Member Info for Sangijuelas1

It's along the lines of the fact that Molten claim they should not have to do a regulatory doc called a PRIIP which unit trusts and investment trusts do.

They describe the listed stock as MV plc so think should be treated as any other company for FCA reporting purposes.

I can't see what the actual difference is in practical terms.

They said the NAV per share impact of buybacks is the same.

Not really great news at all. Just an indication of where the portfolio is at. Although MV were holding it below £9m and invested £13m overall it was once part of the core and the holding was valued at £35m.

Doing better than All plants (gone bust) and PrimaryBid (due to be sold for a tenth of its previous valuation).

That's the nature of VC investing, a few winners, some money back and some complete failures.

Given the relative stability of the price here over the last few weeks despite all the other volatility across markets can't help but wonder if this is being made to trade in a range that corresponds to a bid price that a prospective buyer has in mind.

So a bit of a loss on Lyst taking out £9m from a £13m investment but a lot better than expected and the company did well to turn their ship around as were heading towards going bust a couple of years ago.

Not sure why Peterr thinks MV will need to raise capital any time soon. On top of the realisations (and think Revolut big money here) they have loan facilities in place if they need to dig deeper for future investments.

Notable that the RNS also mentions realising £7m from Revolut at the 45bn valuation. (Steph the RNS says holding Revolut at a 25% discount so you were right here).

This £7m was probably from the Seedcamp fund stake that they bought last year for £8.5m. There was talk of Seedcamp being allowed to join the Revolut employee sale.

So that was a nice deal practically giving MV stakes in other companies like Pleo, Curve and others for peanuts

My suspicion since the last buy back was announced is that there is a persistent seller. Namely, BlackRock.

This is based on observations from days like today when a substantial rise in the FTSE 250 has seen Molten effectively flat line whereas previous solid index rises have led to substantially bigger rises in MV.

In addition the buybacks are also having little effect even allowing for the fact that they are only about 70k shares a day. (Were the buybacks announced because BlackRock gave MV the nod?)

I think BlackRock are selling in order to relocate capital outside of the UK and Europe - essentially back to the US. They were involved in the takeover of the Panama Canal ports so maybe projects like this are requiring asset sales elsewhere.

I was never particularly happy with the Forward Partners takeover as it involved BlackRock getting involved with MV again not to mention the subsequent dilution.

None of the Forward Partners holdings are being promoted as good assets by MV. Even ones that are doing very well like Robin AI. I think they missed out when Robin did a raise a year or so ago and so the holding was heavily diluted.

BlackRock previously sold out their entire holding in the old Draper Esprit so that was one of the reasons I felt they were a bad partner to get back in bed with.

From what I can see they say they have not applied the whole 45bn valuation but I can't see actual mention of the discount.

At the end of the day what matters is whether they can realise some or all of that cash, which would be a real game changer if they could sell it off to the Tiger Cub funds

At end March they were valuing Revolut holding at £65mn- at the time of the interims they had raised it to £123mn. All detailed in the financial statements.

They raised the value last time in line with the 45bn. I remember because at the time I thought they were being a bit imprudent

I think they are already holding it at about 45bn so don't think will increase that much.

However, there is said to be demand for shares at a valuation as high as 60bn.

My belief is that there is a fair chance that MV can sell their holding and realise a nice return. They would need to get permission from Revolut though before selling.

Of course they aren't going to buy 5m between the time of my post and March 31st.

I was thinking more of the period going forward.

It is the case with formal investment trusts that NAV per share increases but the set up here is not a formal investment trust.

As an example of impact on NAV £1.2bn divided by 189m shares is about 635p and divided by 184m shares is 652p per share

The only positive from the depressed price is that it is allowing the £15m set aside for buybacks to hoover up more shares than if the price was higher.

I am trying to find out from IR whether the buybacks mean the shares held in Treasury reduce the number of shares included to calculate NAV per share.

I suspect they are deducted but would like to know for sure before investing more.

In a regular company treasury shares are deducted in earnings per share calculations and they would be automatically cancelled if a company delisted or was being wound up with the assets being sold.

Isar have not managed to attempt rocket launch citing bad weather - say they are going to try again tomorrow but the weather at the launch site seems similar to today.

Don't think they will be out on Monday. Last year's trading update was given on the 23rd April

Https://www.siliconrepublic.com/start-ups/manna-drone-delivery-funding-bobby-healy

Valuation not given here but Forbes article says it was at 150mn dollars.

It's not even the CFO buying them. It's his PA

There should be a trading statement due. There was one last year year on 26/03.

This link said there was one due. Maybe it should be coming from M&S cos of deconsolidation of OR from OG?

https://www.proactiveinvestors.co.uk/companies/news/1068251/ocado-retail-delivery-awaited-as-control-of-online-jv-passes-to-m-s-1068251.html

Raised 32m back in January in a series C

https://tech.eu/2025/01/16/bezero-carbon-raises-32m-series-c-to-expand-global-carbon-ratings-services/

This could happen as early as tomorrow.

https://spacenews.com/isar-aerospace-sets-date-for-first-launch-after-receiving-license/

WTF is going on with the buybacks? They have £15m to deploy and the last 3 days notifications total about £225k spent.

Seraphim Space posted their interim results and said a key driver of increase in NAV was their increased valuation of Iceye, which was up about 10,%.