Gresham House Renewable Energy VCT 1 plc

You will be aware that next year at the AGM in March 2021, Gresham House Renewable Energy VCT 1 plc (the Company) will hold a Continuation Vote. Shareholders will, at that time, be asked to decide whether or not the Company should continue for a further five years.

In light of this, the Company’s Board is keen to understand now, well in advance, what shareholders’ preferences are for the future of the Company. This will enable the Board to plan ahead and to consider all the potential options to best meet shareholders’ needs before making a recommendation ahead of the Continuation Vote. Please be assured that no final decision will be made until the results of the next year’s Continuation Vote are known.
We have included below a simple survey which we would appreciate you taking the time to complete by 23 July 2020.

By way of explanation, you should understand that in the case of option 2 below, any realisation of assets from the portfolio to meet shareholder demand for the cashing in of shares may result in the partial sale of the VCTs’ assets, or the winding up of the Companies. Both of these options would take a considerable amount of time, possibly up to as long as two years. Furthermore, there can be no certainty as to the price that will be received for the assets and therefore the impact on the Net Asset Value of the shares, which may be positive or negative.

In the case of option 3, any new funds raised would attract tax relief for investors. However, whilst the VCTs’ objective would be to maintain similar dividend levels in the future and to enhance the NAV, as VCTs must now invest in higher risk, early stage company investments, this may result in greater risk to your capital and there can be no guarantee that the dividend levels would be maintained.

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