25 January 2023
GRESHAM HOUSE RENEWABLE ENERGY VCT 1 PLC
(the "Company", "VCT 1")
Cancellation of interim dividend
The Directors of Gresham House Renewable Energy VCT 1 PLC ("VCT 1") are providing notice of the cancellation of the interim dividend announced on 21 December 2022.
On 21 December 2022, VCT 1 announced a dividend of 2p per share for the year ended 30 September 2022 (the "Interim Dividend"). The Interim Dividend was due to be paid on 27 January 2023 to Shareholders on the register as at the close of business on 6 January 2023.
In January 2023, during the course of the audit of the Company's Annual Report and Accounts for the year ended 30 September 2022, a valuation adjustment which had previously been made to certain investments held by VCT 1 was, following discussion with the auditors, reclassified as a realised loss. In the light of these circumstances, the Board believes that the distributable reserves of VCT 1 are reduced to a level at which the proposed Interim Dividend should not be paid.
Accordingly, the Board has decided to cancel the payment of the Interim Dividend which would have been paid on 27 January 2023.
The realised loss referred to above does not have a material impact on the Company's net asset value and the Annual Report and Accounts expected to be published next week are anticipated to show a small increase in net asset value.
To increase the Company's distributable reserves, the Directors propose to seek shareholder approval for a reduction of certain non-distributable reserves at the forthcoming AGM. Notice of this AGM will be provided shortly after the publication of the Accounts and Annual Report for the year ended 30 September 2022, expected next week.
The Board intends to resume the payment of dividends as soon as distributable reserves are increased. The expected timescales for this will be advised at the forthcoming AGM. However, the implementation of such a reduction of reserves is a Court led process that is likely to take some months.
This announcement contains inside information which is disclosed in accordance with the UK Market Abuse Regulation.
END
For further information, please contact:
| Gresham House Asset Management | Renewablevcts@greshamhouse.com |
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| JTC (UK) Limited | GreshamVCTs@jtcgroup.com |
LEI: 213800IVQHJXUQBAAC06
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