Gresham House PLC GM Requisition and Fund Manager update
25 May 2021 - 11:53PM
RNS Non-Regulatory
TIDMGHE
Gresham House PLC
25 May 2021
25(th) May 2021
Gresham House plc
("Gresham House")
GM Requisition and Fund Manager update
On 21 May 2021, Gresham House plc (AIM: GHE) requisitioned a
General Meeting (GM) of the shareholders of GHS to consider
resolutions that would, if passed, support GHS's compliance with
the AIC Code of Corporate Governance provisions regarding tenure
and that the directors of GHS, by 12 July 2021, undertake a
strategic review of GHS's strategy to determine the best means of
maximising value for all GHS shareholders. In addition, a
resolution to commit GHS to not issuing GHS shares below NAV has
been proposed by Gresham House.
Gresham House welcomes the clear intent from GHS that it intends
to consult with Rock Nominees Limited (on behalf of Gresham House)
regarding possible modification to the GM resolutions proposed by
Gresham House.
Gresham House, the largest shareholder in GHS with a 23%
shareholding over nearly six years, today announces that it has
accepted the resignation of Richard Staveley, who is a Gresham
House employee and one of the GHS fund managers. Richard who was
with Gresham House for 20 months has left the business with
immediate effect.
GHS, with GBP58 million of Gresham House's GBP4.0 billion in
Assets Under Management (AUM), is one of several funds managed by
the successful Strategic Equity team at Gresham House. The core
team comprising Laurence Hulse, who has been directly involved in
GHS since Gresham House became GHS's Investment Manager nearly six
years ago, alongside Tony Dalwood, fund manager and Chair of the
GHS Investment Committee, will continue to manage GHS's portfolio
as they have done since 2015.
GHS has delivered standout performance versus peers since
Gresham House was appointed Investment Manager in 2015, delivering
a Share Price Total Return of 76.2% over three years and 111.3%
over five years (the UK Smaller Companies AIC sector, delivered
32.3% and 96.8% respectively) [1] . This track record draws on the
core team's 20 years' experience of applying a private equity
approach to public markets consistently.
The long-term track record of GHS remains strong in both
absolute and relative terms. The resources within Gresham House's
Strategic Equity team are significant and remain focused on
targeting superior returns through this specialist and engaged
investment approach.
We wish Richard well for the future.
-ends-
Gresham House plc
Rupert Robinson, Managing Director +44 (0)20 3837 6271
Houston gh@houston.co.uk
Alexander Clelland +44 (0)20 4529 0549
Anushka Mathew
Canaccord Genuity Limited - Nominated Adviser
and Joint Broker
Bobbie Hilliam
Georgina McCooke +44 (0)20 7523 8000
Jefferies International Limited - Financial
Adviser and Joint Broker
Paul Nicholls
Max Jones +44 (0)20 7029 8000
[1] AIC as at 24 May 2021
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