Gresham House
Specialist asset management
Gresham House Energy Storage Fund plc
Gresham House Energy Storage Fund plc (GRID) invests in a portfolio of utility-scale operational battery energy storage systems in Great Britain.
GRID seeks to provide shareholders with an attractive and sustainable dividend over the long term, alongside the prospect of capital growth.
Register for Interim Results Webinar 2022 – 27 Sept at 11:00am
Why invest in battery energy storage?
The UK’s approach to electricity generation is undergoing fundamental change, shifting from coal and gas-fired power stations towards an energy mix dominated by renewable energy.
A cost-effective solution to the intermittency of renewable energy is energy storage to address supply-demand imbalances on the national grid, in real time.
Investment approach
The investment team has constructed a diversified portfolio of operational utility-scale BESS projects. Each one can generate multiple revenue streams to allow GRID to deliver on its return objectives.
It focuses on four sources of revenue:
- Asset optimisation – the ability to maximise income from the wholesale market and the Balancing Mechanism (through which National Grid balance intra half-hourly supply and demand)
- Firm Frequency Response – the provision of a dynamic (i.e. proportionate) response to small supply-demand imbalances, second by second, based on changes in the GB grid’s electrical frequency
- Capacity Market – a UK government mechanism whereby generators (including batteries) are paid a fixed fee for being on call to deliver power when required at times of extreme need (known as ‘stress events’)
- Grid payments – at times of peak demand National Grid make ‘Triad’ payments to generators (including batteries) during the three peak half-hours when demand is highest for the year
How to invest
The fund is listed on the Specialist Fund Segment (SFS) of the London Stock Exchange and can be accessed using the ticker GRID.
Due to its SFS listing, some platforms may not list the fund or will require interested investors to self-elect as a professional investor in order to be able to invest.
Potential investors are invited to contact Anthony Crosbie Dawson for more information:
Anthony Crosbie Dawson, Director, Private Clients
+44 (0)1451 843 096
Board
John is a highly-experienced international executive in the energy sector and an investor and advisor in renewable energy and digital technology. In his early career, John worked in civil nuclear power generation and held a number of senior roles at BP, focusing on the North Sea and Azerbaijan. Latterly at BP, he held a range of corporate-level executive roles, including Group Chief Information Officer.
He was also responsible for group-wide physical and cyber security and led the development of corporate digital transformation investment activity. John is currently a senior advisor to global blue-chip consultants specialising in energy and digitisation, a partner with donedeal (Monaco) – a boutique financial advisory and M&A house – and is on the board of cyber security firm Global Integrity. John also serves on the Enterprise Committee of the Royal Academy of Engineering.
Duncan is a Chief Financial Officer and Finance Director with over 20 years’ public and private commercial experience. He is a Fellow of the Institute of Chartered Accountants and qualified with PwC in London. Duncan was part of the senior management team that turned Corona Energy from a gas trading business into the largest independent supplier of gas to UK businesses and has also served as CFO of an M&A team bidding for thermal power stations.
Recently he spent several years as Finance Director of Belltown Power, a renewable energy site operator (hydro, solar and wind) holding a portfolio of 215 MW. He is a Trustee and Treasurer of Cambodian Children’s Fund UK.
Cathy is a legal adviser who has specialised in the investment company sector for over 20 years. Cathy is currently a Partner at CMS, a top global law firm. Prior to this, she worked in the asset management practice of another top global law firm for almost 20 years, 8 of which as a Partner.
Cathy’s work has encompassed investment fund structuring and fundraising for domestic and international investment funds. Cathy is also a member of the Law Society Company Law Committee and sits on the Regulatory and Governance Committees of LPeC, the industry association for listed private capital funds.
David is a financial journalist and commentator for several leading publications, including The Financial Times, Citywire and MoneyWeek. He is Executive Director of leading alternative finance news and events service altfi.com, which covers major trends in marketplace lending, crowdfunding and working capital provision for SMEs. David is the author of a number of books, including a bestseller on ETFs and their use within portfolios in Europe for the FT.
David was a Director at The Rocket Science Group and before that a Senior Producer in business and science for BBC TV. He is also a Non-Executive Director on the SQN Secured Income Investment Trust and the Aurora Investment Trust.
