Merian Chrysalis Investment Co. Ltd Portfolio Update (8032N)
January 23 2019 - 2:00AM
UK Regulatory
TIDMMERI
RNS Number : 8032N
Merian Chrysalis Investment Co. Ltd
23 January 2019
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, any member state of the European Economic Area
(other than the United Kingdom), Canada, Australia, Japan or the
Republic of South Africa.
Merian Chrysalis Investment Company Limited
23 January 2019
Merian Chrysalis Investment Company Limited (the "Company")
Portfolio Update
-- Participation in Growth Street's scale-up investment round
-- Update on portfolio composition
Participation in Growth Street's scale-up investment round
The Company is pleased to announce its investment of
approximately GBP5 million in a GBP7.5 million funding round
conducted by Growth Street. Further information on the funding
round is contained in a press release issued by Growth Street this
morning.
With an ambition to be the next disruptive force in UK FinTech,
Growth Street has developed an innovative peer-to-peer (P2P)
product specifically targeted at UK SMEs. Growth Street's flagship
business finance facility, GrowthLine, is a highly flexible
revolving line of credit designed to replace and extend bank
overdrafts and invoice financing. In any given month, businesses
can draw down funds and make repayments as often as they like
within their limits. Growth Street has facilitated more than GBP80m
of borrowing since launching in 2014.
Growth Street is an FCA-regulated company and was founded by CEO
Greg Carter and serial investor Thomas Hoegh. The company's
proprietary technology platform uniquely integrates with a number
of data sources to provide unmatched speed, flexibility and credit
monitoring for SMEs. Growth Street reconciles accounting, bank and
credit data on a daily basis which enables it to streamline the
credit decision process and provide ongoing credit monitoring and
credit line adjustment. Customers use funds provided under their
GrowthLine account to plan and manage their growth, this includes:
purchasing stock, hiring new people and moving offices. Facility
limits range from GBP25k to GBP2m, based on certain requirements,
and SMEs can secure funding against all assets at competitive
rates. Growth Street has also already attracted 2,000+ lenders onto
its platform.
Richard Watts co-fund manager comments:
"Growth Street has built a differentiated product that provides
flexible funds to SMEs, filling the vacuum created by the
retrenchment of high-street banks in this space. We're excited to
work with Greg, Thomas and the team to provide supportive capital,
to allow British businesses to continue to grow."
Update on portfolio composition
As a result of its investment in Growth Street, the Company has
now deployed almost 65 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:
Amelie Shepherd +44 (0) 20 7332 7500
Liberum:
Gillian Martin / Christopher
Britton +44 (0) 20 3829 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 or rules.
This information is provided by RNS, the news service of the
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END
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