Gresham House sale of Rockwood sparks rethink of future – Gresham House, parent company of Rockwood Realisation’s former investment manager, has sold its entire roughly 23.7% interest in the company to a number of institutional investors, including Rockwood Realisation’s current investment manager, Harwood Capital.
Harwood now owns 28.9% of Rockwood Realisation and Richard Staveley, who now is a senior member of the investment management team at Harwood but was previously at Gresham House, has bought 18,000 Rockwood shares, taking his holding up to 1.0%. Harwood and Richard Staveley are viewed as acting in concert and together their combined shareholding now totals 29.9% of Rockwood Realisation’s issued share capital.
Rockood Realisaton is supposed to be selling off its investment portfolio over a two year period and returning the proceeds to shareholders. Harwood has indicated to the board that it believes that the investing policy does not operate in the best interests of Rockwood Realisaton’s shareholders and should be reviewed. The board will therefore be engaging with Harwood, in its capacity as both the investment manager and largest shareholder, to consider whether a change of investing policy is warranted. Shareholders should note that any change in such policy would need to be voted upon at a general meeting convened for that purpose.
The board intends to make a further announcement concerning the future of Rockwood and its investing policy in due course.
In addition, Rockwood’s investment in Hanover Co-Invest S.C.A. SICAV-RAIF Sub-Fund 1 has been sold to Gresham House, freeing up £855,586 (the amount originally invested).
RKW : Gresham House sale of Rockwood sparks rethink of future