Gresham House Energy Storage Fund Plc GBP · LSE:GRID
Gresham House Energy Storage Fund Plc GBP — Baronsmead Venture Trust plc and Baronsmead Second Venture Trust — Shareholder Meeting (March 2025)
47 slides from Gresham House Energy Storage Fund Plc GBP's shareholder meeting presentation, Mar 12, 2025
Slide 1: Shareholder event and Annual General Meetings
Shareholder event and Annual General Meetings 12 March 2025 Supporting the future of UK businesses
Slide 2: Important information & key risks
Important information & key risks This presentation has been issued as a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Gresham House Asset Management Limited (Gresham House) whose registered office is 5 New Street, London EC4A 3TW. Gresham House
Slide 3: Important information
Important information This document (the document) has been issued as a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Gresham House Asset Management Limited (GHAM) whose registered office is 5 New Street, London EC4A 3TW and is authorised and re
Slide 4: Important information
Important information Investment and market risks Each of the Baronsmead VCTs may invest in unquoted, AIM-traded and ISDX traded companies. Investment in unquoted, AIM-traded and ISDX traded companies by its nature involves a higher degree of risk than investment in companies traded on the main mark
Slide 5: Today's agenda
Today’s agenda The role of the VCTs’ boards & performance update - Fiona Miller Smith & Sarah Fromson Driving value for shareholders Gresham House investment team Panel Q&A Lunch AGM for Baronsmead Venture Trust plc 1.15pm AGM for Baronsmead Second Venture Trust plc 1.30pm
Slide 6: The role of the VCT Boards
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Slide 7: Individual boards - working collaboratively
Individual boards - working collaboratively Baronsmead Venture Trust plc Baronsmead Second Venture Trust plc Board members with: ▪ Multi-decade expertise ▪ Complementary skillsets ▪ Broad industry knowledge ▪ Fiona Miller Smith, Chair ▪ Sarah Fromson, Chair ▪ Michael Probin ▪ Graham McDonald ▪ Adria
Slide 8: The role of the VCT boards
The role of the VCT boards Governance Risk Regulatory Tax & management oversight compliance
Slide 9: The role of the VCT boards
The role of the VCT boards Focus on shareholder value Constructive Dividend Performance Fees & costs Fundraising challenge setting
Slide 10: What do we do?
What do we do? ACCOUNTING STRATEGY DAYS VALUATION FORUMS AGMs TRAINING ANNUAL REPORTING BOARD & COMMITTEE MEETINGS
Slide 11: Performance update - Baronsmead Venture Trust & Baronsmead Second Venture Trust
Performance update - Baronsmead Venture Trust & Baronsmead Second Venture Trust
Slide 12: Performance update
Performance update ▪ Hybrid public / private strategy has provided some resilience and downside protection ▪ Quoted and equity funds performance offsetting weaker unquoted valuations ▪ However, recognise unquoted performance is not where we want it to be: immature earlier stage portfolio; greater vo
Slide 13: Net Asset Value - Baronsmead Venture Trust (BVT)
Net Asset Value - Baronsmead Venture Trust (BVT) NAV as at 30 September 2024 NAV: £212.2mn NAV as at 30 September 2023 NAV: £194.9mn Liquid Assets, 12% Liquid Assets, 10% Unquoted, 24% Unquoted, 24% 41 investee companies WS Gresham House 37 investee companies WS Gresham House UK Smaller UK Smaller C
Slide 14: Results for the period October 2023 to February 2025 - BVT
Results for the period 1 October 2023 to 28 February 2025 - BVT NAV at 28 February 2025: 51.2p 57 56 (1.8p) 55 3.7p 54 (2.0p) Pence per Share 53 52 (1.7p) 51 52.9p 52.8p 50 51.2p 49 48 NAV at 1 Oct 2023 Revaluation effect Interim dividend Final dividend payable NAV at 30 Sep 2024 Revaluation effect
Slide 15: NAV Total Return since launch - BVT
NAV Total Return since launch - BVT NAV Total Return (10-year snapshot) 450 BVCT & BVCT2 Merger Sep 2024 400 350 BVT 300 NAV Total Return (%) BVCT 250 200 BVCT2 150 100 50 - 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Feb 2025 BVCT BVCT2 / BVT Past performance is not necessarily a guide t
Slide 16: Dividend payments - BVT
Dividend payments - BVT 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep Financial year end 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividends declared 6.5 18.5 6.5 7.5 6.5 6.5 6.5 5.75 4.25 3.75 (pence per share) Dividends paid during the FY (pence per 6.5 18.5 3.0 6.5
Slide 17: Net Asset Value - BSVT
