Gresham House Strategic PLC Year-end update (0609V)
April 04 2019 - 1:00AM
UK Regulatory
TIDMGHS
RNS Number : 0609V
Gresham House Strategic PLC
04 April 2019
4 April 2019
Gresham House Strategic plc
Year-end update
Gresham House Strategic plc ("GHS" or "the Company") is pleased
to announce an update for the financial year ended 31 March
2019.
GHS expects to publish its full-year results in June. The latest
factsheet for the period 1 January 2019 to 31 March 2019 is now
available at:
https://strategicequity.greshamhouse.com/ghs-factsheet-q1-2019/
Investment Highlights
-- One of the top-performing UK small-cap funds[1], delivering
unaudited market-leading NAV total return performance of 8.0% to
1,253.9p[2]/share vs FTSE Small Cap Index total return of -3.1% in
the year from 1 April 2018 to 31 March 2019
-- Three-year anniversary of management by Gresham House marked
with strong NAV total return of 31.4% since inception and
operational milestones achieved
-- Driven by strong performance of its strategic investments
including Augean, Tax Systems, IMImobile and Northbridge
-- Realisations of GBP18.8m from profitable investments in the
period; including IMImobile (GBP13.8m), Miton group (GBP1.7m), and
Tax Systems (GBP2.0m)
-- A number of value recovery plans underway or being prepared
for underperforming investments - the potential benefits of the
team's value-recovery efforts can be seen at BeHeard in their
latest results
Operational Highlights
-- Gresham House Strategic was the top-performing UK small-cap
fund for the calendar year 2018 versus OEIC and investment trust
peers1
-- Total shareholder returns of 20.4% in the year as GHS share
price rose from 827.5p to 970p and FY18 dividend and FY19 interim
dividend paid
-- GBP1.9m return of cash to GHS shareholders via a buy-back and
dividend in CY18
-- Share price discount to NAV reduced from 30.0% at 31 March
2018 to 22.6% at 31 March 2019
-- Exciting pipeline of strategic deals targeting completion for
Q2 2019
-- The GHS Board expects Gresham House Asset Management's
recently announced joint venture with Aberdeen Standard
Investments, relating to its Strategic Public Equity (SPE) strategy
led by Graham Bird and Tony Dalwood, to deliver significant
positive benefits for GHS over the longer term
For further information, please contact:
David Potter
Gresham House Strategic plc Chairman 07711 450 391
Gresham House Asset Management Graham Bird
Ltd Investment Manager 020 3757 5613
finnCap Stuart Andrews/William
Nominated Adviser and Broker Marle 020 7220 0500
Attila Consultants Charles Cook/Nita Shah 07710 910563
Notes to editors
GHS plc is the only listed vehicle applying Gresham House's
Strategic Public Equity ('SPE') strategy. The Strategic Public
Equity mandate utilises the principles and practices of private
equity to invest in influential stakes in UK smaller public and
private companies which it believes to be undervalued. As such, the
team has an engaged, active style of investing, working closely
with management teams, to create shareholder value through
strategic or operational initiatives, supporting a clear 3-5 year
management plan to implement these initiatives.
[1] Data compiled by FE Trustnet and Morningstar for the year to
31 December 2018, shows the Gresham House Strategic fund
outperformed all open-ended UK smaller companies' funds and UK
smaller companies closed ended funds, achieving total NAV total
returns of 8.9%. Since inception in August 2015, GHS has
outperformed its benchmark by 13.3%.
[2] The unaudited NAV per share includes valuations of the
Company's unlisted investments as at 31 December 2018. The
valuation of all unlisted investments, which comprise approximately
15% of the net asset value the majority of which are convertible
loan notes, will be reviewed for the purposes of the audited
financial statements for the year ended 31 March 2019.
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
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