Investment team
New Energy
Ben has been Managing Director and Head of the Gresham House New Energy division since November 2017.
He is also the Fund Manager of Gresham House Energy Storage Fund plc, with assets under management (AUM) of over £500m, and was, through 2020, also Fund Manager for the British Strategic Investment Fund (BSIF) Strategy which grew AUM to £350m under his leadership. Ben started his fund management career at Lazard Asset Management in 1994 and worked there for nine years. He later founded Hazel Capital in April 2007, serving as Managing Partner and CIO and which became Gresham House New Energy on the acquisition of Hazel Capital’s business activities in November 2017.
Prior to founding Hazel Capital, he was a co-founder of Cantillon Capital, where he managed a US$1bn equity hedge fund focused on global technology, media and telecom. Ben currently serves as a director of over 50, mostly project, companies. He has 27 years of investment experience and holds a BEng in Mechanical Engineering from Imperial College.
Bozkurt joined the New Energy team in 2017 as an Investment Director, with the acquisition of Hazel Capital. He is a senior member of the team managing the Gresham House Energy Storage Fund and specifically looks after procurement, contracting, delivery and the evaluation of new opportunities. He also manages the Gresham House New Energy VCTs that have a portfolio of solar and wind assets. He has been closely involved in the acquisition, financing, construction and management of over 800MWs of energy storage assets, and over 200MWs of solar and wind assets.
Bozkurt dedicated the early part of his career to funding and advising companies in the telecommunications, media and technology industries whilst in roles at Nomura, Salomon Brothers, Bowman Capital and Deloitte & Touche.
In 2002 he co-founded and built New Energy Finance (NEF), which became the leading provider of data, research and analysis to investors in the global cleantech industry. NEF was acquired by Bloomberg in December 2009.
He has 29 years’ worth of principal investment, advisory and business-building experience in the clean energy, telecommunications and technology industries.
Bozkurt holds an MSc in Electrical Engineering from Imperial College London.
Gareth has been an Investment Director at Gresham House since November 2017. He joined the company following the acquisition of Hazel Capital where he was a Partner. Gareth is responsible for executing investments, particularly acquisitions, disposals and limited recourse financings of pre-and-post commissioned renewables projects. Prior to joining Hazel Capital, he worked at Barclays Capital from 2001 to 2009, latterly as a Vice President for Barclays Natural Resource Investments, a c.US$1.5bn captive private equity fund investing in natural resources and renewable energy. Prior to that, he worked in the Structured Capital Markets divisions of Barclays Capital and Deutsche Bank, handling the acquisition and disposal of various asset-based companies. He started his career in infrastructure project finance at NatWest Markets, advising on and financing a number of Private Finance Initiative (PFI) / Public Private Partnership (PPP) projects. Gareth has over 20 years of experience and holds an MBA from Imperial College Business School, an MSc in Engineering Project Management and a BEng in Civil Engineering, both from the University of Manchester.
Gresham House Asset Management Limited
Rupert Robinson has been the Managing Director of Gresham House Asset Management Ltd since September 2015. Before joining Gresham House, Rupert was CEO and CIO of Schroders (UK) Private Bank for 11 years and prior to that spent 17 years at Rothschild where he was latterly Head of Private Clients at Rothschild Asset Management. Rupert has a proven track record of delivering significant value to shareholders. He has over 31 years of experience in asset management, private banking and wealth management, focusing on product innovation, investment management, business development, banking and wealth structuring. He is a member of the Group Management and Investment Committees.
Charlie is an Investment Director in the Gresham House New Energy team. His current role began in February 2021, following a year in the team as a contractor. He is responsible for executing investments in infrastructure projects such as energy storage systems, whether acquired before construction or when already operational.
Charlie has extensive experience in the development, funding and asset management of distributed energy infrastructure projects assisting both investment managers and project developers at every stage of bringing their projects to fruition. He has worked on projects in a wide range of technologies including solar PV, hydroelectric power, anaerobic digestion, combined heat and power, thermal heat networks, gas peaking and grid-scale battery storage.
He started his career over 20 years ago as a commercial solicitor before transitioning to renewable energy, working with investment management firms for the last nine years.
Charlie studied science of materials at Trinity College Dublin and has an MBA from INSEAD, France.
