14th May 2021 12:21
(Alliance News) - Gresham House PLC on Friday said it bought a 5.4% holding in Strategic Equity Capital PLC for an undisclosed sum.
Gresham House shares were trading 0.6% higher in London on Friday at 880.00 pence each. Strategic Equity Capital was up 0.2% at 303.50p a share. It has a GBP191.1 million market capitalisation, making a 5.4% stake worth about GBP10.3 million.
Strategic Equity Capital is an investment trust focused on small cap UK equities. It has been managed by Gresham House since March last year. Furthermore, Jeff Harris and Adam Khanbhai, Strategic Equity Capital's portfolio managers, have joined Gresham House, to allow Strategic Equity Capital to continue to benefit from their knowledge of the portfolio companies.
Gresham House said its investment makes good on its indication, made at the time of the appointment of Gresham House as investment manager, to acquire a significant number of shares in Strategic Equity Capital over the medium-term.
"With significant resources, both investment and distribution, in place, together with a robust Strategic Public Equity process refined over its successful 20-year track record, we believe we are well placed to generate value for shareholders of Strategic Equity Capital over the long term," said Tony Dalwood, chief executive of Gresham House.
By Evelina Grecenko; [email protected]
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