4 June 2024
BAILIWICK INVESTMENTS LIMITED
(“Bailiwick”, the “Fund” or the “Company”)
Portfolio Update - GRG
In its financial statements for the year ending 31 December 2023, the Company reported that it had agreed to participate in a £9.4 million equity fundraise being undertaken by GRG Recycling (1996) Limited (GRG).
The Board of Directors of the Company is pleased to confirm that the fundraise has completed and the Company has invested a further £5.25 million in GRG, taking its holding from 32.0% to 37.7% of the total shares in issue. The Company's investment in GRG now constitutes approximately 25% of the total portfolio.
GRG conducted the fundraise, in which the Company participated alongside another significant shareholder, primarily to part fund the acquisition of the land, business and operating assets of a complementary mixed and inert waste business in Jersey. The seller received a 25% stake in a new holding company for GRG’s Jersey based interests as part consideration for the sale, with GRG retaining a 75% holding.
This investment underpins the Company’s continued belief in the GRG management team and their plans for the future of GRG. Management is working on a number of short and long term projects in the pipeline for GRG, which the Board is supportive of, and hopes that these will achieve further growth for GRG and, in turn, value for the Company’s shareholders.
Enquiries:
Ravenscroft Specialist Fund Management Limited ircf@ravenscroftgroup.com
(Investment Manager) +44 (0)1481 732746