Investor relations queries
Computershare Investor Services plc
The Pavilions
Bridgwater Road
Bristol
BS13 8AE
Interim Results webinar
27 September 2022 at 11:00am
Join Fund Manager, Ben Guest and Managing Director of Gresham House, Rupert Robinson as they present the Gresham House Energy Storage Fund plc Interim Results for the half-year ended 30 June 2022.
Shareholder information
View or subscribe to the key shareholder information for this company.
Gresham House Energy Storage Fund plc – Prospectus May 2022 >>
Gresham House Energy Storage Fund plc – Registration document May 2022 >>
Gresham House Energy Storage Fund plc – Summary document May 2022 >>
Gresham House Energy Storage Fund plc – Securities Note May 2022 >>
Gresham House Energy Storage Fund plc – Supplementary Prospectus May 2021 >>
Gresham House Energy Storage Fund plc – Share Issuance Programme >>
Gresham House Energy Storage Fund plc – Summary document >>
Gresham House Energy Storage Fund plc – Securities Note >>
Gresham House Energy Storage Fund plc – Registration document >>
Gresham House Energy Storage Fund plc – Prospectus; Initial public offering and placing programme >>
Introduction
The Fund (or the Company), invests in a diversified portfolio of utility-scale battery energy storage systems (‘‘BESS Projects’’), which utilise batteries and may also utilise generators. The BESS Projects comprising the Portfolio are located in diverse locations across Great Britain.
Individual projects are held within special purpose vehicles into which the Company invests through equity and/or debt instruments. It is intended that each BESS Project Company holds one project but an BESS Project Company may own more than one project. The Company will typically seek legal and operational control through direct or indirect stakes of up to 100%. The BESS Projects may participate in joint ventures or co-investments, including, without limitation with other investors or entities managed, operated or advised by the Gresham House Group. This approach enables the Company to gain exposure to assets within the Company’s investment policy, the like of which the Company would not otherwise be able to acquire on a wholly-owned basis. In such circumstances the Company will seek to secure its shareholder rights through protective provisions in shareholders’ agreements, co-investment agreements and other transactional documents.
Asset type and diversification
The Fund (or the Company), currently intends to invest primarily in BESS Projects using lithium-ion battery technology as such technology is considered by the Company to offer the best risk/return profile. However, the Company is adaptable as to which energy storage technology is used by the projects in which it invests and will monitor projects and may invest in projects with alternative battery technologies such as sodium and zinc derived technologies, or other forms of energy storage technology (such as flow batteries/machines and compressed air technologies), and will consider such investments (including combinations thereof), where they meet the Company’s investment objective and policy.
The Company also intends to invest in BESS Projects which use gas generators or diesel or dual-fuel diesel-and-gas reciprocating generators on projects which have a ‘‘net export’’ connection. These are likely to be generators in the range of 0.5 to 10MW per engine.
The Company invests with a view to holding assets until the end of their useful life. BESS Projects may also be disposed of, or otherwise realised, where the Manager determines in its discretion that such realisation is in the interests of the Company. Such circumstances may include disposals for the purposes of realising or preserving value, or of realising cash resources for reinvestment or otherwise.
The Company intends that the BESS Projects in which it invests primarily generate revenue from in front of meter services, but may also provide behind-the-meter services.
BESS Projects are selected with a view to achieving appropriate diversification in respect of the Portfolio.
First, diversification will be sought by geographical location of the BESS Projects in which the Company invests across Great Britain.
Second, it is the Company’s intention that from the end of the Initial Investment Period, when any new investment is made, no single project (or interest in any project) will have an acquisition price (or, if an additional interest in an existing investment is being acquired, the combined value of the Company’s existing investment and the additional interest acquired shall not be) greater than 20% of Gross Asset Value (calculated at the time of investment). However, in order to retain flexibility, the Company will be permitted to invest in a single project (or interest in a project) that has an acquisition price of up to a maximum of 30% of Gross Asset Value (calculated at the time of acquisition). The Company will also, from the end of the Initial Investment Period, target a diversified exposure with the aim of holding interests in not less than five separate projects at any one time.
