Gresham House Strategic plc
13 December 2021
Announcement of unaudited Post Tax Net Asset Value for 9 December 2021, Tender Offer Price and Basic Entitlement under the Tender Offer
Unaudited Post Tax Net Asset Value for 9 December 2021
Gresham House Strategic plc (the “Company”), announces that as at 9 December 2021 the unaudited post tax net asset value (NAV) per ordinary share was 1,882.8pence.
Cash held by the Company, before all liabilities and provision for the implementation of the B Share Scheme and Tender Offer as at 9 December 2021 was approximately £26.3 million.
The above NAV calculation is based on 3,480,884 ordinary shares with a nominal value of 50 pence each (the “Ordinary Shares”).
Tender Offer
The Company sent Shareholders a circular (the “Circular”) on 29 November 2021 in relation to a proposed return of up to £25.0 million in aggregate to Shareholders (comprised of a return of up to £10.4 million pursuant to a B Share Scheme and approximately £14.6 million by way of the Tender Offer).
Defined terms have the meanings given to them in the Circular.
For the purposes of the Tender Offer, the NAV per ordinary share as at 9 December 2021, adjusted for the aggregate nominal value of the B Shares proposed to be issued and redeemed by the Company pursuant to the B Share Scheme in advance of the Tender Offer (the “Tender Offer NAV”) was 1,582.83pence.
The Tender Price and the Individual Basic Entitlement of Shareholders under the Tender Offer has been calculated on the basis of the Tender Offer NAV, and are as follows:
- Tender Price – 1551.17p per share
- Individual Basic Entitlement – 27 per cent.
The Tender Price is a 2% discount to the Tender Offer NAV. The maximum number of shares that will be repurchased under the Tender Offer is 939,838 shares. The Tender Offer is conditional on the passing of the requisite resolution at the General Meeting to be held on 15 December 2021.
The Ex Date for the Capital Return is 16 December 2021. Unless the counterparties specifically agree otherwise, a buyer of the Company's Ordinary Shares ahead of the Ex-Date will assume the benefit to the Return of Capital and the seller would need to pass the benefit to the buyer, even if the seller is the recorded owner at the Record Date.