Residential Secure Income plc Residential Secure Income plc
Delivering secure income by investing in a portfolio of
shared ownership and rental homes
Delivering secure income by investing in a portfolio of
shared ownership and rental homes
Residential Secure Income plc (LSE: RESI) is a real estate investment trust (REIT) listed on the premium segment of the Main Market of the LSE investing in 3,050 affordable, high quality, safe homes worth £351m.*
Residential Secure Income plc’s (ReSI plc) fund objective is to deliver secure, inflation-linked returns through investing in affordable shared ownership and retirement rentals across the UK.
ReSI plc targets a secure, long term, inflation-linked annual dividend of 5.0 pence per share per annum (paid quarterly) and an annual total return in excess of 8.0%.**
ReSI plc aims to make a meaningful contribution to alleviating the UK housing shortage by meeting demand from housing developers (housing associations, local authorities and private developers) for long-term investment partners to accelerate the development of socially and economically beneficial affordable housing.
*As at 30 June 2021, £348m includes committed acquisitions, Gresham House
**These are targets only and not profit forecasts.

Why invest in ReSI plc?
- ReSI plc’s investment team has a 20-year track record financing and advising the affordable housing sector
- A UK REIT focused on delivering secure inflation-linked income
- Focus on two resilient sub-sectors in UK residential, shared ownership and Independent retirement living, underpinned by an ageing demographic and untapped, strong demand for affordable home ownership
- Expecting 5p per share full dividend cover from July 2021
- Social impact maximised through a sustainable investment approach, with unique proprietary customer and environmental charters
- Unique platform for investment:
‒ UK’s largest provider of independent retirement rental management services
‒ Wholly-owned registered provider of social housing, ReSI Housing Limited
‒ Innovative ultra long-term funding programme
Investment approach
ReSI plc’s purpose is to increase the provision of affordable housing by providing long-term capital to developers, housing associations and local authorities.
This allows affordable, high quality, safe homes to be delivered whilst ensuring long-term stability of tenure for residents, and attractive and secure income for shareholders
The key differentiators of ReSI plc’s investment approach are:
- Secure rents underpinned by pensions, housing welfare or shared owner stakes
- Incredibly diversified income stream from thousands of homes and residents
- Over £30k of government subsidy received for each new affordable home we deliver via ReSI Housing Limited, our wholly-owned for-profit Registered Provider of social housing, allowing us to provide c.30% lower rents to residents compared to private rented housing*
- Unique proprietary Customer and Environmental Charters maximises social impact
- Long-term investment grade equivalent debt funding with an Average 22-year maturity with a unique £300m facility with 0.5% coupon**
*Source: Gresham House
**Source: Gresham House, as at 31 December 2021
Investment process

Portfolio overview
Shared ownership
543 Homes
£104m valuation (as at 31 December 2021, including committed acquisitions)
- Shared ownership will be the predominant focus of ReSI’s 2021-2022 investments
- Affordable home ownership through part-buy, part-rent
- Shared owners purchase a c.25% stake in a property and pay a below market rent on the remaining 75%
- Shared owners have the option to staircase (i.e. purchase a larger share in the property at the then market value), releasing bulk discounts to ReSI
Social impact
- Shared ownership opens the door to home ownership
- Provides lifetime security of tenure
- Creates additional sub-market rental homes


Retirement
2,218 Homes – the largest retirement rental portfolio in the UK
£216m valuation (as at 31 December 2021)
- Rental payments are de-linked to economy as tenants pay through their pensions, housing benefits, etc.
- Provides fit-for-purpose homes for retired people, allowing them to maintain their independence without care provision
Social impact
- Living with peers helps address loneliness, the largest health problem for an elderly population
- Frees up large family homes
- Renting avoids the burdens and transaction costs of ownership and provides lifetime security of tenure through assured tenancy
Local authority
289 Homes
£31m valuation (as at 31 December 2021)
- Leases directly to local authorities who have a statutory duty to house those at risk of homelessness
- Focus on areas with most need for accommodation and strong supply/demand dynamics
- Rent around market levels to minimise downside if local authority does not renew lease
Social impact
- Provides homes to those who are homeless or at risk of homelessness
- Savings to local authorities versus bed and breakfast accommodation of £200 per week per unit (Social Impact Report, Social Profit Calculator, 2019)
- ReSI acts as an institutional landlord, ensuring standards of accommodation are maintained

