- Gresham House announced at its AGM today that all costs are under constant review and, as part of this process, it is taking advice with a view of seeking to amend the terms of the Group's contracts with its directors, including contractual notice periods.

Its chairman, Tony Ebel reminded shareholders that they had approved the orderly realisation of the Group's assets at the 2011 annual general meeting and that this continues to be a slower process than originally anticipated as it is seeking to realise value on both the property and investment portfolio under difficult market conditions.

Mr Ebel said: "We continue to seek to maximise value of the Group's assets and sell these at the appropriate time whilst exploring all opportunities to unlock shareholder value.

"The Board wishes to advise shareholders that, whilst the process of realisation of the Group's assets continues, in the last few months it has been working on a significant corporate transaction to secure the maximum return to shareholders. Whilst it has not been possible to progress this any further the Board will consider alternative proposals if it believes that they would be in the best interests of shareholders as a whole.

"Whilst every effort is being made to realise the Group's property portfolio in the next 12 months, it appears unlikely that it will be possible to maximise the return from certain properties in that timescale. Your Board is therefore taking legal and taxation advice both with regard to the most appropriate corporate structure for the Group and also the optimal method of realising the Group's assets and returning proceeds to shareholders."

At 11:49am: [LON:GHE] Gresham House share price was 0p at 327.5p

Story provided by