10 Oct 2019 10:30
Edge Performance VCT plc (the "Company")
Investee Company Corporate Action
The Company announces that one of its investee companies, Coolabi Group Limited ("Coolabi"), has finalised with its management team a revised management incentive scheme, which will become effective only upon the sale of Coolabi. While disappointed by the negative impact this has on the valuation of the Company's holding in Coolabi, the Company's board of directors notes that the implementation of a revised management scheme was a condition of further investment from an existing investor in Coolabi.
As a result of this agreement, the Company's net asset value has decreased from £37,569k (the revised NAV following the sale of its holding in deltaDNA Limited, as per RNS Number 2774N of 23 September 2019) to £34,056k, a reduction of 9.4%, where both NAVs are stated prior to any other revaluation of assets as at 31 August 2019 for the Company's half-yearly report.
Coolabi was held in both the H and I share classes of the Company. The effect of the revised Coolabi management incentive scheme is to decrease the H share class NAV from £9,299k to £9,126k, a reduction of 1.9%, and the I share class NAV from £28,269k to £24,930k, a reduction of 11.8%. In the case of the H share class, the NAV reduction is based upon the revised NAV following the sale of its holding in deltaDNA Limited, as per RNS Number 2774N of 23 September 2019, and in both cases these NAVs are prior to any other revaluation of assets as at 31 August 2019 for the Company's half-yearly report.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information, please contact:
Edge Investments Limited, Investment Manager: 020 7317 1300
Robin Smeaton, The City Partnership (UK) Limited, Company Secretary: 0131 243 7210