Gresham House Sustainable Timber
& Energy LP Share Sale Summary

Gresham House Sustainable Timber & Energy LP

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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

26 February 2024

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: 138,065

Net Asset Value as at 31 May 2023: £45.94 per share1

Diluted Net Asset Value as at 31 May 2023: £44.42 per share1

The LP is valued on an annual basis as at 31 May. The NAV per share as at 31 May 2023 was published in the audited Annual Report and Financial Statements issued to Limited Partners on 30 August 2023. This included an internal valuation of the forestry portfolio, undertaken in accordance with the RICS Valuation (Global Standards), and an internal valuation of the LP’s interest in Gresham House Wind Energy LP. Gresham House Solar Distribution LLP and Gresham House Wind Energy 1 plc were externally valued by Jones Lang Lasalle as at 5 April 2023 and 31 May 2023 respectively.

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
  • 100% IHT2 relief after two years of ownership

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

2Based upon current UK taxation legislation. Taxation policy could be subject to change. 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 17,400 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)
  • 35.5% holding in Gresham House Solar Distribution LLP (which owns nine solar parks)

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

Previous Partnership Share Sale

Over the past 12 months a total of 49,747 Limited Partnership Shares in Gresham House Sustainable Timber & Energy LP have sold at an average price of £42.55.

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

CLOSING DATE FOR OFFERS: MIDDAY 11 March 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 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.

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 1 April 2024.