Gresham House Solar Distribution LLP
Share Sale Summary
Gresham House Solar Distribution LLP
IF YOU ARE IN ANY DOUBT ABOUT THE ACTION YOU SHOULD TAKE OR THE CONTENTS OF THIS DOCUMENT, YOU SHOULD CONTACT YOUR STOCKBROKER, SOLICITOR, ACCOUNTANT, BANK MANAGER OR OTHER PROFESSIONAL ADVISER AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000, WHO SPECIALISES IN ADVISING ON INVESTMENTS OF THE KIND DESCRIBED IN THIS DOCUMENT.
PARTNERSHIP SHARES FOR SALE
1 March 2021
Partnership Shares are being offered on an execution only basis subject to Gresham House Asset Management Limited’s (GHAM) Procedure and Terms of Business (including fees), as set out in Appendix I.
Before considering the investment to which this document relates, prospective investors should in all cases read the sections entitled “Important Notice to Investors”, “Risk Factors”, “Taxation Summary” and “Terms of Business” set out in Appendix II, III and IV.
We have been instructed to find purchasers for Partnership Shares as follows:
Total Number of “D” Partnership Shares for sale: 80
The target distribution for the six months ending 5 April 2021 totals £28 per Partnership Share1.
The intention is for the distribution to be paid to the Purchaser(s) of these Partnership Shares (subject to the sale completing by 5 April 2021)2.
Adjusted Net Asset Value as at 5 April 2020: £1,108 per share3
The Fund is valued on an annual basis as at 5 April. The audited Annual Report and Financial Statements include an external valuation of the renewables portfolio in accordance with best industry practice, undertaken by a competent valuer.
The Manager provided an internal valuation dated 30 September 2020:
Adjusted Net Asset Value (NAV) per share as at 30 September 20202: £1,052.00
Summary of the LP
The Fund currently owns eight geographically diverse sites with c.48MW of capacity.
The Fund is specifically structured to provide investors with a highly tax efficient trading structure with:
- A significant element of the gross revenues derived from a legislated source, index-linked to RPI
- Long-term stable cash flow, with semi-annual distributions of all surplus cash
- 100% relief from IHT after two years of ownership
- Capital allowances available to offset against taxable profits
- A defined exit strategy, with a First termination Date of 5 April 2030
1There is no guarantee that distributions will be made in 2021 or thereafter.
2Adjusted Net Asset Value as at 5 April 2020 reflects distributions paid in April 2020 of £40 per partnership share, past performance should not be interpreted as an indication of future performance.
3Adjusted Net Asset Value as at 30 September 2020 reflects distributions paid in October 2020 of £22 per partnership share, past performance should not be interpreted as an indication of future performance.
The LLP currently owns eight geographically diverse sites with c.48MW of capacity.
Since the independent external valuation dated 5 April 2020, the Fund has:
- Signed an asset purchase agreement to purchase a 10.6MW solar site (Afon Llan), forecast to energise in June 2021
Please see the following information:
- Report and Financial Statements for the Year Ended 5 April 2020
- Interim Report for the period ended 30 September 2020
- Information Memorandum “D” Partnership Shares dated 11 July 2018
Previous Partnership Share Sale
GHAM, the Manager, last facilitated a sale in the LLP of 400 Partnership Shares in May 2019 at a weighted average price of £1,098.53 per Partnership Share.
CLOSING DATE FOR OFFERS: MIDDAY 15 March 2021
OFFERS SHOULD BE MADE NET OF FEES (PLEASE REFER TO APPENDIX I FOR DETAILS).
OFFERS CAN NOW BE SUBMITTED ONLINE USING THE LINK BELOW:
ONLINE BID SUBMISSION
Alternatively, offers can be made in writing or by email to email@example.com. All offers will be acknowledged upon receipt and forwarded to the Vendor/s on the Closing Date, and not before. Please contact Gresham House before the Closing Date if your offer has not been acknowledged.
Existing Members may bid for any number of shares to add to their holding, there is no minimum.
For new Members there is a minimum holding of 50 Partnership Shares.
Please note that all Members must have a Unique Tax Reference number and must also register their interest in the UCIS with HMRC using form SA401.
Payment instructions, including an Application Form, will be sent to the successful Purchaser(s) outlining the application process. All Application Forms together with the requisite funds must be received no later than 29 March 2021.