StockMarketWire.com - Gresham House has unveiled final terms of a new strategic direction for the company which includes moving from the Main Market to AIM; the appointment of a new board and the adoption of a new investing policy.

The company said that under the proposals, Antony Ebel, Brian Hallett and John Lorimer will retire as directors andit will seek to raise £11.4m through a placing of 3,973,510 new ordinary shares.

Under the proposals a new board comprising Anthony Townsend, Peter Moon, Anthony (Tony) Dalwood, Michael Phillips and Duncan Abbot will be appointed. Directors other than Richard Chadwick will resign. Chadwick will remain on the board until at least December 2015 to assist with the process of familiarisation with the existing assets.

Under the proposals, the new investing policy would be adopted in the place of the current investing policy of liquidation and distribution as approved at the 2011 annual general meeting of the company.

The proposed directors intend to develop the company as a quoted platform principally for investment in, and the investment management of, relatively differentiated, specialist or illiquid assets in order to generate superior risk adjusted returns for shareholders of the company over the longer term. Returns are expected to be principally through capital growth.

In order that the company has sufficient funds to execute the new investing policy and to develop an asset management business, either organically or through one or more acquisitions, the board is proposing to raise £11.4m, gross,through a placing of 3,973,510 new ordinary shares at 286.9p apiece. This represents a 9.3% premium to the closing price on 24 June 214 (being the latest practicable date prior to the announcement that the board was considering the proposals) and a 4.9% premium to the closing price last night.

The proposed directors are, in aggregate, subscribing for 453,119 Ordinary Shares under the Placing and for 556,750 supporter warrants.

In addition, members of the investment committee and the advisory group are, in aggregate, subscribing for 400,836 Ordinary Shares under the placing and for up to 293,250 supporter warrants.

Each supporter warrant will entitle the holder to subscribe for one ordinary share at 323.27 pence, being the adjusted NAV per ordinary share, exercisable at any time between the first anniversary of the admission date and 31 December 2019.




At 8:49am: [LON:GHE] Gresham House Plc share price was -3p at 270.5p



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