Third, the Company intends to achieve diversification by securing multiple and varied revenue sources throughout the Portfolio by investing in BESS Projects which benefit from a number of different income streams with different contract lengths and return profiles through individual BESS Projects, as well as by enabling the BESS Projects in which the Company invests to take advantage of a number of different revenue sources. Initially, it is intended that the main revenue sources will be:
- Firm Frequency Response (“FFR”) – the Company intends to invest in BESS Projects that generate FFR revenues from FFR contracts through which the Company and/or its subsidiaries will provide, on a firm basis, dynamic or non-dynamic response services to changes in frequency, to help balance the grid and avoid power outages to, initially, be entered into by Noriker with the National Grid and its subsidiaries.
- Asset optimisation – the Company intends to invest in BESS Projects that generate revenues from importing and exporting, or generating and exporting in the case of an BESS Projects including generators, power in the wholesale market and the National Grid-administered Balancing Mechanism (‘‘BM’’).
- Triads and other National Grid-related income – the Company intends to invest in BESS Projects that generate revenues from the three half-hour periods of highest system demand on the Great Britain electricity transmission system between November and February each year, separated by at least ten clear days (‘‘Triads’’) and other National Grid-related income including Generator Distribution Use of System (‘‘GDUoS’’), through which benefits are paid by DNOs to suppliers, which are passed through to electricity generators in their power purchase agreements and the National Grid’s Balancing Use of System (‘‘BSUoS’’), which recovers costs through charges levied on electricity generators and suppliers. In addition, the balancing system produces small half-hourly residual cashflows that are generally negative (a disbenefit to distributed generators) but can be positive (a benefit) and are allocated to suppliers in the same way as BSUoS charges.
- Capacity market – the Company intends to invest in BESS Projects that generate revenues by access to the benefit of contracts, or through entering into new contracts, to provide back-up capacity power to the Electricity Market Reform delivery body via 1 year and 15 year capacity market contracts.
BESS Projects in which the Company invests may diversify their revenue sources further by collaborating with renewable generators or large users of power in close proximity to an BESS Project, or providing availability based services to restore electric power stations or part of electric grids to operation. In such circumstances, the proportion of revenues coming from electricity sales may materially increase from that indicated above. From 2019, BESS Projects in which the Company may invest may also be able to enter into FFR contracts with Distribution System Operators (‘‘DSO’’) and provide reactive power services to the National Grid the timing of which is according to the current emerging DSO model.
Fourth, the Company aims to achieve diversification within the Portfolio through the use of a range of third party providers, insofar as appropriate, in respect of each energy storage project such as developers, EPC contractors, battery manufacturers and landlords. Finally, each BESS Project internally mitigates operational risk because each BESS Project will contain a battery system with a number of battery modules in each stack, each of which is independent and can be replaced separately, thereby reducing the impact on the project as a whole of the failure of one or more battery modules.
Asset sourcing
The Fund (or the Company), acquired the Seed Portfolio immediately after Admission and has identified the Exclusivity Portfolio in which the Company may invest, subject to completion of adequate due diligence and contract. Further information on this is provided in Part 9 (Seed Portfolio and Exclusivity Portfolio) of the Prospectus.
Other investment restrictions
The Fund (or the Company), will generally invest in BESS Projects where construction is substantially completed and at such a point that the BESS Project is capable of commercial operations. As a minimum, all BESS Projects will need to have in place a completed lease on satisfactory terms in relation to the land where that BESS Project is situated and an executed grid connection agreement and a certificate confirming completion of commissioning tests (‘‘G59 Certificate’’).
The Company may also provide loan finance to BESS Projects prior to acquisition so that the BESS Projects can acquire equipment prior to construction, provided that no more than 15% of Gross Asset Value (calculated at the time that finance is provided based on the latest available valuations) may be exposed in aggregate to any such investments. The Company does not intend to invest in listed closed-ended investment funds or in any other investment fund (other than, potentially, in money market funds as cash equivalents) and in any event shall not invest any more than 15 per cent. of its total assets in listed closed-ended investment funds or in any other investment fund.
Cash management
Uninvested cash or surplus capital may be invested on a temporary basis in:
- cash or cash equivalents, money market instruments, money market funds, bonds, commercial paper or other debt obligations with banks or other counterparties having a ‘‘single A’’ or higher credit rating as determined by any internationally recognised rating agency selected by the Board which, may or may not be registered in the EU; and
- any UK ‘‘government and public securities’’ as defined for the purposes of the FCA Rules.
