11th Oct 2021 12:41
Gresham House Strategic PLC - investor in smaller UK public companies - Switches investment manager from 28% shareholder Gresham House PLC to Harwood Capital LLP, part of Harwood Capital Management Group, following a strategic review announced back in May. As a result, the company will change its name to Rockwood Strategic PLC. Gresham House Strategic said the board reviewed a number of proposals and consulted with significant shareholders other than Gresham House before coming to its decision.
"We, as the independent directors, firmly believe that Harwood has demonstrated exceptional expertise over the long-term as a specialist investor in public and private equity," explained Helen Sinclair, who became interim chair when David Potter stepped down under pressure from Gresham House. Potter had been chair for six years and "was the driving force" behind establishing the firm in 2015. He had intended to step down in September, but brought this forward after Gresham House in May requisitioned a general meeting to have him replaced.
Gresham House Strategic says the appointment of Harwood will reduce the management and performance fees that it pays and is expected to increase the scale of the company in net asset value terms.
Current stock price: 1,702.00 pence, up 0.1% on Monday
Year-to-date change: up 24%
By Tom Waite; [email protected]
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