Gresham House Plc (LON:GHE), the specialist alternative asset manager, has today announced that the conditions precedent relating to its investment into battery storage projects managed by Gresham House New Energy, formerly Hazel Capital LLP, have now been fulfilled. This follows the proposed acquisition announcement of 31 October 2017.
The £2.0 million investment will be used to acquire shares in operational Energy Storage System (“ESS”) projects as well as a 25% stake in Noriker Power Limited, a developer and service provider of new energy technology. The deal allows Gresham House to be more closely aligned with its client base through investment in the battery storage space alongside the opportunity to capture further value from the development stages of projects.
As announced on 31 October 2017, the investment consideration is comprised of £750,000 in cash and £1.25 million through the issue of new Ordinary Shares. Accordingly, Gresham House is pleased to announce that application has been made for the admission to trading on AIM (“Admission”) of 304,877 new Ordinary Shares of 25p each in the Company at a price of 410p. The newly issued shares rank pari passu in all respects with the existing Ordinary Shares of the Company. Admission of the shares is expected to occur at 8.00 am on 7 June 2018.
Following Admission, Gresham House PLC’s issued share capital will comprise 20,096,455 Ordinary Shares, which figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules. The Company does not hold any shares in treasury.