Net Asset Value - BSVT NAV as at 30 September 2024 NAV: £227.4mn NAV as at 30 September 2023 NAV: £209.7mn Liquid Assets, 9% Liquid Assets, 11% WS Gresham UK Unquoted, 23% Smaller Companies 37 investee companies Unquoted, 23% WS Gresham House Fund, UK Smaller 41 investee companies 8% Companies Fund,
Slide 18: Results for the period October 2023 to February 2025 - BSVT
Results for the period 1 October 2023 to 28 February 2025 - BSVT NAV at 28 February 2025: 53.5p 60 59 (1.8p) 58 3.5p 57 (2.3p) Pence per Share 56 55 (1.7p) 54 53 55.6p 55.2p 52 53.5p 51 50 NAV at 1 Oct 2023 Revaluation effect Interim dividend Final dividend payable NAV at 30 Sep 2024 Revaluation eff
Slide 19: Dividend payments - BSVT
Dividend payments - BSVT 31 Dec 31 Dec 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep Financial year end 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividends declared 7.5 17.0 7.5 7.5 6.5 6.5 6.5 6.0 4.5 4.0 (pence per share) Dividends paid during the FY (pence per 7.5 17.0 3.0 7.5 7
Slide 20: NAV Total Return since launch - BSVT
NAV Total Return since launch - BSVT NAV Total Return (10-year snapshot) First Second 350 merger Sep 2024 merger 300 BSVT 250 NAV Total Return (%) 200 BVCT3 150 BVCT4 100 BVCT5 50 0 -50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Feb 2025 BVCT3 / BSVT BVCT4 BVCT5 Past performance is not n
Slide 21: Fundraising
Fundraising ▪ A joint fundraising was launched on 13 January 2025 - total of £30mn to be raised, with an over-allotment facility to raise up to another £20mn in aggregate ─ £22mn in aggregate so far subscribed into the VCTs as at 11 March 2025 ‒ The Offers are expected to close no later than 28 Apri
Slide 22: The Boards' view
The Boards’ view ▪ Aware of macroeconomic environment ▪ ‘Sunset Clause’ extension to move the retirement date for Venture Capital Schemes to 2035 indicates support for growth investing ▪ A well-diversified portfolio of public and private companies ▪ Investing through the cycle ▪ Dealflow environment
Slide 23: Driving value for shareholders - Gresham House Asset Management
Driving value for shareholders - Gresham House Asset Management
Slide 24: Summary of key messages
Summary of key messages Gresham House - the manager of the Baronsmead VCTs Benefits of the hybrid structure Drivers of performance Health of the AIM market Outlook for Baronsmead
Slide 25: Introduction to Baronsmead
Introduction to Baronsmead Seeking to invest in innovative companies that we believe will be crucial to the UK economy in years to come, providing capital and expertise to accelerate growth ▪ Largest hybrid VCTs in the market ▪ Longstanding respected brand 1995 ▪ Track record of consistent returns a
Slide 26: Specialist alternative asset manager focused on delivering financial returns for clients
Specialist alternative asset manager focused on delivering financial returns for clients 1.1 0.9 Energy transition Social impact 3.4 £8.7bn Productive growth capital Nature & climate AUM 0.8 1.5 0.9 New Energy Sustainable infrastructure Real estate Public equity Private equity Forestry 26 Gresham Ho
Slide 27: Well-invested specialist small company investment platform
Well-invested specialist small company investment platform Public Equity - 6 investment professionals Investment Committee Ken Wotton Brendan Gulston David Bickerstaffe Cassie Herlihy George Karidis Tom Green Matthew Mead Ken Wotton Trevor Hope Clive Austin Hazel Cameron Managing Director Associate
Slide 28: 2024 investments
2024 investments Quoted New Unquoted Follow-on £20.5mn £5.6mn £5.7mn Quoted Follow-on £2.0mn Unquoted New £7.2mn Past performance is not necessarily a guide to future performance. Portfolio investments in smaller companies typically involve a higher degree of risk Source: Gresham House
Slide 29: 2024 realisations
2024 realisations £15.6mn proceeds Unquoted 1.1x1 0.1x 1.9x investment cost Quoted 0.6x 0.0x 21.1x 0.2x Past performance is not necessarily a guide to future performance. Portfolio investments in smaller companies typically involve a higher degree of risk Source: Gresham House 1. Includes interest /
Slide 30: Benefits of hybrid structure - Diversification drives consistency
Benefits of hybrid structure - Diversification drives consistency Portfolio breakdown by asset type (excl. cash) Flexibility Largest hybrid VCTs in the market Unquoted Equity Funds 29% 32% “Gresham House Ventures” is the second Scale AIM largest VCT manager in the market by AUM 39% Portfolio breakdo
Slide 31: Components of NAV performance
