Member Info for Sangijuelas1

Morressier was a new investment last January but the company was sold this January but no news on valuation or whether it returned anything

Yeah know I am aware of that along with Perkbox, Ravelin, Lyst and M-Files.

Graphcore has gone but not these

As I see it

Top companies likely to exit at good profit

Aircall, Coachhub, CrateDB, Form3, Hadean, Iceye, Paragraf, RavenPack, Vaultree, HiLo (previously Aktiia)and of course Revolut.

Ones that are still likely to hold significant value or are more risky

Aiven, BeZero Carbon, Causalens, Fintech OS, HiveMQ, Isar Aerospace, Ledger, Manna Drones, M26, Schuttflix, Thought Machine, Riverlane and Settlement, Satellite Vu

I think the rest are either going to return little or nothing but this is in some cases based on limited info or they are still quite new

"most of the links don't work"

Yeah that's not true. There are about 4-5 out of 80 portfolio companies that don't have functioning links.

Agree they should clear them up. Ones that have been spectacular failures like Cervest, Hopin and the stupid festival booking company were removed pretty quick.

Ones that should be given up on from the list are Targomo, Shapeshift, PrimaryBid, Movinga, Miura, Morressier, Freetrade, Fraugster, Everroad, Evonetix, Droplet Computing, All plants, Greenpark

For what it's worth I think too much doubt is raised about the portfolio companies because the IPO market is effectively closed.

This overlooks the fact that some of the portfolio companies can be bought out by other companies or private equity.

This type of buyout seems better than an IPO because cash is delivered upfront unlike with an IPO where Molten can be subject to exit restrictions in terms of offloading their stake as happened with Trust pilot

I find it fairly easy to keep up with goings on at the portfolio companies. Most of them have a news section on their websites.

Have been tracking the progress of this one for a while now.

Their main focus was gaming but their core strength has turned out to be defence.

https://www.msn.com/en-us/technology/artificial-intelligence/uk-mod-hadean-partner-on-ai-and-synthetic-tech/ar-AA1vpFUl

Maybe a good up and coming Irish company in the non core.

Last raise end of 2022 and have just appointed a new CEO with some pedigree (CISO at Nubank (60bn dollar company that is one of the reasons for Revolut valuation) and Klarna).

https://www.businesswire.com/news/home/20250424816122/en/David-Currie-Former-CISO-of-Nubank-and-Klarna-Appointed-CEO-at-Vaultree-to-Drive-Company-Growth

Can you share some more info on the portfolio companies that are doing badly? You keep referring to these companies without naming them.

Obviously Thought Machine and Aiven are not doing great but they have been written down substantially already.

The fintechs like TM may turn out to be a target for private equity companies anyway.

200m Euro contract with potential for more.

Rheinmetall were talking of revenue from their joint venture with Iceye as having future potential of 1bn Euro.

I think Iceye are still valued around 1bn dollars.

In addition to Poland they have previously supplied satellites to Brazil, UAE and Ukraine.

As I suspected. That's why SP down so much

As I have said previously the £8m or so was most likely the shares they got when they bought the Seedcamp fund on the cheap. Seedcamp were reported to have been allowed to sell some stock with the employees in the sale earlier in the year.

I have also said that it is highly likely that Molten have been approached for their entire holding where they would get something like £150m.

This is not pie in the sky thinking because the investors interested are the Tiger Club funds and they have over 100bn under management. When they invest they go big.

MV would have to be given permission by Revolut to sell, which seems to have been denied.

That toppy valuation has probably passed over the last month or two. Klarna have had to pull their IPO so we likely have Storonsky to thank for stopping us getting a special dividend.

If that's true then Molten are potentially one of the "early backers" Revolut are blocking from selling some or all of their shares.

It also means the buybacks are going to hoover up more stock though so not all bad

Steph the article you have posted is from 3 years ago.

Aircall have moved on and are now profitable.

Have just announced profit for the year of £1bn, over double what they made last year.

The risk factor was if the share price remained low making them vulnerable to a bid they might delist.

This is pertinent perhaps as you can see they just delisted from Dublin.

They don't need a shareholder vote to do this.

If you look at the prospectus for Molten it just states they are incorporated as a plc under the companies act.

Whereas an investment trust prospectus will say specifically registered as an investment company under Section 833 of companies act and will meet other requirements under the act to qualify as a trust.

I do sometimes wonder about this as to whether different protections or governance in play with this legal distinction.

There was a risk factor in the annual report a couple of years back mentioning the risk that the board could take the unilateral decision to delist. This has since been removed from the risk factors since I questioned them about it.

Not sure if shareholders would have to vote to delist?

This has already been pointed out if you refer to the thread

It's BlackRock. They do what they want. There aren't any penalties for breaking the declaration rules.