Derivatives
Derivatives may be used for currency, interest rate and power price hedging purposes for efficient portfolio management. However, the Directors do not anticipate that extensive use of derivatives will be necessary. At the date of the Prospectus, the Fund (or the Company) has not incurred any borrowings or indebtedness or other leverage and has not granted any mortgages, charges or security interests over or in relation to any of its assets.
Efficient portfolio management
Efficient portfolio management techniques may be employed by the Fund (or the Company), and this may include (as relevant) currency hedging, interest rate hedging and power price hedging.
Leverage
The Fund (or the Company) does intend to assess its ability to raise debt and is expected to introduce leverage (at the Company level and/or the BESS Project Company level) once sufficient assets have been acquired and to the extent funding is available on acceptable terms. In addition, it may from time to time use borrowing for short-term liquidity purposes which could be achieved through a loan facility or other types of collateralised borrowing instruments. The Company is permitted to provide security to lenders in order to borrow money, which may be by way of mortgages, charges or other security interests or by way of outright transfer of title to the Company’s assets. The Directors will restrict borrowing to an amount not exceeding 50% of the Company’s Net Asset Value at the time of drawdown. There will be no cross collateralisation between the Projects.
Investment in developers
The Fund (or the Company) may invest in one or more Developers of BESS Projects through equity issued by the relevant Developer, provided that investment in Developers (calculated at the time of investment) shall be capped at £1 million in aggregate.
Environmental and social characteristics
The environmental and social characteristics of Gresham House Energy Storage Fund PLC (the “Company”) are described under the heading “Sustainability Report” in the Company’s latest annual report, which is available on www.greshamhouse.com/gresham-house-energy-storage-fund-plc (the “Annual Report”).
The manner in which sustainability risks are integrated into the investment decisions of Gresham House Asset Management Limited (the “Manager”) in relation to the Company
The manner in which sustainability risks are integrated into the investment decisions of the Manager in relation to the Company are described under the heading “Sustainability Report” in the Annual Report. The Manager almost entirely uses internally generated data to assess, measure and monitor the environmental and social characteristics of the Company’s portfolio of assets. The only exceptions are the use of data published by the Department for Business, Energy and Industrial Strategy relating to the emissions from gas-fired power plants that energy storage systems (ESS) are expected to displace, and electricity consumption figures for residences. Please refer to the table at the bottom of page 22 of the Annual Report.
The Manager does not use any external sustainability indicators. As energy storage system (“ESS”) projects make a direct contribution to the attainment of the zero carbon goal, through allowing increasing amounts of intermittent renewable power generation to come on to the grid, the Manager does not have to use these external indicators. Instead the Manager calculates, based on its own methodology, the carbon emissions avoided.
The Company is a specialist fund focusing on ESS projects only. Thus the Manager does not use screening criteria to differentiate and select different types of assets according to their sustainability profile.
However, the Manager does favour projects with larger size (more resource efficient), lower cost (usually due to less material used eg the copper in the cable required for the grid connection).
The Manager also applies sustainability criteria through its Supply Chain Policy that requires suppliers to comply on an ongoing basis with ESG-related standards such as Anti-Slavery, Anti-Bribery and meeting environmental requirements. The Manager also requires them to report breaches.
The likely impacts of sustainability risks on the returns of the Company
The Manager is required, under Article 8 of EU Regulation on Sustainability-related Disclosures in the Financial Services Sector (2019/2088) to describe how the environmental and/or social characteristics of investments are met. The Manager has set out in the Annual Report the environmental and social characteristics that it promotes in its management of the Company, which include operating the Company’s portfolio of assets with a view to:
- reducing carbon emissions and pollution;
- managing resource management and supply chain sustainability in designing and operating ESS and performing engineering procurement and construction contracts;
- promoting waste management;
- ensuring the employment, health, safety and well-being of employees; and
- ensuring good governance and ethical practices.
The Annual Report also describes the Manager’s governance practices with regard to embedding ESG considerations into its investment process through its Sustainable Investment Framework and its ESG Decision Tool.
The Company provides ESG reporting to the Company’s shareholders through the “Sustainability Report” that forms part of the Annual Report, which demonstrates the Manager’s effective management of ESG matters and attendance to material ESG performance and risk across the Company’s portfolio of assets. The Manager works with the Company’s suppliers and stakeholders to monitor governance risks.
