30 Aug 2019 07:00
The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than the United Kingdom and the Republic of Ireland), Canada, Australia, Japan or the Republic of South Africa.
Merian Chrysalis Investment Company Limited
30 August 2019
Merian Chrysalis Investment Company Limited (the "Company")
NAV Announcement
Net Asset Value
The Company announces that as at 30 June 2019 the unaudited net asset value ("NAV") per ordinary share was 111.16 pence.
The above NAV calculation is based on the Company's issued share capital as at 30 June 2019 of 190,909,091 ordinary shares of no par value.
Following the successful raise of £100 million (gross) in April, at a price of 110 pence per share, approximately 49.9 per cent of the Company's capital was held in cash or cash equivalents as at 30 June 2019.
As the Company previously advised, TransferWise closed a significant funding round in May this year. The valuation uplift on this transaction resulted in an increase of approximately 8.9 pence per share to the Company's NAV per ordinary share and was reflected in Company's NAV as at 31 March 2019. Given the proximity of the completion of the funding round to the period end, the valuation of TransferWise was held for the 30 June 2019 NAV calculation. The holding in TransferWise represented approximately 12.7 per cent of the Company's capital as at 30 June 2019.
The Company confirms that its new investments in Embark Group, Klarna Holding AB and Sorted Holdings Limited completed in July and August 2019 and are therefore post the period end for the purposes of calculating the NAV.
Revenue growth
In the first half of 2019, the weighted average revenue growth rate of the nine companies within the portfolio was in excess of 50 per cent over the first half of 2018.
Pipeline
Following a number of recent investments, the Company is now approximately 80 per cent fully invested and has a strong pipeline of exciting opportunities. As such, the Company will look to raise additional capital under its placing programme in the near future.
Factsheet
A Company factsheet will be available shortly on the Company's website: https://www.merian.com/chrysalis/
Richard Watts, portfolio manager, commented:
"Demand for Merian Chrysalis has continued to grow over 2019 as investors seek access to Europe's most disruptive and exciting private companies. We are establishing a strong track record of successfully accessing and executing high-profile deal flow and we are very confident of our ability to continue to swiftly deploy capital."
-ENDS-
For further information, please contact:
Merian Global Investors: Amelie Shepherd
|
+44 (0) 20 7332 7500
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Liberum: Gillian Martin / Owen Matthews
| +44 (0) 20 3100 2000 |
Maitland Administration (Guernsey) Limited: Aimee Gontier / Elaine Smeja | +44 (0) 1481 749364 |
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be available on the Company's website at https://www.merian.com/chrysalis/.
This announcement is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.