REG - Gresham House REVCT - Cancellation of interim dividend

Gresham House Renewable Energy VCT 1Announcement

25/01/2023 17:30

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RNS Number : 8853N  Gresham House Renewable EnergyVCT1  25 January 2023

25 January 2023

 

GRESHAM HOUSE RENEWABLE ENERGY VCT 1 PLC

(the "Company", "VCT 1")

Cancellation of interim dividend

The Directors of Gresham House Renewable Energy VCT 1 PLC ("VCT 1") are
providing notice of the cancellation of the interim dividend announced on 21
December 2022.

On 21 December 2022, VCT 1 announced a dividend of 2p per share for the year
ended 30 September 2022 (the "Interim Dividend").  The Interim Dividend was
due to be paid on 27 January 2023 to Shareholders on the register as at the
close of business on 6 January 2023.

In January 2023, during the course of the audit of the Company's Annual Report
and Accounts for the year ended 30 September 2022, a valuation adjustment
which had previously been made to certain investments held by VCT 1 was,
following discussion with the auditors, reclassified as a realised loss. In
the light of these circumstances, the Board believes that the distributable
reserves of VCT 1 are reduced to a level at which the proposed Interim
Dividend should not be paid.

Accordingly, the Board has decided to cancel the payment of the Interim
Dividend which would have been paid on 27 January 2023.

The realised loss referred to above does not have a material impact on the
Company's net asset value and the Annual Report and Accounts expected to be
published next week are anticipated to show a small increase in net asset
value.

To increase the Company's distributable reserves, the Directors propose to
seek shareholder approval for a reduction of certain non-distributable
reserves at the forthcoming AGM.  Notice of this AGM will be provided shortly
after the publication of the Accounts and Annual Report for the year ended 30
September 2022, expected next week.

The Board intends to resume the payment of dividends as soon
as distributable reserves are increased. The expected timescales for this
will be advised at the forthcoming AGM.  However, the implementation
of such a reduction of reserves is a Court led process that is likely to take
some months.

 

This announcement contains inside information which is disclosed in accordance
with the UK Market Abuse Regulation.

 

END

 

For further information, please contact:

 Gresham House Asset Management  Renewablevcts@greshamhouse.com (mailto:Renewablevcts@greshamhouse.com)
 Investor Relations              Tel: 020 7382 0999

 JTC (UK) Limited                GreshamVCTs@jtcgroup.com (mailto:GreshamVCTs@jtcgroup.com)
 Company Secretary
Tel: 020 3846 9774

 

LEI: 213800IVQHJXUQBAAC06

 

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