REG - Gresham HouseRE VCT2 - Completion of Sale of Certain Solar Assets

Gresham House Renewable Energy VCT 2Announcement

27/04/2023 07:00

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RNS Number : 5995X  Gresham House Renewable EnergyVCT2   27 April 2023

27 April 2023

 

GRESHAM HOUSE RENEWABLE ENERGY VCT 2 PLC

(the "Company", the "VCT 2")

 

Completion of Sale of Certain Solar Assets

 

Following the RNS issued on 16 March 2023, the Boards of VCT 1 and VCT 2 are
pleased to announce that the sale completed yesterday of two ground-mounted
solar sites and approximately 1,600 commercial and residential solar
installations for a total cash price of £12.6m, with a total capacity of 13
MW. These assets represent around 20% by value of the VCTs' combined
portfolios of investment assets. The sales price achieved exceeds the net
asset value at the most recent reporting date of 30 September 2022.

 

The Board of VCT 2 expects to make an announcement as to the dividend payment
which will arise as a result of this sale as soon as possible. However, before
any distribution can take place, the capital reduction proposed at the
forthcoming AGM on 27 April 2023 needs to be approved by shareholders and then
implemented. This is a court-led process that will take several weeks to
complete, but we are optimistic that it will be possible to pay the dividend
in July. It remains the Board's intention to sell the remainder of the assets
as soon as possible, so implementing shareholders' wishes to wind up the
Company.

 

The Company was advised by Gowling WLG (UK) LLP (Legal) and Ernst & Young
LLP (Corporate Finance).

 

END

 

For further information, please contact:

 Gresham House Asset Management  renewablevcts@greshamhouse.com (mailto:renewablevcts@greshamhouse.com)
 Investor Relations              Tel: 020 3875 9860

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

 

LEI: 213800GQ3JQE2M214C75

 

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