How to invest
ReSI plc shares are traded openly on the London Stock Exchange and can be purchased through a stockbroker or other financial intermediary.
The shares are available through savings plans (including Investment Dealing Accounts, ISAs, Junior ISAs and SIPPs) which facilitate both regular monthly investments and lump sum investments in the ReSI plc’s shares. There are a number of investment platforms that offer these facilities. An example can be found below:
Computershare – Share Dealing Service
A quick and easy share dealing service is available to existing shareholders through the ReSI plc’s Registrar, Computershare Investor Services, to either buy or sell shares. An online and telephone dealing facility provides an easy to access and simple to use service.
For further information on this service please visit www.computershare.trade or call 0370 703 0084 (calls are charged at a standard geographic rate and will vary by provider. Calls outside the United Kingdom are charged at the applicable international rate). Lines are open from 8.00am to 4.30pm Monday to Friday (excluding public holidays in England and Wales).
Before you can trade you will need to register for the service. Shareholders should have their Shareholder Reference Number (‘SRN’) available. The SRN appears on share certificates and it will be required as part of the registration process.
Our Registered Provider
Residential Secure Income plc’s (ReSI plc) wholly-owned subsidiary, ReSI Housing Limited (ReSI Housing) is authorised and regulated by the Regulator of Social Housing as a for-profit Registered Provider of social housing. Being a Registered Provider also allows the acquisition of properties designated as affordable accommodation or funded by government grant, expanding the range of opportunities available.
ReSI Housing Limited
A wholly-owned subsidiary of Residential Secure Income plc (ReSI) and is registered with the Regulator of Social Housing as a for-profit Registered Provider of social housing.
Board

Significant knowledge of public service finances and reform and a strong background in public financial management and governance.
Presently Chief Executive of the Chartered Institute of Public Finance & Accountancy (CIPFA) and previously Chief Executive of UK Border Agency (UKBA), Improvement and Development Agency (IDeA), and London Borough of Barking and Dagenham. He previously held various positions in the London Borough of Lewisham from 1996-2005, latterly as Director of Resources and Deputy Chief Executive.
He has been a technical adviser to the board of the International Federation of Accountants (IFAC) in New York since 2013.
Rob was educated at the University of Essex where he gained a BA (Hons) in Economics and Government and is a qualified chartered public finance accountant (CPFA).

Extensive business experience, including experience in debt finance and capital markets.
Robert has held roles at J.P. Morgan, HSBC Markets Limited and HSBC Investment Bank in London working initially as Managing Director in Global Capital Markets and subsequently as Vice Chairman for Client Development. Robert was also Chairman, Debt Finance & Advisory at HSBC Bank plc. As Director and Chair of the Overseas Promotion Committee of TheCityUK Robert served as financial services sector adviser to the UK Minister for Trade & Investment.
He was Chairman of the International Primary Market Association and Vice Chairman and Chairman of the Regulatory Policy Committee of the International Capital Market Association.
Educated at Sherborne School and St. John’s College, Cambridge University where he gained a MA (Hons) in History.

