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Very prudent as I am paying 205p for excess shares on top of my personal allocation. I do have a lot of other listed private equity I can use should my favourite fall under 200p, after I agree announcing what they will spending on. CHRY do need cash to participate in funding rounds of the existing portfolios and potential partners will be looking at what CHRY can give them going forward. I'll then have to reduce NBPE, HVPE, APAX , HGT that are mostly diversified especially as US tresuery bond yeilds climb to what I suspect will be 2.6% on the 10-year due to long term trend line that are currently erroding future earnings potentials of disruptors and then ultimately the IPO's
Today a single £5m pound buy trade at 205p with two sells of £2m at £195p followed by smaller transactions.
I suspect this will be back at 205p next week.
Graphcore and Starling will be worth many times they are now post IPO. My other big investment is NNO Nano One Materisls Corporation, an under the radar green investment, this is my other long term hold.
Agree we are on the same wavelength. The demand for Graphcore or Starling bank when they IPO will exceed the supply of shares by some margin. Keep this under your hat though. And if APAX shoots up I am selling it and buying more CHRY as I am both an investor and a trader.
Sounds good, I will check them out, without trying to sound ramping, I think the CHRY share price will shoot up a bit after the capital raise, that is what happened with GROW. Companies like these are the only way to invest into these companies prior to IPO.
Yeah good thinking Eddy, I was already in the process of selling down though I don't like to sell out completely of anything good. With the proceeds, I have bought some Apax Global Alpha, not listed private equity full of well-known gems like here, but one focused on earnings so an all rounder who have just completed a placing at 180p.
Cazoo has already got competition and many car retailers are adopting the internet and doing deliveries, although Cazoo is non retail, they are buying up retail outlets. The car industry works on very small margins and the products depreciate very quickly, the big players are selling thousands more cars than Cazoo and are valued at a fraction of the price. However if he can pull off a multi £billion IPO, then the problems maybe someone else's down the line. That aside GROW has investments in lots of great companies, which attracted me in the first place. However I will sit back on GROW until after IPO.
Re: Carzoo. Using disruptive technology is the future and Carzoo have got competition, but I do like them. To be fair to Draper Esprit (GROW) portfolio of companies are mostly cash generative on the "quality" end of VC while CHRY are more on the "growth" factor with higher P/E's. I think Steph over their realised this early on and has built himself a bit of a safety net.
Re: CHRY, as well valuations, fundamentally I do believe there will be more demand for shares in the companies held by Chrysalis. That why have more in CHRY than GROW.
I pulled out of GROW, great company, not sure about CAZOO, sounds like all hype and little substance. Although just part of investment portfolio, still a sizable chunk if it goes sideways.
I don't expect the shoot up higher than 205p either.
Regarding dilution, if you participate in full, it is only the costs that have a dilutive impact on shares. Surely?
I presume the more we take up the open offer the more Starling Bank we will buy. This is the only way the public can buy share in this. I can not stress the importance of taking up at least the basic entitlement:
https://www.altfi.com/article/7676_starling-bank-fundraise-mcpike-reduces-stake-chrysalis-nav-jumps-6p
Not likely all shares sold be able to get back as the excess is subjected to be scaled back. Bit I do get your point that it could have been possible. I sold some HVPE and GROW to fund this..
Anyone entitled to do so could sell their existing shares at a profit and get new ones at 205, I am assuming
I have taken up my basic entitlement for the very long run. Given where we know the NAV will most likely be.
Plus 6p for SB.
It is good they haven't participated in this fundraising given the listed stay at home e-commerce market was at the top.
Good to see Chrysalis will be joining FTSE 250 from Monday 22 March.
Should give us a bit more exposure.
Helps chrysalise another rise to 250p. Wish I hadn't redused.
Despiy the premium the 180.75 pence valuations is based on September valuations including comparable company. This is good for 250p soon imho.
Chrysalis eyes new placing fundraise as it targets £1bn investment pipeline
By Kristen McGachey, 17 Feb 21
https://portfolio-adviser.com/chrysalis-eyes-new-placing-fundraise-as-it-targets-1bn-investment-pipeline/
Like I wrote. The risk of selling or profit taking now is missing out on future gains. I don't think this going down anytime soon for sure and I regret profit taking now.
This has gone up really well as expected. Have reduced by 80 percent and hope for a re entry in the future. I am not selling the 20 percent...ever.
I note that this was a Tip in the Sunday Times, good to see the profile raised in the media.
Graphcore raises $222 million
29 Dec, 2020, 07:00 GMT
https://www.prnewswire.co.uk/news-releases/graphcore-raises-222-million-in-series-e-funding-round-888928852.html