Gresham House just wants everyone to be treated equally – In a statement released this morning, Gresham House sets out its case for requisitioning a meeting at Gresham House Strategic and says that support for its move has risen since last Thursday.
“Best practice corporate governance sits at the heart of Gresham House’s strategy as an ESG-focused investment business, and the Board believes that corporate governance principles have not been properly observed by GHS in the conclusions of its strategic review, announced on 11 October 2021.
The inadequacy of the consultation process is clear in light of the fact that it is not supported by five of GHS’ top seven institutional shareholders. The flaws in this lengthy process and its findings led to a conclusion that focused on one shareholder’s liquidity to the exclusion of all others.
The Gresham House Board believes all shareholders of GHS should be offered liquidity to realise their full investment at NAV, rather than just Gresham House, as has been concluded by GHS.
The Board of Gresham House has therefore requisitioned an Extraordinary General Meeting (EGM) of GHS’ shareholders as this is the most appropriate way for them to reach a decision on the future of their company, GHS. The proposed EGM resolutions, for the return of cash on the GHS balance sheet to all its shareholders and the realisation of GHS’ assets over the next two years, would enable all its shareholders to access an attractive return on their investment in a manner that will realise appropriate value.
Gresham House holds legally binding written irrevocable undertakings to vote in favour of the proposed EGM resolutions for the realisation of cash and liquidity for all shareholders. Together with its holding of 23.4%, this accounts for at least 43.7% (1,521,050 shares) of GHS’s total issued share capital – having risen from 42.0% at the time of the EGM requisition on Thursday 14 October 2021.”