Repayment of loan by Hazel Capital LLP

RNS Number : 0044A

Gresham House PLC

21 December 2017

 

Gresham House Plc ("Gresham House" or "the Company")

(AIM: GHE)

Repayment of loan by Hazel Capital LLP

Gresham House, the specialist asset manager, is pleased to announce it has received full repayment from Hazel Capital LLP ("Hazel Capital") of a £4.6 million secured loan ("the Loan"). The loan repayment includes interest and fees, which are above the long-term return hurdle of 15% set by the Company.

In conjunction with the agreement to acquire Hazel Capital, announced on 19 May 2017, and following ongoing due diligence, Gresham House agreed to provide the loan to Hazel Capital as a form of growth capital to develop its immediate pipeline of Energy Storage System ("ESS") projects for the purpose of offering grid enhancement services to the national grid. Full repayment of the loan, which has been repaid through proceeds from Solar asset disposals, was due on or before 31 December 2017 and these proceeds will be used to continue to build the specialist asset management business.

Tony Dalwood, CEO of Gresham House, said:

"The early loan repayment and further growth in the new energy development pipeline is positive news for Gresham House Group. The Hazel Capital integration continues and we now have an exciting pipeline of projects to grow under the Gresham House New Energy banner. Renewables and new energy infrastructure is an area where we see a significant growth opportunity in 2018."

ENDS

For further information, please contact:

Gresham House plc

Anthony (Tony) Dalwood                [phone]

Liberum Capital Ltd

Neil Elliot/Jill Li                                 [phone]

Montfort Communications:

Gay Collins                                         [phone]

Louis Supple                                      [phone]

[e-mail]

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

Notes

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 [phone].

 

END

 

 

MSCBBLLLDLFEFBD