TIDMMERI
RNS Number : 4287E
Merian Chrysalis Investment Co. Ltd
04 July 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is not for publication, release or distribution in the United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
4 July 2019
Merian Chrysalis Investment Company Limited (the "Company")
Portfolio Update
-- Investment in Embark Group
-- Further investment in Growth Street
-- Update on portfolio composition
Investment in Embark Group
The Company is pleased to announce an investment of GBP14.9
million as part of a GBP39.4 million funding round conducted by
Embark Group Limited ("Embark Group"). A number of other
institutional investors, including Blackrock, Inc. and Legg Mason,
Inc. also participated in the round. The investment by the Company
is subject to regulatory approval.
Embark Group is a full-scale retirement solutions provider, with
platform, investment wrap, e-SIPP, SIPP, SSAS, fund research and
employee benefits consulting capabilities. The Group trades under
the subsidiary brands Embark, Vested, Rowanmoor, EBS, The Adviser
Centre, DISCUS and Hornbuckle. It also operates a wide portfolio of
white-label technology solutions for businesses such as RBS Coutts,
Standard Life, Nutmeg, BestInvest, Charles Stanley, Moneyfarm and
Wealthsimple.
Embark Group is one of the fastest growing digital retirement
and savings businesses in the UK market, growing from zero to
GBP15.5bn Assets under Administration in less than six years. The
Group is experiencing strong demand for its digital services and
additional capital will enable it to take full advantage of its
disruptive position in the UK savings sector through continued
technological innovation and selective expansion opportunities.
Richard Watts, portfolio manager, comments:
"The retirement and savings market is going through a period of
unprecedented change, with tech-enabled providers leading the
charge. Many traditional players have failed to respond to the
transition and are now falling behind. Embark Group is a
highly-successful and innovative digital business with strong
technical expertise, it is already emerging as a pivotal player in
this space and we look forward to working with the business on its
next stage of development."
Further investment in Growth Street
The Company is also announcing that it has completed a further
investment of GBP7.5 million in Growth Street Holdings Limited
("Growth Street"). The investment, which completed on 11 June 2019,
was made by way of a Convertible Loan Note ("CLA"). Subject to
regulatory approval of the Company as a controlling shareholder,
the CLA will convert to Preference Shares.
Following regulatory approval, the Company does not intend for a
representative to join the board of Growth Street.
Richard Watts, portfolio manager, comments:
"Growth Street's highly differentiated lending product has
resonated strongly with UK SMEs and the business is gaining real
momentum. We are delighted to provide additional growth capital
that will enable the firm to build out its credit decision system
and grow its distribution network."
Update on portfolio composition
As a result of its investment in Embark Group and Growth Street,
the Company's capital is approximately 60 per cent invested
following the capital raise in April 2019.
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 +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/. 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
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END
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