Gresham House Solar Distribution LLP
Share Sale Summary

Gresham House Solar Distribution LLP

DO NOT INVEST UNLESS YOU ARE PREPARED TO LOSE ALL THE MONEY YOU INVEST. THIS IS CLASSIFIED AS A HIGH-RISK INVESTMENT AND YOU ARE UNLIKELY TO BE PROTECTED IF SOMETHING GOES WRONG. ‘TAKE 2 MINUTES TO LEARN MORE’.

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

21 March 2024

SUMMARY

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 Partnership Shares for sale: 390

Adjusted Net Asset Value as at 5 April 2023: £1,128.86 per share1

Prospective purchasers should note that the Distribution payment that will be made at the end of April 2024 (which was forecast in the most recent Interim Report to be £66.00 per Partnership Share*) will be paid to the successful purchaser(s).*

*The forecast provided is indicative and the actual payment amount is expected to be slightly less, dependent upon actual cash movements prior to the 5 April 2024 year end.

The Fund’s business is the ownership and long-term operation of ground mounted solar parks, in order to deliver income from the generation and sale of renewable electricity.

 The Fund is valued by the Manager on an annual basis as at 5 April and by an external valuer every two years as of 5 April. The last audited Annual Report and Financial Statements include an internal valuation of the renewables portfolio in accordance with best industry practice.

Fund Benefits

The Fund currently has an interest in ten geographically diverse sites with over 86MW of installed capacity. Harborough solar park, the most recent acquisition is currently under construction and is expected to be operational by Summer 2024.

The Fund is designed 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 IHT2 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

1Adjusted Net Asset Value as at 5 April 2023 is a post distribution figure, this value excludes the distribution paid in April 2023 of £59 per partnership share. Past performance should not be interpreted as an indication of future performance.

2Based upon current UK taxation legislation. Taxation policy could be subject to change. Tax obligations depend on the individual’s circumstances. Gresham House does not provide taxation advice. See Appendix II – Risk Factors

GRESHAM HOUSE DOES NOT PROVIDE TAXATION ADVICE. Prospective investors are advised to consult their own professional advisors in relation to the financial, legal, tax, National Insurance Contribution liabilities and other implications of investment in UK solar which will vary in relation to their own particular circumstances.

Before considering the investment to which this document relates, prospective investors should in all cases read the following:

Previous Partnership Share Sale

Gresham House last facilitated a sale in the fund of 250 Partnership Shares at a weighted average price of £1,157.90 per Partnership Share in November 2023.

3Past performance should not be interpreted as an indication of future performance.

CLOSING DATE FOR OFFERS: MIDDAY 4 April 2024

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 admin@greshamhouse.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 LLP 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 20 April 2024.