The Manager confirms that no index has been designated as a reference benchmark for the environmental and social characteristics of investments.
The Manager has determined that the sustainability risk (being the risk that the value of the Company could be materially negatively impacted by an environmental, social or governance event or condition) faced by the Company is low to medium. The core activity of the Company is the ownership and operation of grid-connected energy storage plants which make a large contribution to sustainability goals by allowing increasing amounts of intermittent renewable energy generation to come online. The Manager has put in place comprehensive processes and checks in place to minimise ESG-related risks associated with the manufacturing and sourcing of the components used in energy storage plants, as well as the construction and operation of these plants.
| Manager and AIFM: Gresham House Asset Management Limited | Corporate Broker and Financial Adviser: Jefferies International Limited |
| 5 New Street Square London EC4A 3TW | 100 Bishopsgate London EC2N 4JL |
| Administrator and Company Secretary: JTC (UK) Limited | Auditor: BDO LLP |
| 18th Floor The Scalpel, 52 Lime Street London EC3M 7AF | 55 Baker Street London W1U 7EU |
| Depositary: INDOS Financial Limited | Registrars and Receiving Agent: Computershare Investor Services Plc |
| 54 Fenchurch Street London EC3M 3JY | The Pavilions Bridgwater Road Bristol |
Webinar: The evolving dynamics of the broader battery storage market
John Leggate, GRID’s Chair, and Fund Manager, Ben Guest discussed the evolving dynamics of the broader battery storage market, hosted by Non-Executive Director, David Stevenson and followed by an interactive Q&A session.
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This website is not intended to constitute, and should not be construed as, investment advice, an investment recommendation or investment research. All information contained on this website has been provided to you for information purposes only, may not be relied on for any purpose and should not be assumed to be complete, accurate, up to date or fit for a particular purpose.
Certain information contained on this website may from time to time include information that relates to specified investments or regulated activity (Regulated Information). Where appropriate, such Regulated Information will be approved as a financial promotion by Gresham House Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority with financial services register reference number 682776. Access to, and reliance on, such Regulated Information is subject to the terms and statements regarding risk contained therein. Unless explicitly stated to the contrary, no information on this website is intended as, or should be taken to be, an offer or solicitation with respect to the purchase or sale of any security or interest or other in any jurisdiction. Any decision to purchase securities or interests must be based solely on the information contained in the documents relating thereto, which must be received and reviewed in full, prior to making any investment decision. Prospective investors are reminded that the actual performance realised will depend on numerous factors and circumstances some of which will be specific to the investor.
In addition to any other risk factors contained within Regulated Information available on this web site, investors should note that investments referred to on this website place investors’ capital at risk and could result in a total loss of capital.
Past performance is not indicative of future events.
Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest.
Some Regulated Information may relate to Alternative Investment Funds within the meaning of the Alternative Investment Fund Managers Directive and the availability of such information will be subject to the registration of the Alternative Investment Fund in relevant jurisdictions as described in the documents relating thereto. Any dissemination or unauthorised use of information or documents obtained from this website by any person or entity is strictly prohibited.
To the greatest extent permitted by law, Gresham House Asset Management Limited and the members of the Gresham House Group and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information or documents contained on this website or for any decision based on it.
The nature of investment in VCTs
VCTs are a particular type of investment company. They were established by the UK Government with the intention of encouraging investment in smaller, or ‘venture’, UK companies. Investment in VCTs is high-risk and for the long-term. Prospective investors should refer to the detailed risk warnings in the relevant prospectus, but key risks are set out below.
Past performance and risk of loss of capital
The past performance of the VCTs is not a guide to their future performance. The value of a VCT depends on the performance of the underlying assets. The value of the investment and dividend stream from the Gresham House Renewable VCTs can rise and fall. Shareholders may get back less than originally invested, even taking the tax reliefs into account. There can be no guarantee that investment objectives of any of the VCTs will be achieved.
Risks inherent in investing in small companies
Investment in smaller companies which are unquoted, or traded on AIM or ISDX Markets, by its nature, involves a higher degree of risk than investment in larger companies, including those traded on the main market. In particular, smaller companies often have limited product lines, markets or financial resources and may be dependent for their management on a smaller number of key individuals. In addition, the market for shares in smaller companies is often less liquid than that for shares in larger companies, bringing with it potential difficulties in acquiring, valuing and disposing of such shares.
