Baronsmead Second Venture Trust PLC Change in management arrangements (8375G)
November 08 2018 - 11:09AM
UK Regulatory
TIDMBMD
RNS Number : 8375G
Baronsmead Second Venture Trust PLC
08 November 2018
Baronsmead Second Venture Trust plc (the "Company")
Change in management arrangements
Livingbridge VC LLP ("Livingbridge") has today announced the
sale of its fund and investment management business, including its
Baronsmead VCT business, to a subsidiary of Gresham House plc
("Gresham House"), a specialist alternative asset manager listed on
the London Stock Exchange. The core management, investment and
operational teams involved with the Company will all be transferred
to Gresham House in connection with this transaction.
A wide ranging and multi-year partnership agreement has been put
in place between Livingbridge and Gresham House to enable a smooth
transition of the management of the VCTs and also ongoing support
between the parties to ensure minimal disruption for the Company
and its Shareholders
The Company has consented to the novation of the existing
investment management and co-investment agreements to Gresham
House, which is expected to become effective around 30 November
2018. No changes are being made to the terms of the investment
management and co-investment agreements.
The Board believes that this transaction is encouraging as it
will provide additional resources for the team and enable them to
focus on maintaining and developing the VCT business going forward.
We understand that Gresham House intends to grow its non VCT
private equity funds in the future and we see this as being
complementary and supportive to the investment capability for the
VCTs. The Board will continue to keep the performance of the
management team under review and will update the shareholders on
the new arrangements at the next Annual General Meeting.
Anthony Townsend, Chairman of the Company, is also Non-Executive
Chairman of Gresham House. Accordingly, he will be stepping down as
Chairman of the Company, but will remain as a non-executive
director, following completion of the sale.
The Chairman of Baronsmead Venture Trust and the Senior
Independent Director of Baronsmead Second Venture Trust said:
"The Baronsmead VCTs were some of the very first VCTs to be
established and have built a strong reputation for quality and
consistent performance. In Gresham House we have a manager that
recognises the important heritage of the Baronsmead VCTs and that
is committed to helping to deliver consistent performance over the
long term for shareholders.
We are delighted that the existing team are all moving over to
Gresham House and we believe through this transaction they will be
able to focus their efforts on deploying capital and managing
investments, benefit from additional investment in both team and
resources, and continue to deliver returns to Shareholders."
Wol Kolade, Managing Partner at Livingbridge said:
"We are immensely proud of all that the Baronsmead team has
achieved but as our core PE business is the central focus of our
future growth plans, we have taken this decision because we know
Gresham House will be an outstanding guardian of the Baronsmead
VCTs and will invest in their growth for the benefit of
shareholders for many years to come.
"We would not be taking this step if we hadn't found Gresham
House to be a high-quality and ambitious group, focused on
performance and governance in the same way we are, and I look
forward to working with Anthony Dalwood and his team to deliver a
smooth transition and build a longer-term relationship."
For further information, please contact:
Baronsmead VCT Investor Relations
Telephone - 020 7506 5717
baronsmeadvcts@livingbridge.com
Douglas Armstrong
Dickson Minto W.S. (Adviser to the Boards)
Telephone - 020 7649 6823
Notes
Gresham House is a specialist alternative asset manager
providing funds, direct investments and tailored investment
solutions, including co-investment across a range of highly
differentiated alternative investment strategies. The Group's
expertise includes strategic public and private equity, timber,
renewable energy, housing and infrastructure.
Legal Entity Identifier: 213800VQ1PQHOJXDDQ88
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014). Upon the
publication of this announcement via Regulatory Information Service
this inside information is now considered to be in the public
domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCFSIFWAFASESF
(END) Dow Jones Newswires
November 08, 2018 12:09 ET (17:09 GMT)
Baronsmead Second Venture (LSE:BMD)
Historical Stock Chart
From Apr 2024 to May 2024
Baronsmead Second Venture (LSE:BMD)
Historical Stock Chart
From May 2023 to May 2024