Member Info for Sangijuelas1

This is a significant development. Isar are one of Europe's main contenders to take European satellite launch business away from SpaceX.

Launch is likely to be by the end of this month. If it's successful we could potentially have a very big fish in the net. Isar have previously said that high likelihood of having a problem with the first launch such as a complete failure.

Obviously with the current geopolitical situation this will be important for Europe if it goes well.

https://europeanspaceflight.com/inaugural-isar-aerospace-spectrum-launch-set-for-late-march/

It's a nothing burger. Just a systems integrator marketing the Ocado kit alongside them.

Ocado have said OIA is not going to generate significant revenue in the near term.

Kroger Deliveries up 18% driven by CFCs

Yeah we need pound weaker on valuations

If they sold all to the Tiger Funds at £150m that would allow for special dividend of up to 80p or so on 185m shares

Talking of NAV per share Senator, what do you make of the latest Revolut valuation where the Tiger funds are offering to buy shares at 60bn dollars valuation. GROW would have £150m worth to sell them at that price.

Funny thing is getting screwed by D1 as shorts on Ocado whereas they are desperate to buy Revolut from the likes of Molten Ventures plc at an insane valuation. Seriously loading up on Molten as they are already buying back £15m worth of stock.

The buyers of the Revolut employee stock were the Tiger Global and a couple of their Tiger Cub hedge funds.

TG, D1 and Coatue are managing something like 160bn dollars so giving Molten £150m for their entire holding not far fetched at all.

Mean a bid for the whole of MV

I mean whoever wants to buy Molten's holding would be better off making a bid for them as they would probably get the shares cheaper and get all the other holdings as well

Apparently there is a lot of demand for Revolut stock. Molten would have to agree selling their shares with the company.

Surely if they can sell half or more for cash that's got to be worth a special dividend?

Steph I have mentioned before that the relevant currency for the portfolio companies is there valuations in US dollars.

That is what has been flagged in annual reports as a headwind or tailwind

Https://www.pymnts.com/business/2025/revolut-backers-reportedly-pushing-for-60-billion-valuation-share-sale/

The figures presented yesterday are in line with projections given last year, when it was fully acknowledged that 2025 would not be a year of rapid growth.

Nothing bad has happened on top of that. The same projections were used to finance the issue of the convertible bonds so effectively nothing has changed.

One thing I would add is that we are always told that short sellers are a necessary evil as they help identify companies built on sand like Carillion but at what point do we also take into account that they damage otherwise healthy companies by causing them to be bought out at lowball values. This problem seems to be becoming acute in the UK given the number of companies being taken over in the last couple of years.

For me, a bidder for Ocado is more likely to be private equity rather than the likes of Amazon. You have to wonder if they sometimes work hand in hand with short sellers.

Holding above comfort level so did a quick drill down through portfolio companies for some reassurance.

Positives

Ravelin has been sold to Worldpay. Terms not disclosed but was announced at the Investor Day and takes total realisations up to £220m for the year.

Isar Aerospace are now waiting on a permit for launch from the Norwegian authorities.

Iceye still ticking along nicely although concerns about their US operation due to Trump.

Hadean have now redefined themselves as a defence company and signed a contract with the MOD in December for up to £20m

Coachhub secured an actual banking loan from HSBC, which is a sign they are doing ok financially. Also recent commercial launch of their AI coach.

N26 is now recovering from controls placed on it by the German government with rapid client growth and achieving profitability.

Hive MQ and Fintech OS have launched new platforms in the last couple of weeks.

Manna Drones likely need cash to fuel growth but they are a leading player in the delivery drone field up against Amazon and Google.

Presumably they were obliged to RNS the news as they were due to announce it at the presentation.

The one this morning

Nothing to do with the news of an additional £15m of buybacks?

Raised funding through a loan so likely to be doing ok

https://businesscloud.co.uk/news/hsbc-innovation-banking-uk-backs-coachhub-with-e40m/

Buyout value was slightly more I believe

FT reported that some early VC investors were able to offload some Revolut stock at the 45bn valuation.

That included Seedcamp and MV bought one of their funds at a discount so hopefully a bit more capital returned.