Revolting shareholders: Gresham House Strategic dispute

A strategic review by the board of Gresham House Strategic (LON: GHS) has led to a decision to change the manager of the smaller company investment firm and the incumbent Gresham House (LON: GHE) is not happy, even though it requested the review.

The strategic review led to six proposals and the decision to drop Gresham House and change to Harwood Capital, where the company’s former investment manager Richard Staveley moved earlier this year. Harwood has agreed to reduce the management fee and the investment company’s directors believe that this will save £270,000 a year – based on the current NAV. Performance fees will also be lower.

Harwood has also agreed to invest cash in the company. It could invest up to £18m. The name of the company would be changed to Rockwood Strategic. The...

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