Gresham House Renewable Energy VCTs progressing asset sales

Mon, 02nd Dec 2024 14:00

(Alliance News) - Gresham House Renewable Energy VCT 1 PLC and Gresham House Renewable Energy VCT 2 PLC on Monday said proceeds from the sale of their remaining assets will be 20% to 25% lower below earlier net asset values.

The London-based venture capital trusts said the sales proceeds would be down on the net asset value as reported at the end of March.

Gresham House Renewable Energy VCT 1 reported net assets worth GBP11.8 million at its March 31 half-year end. Gresham House Renewable Energy VCT 2 reported net assets worth GBP12.0 million.

The companies said they will not pay a dividend in 2024. They intend to declare an interim dividend "as soon as possible following the sale".

The duo said they are continuing to progress the sales of the remaining assets. The timing of the sales are uncertain.

The company previously announced it was in talks with Downing LLP to sell the remaining solar and wind assets. It said it hoped to sell the assets by the end of the year.

Gresham House Renewable Energy VCT 1 shares were untraded in London on Monday afternoon, last quoted at 45.00 pence. Gresham House Renewable Energy VCT 2 was also untraded, last quoted at 44.40 pence.

By Michael Hennessey, Alliance News reporter

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