Merian Chrysalis Investment Co. Ltd Portfolio Update (7336K)
December 18 2018 - 2:00AM
UK Regulatory
TIDMMERI
RNS Number : 7336K
Merian Chrysalis Investment Co. Ltd
18 December 2018
Merian Chrysalis Investment Company Limited
18 December 2018
For immediate release
18 December 2018
Merian Chrysalis Investment Company Limited (the "Company")
Portfolio Update
-- Participation in Graphcore's $200 million series D funding round
-- Update on acquisition of the Initial Portfolio and The Hut Group
Participation in Graphcore's $200 million series D funding
round
The Company is pleased to announce its investment of
approximately $25 million in a $200 million series D funding round
conducted by Graphcore Limited. Further information on the funding
round is contained in a press release made by Graphcore this
morning.
Graphcore is a leading artificial intelligence processor
company, which has developed the Intelligence Processing Unit (IPU)
and the related Poplar(R) graph software toolchain. The IPU is a
processor that has been designed from the ground up for machine
intelligence applications and supports both the training and
inference of deep learning models as well as other machine learning
approaches. Based in Bristol, Graphcore's products can improve the
efficiency and performance of artificial intelligence applications
by between 10x to 100x, compared to existing hardware solutions.
Initial markets are expected to include cloud and datacentre
applications, where strong interest has been shown from leading
companies. Graphcore has now raised a total of over $300M in
capital and intends to utilise the proceeds of the funding to
up-scale its operations to meet projected customer demand and to
expand its global operations.
Nick Williamson, Co-fund manager commented:
"We are tremendously excited to announce our support of this
British business as it attempts to shake up the machine
intelligence market with its revolutionary new processor. We
believe the machine intelligence market will show substantial
growth in the coming years and that Graphcore is well positioned to
generate material revenues. The business has had meaningful, global
engagement with its technology and we look forward to working with
the Graphcore team to deliver on this opportunity."
Update on acquisition of the Initial Portfolio and The Hut
Group
Initial Portfolio
In its prospectus published on 11 October 2018 (the
"Prospectus"), the Company announced its intention to apply 30 per
cent. of gross issue proceeds of its initial issue toward the
acquisition of the initial portfolio, comprising shares in
TransferWise and shares in Secret Escapes (the "Initial
Portfolio").
The acquisition of the Initial Portfolio has now become
unconditional resulting in the application of 17 per cent. of the
net issue proceeds to the acquisition of shares in TransferWise and
the application of 13 per cent. of the net issue proceeds to the
acquisition of shares in Secret Escapes. The Company is currently
in the process of completing certain formalities required for
registration of the relevant shares in its name which are expected
to be finalised in the coming weeks.
The Hut Group
In the Prospectus, the Company advised it was in advanced
negotiations that, if successful, would allow the Company to make
an investment in The Hut Group. The Company is pleased to confirm
its entry into a share purchase agreement to acquire shares in The
Hut Group for approximately GBP9.5 million. The Company currently
anticipates completion to occur by the end of 2018.
Portfolio composition
Assuming completion of the transactions detailed above, the
Company will have deployed almost 60 per cent. of the net proceeds
of the initial issue.
The Company continues to explore a range of further
opportunities and will update the market as appropriate.
For further information, please contact:
Merian Global Investors: +44 (0) 20 7332
Will Gold / Amelie Shepherd 7500
Liberum: +44 (0) 20 3829
Gillian Martin / Christopher Britton 5000
Maitland Administration (Guernsey) Limited:
Elaine Smeja / Gareth Smith +44 (0) 1481 749364
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be available on the Company's
website at https://www.merian.com/chrysalis/. Neither the content
of the Company's website, nor the content on any website accessible
from hyperlinks on its website for any other website, is
incorporated into, or forms part of, this announcement nor, unless
previously published by means of a recognised information service,
should any such content be relied upon in reaching a decision as to
whether or not to acquire, continue to hold, or dispose of,
securities in the Company.
This announcement may include "forward-looking statements". All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
the Company's financial position, business strategy, plans and
objectives of management for future operations (including
development plans and objectives relating to the Company's products
and services) are forward-looking statements.
Forward-looking statements are subject to risks and
uncertainties and accordingly the Company's actual future financial
results and operational performance may differ materially from the
results and performance expressed in, or implied by, the
statements. These factors include but are not limited to those
described in the formal Prospectus. These forward-looking
statements speak only as at the date of this announcement. The
Company expressly disclaims any obligation or undertaking to update
or revise any forward-looking statements contained herein to
reflect actual results or any change in the assumptions, conditions
or circumstances on which any such statements are based unless
required to do so by the Financial Services and Markets Act 2000,
the Listing Rules or Prospectus Rules of the Financial Conduct
Authority or other applicable laws, regulations
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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