Strong operational leader with management experience and a track record in social infrastructure and housing.
Previously John was a Partner and Head of Housing, Regeneration and Growth at Arcadis LLP, was an Executive Director for Markets & Portfolio at Genesis Housing Association and Managing Director for Genesis Homes Ltd. In addition John has held various other roles including Executive Director of property investment at Orbit Group, Director of Places for People Leisure Partnerships, Director of Social Infrastructure and Housing at PwC, Director of the Housing Corporation (now the Homes and Communities Agency), Property Director at Barclays Bank, Managing Director of HRC Ltd / Lehman Brothers and Head of the Specialist Property Division at the Bank of Ireland.
John was educated at the University of Liverpool and holds an MBA in Finance from Manchester Business School. He is a fellow of the R.I.C.S and also holds an IPF Investment Property Forum Diploma from the Cambridge University Land Institute.

Previously the Chief Executive of Hyde Group, the G15 Housing Association with over 50,000 properties providing housing to 100,000 residents, a position she held for five years until 2019. During this time Elaine oversaw the establishment of a five-year development pipeline of 11,000 homes and the launch of several innovative partnerships with housebuilders, contractors, local authorities and other housing associations. Elaine also previously worked in the construction and government services sectors; and worked for some years at Serco.
Elaine is involved in the government’s Building Safety Programme, including as a member of the Industry Safety Standards Steering Group.
Elaine was educated at Southampton University, where she gained a civil engineering degree and holds an MBA from Imperial College London.
ReSI Housing Limited Directors

David is an experienced leader in both executive and non-executive roles. He has over 30 years’ experience in Chief Executive roles, most recently at the National Housing Federation. He is Chair of Clarion Housing Association, is a previous President of Housing Europe and previous Chair of Reall, an international development housing charity. He is also chair of The Good Home Inquiry, co-chair of #Housing 2030, a joint project for Housing Europe and UNECE, and a member of the Archbishop of Canterbury’s Housing, Church and Community Commission. David frequently speaks on the challenge of optimistic leadership and the critical importance of governance. He has wide ranging media experience, is a well-regarded commentator and blogger and has extensive expertise navigating the world of politics and government. In June 2018 David was awarded a CBE.

Gillian brings to ReSI Homes over 30 years of housing and housing finance expertise, with a focus on policy development within the framework of regulatory standards.
She served as the Non-Executive Director for The Housing Finance Corporation from 2006 – 2012, where she was heavily involved in business strategy, financial policy and governance. This overlapped with her role as the Head of Private Finance at the former social housing regulator, the Homes & Communities Agency, where for 13 years she was responsible for relationships with lenders, investors, advisers, and credit rating agencies operating in the social housing sector. She has also been an authority on all aspects of social housing finance policy, including advising government departments, focusing on areas of regulatory standards, and being responsible for social housing sector guidance on treasury management.

Ben Fry is Managing Director, Housing at Gresham House and a Director of the two Registered Providers of Social Housing it manages, ReSI Homes Limited and ReSI Housing Limited. He joined the firm in March 2020 following the acquisition of TradeRisks where he was Managing Director and Investment Manager for its fund management division ReSI Capital Management.
Ben has 15 years’ industry experience, with 9 years social housing experience since joining TradeRisks in 2011. Ben has led the investment management for fund Residential Secure Income plc since IPO in July 2017, prior to which he led TradeRisks’ debt advisory services for housing associations, local authorities, and specialist residential accommodation.
Ben qualified as a chartered accountant with Deloitte and is a member of the Institute of Chartered Accountants of England and Wales. He holds a BSc in Mathematics from Imperial College London.

& Investment Committee Member, ReSI plc
Alex is Senior Advisor, Housing and Chief Executive of ReSI Capital Management and Executive Director of ReSI Homes Limited, the for-profit Registered Providers managed by Gresham House. Alex was the founder and Chief Executive of TradeRisks Limited from 2000 to March 2020, when it was acquired by Gresham House. Prior to TradeRisks, Alex worked for seven years at JP Morgan where he founded its risk advisory businesses, then HSBC leading the banks’ global risk advisory business, and Tokai Bank Europe as head of Capital Markets and Merchant Banking. Alex has 33 years of experience in the finance industry, with the last 20 years focusing on social housing.
He holds a first-class honours degree in Theoretical Physics from the University of London and a doctorate in Mathematics from the University of Oxford.

