Gresham House PLC - London-based investment manager - Sells entire 24% stake in Rockwood Realisation PLC, a fund in wind-down formerly known as Gresham House Strategic. Gresham House says it will have an additional GBP8.5 million in cash on its balance sheet as a result of the disposal. Rockwood has a market capitalisation of GBP35.7 million. Gresham House doesn't say to whom it sold the stake, though it says that as part of the deal, it has agreed to buy an investment in Hanover Co-Invest SCA SICAV-RAIF Sub-Fund 1 from Rockwood for GBP855,586.
Gresham House had been the investment manager of what was then Gresham House Strategic, but had a public falling out with the board of Gresham House Strategic, which then appointed Harwood Capital as its new investment manager. Gresham House forced a shareholder vote that resulted in Gresham House Strategic embarking on a managed wind-down and changing its name to Rockwood.
Current Gresham House stock price: 856.00 pence, up 7.0% on Monday
12-month change: up 6.3%
Current Rockwood stock price: 1,380.70p, down 1.7% on Monday
12-month change: down 1.4%
By Tom Waite; thomaslwaite@alliancenews.com
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