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Gresham House battery trust seeks £75m in second fund raising

Gresham House battery trust seeks £75m in second fund raising

The Gresham House Energy Storage trust is to seek a further £75 million from investors barely six months after it raised £100 million.

The trust will issue 75 million new shares at a price of 101p. On the secondary markets shares currently trade at a premium of around 7%, at a bid price of 105p. 

The company had initially targeted a £200 million fund raise late last year, before becoming one of a number of new issues impacted by a sharp downturn in risk appetite.

'The board and the manager believe that Great Britatin will experience an increasing need for energy storage systems as the proportion of total electricity supply from renewable sources grows,' it said in a statement.

The company plans pay an interim divident of 1.4p for the period since it launched in November 2018 to the end of March 2019.

The company has invested £60.89 million of the first sum raised wityh the remainder in cash.

Manager Gresham House last month reported a maiden adjusted profit in 2018 as its assets soared past £2 billion on two ‘transformative’ buys.

Total assets under management climbed 250% last year from £649 million to a total £2.3 billion, following the purchases of micro cap and VCT manager Livingbridge, adding around £500 million and forestry manager FIM, which added around £915 million.  

The alternatives boutique said that it had identified further ‘synergies’ of around £700,000 as it integrated the two businesses which ‘are in the process of being captured’.

 Chief executive Tony Dalwood (pictured) said: ‘We have continued to maintain momentum and make excellent progress in shareholder value creation whilst investing in the platform ahead of future growth, adding scale to the business and identifying synergies.

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