& Investment Committee Member, ReSI plc
Pete has been Head of Housing Management at Gresham House since March 2020, following the acquisition of TradeRisks. He is responsible for due diligence on residential acquisitions and operational performance by ReSI’s property managers and leaseholders. He has built a strong reputation in the housing sector on topics like the market dynamics and development economics. He has been an advisor to the Greater London Authority, the Scottish Government, and was a member of the team that won the Wolfson Economics Prize in 2014 on housing supply. Pete was Chief Executive of Notting Hill Housing Group and Chief Officer at two London Boroughs. He joined TradeRisks Ltd in 2013 and has 46 years’ experience in residential portfolio management. Pete studied Engineering and Philosophy at the University of Cambridge, is an Alumni of the London Business School, and is an Honorary Fellow of the Royal Institute of British Architects.

Mark is the Chief Executive Officer of ReSI Housing and Head of Housing Origination since 2018, leading the acquisitions efforts. He joined Gresham House in March 2020 following the acquisition of TradeRisks. Before joining ReSI Housing, Mark spent 12 years as a Chief Executive of Circle Housing Group, a 65,000-unit housing association, before merging it into the Clarion Group, the largest housing association in the UK. Prior to that, Mark held Chief Executive roles at Anglia Housing Group and Nene Housing Society. He has 38 years’ social housing experience and has been a member of the Chartered Institute of Housing since 1986.
Investment Committee

& Investment Committee Member, ReSI plc
Alex is Senior Advisor, Housing and Chief Executive of ReSI Capital Management and Executive Director of ReSI Homes Limited, the for-profit Registered Providers managed by Gresham House. Alex was the founder and Chief Executive of TradeRisks Limited from 2000 to March 2020, when it was acquired by Gresham House. Prior to TradeRisks, Alex worked for seven years at JP Morgan where he founded its risk advisory businesses, then HSBC leading the banks’ global risk advisory business, and Tokai Bank Europe as head of Capital Markets and Merchant Banking. Alex has 33 years of experience in the finance industry, with the last 20 years focusing on social housing.
He holds a first-class honours degree in Theoretical Physics from the University of London and a doctorate in Mathematics from the University of Oxford.

Ben Fry is Managing Director, Housing at Gresham House and a Director of the two Registered Providers of Social Housing it manages, ReSI Homes Limited and ReSI Housing Limited. He joined the firm in March 2020 following the acquisition of TradeRisks where he was Managing Director and Investment Manager for its fund management division ReSI Capital Management.
Ben has 15 years’ industry experience, with 9 years social housing experience since joining TradeRisks in 2011. Ben has led the investment management for fund Residential Secure Income plc since IPO in July 2017, prior to which he led TradeRisks’ debt advisory services for housing associations, local authorities, and specialist residential accommodation.
Ben qualified as a chartered accountant with Deloitte and is a member of the Institute of Chartered Accountants of England and Wales. He holds a BSc in Mathematics from Imperial College London.

& Investment Committee Member, ReSI plc
Pete has been Head of Housing Management at Gresham House since March 2020, following the acquisition of TradeRisks. He is responsible for due diligence on residential acquisitions and operational performance by ReSI’s property managers and leaseholders. He has built a strong reputation in the housing sector on topics like the market dynamics and development economics. He has been an advisor to the Greater London Authority, the Scottish Government, and was a member of the team that won the Wolfson Economics Prize in 2014 on housing supply. Pete was Chief Executive of Notting Hill Housing Group and Chief Officer at two London Boroughs. He joined TradeRisks Ltd in 2013 and has 46 years’ experience in residential portfolio management. Pete studied Engineering and Philosophy at the University of Cambridge, is an Alumni of the London Business School, and is an Honorary Fellow of the Royal Institute of British Architects.

