GV1O Gresham House Renewable Energy Vct 1 Plc

 
TIDMGV1O 
 
   Gresham House Renewable Energy VCT 1 plc ("the Company") 
 
   LEI: 213800IVQHJXUQBAAC06 
 
   25 June 2019 
 
   Gresham House Renewable Energy VCT 1 and 2 announce successful exit for 
ChargePoint Services via trade sale to Engie 
 
   London, 25 June 2019 - The Boards of Gresham House Renewable Energy VCT 
1 plc and Gresham House Renewable Energy VCT 2 plc (the Gresham House 
VCTs or the VCTs) are very pleased to report that their investments in 
ChargePoint Services Ltd (CPS) have been acquired by Engie as part of 
the French utility's buyout of 100% of CPS. The exit will generate a 
total rate of return to shareholders of 11.9% per year based on the 
initial purchase consideration, rising to 13.2% per year if all future 
tranches of the purchase consideration, linked to CPS' future 
performance, are received. 
 
   The Gresham House VCTs invested GBP1 million (GBP0.5 million per VCT) in 
CPS in 2016 in the form of equity and a senior, secured debt instrument. 
CPS is a provider of integrated electric vehicle charging solutions in 
the UK which uses proprietary and best of breed end-to-end technology 
for public, workplace and private sector electric vehicle (EV) charging. 
 
   Engie is the second-largest provider of EV charging stations around the 
world. Through this deal Engie will add ChargePoint Service's 900 public 
and workplace EV charge points, as well as its 20,000-strong customer 
base and cloud-based data and control platform. 
 
   Following the VCTs two top-ups last year, the Gresham House investment 
team is actively looking for new opportunities to put capital to work, 
in companies in the clean technology space and seeking to help the UK's 
transition to becoming a low-carbon economy. 
 
   Bozkurt Aydinoglu, Investment Director at Gresham House and co-manager 
of the VCTs stated; "CPS successfully capitalised on the need in the UK 
for a roll-out of EV charging points in suitable locations, by forging 
partnerships with site owners and delivering a fast turnkey EV charging 
solution. We are delighted that the VCTs' first investment in this space, 
has delivered a strong risk-adjusted return for shareholders." 
 
   The Gresham House VCTs were launched by Gresham House New Energy 
(formerly Hazel Capital LLP) in 2010. GBP41.6m was raised between 2010 
and 2011 representing the most successful ever launch by a new entrant 
to the VCT market. The Gresham House VCTs are ranked best in class' when 
compared to all other VCT offerings launched in 2010/2011 and have the 
highest total return metrics of any non-AIM VCT launched in the last ten 
years (at 161.1 and 159.8 pence per share for Gresham House Renewable 
Energy VCT 1 and Gresham House Renewable Energy VCT 2 respectively)(1) . 
These returns exclude the 30% VCT tax rebate available to UK tax payers. 
Last year in December 2018, the VCTs paid a dividend of 6 pence, 
bringing the total dividend payments, to shareholders who invested at 
launch, to 45 pence. 
 
   ENDS 
 
   Notes to editors: 
 
   For further information, please contact: 
 
   Montfort Communications: 
 
   Gay Collins                 +44 203 770 7905 
 
   Louis Supple              +44 203 770 7914 
 
   GreshamHouse@montfort.london 
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   About the Gresham House Renewable Energy VCTs and Gresham House 
 
   Gresham House plc is an AIM quoted specialist alternative asset manager 
providing funds, direct investments and tailored investment solutions, 
including co-investment across a range of highly differentiated 
alternative investment strategies. Expertise includes strategic public 
and private equity (private assets), forestry, new energy, housing and 
infrastructure. 
 
   Gresham House aims to deliver sustainable financial returns and is 
committed to building long-term partnerships with clients, (institutions, 
family offices, high-net-worth individuals, charities and endowments and 
private individuals) to help them achieve their financial goals. 
Shareholder value creation will be driven by long-term growth in 
earnings as a result of increasing AUM and returns from invested 
capital. 
 
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www.greshamhouse.com 
 
   (1) NAV date as at 31 March 2019 
 
 
 
 
 
 

(END) Dow Jones Newswires

June 25, 2019 07:26 ET (11:26 GMT)

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