11 Dec 2020 13:53
Edge Performance VCT plc (the "Company")
Updated Net Asset Values
Unity Software Inc ("Unity") is held as part of the Company's H share class investment portfolio. In September 2020, the Company announced that, subsequent to Unity's Initial Public Offering to the New York Stock Exchange on Friday 18 September 2020, the value of the Company's holding in Unity increased from £1.78m to £4.43m; and the unaudited, estimated net asset values (each a net asset value, "NAV", and together "NAVs") of the H and I share classes were reported as £10.34m and £20.00m respectively.
As at 30 November 2020, the value of the Company's holding in Unity had increased from £4.43m to £12.62m (an increase of 184.88%). This increase is based on Unity's trading price as at 30 November 2020 of $151.98 per share and an exchange rate of $1:£0.7496.
80% of this value is subject to "lock-up" provisions which, dependent upon the timing of Unity trading updates to the NYSE, will expire at the end of February 2021, with the balance (which is held in escrow against potential - but unlikely - warranty claims) being released in September 2021.
There has also been a significant movement in the valuation of another of the Company's investments, Coolabi Group Limited ("Coolabi"). As at 29 February 2020, the value of the Company's holding in Coolabi was £19.66m. As at 30 November 2020, the valuation had decreased to £9.76m (a decrease of 50.36%).
In the most recently published accounts of the Company, its annual report for the year ended 29 February 2020, the audited NAVs of the H share class, the I share class and the Company were £8.43m, £20.08m and £28.51m respectively. If these NAVs are revised to take account of only the revaluations as at 30 November of the Company's Unity and Coolabi holdings, then the NAVs become £18.79m (an increase of 122.89%), £10.67m (a decrease of 46.86%) and £29.46m (an increase of 3.33%) respectively. Based on these NAVs, the NAV per H share as at 30 November 2020 would be £1.62 (72.69p as at 29 February 2020) and the NAV per I share as at 30 November would be 14.60p (27.47p as at 29 February 2020).
The Board emphasises that the NAVs as recalculated above are unaudited and reflect only the movements in the valuations of Coolabi and Unity. The Company's half-yearly report (covering the six month period ended 31 August 2020) will be published next week and the Company's unaudited NAVs based on the Company's accounts for the period ended 30 November 2020 will be announced shortly thereafter.
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. 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: info@edge.uk.com
The City Partnership (UK) Limited, Company Secretary: enquiries@city.uk.com