- Gresham House has exchanged contracts for the sale of its five-acre site at Newton-le-Willows to Countryside Properties (UK) for £2.1m, with completion expected in early 2018.

Gresham House said this represented the disposal of the last remaining significant legacy asset inherited when the current management team took over in December 2014, and brought the total consideration from the sale of legacy assets to over £18m, which was greater than the market capitalisation of the Company prior to the new management team's involvement.

It said the proceeds would be added to the net cash balance sheet position and would support Gresham House's growth strategy as a specialist alternative asset manager. Gresham House said that following completion of the sale of the property, it would have completed its transition from an "investment business" to a "trading business" and as such has had positive indications that it now qualified for inheritance tax exemption under HMRC legislation through Business Relief for AIM listed companies.

Chief executive Tony Dalwood said: 'The sale of the land at Newton-le-Willows marks the successful completion of our realisation strategy for the assets we inherited when we took management control of Gresham House in December 2014.

'We have delivered on our plan to transition Gresham House from a property focused investment trust to a specialist alternative asset manager, whilst generating shareholder returns through a focus on long term return on capital and profitability.

'We are now a pure play specialist alternative asset manager with strategies covering private equity, infrastructure, strategic public equity, renewables and forestry.

'We enter 2018 with strong organic and acquisition growth potential.'

At 8:15am: [LON:GHE] Gresham House Plc share price was +2p at 417p

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