Investments held by the VCTs may be difficult to realise. The fact that a share is traded on AIM or PLUS-Markets does not guarantee its liquidity. The spread between the buying and selling price of such shares may be wide and thus the price used for valuation may not be achievable. Any change of governmental, economic, fiscal, monetary or political policy could materially affect, directly or indirectly, the operation of the VCTs and/or their ability to achieve or maintain VCT status.
Long-term investment and liquidity risks
An investment in a VCT is for the long term. VCT shares are not likely to be easy to sell at full value. Trading in VCT shares is not particularly active, so shares tend to be valued at a discount to their net asset value. In other words, if you seek to sell, you may be offered a price which is less than the full value of the underlying assets. Mechanisms for the buy-back of shares are explained in the annual reports for the VCTs, but you should have no expectation that there will be any buy-back or other opportunity to redeem your interest.
Tax risks
The information on this web site is based on existing legislation, including taxation legislation. The tax reliefs described are those currently available. The tax rules or their interpretation in relation to an investment in the VCTs and/or rates of tax may change during the life of the VCTs and any such changes can be retrospective. Changes in legislation concerning VCTs in general, and qualifying holdings and qualifying trades in particular, may limit the number of new qualifying investment opportunities and/or reduce the level of returns that would otherwise have been achievable. The value of tax reliefs depends on the personal circumstances of the holders of the share in the VCTs, who should consult their own tax advisers before making any investment.
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Company Information
Gresham House is registered in England and Wales under company number 09447087 and has its registered office at 5 New Street Square, London, United Kingdom, EC4A 3TW. Gresham House’s main trading address is at 80 Cheapside, London EC2V 6EE.
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This website is not intended to constitute, and should not be construed as, investment advice, an investment recommendation or investment research. All information contained on this website has been provided to you for information purposes only, may not be relied on for any purpose and should not be assumed to be complete, accurate, up to date or fit for a particular purpose.
Certain information contained on this website may from time to time include information that relates to specified investments or regulated activity (“Regulated Information”). Where appropriate, such Regulated Information will be approved as a financial promotion by Gresham House Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority with financial services register reference number 682776. Access to, and reliance on, such Regulated Information is subject to the terms and statements regarding risk contained therein. Unless explicitly stated to the contrary, no information on this website is intended as, or should be taken to be, an offer or solicitation with respect to the purchase or sale of any security or interest or other in any jurisdiction. Any decision to purchase securities or interests must be based solely on the information contained in the documents relating thereto, which must be received and reviewed in full, prior to making any investment decision. Prospective investors are reminded that the actual performance realised will depend on numerous factors and circumstances some of which will be specific to the investor.
In addition to any other risk factors contained within Regulated Information available on this web site, investors should note that investments referred to on this website place investors’ capital at risk and could result in a total loss of capital.
Past performance is not indicative of future events
Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest.
Some Regulated Information may relate to Alternative Investment Funds within the meaning of the Alternative Investment Fund Managers Directive and the availability of such information will be subject to the registration of the Alternative Investment Fund in relevant jurisdictions as described in the documents relating thereto. Any dissemination or unauthorised use of information or documents obtained from this website by any person or entity is strictly prohibited.
To the greatest extent permitted by law, Gresham House Asset Management Limited and the members of the Gresham House Group and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information or documents contained on this website or for any decision based on it.
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Gresham House is registered in England and Wales under company number 09447087 and has its registered office at 5 New Street Square, London, United Kingdom, EC4A 3TW. Gresham House’s main trading address is at Octagon Point, 80 Cheapside, London EC2V 6EE.
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Advertisement: The information on these web pages is not a prospectus but an advertisement.
Information on these web pages constitutes a financial promotion and has been issued and approved for the purposes of Section 21 of the Financial Services and Markets Act 2000 (FSMA) by Gresham House Asset Management Ltd (GHAM or Gresham House), of 5 New Street Square, London, United Kingdom, EC4A 3TW, which is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom under firm number 682776. It relates to the placing of ordinary shares in an Alternative Investment Fund (AIF), Gresham House Energy Storage Fund plc (the Company). The Company will not itself be approved or regulated by the FCA. Its alternative investment fund manager, GHAM is appointed as Alternative Investment Fund Manager of the Company.
