further information regarding GHAM's appointment will be
available in the Circular from Hazel 2, available from the website
of Downing LLP, the administration manager of Hazel 2, at
https://www.downing.co.uk/hazel2. A copy of the Circular has also
been submitted to the National Storage Mechanism and will shortly
be available for inspection at: www.morningstar.co.uk/uk/NSM
Neither the contents of the Downing website nor the contents of
any website accessible from hyperlinks on the Downing website (or
any other website) is incorporated into, or forms part of, this
announcement.
Enquiries:
Gresham House plc +44 (0) 20 3837
Anthony (Tony) Dalwood 6270
Liberum Capital Ltd
Neil Elliot
Jill Li +44 (0)20 3100 2000
Montfort Communications greshamhouse@montfort.london
Gay Collins +44 (0)203 770 7906
Rory King
This information is provided by RNS
The company news service from the London Stock Exchange
END
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