13 May 2020 18:05
Update on portfolio company
Chrysalis VCT plcLEI: 2138009FVDWULSIOX40413 May 2020 Update on portfolio company
The Company notes the comments made in an announcement today by Edge Performance VCT plc (“Edge”) about one of its investments, Coolabi plc, in which Chrysalis VCT also has a holding.
Edge’s announcement included the following:“Coolabi has appointed an adviser to consider the strategic opportunities open to it, including an outright sale of the business. As a consequence, a number of expressions of interest in acquiring Coolabi have been received. This process is ongoing but has been delayed by the COVID crisis. Coolabi has been doing well despite the crisis. Its target audience is at home so reading, watching and online consumption are all up and its nine months YTD trading results position it for a full year profit ahead of last year's.”
At 31 October 2019, the investment in Coolabi represented approximately 27% of Chrysalis VCT’s net assets and comprises mainly of loan stock.
The Chrysalis VCT board and manager are monitoring developments with Coolabi and will update shareholders in due course when there are any significant developments or, in any event, in the Company’s Half Yearly Report for the period ended 30 April 2020 which is expected to be published in early July.