Gresham House Renewable EnergyVCT2 Investment into bio-bean (1107U)
November 21 2019 - 1:00AM
UK Regulatory
TIDMGV2O
RNS Number : 1107U
Gresham House Renewable EnergyVCT2
21 November 2019
21 November 2019
Gresham House Renewable Energy VCT 1 PLC
and
Gresham House Renewable Energy VCT 2 PLC
Investment into bio-bean
The Boards of Gresham House Renewable Energy VCT 1 plc (GV1O
& GV1A) and Gresham House Renewable Energy VCT 2 plc (GV2O
& GV2A) (the Gresham House VCTs or the VCTs) are very pleased
to announce that they have made a new investment of GBP1.2 million
into bio-bean, the world's largest recycler of waste coffee
grounds.
This investment represents 30% of the GBP4 million funding round
announced by bio-bean in April 2019. The Gresham House VCTs'
investment forms the final part of that round, and values bio-bean
at GBP7.6 million.
The investment, split 50/50 between the two VCTs and
respectively GBP800k of equity and GBP430k of debt, will further
enable the company to upgrade and expand its capacity in order to
improve efficiencies and execute its business plan. Within its
business plan bio-bean is seeking to achieve both geographical
expansion into mainland Europe and to launch new products in the
flavour and fragrance market.
bio-bean recycles used coffee grounds into efficient,
sustainable products for both consumer and industrial applications.
This includes Coffee Logs, an eco product for wood burners and
stoves that is quickly growing in consumer popularity and is
stocked by several major UK retailers. bio-bean will now seek to
expand product output considerably.
The investment will also help bio-bean, which is currently
UK-based, to apply its successful model for recycling waste coffee
grounds into mainland Europe, working in co-ordination with various
international partners within bio-bean's value chain.
Bozkurt Aydinoglu, Investment Director at Gresham House and
co-manager of the VCTs stated:
"bio-bean has a unique proposition and hard asset backing,
meaning it fits very well within our existing sustainable
investment portfolio. We look forward to seeing the fruits of the
team's labours as they build scale and diversify their product
portfolio."
The Gresham House investment team remains on the look-out for
new opportunities to put capital to work in the clean technology
space, seeking to help the UK's transition to a low-carbon
economy.
bio-bean was advised on this transaction by ClearlySo, Europe's
leading impact investment bank.
- END -
Gresham House Renewable Energy VCT 1 PLC - LEI:
213800IVQHJXUQBAAC06
Gresham House Renewable Energy VCT 2 PLC - LEI:
213800GQ3JQE2M214C75
For further information, please contact:
Gresham House Asset Management t.hayes@greshamhouse.com
Tania Hayes Tel: 020 3875 9860
KL Communications gh@kl-communications.com
Camilla Esmund / Charles Gorman / Tel: +44 (0) 203 995 6699
Alex Hogan
JTC (UK) Limited - Company Secretary GreshamVCTs@jtcgroup.com
Christopher Gibbons Tel: 44 203 846 9774
About the Gresham House Renewable Energy VCTs and Gresham
House
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. They 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) . 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.
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.
www.greshamhouse.com
About bio-bean
bio-bean Limited is an award-winning clean technology company,
the first in the world to industrialise the process of recycling
waste coffee grounds into advanced biofuels and biochemicals.
bio--bean works within the existing waste infrastructure,
developing sustainable products and solutions to displace
conventional fuels and chemicals.
About ClearlySo
ClearlySo is Europe's leading impact investment bank, working
exclusively with enterprises and funds delivering positive social,
ethical, and/or environmental impact as well as financial return.
Originally founded in 2008, ClearlySo has helped more than 145
clients raise more than GBP253 million in impact investment from
its extensive network of high-net-worth individual, family office
and institutional investors. ClearlySo is headquartered in
London.
(1) Tax Efficient Review VCT Performance Table as at 25 October
2019
(2) NAV date as at 31 March 2019
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END
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