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Gresham House Renewable Energy VCT 1 PLC announced on 23 March 2022 an update on the sale of its solar assets. The Company appointed EY in June 2021 to advise on the sale, which resulted in a selected potential buyer being granted exclusivity to complete the purchase by the end of February 2022. The sale process has since slowed due to issues identified during due diligence, requiring more time to resolve.
| Date | 23 Mar 2022 |
| Time | 10:46:40 |
| Category | Disposals |
| ID | 7530F |
23 March 2022
GRESHAM HOUSE RENEWABLE ENERGY VCT 1 PLC
(the "Company", the "VCT")
Update on Sale of Solar Assets
The Company would like to provide the following update with regards to the sale of the VCT's solar assets.
The Company appointed EY to advise on the sale of these assets in June last year and EY conducted a competitive bidding process on the Company's behalf. As a result of this process, a potential buyer of credible standing was selected and they were given exclusivity to complete the purchase of the assets by the end of February. Unfortunately the sale process has slowed due to a number of issues that have arisen during due diligence which will take time to resolve.
The Board are still actively pursuing the sale with the selected potential buyer, however, this will take longer to complete than anticipated. The Board remains committed to delivering the best possible value to shareholders at the earliest opportunity.
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For further information, please contact:
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Gresham House Asset Management |
[email protected] |
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JTC (UK) Limited |
[email protected] |
LEI: 213800IVQHJXUQBAAC06