GHE.L Regulatory News (GHE)

21 May 2013 10:56

21 May 2013

Gresham House plc ("Gresham" or the "Company")

AGM Statement

At today's Annual General Meeting to be held at 11 am at the offices of Travers Smith LLP (10 Snow Hill, London EC1A 2AL), Gresham House plc Chairman, Tony Ebel will make the following statement to shareholders:

"In the Chairman's Statement contained in the annual report and accounts (the "Annual Report") of the Gresham House group of companies (the "Group") for the year to 31 December 2012, I stated that shareholders had approved the orderly realisation of the Group’s assets at the 2011 annual general meeting and that this continues to be a slower process than originally anticipated as we are seeking to realise value on both the property and investment portfolio under difficult market conditions. I also stated that we continue to seek to maximise value of the Group’s assets and sell these at the appropriate time whilst exploring all opportunities to unlock shareholder value."

The Board wishes to advise shareholders that, whilst the process of realisation of the Group's assets continues, in the last few months it has been working on a significant corporate transaction to secure the maximum return to shareholders. Whilst it has not been possible to progress this any further the Board will consider alternative proposals if it believes that they would be in the best interests of shareholders as a whole.

Whilst every effort is being made to realise the Group's property portfolio in the next twelve months, it appears unlikely that it will be possible to maximise the return from certain properties in that timescale. Your Board is therefore taking legal and taxation advice both with regard to the most appropriate corporate structure for the Group and also the optimal method of realising the Group's assets and returning proceeds to shareholders.

All costs are under constant review and, as part of this process, the Remuneration Committee is taking advice with a view of seeking to amend the terms of the Group’s contracts with its directors, including contractual notice periods.”

Enquiries:

Gresham House plc

Westhouse Securities

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