17th Jun 2021 19:16
Gresham House Renewable Energy VCT PLC - London-based venture capital trust that specialises in long-term renewable energy generating projects - It and VCT 2 PLC brings forward proposal for managed wind-down and amendment of company's investment policy.
Reason for wind down is that the trusts believe that their existing assets have finite lives and their net asset value will decrease as earnings are distributed as dividends. In addition, changes made to VCT rules in 2014 have rendered the trusts unable to raise further capital to make new investments to help spread fixed costs.
Will propose wind down resolution at general meeting on July 13. If passed by shareholders of both trusts, the divestment process of the main solar assets will being expected to take up to nine months.
After that, a tax-free dividend will be distributed to shareholders, and then both trusts will enter voluntary liquidation.
Current stock price: 5.05 pence
Year-to-date change: unchanged
By Dayo Laniyan; [email protected]
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