Edge Performance VCT PLC Updated Net Asset Values (4278I)
December 11 2020 - 8:53AM
UK Regulatory
TIDMEDGH TIDMEDGI
RNS Number : 4278I
Edge Performance VCT PLC
11 December 2020
Edge Performance VCT plc (the "Company")
Updated Net Asset Values
Unity Software Inc ("Unity") is held as part of the Company's H
share class investment portfolio. In September 2020, the Company
announced that, subsequent to Unity's Initial Public Offering to
the New York Stock Exchange on Friday 18 September 2020, the value
of the Company's holding in Unity increased from GBP1.78m to
GBP4.43m; and the unaudited, estimated net asset values (each a net
asset value, "NAV", and together "NAVs") of the H and I share
classes were reported as GBP10.34m and GBP20.00m respectively.
As at 30 November 2020, the value of the Company's holding in
Unity had increased from GBP4.43m to GBP12.62m (an increase of
184.88%). This increase is based on Unity's trading price as at 30
November 2020 of $151.98 per share and an exchange rate of
$1:GBP0.7496.
80% of this value is subject to "lock-up" provisions which,
dependent upon the timing of Unity trading updates to the NYSE,
will expire at the end of February 2021, with the balance (which is
held in escrow against potential - but unlikely - warranty claims)
being released in September 2021.
There has also been a significant movement in the valuation of
another of the Company's investments, Coolabi Group Limited
("Coolabi"). As at 29 February 2020, the value of the Company's
holding in Coolabi was GBP19.66m. As at 30 November 2020, the
valuation had decreased to GBP9.76m (a decrease of 50.36%).
In the most recently published accounts of the Company, its
annual report for the year ended 29 February 2020, the audited NAVs
of the H share class, the I share class and the Company were
GBP8.43m, GBP20.08m and GBP28.51m respectively. If these NAVs are
revised to take account of only the revaluations as at 30 November
of the Company's Unity and Coolabi holdings, then the NAVs become
GBP18.79m (an increase of 122.89%), GBP10.67m (a decrease of
46.86%) and GBP29.46m (an increase of 3.33%) respectively. Based on
these NAVs, the NAV per H share as at 30 November 2020 would be
GBP1.62 (72.69p as at 29 February 2020) and the NAV per I share as
at 30 November would be 14.60p (27.47p as at 29 February 2020).
The Board emphasises that the NAVs as recalculated above are
unaudited and reflect only the movements in the valuations of
Coolabi and Unity. The Company's half-yearly report (covering the
six month period ended 31 August 2020) will be published next week
and the Company's unaudited NAVs based on the Company's accounts
for the period ended 30 November 2020 will be announced shortly
thereafter.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement, this inside information is now considered to
be in the public domain.
For further information, please contact:
Edge Investments Limited, Investment Manager:
info@edge.uk.com
The City Partnership (UK) Limited, Company Secretary:
enquiries@city.uk.com
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END
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