Progress Update
20/04/2023 07:00
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RNS Number : 8052W Gresham House PLC 20 April 2023
RNS
REACH
Gresham House plc
("Gresham House", the "Company" or the "Group")
Progress update
VCT fundraise success, new fund launch and Sustainable Investment Report
20 April 2023
Gresham House, the specialist alternative asset manager committed to
sustainable investing, provides an update on recent activity across a range of
asset classes that continues to drive momentum in the Group.
Highlights
§ VCTs - Baronsmead Venture Trust and Baronsmead Second Venture Trust (the
Baronsmead VCTs), successfully completed a fully subscribed fundraise of £50
million
§ New Energy - Announcement of £140 million commitment from Centrica and the
UK Infrastructure Bank into the new Gresham House Secure Income Renewable
Energy & Storage LP (SIRES) to drive the UK's transition to cleaner,
greener energy
§ Sustainable Investment - Third annual Sustainable Investment Report
released by the Group, highlighting the range of reporting and transparency
that are provided for shareholders, as well as its first Task Force on
Climate-related Financial Disclosures (TCFD report) a year ahead of the
mandatory deadline
Baronsmead VCTs
On 16 December 2022, the Baronsmead VCTs announced the launch of an offer for
subscription to raise up to £40 million in aggregate with the discretion to
utilise over-allotment facilities to raise up to a further £10 million in
aggregate. On the 27 March, it was announced that the offer was fully
subscribed and closed. The £50 million raised by the Baronsmead VCTs will
allow them to target new investment opportunities in the short to medium term
and to continue to support the capital requirements of existing portfolio
companies.
The Baronsmead VCTs are two of the largest on the market, with combined net
assets of £408 million as at 24 March 2023. Taking a unique hybrid approach
their portfolios comprise both AIM-quoted companies and unquoted companies.
Gresham House Secure Income Renewable Energy & Storage LP (SIRES)
On 30 March 2023 the UK Infrastructure Bank ("Bank") announced a commitment to
invest £75 million on a match funding basis into the new Gresham House Secure
Income Renewable Energy & Storage LP (SIRES) alongside a £65 million
investment from Centrica.
Gresham House's SIRES fund will focus on developing the collocation of
renewable generation and short duration battery energy storage facilities. The
£65 million investment from Centrica will be used to fund the construction of
the seed asset, a collocated solar and battery energy storage project in
Hartlepool, County Durham, with 50 MWp solar capacity and 75 MWh of battery
energy storage.
Sustainable Investment Report
On 4 April, the Group launched its latest Sustainable Investment Report
(https://greshamhouse.com/sustainable-investment-report/) , which outlines how
we maintained our commitment to driving the sustainability agenda forward in
2022 as we continued to expand the scope and quality of the ESG metrics that
we collect, measure and monitor. The report shows the significant progress we
have made towards delivering the goals of our Corporate Sustainability
Strategy.
Tony Dalwood, CEO at Gresham House plc said:
"Following the recent announcement of our strong annual results, it is great
to see positive momentum continue into 2023, with successful fundraising in a
number of our strategies which target attractive financial returns alongside
driving the sustainability agenda."
For more information contact:
+44 (0)20 3837 6270
Gresham House plc
Tony Dalwood, Chief Executive Officer
Kevin Acton, Chief Financial Officer
gh@houston.co.uk (mailto:gh@houston.co.uk)
Houston - media and analysts +44 (0) 20 4529 0549
Kay Larsen
Kelsey Traynor
+44 (0)20 7523 8000
Canaccord Genuity Limited - Nominated Adviser and Joint Broker
Bobbie Hilliam
Harry Pardoe
+44 (0)20 7029 8000
Jefferies International Limited - Joint Broker and Financial Adviser
Paul Nicholls
James Umbers
NOTES TO EDITORS
About Gresham House
Gresham House is a specialist alternative asset management group, dedicated to
sustainable investments across a range of strategies, with expertise across
forestry, housing, infrastructure, renewable energy and battery storage,
public and private equity.
Our origins stretch back to 1857, while our focus is on the future and the
long term. Quoted on the London Stock Exchange (GHE:LN) we actively manage
£7.8bn of assets (31 December 2022) on behalf of institutions, family
offices, charities and endowments, private individuals, and their advisers. We
act responsibly within a culture of empowerment that encourages individual
flair and entrepreneurial thinking.
As a signatory to the UN-supported Principles for Responsible Investment
(PRI), our vision is to always make a positive social or environmental impact,
while delivering on our commitments to shareholders, employees, and investors.
www.greshamhouse.com (https://www.greshamhouse.com/)
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