Seraphim Sp C Share Price (SSIC)

SSIC shares (Seraphim Space C Shares) convert into SSIT (Seraphim Space Investment Trust) ordinary shares automatically once at least 85% of the C-share cash pool is invested, or at designated periodic intervals based on quarterly net asset values (NAV).

This conversion happens within a maximum timeframe of 18 months from their issuance (which took place in May 2026).

Forensic sold out of these and SSIT a weeks ago, I think that it was posted on the SSIT board.

Wish I had your confidence. I took a small position compared to yours and I have watched it erode since the IPO. MIght as well have put the cash in the front garden and let the wind blow it away...

Quite right. I had no flipping idea what the C shares were all about and couldn't manage to figure out the implications so I steered clear. Still don't. Now trying to work out if this is the right price/time to enetr the main shares again.

It's actually trading at a @9% premium to the underlying conversion value, so buybacks would destroy value. With SSIT at £1.82, SSIC is worth 72p by my caluculations, based on the 100p vs 251p NAV ratio. The danger here is fixating on the 100p NAV, as that will get diluted in the conversion to SSIT shares. I suspect that most retail buyers who paid 100p didn't understand the structure.