Merian Chrysalis Investment Co. Ltd Net Asset Value(s) (6326K)
August 30 2019 - 2:04AM
UK Regulatory
TIDMMERI
RNS Number : 6326K
Merian Chrysalis Investment Co. Ltd
30 August 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is not for publication, release or distribution in the United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
30 August 2019
Merian Chrysalis Investment Company Limited (the "Company")
NAV Announcement
Net Asset Value
The Company announces that as at 30 June 2019 the unaudited net
asset value ("NAV") per ordinary share was 111.16 pence.
The above NAV calculation is based on the Company's issued share
capital as at 30 June 2019 of 190,909,091 ordinary shares of no par
value.
Following the successful raise of GBP100 million (gross) in
April, at a price of 110 pence per share, approximately 49.9 per
cent of the Company's capital was held in cash or cash equivalents
as at 30 June 2019.
As the Company previously advised, TransferWise closed a
significant funding round in May this year. The valuation uplift on
this transaction resulted in an increase of approximately 8.9 pence
per share to the Company's NAV per ordinary share and was reflected
in Company's NAV as at 31 March 2019. Given the proximity of the
completion of the funding round to the period end, the valuation of
TransferWise was held for the 30 June 2019 NAV calculation. The
holding in TransferWise represented approximately 12.7 per cent of
the Company's capital as at 30 June 2019.
The Company confirms that its new investments in Embark Group,
Klarna Holding AB and Sorted Holdings Limited completed in July and
August 2019 and are therefore post the period end for the purposes
of calculating the NAV.
Revenue growth
In the first half of 2019, the weighted average revenue growth
rate of the nine companies within the portfolio was in excess of 50
per cent over the first half of 2018.
Pipeline
Following a number of recent investments, the Company is now
approximately 80 per cent fully invested and has a strong pipeline
of exciting opportunities. As such, the Company will look to raise
additional capital under its placing programme in the near
future.
Factsheet
A Company factsheet will be available shortly on the Company's
website: https://www.merian.com/chrysalis/
Richard Watts, portfolio manager, commented:
"Demand for Merian Chrysalis has continued to grow over 2019 as
investors seek access to Europe's most disruptive and exciting
private companies. We are establishing a strong track record of
successfully accessing and executing high-profile deal flow and we
are very confident of our ability to continue to swiftly deploy
capital."
-ENDS-
For further information, please
contact:
Merian Global Investors:
Amelie Shepherd +44 (0) 20 7332 7500
Liberum:
Gillian Martin / Owen Matthews +44 (0) 20 3100 2000
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
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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