Proposed appointment of Gresham House PLC (LON:GHE) as external investment adviser to Hazel Renewable Energy VCT1 plc and Hazel Renewable Energy VCT2 plc
Gresham House, the specialist asset manager, has today announced that the boards of Hazel Renewable Energy VCT1 plc (“Hazel 1”) and Hazel Renewable Energy VCT2 plc (“Hazel 2”) intend to appoint Gresham House Asset Management (“GHAM”), a wholly owned subsidiary of the Company, as investment adviser for their respective asset portfolios. The appointment is conditional on the approval by shareholders of Hazel 2 of proposals for the reorganisation of the Company at a forthcoming General Meeting scheduled to be held on 7 November 2017.
Hazel 1 and Hazel 2, currently advised by Hazel Capital LLP (“Hazel Capital”), have combined net assets under management (“AUM”) of c£50 million and hold identical investment portfolios of renewable energy assets, including ground-mounted solar, roof-top solar and small wind projects.
Gresham House is currently in exclusive discussions to acquire Hazel Capital and anticipates entering into a binding agreement by the end of October. On completion, the acquisition will create a new division for the Company: Gresham House New Energy.
Anthony Dalwood, CEO of Gresham House, said: “Gresham House intends to launch a renewables division on its asset management platform. These VCTs are both an opportunity for further group AUM growth plus an additional product line. We look forward to working with the VCT Boards and the Hazel Capital team to successfully develop these new avenues.”
Further information regarding GHAM’s appointment will be available in the Circular from Hazel 2, available from the website of Downing LLP, the administration manager of Hazel 2, at https://www.downing.co.uk/hazel2. A copy of the Circular has also been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.morningstar.co.uk/uk/NSM
Neither the contents of the Downing website nor the contents of any website accessible from hyperlinks on the Downing website (or any other website) is incorporated into, or forms part of, this announcement.