TIDMMERI
RNS Number : 7893R
Merian Chrysalis Investment Co. Ltd
05 March 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is not for publication, release or distribution in the United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 and the Republic of Ireland),
Canada, Australia, Japan or the Republic of South Africa.
Merian Chrysalis Investment Company Limited
5 March 2019
For immediate release
Merian Chrysalis Investment Company Limited (the "Company")
NAV Announcement and Portfolio Update
Net Asset Value
The Company announces that as at 31 December 2018 the unaudited
net asset value ("NAV") per ordinary share was 98.54 pence.
The above NAV calculation is based on the Company's issued share
capital of 100,000,000 ordinary shares of no par value.
Update on portfolio composition
Since the Company's admission to the premium segment of the
Official List and to trading on the London Stock Exchange's Main
Market in November 2018 ("Admission"), the Company has deployed
approximately 85 per cent of the net proceeds of the initial issue
in the following investments:
TransferWise
TransferWise was founded with the aim of reducing fees
associated with sending money across borders. With a simple money
transfer platform and borderless accounts, TransferWise makes it
quick and easy for individuals that travel, live and work
internationally to manage their money. Businesses can use
TransferWise to pay suppliers or employees overseas, request
payments from customers and transfer funds between their own
accounts in different countries. Over four million people use
TransferWise to transfer over GBP3 billion every month, saving
themselves over GBP3 million every day.
The Company invested approximately US$22 million in TransferWise
on Admission.
Secret Escapes
Secret Escapes is a members-only online travel company. Its
digital marketplace uses innovative technology to connect
travellers with discounts on luxury hotels and travel experiences.
It helps hotels minimise unsold inventory by allowing them to
discreetly market to its members who are seeking luxury travel at
affordable prices. The firm operates in many countries around the
world and is the market-leading membership based travel company in
the UK, Germany, Poland, Czech Republic, Slovakia and the
Nordics.
The Company invested approximately GBP13 million in Secret
Escapes on Admission.
The Hut Group
The Hut Group is an ecommerce business that operates a highly
scalable, end-to-end proprietary technology platform powering sales
of its own and third-party brands online. The firm has invested
significantly in its infrastructure, technology platform and brands
and is one of the world's largest online beauty and wellbeing
businesses.
In December 2018, the Company announced an investment of
approximately GBP9.5 million in The Hut Group.
Graphcore
Graphcore is a leading artificial intelligence processor
business, 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 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 10 to 100 times, compared to existing
hardware solutions.
The Company invested approximately US$25 million in a $200
million series D funding round conducted in December 2018.
Growth Street
Growth Street has developed an innovative peer-to-peer (P2P)
product specifically targeted at UK SMEs. The firm's proprietary
technology platform 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. Its flagship business finance facility, GrowthLine, is
a highly flexible revolving line of credit designed to replace and
extend bank overdrafts and invoice financing. Growth Street has
facilitated more than GBP80 million of borrowing since launching in
2014.
The Company invested approximately GBP5 million in a funding
round conducted in January 2019.
Starling Bank
Starling Bank is a digital challenger bank which has built a
scalable platform that delivers a range of financial services. Core
products include bank accounts for both retail and SME customers,
which allow users to bank via a mobile app, offering digital
sign-up, instant notification of transactions insights into
spending habits and 24/7 support.
In February 2019 the Company committed to invest approximately
GBP19 million in a GBP60 million series C funding round, subject to
regulatory approval (since received) and customary closing
conditions. The Company later noted that Starling Bank was awarded
a GBP100 million grant from the Capability and Innovation Fund.
Revenue growth
The weighted average revenue growth rate in 2018 of the
companies within the portfolio was in excess of 50 per cent over
2017.
Pipeline
The Company has a strong and growing pipeline of investment
opportunities across a range of sectors. Accordingly, the Company
intends to raise additional capital in the near future.
Richard Watts, co-fund manager comments:
"We are delighted that the majority of the proceeds from initial
issue have been deployed within four months of Admission. We
believe this demonstrates that our team's scale and strong presence
in the listed equity market has made the Company highly attractive
to later stage, private businesses that recognise the benefit of a
long-term supportive investor. We continue to explore a range of
exciting investment opportunities. "
-End-
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:
Aimee Gontier / Elaine Smeja +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/.
This announcement is for information purposes only and is not an
offer to invest. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decision.
The value of investments may fluctuate. Results achieved in the
past are no guarantee of future results. 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 information is provided by RNS, the news service of the
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END
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