- Gresham House has signed a new GBP7 million banking facility with Kleinwort Benson Bank.

The borrowing is secured against the Company's property assets and the deferred proceeds of the sale of the Newton-le-Willows site to Persimmon Homes announced last September.

The facility will be repayable in three tranches to match the deferred proceeds due from Persimmon, over the next three years accordingly:

- GBP2.09m will be repayable on 22 March 2017;

- GBP2.09m will be repayable on 22 March 2018; and

- the balance will be payable on 22 March 2019.

The Company confirmed that part of the funding is being used to repay the existing Co-operative Bank facility of GBP2.85 million and pay down the GBP0.67 million short-term loan notes issued in connection with the acquisition of Aitchesse Ltd.

The balance of the proceeds will be utilised for general working capital and investment purposes.

Anthony Dalwood, CEO of Gresham House said,

"This is a further element in the development of our long term plan, and we are pleased we have secured this new facility with Kleinwort Benson. It has enabled us to utilise the legacy property assets of the group to support our strategy of building Gresham House into a specialist asset manager of differentiated and illiquid alternative investment strategies that generate superior long term investment returns."

At 12:59pm: [LON:GHE] Gresham House Plc share price was 0p at 312.5p

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