Gresham House Plc (LON:GHE), the specialist alternative asset manager, has today announced the final additional consideration in respect of its November 2015 acquisition of Gresham House Forestry Limited, formerly Aitchesse Limited.
Gresham House Forestry has performed in line with the Board’s expectations and has delivered on certain performance targets for the period 1 July 2015 to 28 February 2018, as set out in the Company’s Admission Document dated 4 November 2015.
The final additional consideration is £3.25 million and will be made up of £1 million in cash with the remaining £2.25 million satisfied by the issue of 504,095 new ordinary shares of 25p each at an issue price of 440p (the “Consideration Shares”). The Consideration Shares rank pari passu in all respects with the existing Ordinary Shares of the Company. 79,545 of the Consideration Shares will be subject to lock-up provisions until 31 December 2019. Admission of the Consideration Shares is expected to occur at 8.00 am on 29 June 2018.
The earnout is due to the vendors of Aitchesse Limited, being its senior management at the time of the transaction.
Following Admission, Gresham House Plc’s issued share capital will comprise 20,600,550 Ordinary Shares. This 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.