Certain information contained in the contents of this website has been obtained from published sources or provided by other parties. Gresham House has taken reasonable care to ensure that the information contained in the contents of this website is fair, clear and not misleading.
The value of any interest or income arising from it may go down as well as up and you may not recoup the amount subscribed.
The Company’s shares trade on the Specialist Fund Segment (the SFS) of the London Stock Exchange plc. The SFS is a segment of the London Stock Exchange’s regulated main market and is designed for highly specialised investment entities that wish to target institutional, highly knowledgeable investors or professionally advised investors only. Any investment is subject to various risks, none of which are outlined in these pages. All such risks should be carefully considered by prospective investors before they make any investment decision.
You are not entitled to rely on the information contained in these pages and no responsibility is accepted by GHAM or Gresham House plc and its subsidiaries and affiliates (the Gresham House Group) or any of their directors, officers, partners, members, employees, agents or advisers or any other person for any action taken on the basis of the content of the contents of this website. Neither GHAM, any member of the Gresham House Group, nor any other person undertakes to provide the recipient with access to any additional information or to update the contents of this website or to correct any inaccuracies therein which may become apparent. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of GHAM or any member of the Gresham House Group or any of their respective directors, officers, partners, members, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in the contents of this website and no responsibility or liability is accepted by any of them for any such information or opinions. Past performance is not indicative of future results. The value of investments may fall as well as rise and investors may not get back the amount invested. Changes in rates of foreign exchange may cause the value of investments to go up or down. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. Prospective investors should seek their own independent financial, tax, legal and other advice before making a decision to invest. The internal rates of return or IRRs presented on a “gross” basis do not reflect any management fees, carried interest, taxes and allocable expenses of the kind that will be borne by investors in a fund, which in the aggregate may be substantial. Prospective investors are reminded that the actual performance realised will depend on numerous factors and circumstances some of which will be personal to the investor. Statements contained in the contents of this website that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of GHAM. Such statements involve known and unknown risks, uncertainties and other factors, and reliance should not be placed thereon. In addition, the contents of this website contains “forward-looking statements”. Actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain cases has not been updated to the date hereof. While such sources are believed to be reliable, neither GHAM, any member of the Gresham House Group nor any of their directors, partners, members, advisers, officers, employees, advisers or agents assumes any responsibility for the accuracy or completeness of such information. No person, especially those who do not have professional experience in matters relating to investments, must rely on the contents of the contents of this website. If you are in any doubt as to the matters contained in the contents of this website, you should seek independent advice where necessary. The contents of this website is not an approved prospectus within the meaning of section 85 of FSMA, and no such prospectus has been published. The contents of this website has not been submitted to or approved by the securities regulatory authority of any state or jurisdiction. For the Attention of United Kingdom Investors: The contents of this website is intended for distribution in the United Kingdom only to persons who: (i) have professional experience in matters relating to investments, (ii) who are investment professionals, high net worth companies, high net worth unincorporated associations or partnerships or trustees of high value trusts, and (iii) investment personnel of any of the foregoing (each within the meaning of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005).
For the Attention of Investors outside the United Kingdom. The contents of this website relates to an Alternative Investment Fund within the meaning of the Alternative Investment Fund Managers Directive and the availability of the contents of this website will be subject to the requirements of that Directive, as implemented in the relevant EEA Member States. Any dissemination or unauthorised use of the contents of this website outside the United Kingdom by any person or entity is strictly prohibited.
For the Attention of investors in the United States. None of the content of this website is intended for distribution (i) into the United States of America, its possessions or territories, any State of the United States of America and the district of Columbia or any area subject to its jurisdiction or any political subdivision thereof; and (ii) to any US person (a “US Person”) (within the meaning of Regulation S under the US Securities Act (“Regulation S”)), except pursuant to an exemption from the registration requirements of the US Securities Act for offers and sales of securities that do not involve any public offering contained in Section 4(a)(2) of the US Securities Act and analogous exemptions under state securities laws.
By clicking “agree”, you agree that you fall within these investor and jurisdiction categories and confirm that you understand and accept the information above. If you do not wish to click confirm, please click “disagree” and in so doing you will return to the Gresham House home page.
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