Gresham House Sustainable Timber
& Energy LP Share Sale Summary

Gresham House Sustainable Timber & Energy LP

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

25 MARCH 2025

SUMMARY

Partnership Shares are being offered on an execution only basis subject to Gresham House Asset Management Limited’s (Gresham House) 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: 185,204

Net Asset Value as at 31 May 2024: £45.26 per share1

Diluted Net Asset Value as at 31 May 2024: £43.92 per share1

Prospective Purchasers should note that the Distribution payment that will be made at the end of May 2025 (which was forecast in the most recent Interim Report to be £0.70 per Partnership Share*) will be paid to the successful purchasers.

*The forecast distribution assumes that timber harvesting income and distributions from renewable energy assets continue to be generated as expected during the remainder of the LP’s financial year.

The LP is valued on an annual basis as at 31 May. The NAV per share as at 31 May 2024 was published in the audited Annual Report and Financial Statements issued to Limited Partners on 19 August 2024. This included an external valuation of the forestry and renewables portfolio, undertaken by Savills plc,  in accordance with the RICS Valuation (Global Standards).

The Diluted NAV represents the NAV net of the unrealised carried interest that has accrued to the Special Limited Partner.

Summary of the LP

  • Tax Efficient2 Capital Growth
  • First Termination Date of 31 May 2028, with a Final Termination Date of 31 May 2033
  • Maintain a tax efficient structure which provides relief from IHT after two years of ownership2

1Past performance should not be interpreted as an indication of future performance.

2100% inheritance tax (IHT) relief, once Partnership Shares have been held for two years on the first £1m of their holding, 50% relief thereafter. The £1m limit for relief, as proposed in the October 2024 budget, will apply across all assets held by the investor that qualify for business property or agricultural relief. Based 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 advisers in relation to the financial, legal, tax, National Insurance Contribution liabilities and other implications of investment in UK forestry which will vary in relation to their own particular circumstances.

The LP currently owns 17,395 hectares  across 70 UK forests.

The renewable energy portfolio consists of the following:

  • 40.2% holding in Gresham House Wind Energy 1 plc (which has holdings in four wind farms)
  • 5.5% holding in Gresham House Wind Energy LP (which owns one wind farm)
  • 38.1% holding in Gresham House Solar Distribution LLP (which owns ten solar parks)

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

Previous Partnership Share Sales

Over the past 12 months a total of 64,769 Limited Partnership Shares in Gresham House Sustainable Timber & Energy LP have sold at an average price of £36.933 per share.

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

CLOSING DATE FOR OFFERS: MIDDAY 8 APRIL 2025

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 sharetransactions@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 Limited Partners may bid for any number of shares to add to their holding, there is no minimum.

For new Limited Partners there is a minimum holding of 2,500 Partnership Shares.

Please note that all Limited Partners must have a Unique Tax Reference number and must also register their interest in the LP 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 April 2025.