Mark is the Chief Executive Officer of ReSI Housing and Head of Housing Origination since 2018, leading the acquisitions efforts. He joined Gresham House in March 2020 following the acquisition of TradeRisks. Before joining ReSI Housing, Mark spent 12 years as a Chief Executive of Circle Housing Group, a 65,000-unit housing association, before merging it into the Clarion Group, the largest housing association in the UK. Prior to that, Mark held Chief Executive roles at Anglia Housing Group and Nene Housing Society. He has 38 years’ social housing experience and has been a member of the Chartered Institute of Housing since 1986.
Investment team

Ben Fry is Managing Director, Housing at Gresham House and a Director of the two Registered Providers of Social Housing it manages, ReSI Homes Limited and ReSI Housing Limited. He joined the firm in March 2020 following the acquisition of TradeRisks where he was Managing Director and Investment Manager for its fund management division ReSI Capital Management.
Ben has 15 years’ industry experience, with 9 years social housing experience since joining TradeRisks in 2011. Ben has led the investment management for fund Residential Secure Income plc since IPO in July 2017, prior to which he led TradeRisks’ debt advisory services for housing associations, local authorities, and specialist residential accommodation.
Ben qualified as a chartered accountant with Deloitte and is a member of the Institute of Chartered Accountants of England and Wales. He holds a BSc in Mathematics from Imperial College London.

Brandon joined Gresham House as Deputy Fund Manager, Housing in November 2021.
Prior to joining Gresham House, Brandon worked at real estate private equity firm Singerman Real Estate, focusing primarily on seniors housing acquisitions and asset management and investor relations. Prior to Singerman Real Estate, he worked as a corporate finance analyst at Ventas, Inc., a market listed healthcare REIT based in Chicago, IL (USA).
Brandon has 11 years of experience in real estate investing and corporate finance, and holds a BA in economics from Williams College.

Diane has been Finance Director, Housing at Gresham House since April 2021.
Diane has over 14 years’ experience in financial services in the UK, most recently as Finance Director at Kingswood Wealth Group for a year. She previously held the position of Group Financial Controller at Round Hill Capital, a Private Equity group investing in residential real estate, student accommodation and property development from 2016 to 2019. Diane helped set up Jetstone Asset Management, a London based Fund of Funds as Finance Director from 2013 to 2015, prior to which she managed the corporate team at one of the largest hedge funds in the UK, Brevan Howard Asset Management, as Head of Finance for over 5 years.
Diane started her career at PwC Sri Lanka, qualifying as a Chartered Accountant, a Chartered Management Accountant and later CFA, and has over 20 years’ experience in finance in Sri Lanka, Bermuda and London across insurance, telecoms and financial services industries.

Oliver is an Associate Director at Gresham House, following the acquisition of TradeRisks in March 2020. He focuses on developing new and maintaining existing relationships, as well as the financial modelling of new acquisitions for ReSI.
He was previously Head of Acquisitions for a Real Estate developer focusing on development origination and analysis and headed a team of four acquiring and reviewing schemes with a GDV of up to £1bn.
He has six years of housing and residential investment experience and holds a BSc in Real Estate, Finance & Investment from Cass Business School.

Barney joined Gresham House in February 2021. Previously, he was an Assistant Manager at Deloitte.
Barney has 4 years’ finance experience and is ACA qualified.
He holds a BSc (Hons) in Physics from the University of Bristol.

Hannah is Head of Property for Gresham House since July 2021, where she is responsible for the overall management and performance of the portfolio.
Hannah has over 10 years’ experience in residential property, having worked in both private practice before moving client side. Before joining Gresham House, Hannah headed up the property team for a local authority owned developer where she oversaw acquisitions, sales and the management of the completed developments. Prior to that, Hannah was Head of Residential Strategy for a FTS250 listed business which specialised in residential freehold, long leasehold and BTR/ PRS assets.
Hannah is a Chartered Surveyor and holds a Bachelor’s in building surveying from London South Bank University.