Components of NAV performance Full Year 2024 Average company Portfolio % of NAV1 Comments performance age (years)1 ▪ Immature earlier stage portfolio ▪ Greater volatility in earlier years ▪ Market multiples have materially de-rated since Unquoted 24% -9% 3.1 2021 ▪ Challenging macro for less experie
Slide 32: Portfolio management approach
Portfolio management approach Unquoted portfolio Quoted portfolio Equity funds Investment in unquoted team Active management of key assets Liquidity through scale Active value creation plans in place Highly selective new investments Award-winning team and franchise More influential equity stakes Act
Slide 33: CASE STUDY – Ozone API
CASE STUDY – Ozone API ▪ Strong underlying market drivers reflecting a Ozone API is the provider of a leading API platform which core investment theme enables banks and financial institutions to comply with Open Banking and finance regulation globally ▪ Excellent management team strengthened with ne
Slide 34: The Health of the AIM market
The Health of the AIM market at 30 Importance of AIM to UK economy - £135bn of capital raised since 1995; £5.4bn tax revenue in 2023 The evolution of AIM over the AIM’s economic contribution Since AIM’s inception in 19951 past decade1 to the UK (in 2023) 1 Number of companies 2015 838 2025 601 Delta
Slide 35: Diaceutics precision medicine commercialisation solutions
Diaceutics offers precision medicine1 commercialisation solutions to the global pharmaceutical industry to support the launch of precision medicines Precision medicine is a growing field within the healthcare industry, offering a double-digit growth total addressable market Accelerated self-funded i
Slide 36: Outlook
Outlook ▪ Challenging geopolitical and economic outlook ▪ Likely to see higher numbers of business failures and increasing rates of unemployment ▪ A challenging environment to deliver growth ▪ UK budget impact yet to be seen ▪ Portfolio companies are likely to require more capital to reach scale and
Slide 37: Q&A
Sarah Fromson Fiona Miller Smith Ken Wotton Trevor Hope Ed Wass Chair, Baronsmead Chair, Baronsmead Managing Director, CIO, VCTs Director of VCT Portfolio Second Venture Trust plc Venture Trust plc Public Equity Q&A
Slide 38: Lunch
Lunch The AGM for Baronsmead Venture Trust plc will commence at 1:15pm
Slide 39: Formal business of the AGM - Baronsmead Venture Trust plc
Formal business of the AGM - Baronsmead Venture Trust plc
Slide 40: Baronsmead Venture Trust plc Annual General Meeting Results
Baronsmead Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution % Votes against % Votes withheld discretion) withheld) name Report and 01 financial 20,775,447 99.57 88,900 0.43 20,864,347 24,431 statements 02 Final dividend 20,833,420 99.75 52,633 0.25
Slide 41: Baronsmead Venture Trust plc Annual General Meeting Results
Baronsmead Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution % Votes against % Votes withheld discretion) withheld) name Re-elect Michael 06 19,716,419 96.71 671,629 3.29 20,388,048 500,730 Probin Re-appoint 08 20,459,636 98.07 402,140 1.93 20,861,7
Slide 42: Baronsmead Venture Trust plc Annual General Meeting Results
Baronsmead Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution % Votes against % Votes withheld discretion) withheld) name Make market 12 20,624,204 98.97 213,864 1.03 20,838,068 50,710 purchases General 13 19,766,012 95.49 933,590 4.51 20,699,602 189
Slide 43: Formal business of the AGM - Baronsmead Second Venture Trust plc
Formal business of the AGM - Baronsmead Second Venture Trust plc
Slide 44: Baronsmead Second Venture Trust plc Annual General Meeting Results
Baronsmead Second Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution % Votes against % Votes withheld discretion) withheld) name Report and 01 financial 14,260,886 99.84 23,197 0.16 14,284,083 121,806 statements 02 Final dividend 14,280,373 99.89 15,
Slide 45: Baronsmead Second Venture Trust plc Annual General Meeting Results
Baronsmead Second Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution % Votes against % Votes withheld discretion) withheld) name Re-elect Graham 06 13,712,279 97.10 409,171 2.90 14,121,450 284,439 McDonald Re-elect Tim 07 13,748,688 97.29 382,719 2.7
Slide 46: Baronsmead Second Venture Trust plc Annual General Meeting Results
Baronsmead Second Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution % Votes against % Votes withheld discretion) withheld) name Allot relevant 11 13,814,414 96.95 434,370 3.05 14,248,784 157,105 securities Pre-emption 12 12,892,920 92.27 1,079,480 7
Slide 47: Baronsmead
Baronsmead