Narvinder joined Gresham House as Head of Origination, Housing in November 2021.
Narvinder’s last 15 years have been spent delivering high quality residential schemes of various tenures, across England for private sector developers and landlords. Narvinder brings a wealth of experience in planning, managing and delivering large housing led developments, including land assembly/purchase, contract negotiations, project monitoring, budget controlling and on-site delivery with partner organisations. She has working knowledge stemming through all aspects of development, and has forged long-term relationships with development partners both private and public. Narvinder’s property expertise will help bridge the gap when deal making to deploy capital for housing investments.
Narvinder brings over 20 years’ combined experience of Project Management, Fund monitoring, commercial and residential led development across various sectors in the UK.
Narvinder holds a BSc (Hons) and Post Graduate diploma in Construction/Project Management, is a Member of the Association for Project Management (MAPM) and Member of The Royal Institution of Chartered Surveyors (MRICS).

Alasdair joined Gresham House in July 2021 and is a Senior Associate in the Debt Advisory team.
Prior to joining, Alasdair spent three and a half years in EY’s Audit department, where he worked with a range of FTSE 250 listed clients.
Alasdair is an ACA qualified chartered accountant and holds a first-class honours degree in Physics from the University of Bristol.

Antoine Pesenti is Head of Capital Markets at Gresham House following the acquisition of TradeRisks in March 2020. Antoine spent 17 years at TradeRisks as a Senior Managing Director, where he was responsible for debt advisory and debt arrangement for bank facilities, private placements and listed bonds. During that time, Antoine also worked on missions for the World Bank to develop credit risk management models for several national treasuries. Prior to TradeRisks, Antoine worked on the development of Monte Carlo simulation short-rate models for risk management at the European Bank for Reconstruction and Development and was assistant professor of mathematics in Classe Préparatoire aux Grandes Ecoles in France. Antoine holds an MSc in Finance and Economics from the London School of Economics, an MPhil in Mathematics from ENS Paris-Saclay, and a Bachelor of Arts in Philosophy from Sorbonne University, Paris.

Sergey started out as a Real Estate Analyst at ReSI Capital Management and was responsible for identifying, implementing and reviewing programmes of work required to develop and improve the company’s existing portfolio of properties. In October 2019, Sergey was promoted to Associate with further responsibility for portfolio asset management, general portfolio analysis, reporting and complying with investor/REIT requirements, and assisting with the preparation of quarterly and year end reports. Prior to joining ReSI CM, he managed a portfolio of commercial real estate.
He holds a Bachelor’s Degree in Finance and Financial Services and a Master’s Degree in International Business and Economics from Westminster Business School.

& Investment Committee Member, ReSI plc
Alex is Senior Advisor, Housing and Chief Executive of ReSI Capital Management and Executive Director of ReSI Homes Limited, the for-profit Registered Providers managed by Gresham House. Alex was the founder and Chief Executive of TradeRisks Limited from 2000 to March 2020, when it was acquired by Gresham House. Prior to TradeRisks, Alex worked for seven years at JP Morgan where he founded its risk advisory businesses, then HSBC leading the banks’ global risk advisory business, and Tokai Bank Europe as head of Capital Markets and Merchant Banking. Alex has 33 years of experience in the finance industry, with the last 20 years focusing on social housing.
He holds a first-class honours degree in Theoretical Physics from the University of London and a doctorate in Mathematics from the University of Oxford.

& Investment Committee Member, ReSI plc
Pete has been Head of Housing Management at Gresham House since March 2020, following the acquisition of TradeRisks. He is responsible for due diligence on residential acquisitions and operational performance by ReSI’s property managers and leaseholders. He has built a strong reputation in the housing sector on topics like the market dynamics and development economics. He has been an advisor to the Greater London Authority, the Scottish Government, and was a member of the team that won the Wolfson Economics Prize in 2014 on housing supply. Pete was Chief Executive of Notting Hill Housing Group and Chief Officer at two London Boroughs. He joined TradeRisks Ltd in 2013 and has 46 years’ experience in residential portfolio management. Pete studied Engineering and Philosophy at the University of Cambridge, is an Alumni of the London Business School, and is an Honorary Fellow of the Royal Institute of British Architects.

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.

Mark is the Chief Executive Officer of ReSI Housing and Head of Housing Origination since 2018, leading the acquisitions efforts. He joined Gresham House in March 2020 following the acquisition of TradeRisks. Before joining ReSI Housing, Mark spent 12 years as a Chief Executive of Circle Housing Group, a 65,000-unit housing association, before merging it into the Clarion Group, the largest housing association in the UK. Prior to that, Mark held Chief Executive roles at Anglia Housing Group and Nene Housing Society. He has 38 years’ social housing experience and has been a member of the Chartered Institute of Housing since 1986.

Joe is an Investment Director, focused primarily on sourcing and executing new investments for the Housing team. Prior to joining Gresham House, Joe worked for Lloyds Banking Group in their structured finance team, primarily supporting UK companies with the structuring and execution of secured capital markets transactions across the UK Real Assets space. At Lloyds, Joe was involved in a number of securitisations transactions as well as working within the corporate restructuring and private equity investment teams. Joe holds a BA (Hons) and MA from Durham University and is a CFA charter holder.

Alistair is the Investment Director of the Housing team at Gresham House having joined the firm in January 2021. He has over 15 years of principal Real Assets investment experience, with a particular focus on the residential sector, including UK Build to Rent and US Multifamily.
Before joining Gresham House, Alistair worked at real estate private equity firm Henley Investment Management. He joined Henley following an attempted MBO of Atlas Residential’s UK business, where he led the Acquisitions team and was involved in over £250m of the earliest Build to Rent investments in the UK.
Alistair started his career as an Investment Banker with Macquarie Capital in London and holds an LLB (Hons) in Law from University College London.

Michael Woodman is Head of Structuring, Housing at Gresham House following the acquisition of TradeRisks in March 2020.
Michael had been legal counsel at TradeRisks since 2012 and joined with experience in debt capital markets from an international law firm, having advised clients on a range of capital markets and banking transactions. Michael works closely with client managers and has been responsible for structuring, legal and settlement elements on all financing transactions arranged by TradeRisks. For ReSI Capital Management Limited, Michael has worked closely with the origination team, ensuring deployment of funds, and the investment management team, tasked with borrowing against fund assets in accordance with the investment objective.
Michael is a dual-qualified solicitor active in corporate finance since 2005 and holds an LLB (Hons) from University College London.
Investor relations queries
Computershare Investor Services plc
The Pavilions, Bridgwater Road, Bristol BS99 6ZZ
T: 0370 889 3181
W: www.investorcentre.co.uk
Shareholder information
Good Economy impact reports |
Impact report 2021 >> |
Impact report 2020 >> |
Impact Report 2019 >> |
Company policies |
Anti-money laundering policy |
Anti-bribery policy |
Conflict of interests policy |
Whistleblowing policy |
ESG rating report |
Reporting dates:
Year end 30 September
Half year 31 march
Next AGM:
Q1 2022
Historic dividend dates:
September 2020 1.25p
December 2020 1.25p
March 2021 1.25p
June 2021 (declared) 1.25p
Audit Committee Terms of Reference 2021 >>
Financial calendar – 20 June 2019 >>
PID declaration of eligibility (intermediary) – 14 August 2018 >>
PID declaration of eligibility (beneficiary) – 14 August 2018 >>
Result of Issue – 7 July 2017 >>
Publication of Prospectus – 22 June 2017 >>
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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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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.
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Past performance is not indicative of future events
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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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