Last checked at 1 Apr 2021 14:05
1st April 2021
Worldsec Limited
Inside information
This announcement is released by Worldsec Limited ("the Company", together with its subsidiaries, "the Group") and contains a profit estimate and inside information for the purposes of Article 7 of the UK Market Abuse Regulation.
The board of directors (the "Board") wishes to announce that, based on a preliminary review of the unaudited management accounts of the Group, it is anticipated that there will be a profit attributable to owners of the Company for the year ended 31st December 2020 of an estimated US$900,000, as compared with losses in previous years. The estimated profit would primarily be the result of a positive change in the fair value of the Group's holdings in the Unicorn Equity Investment Portfolio Class D Shares (the "Homaer Class D Shares") of the Homaer Asset Management Master Fund SPC as a result of an increase in the valuation of the underlying investment in Beijing ByteDance Technology Co. Ltd. ("ByteDance").
Subsequent to the year ended 31st December 2020, on 31st March 2021 the Group redeemed 15% of its holdings in the Homaer Class D Shares for net cash proceeds of approximately US$400,000. The Board intends to use the proceeds generated from the redemption of these shares for general working capital and/or to fund acquisitions of future investments. Any such investments will be made in accordance with the investment policy of the Company.
The information relating to the positive profit alert statements contained in this announcement, which is based on a preliminary assessment by the Board with reference to the Group's unaudited management accounts for the year ended 31st December 2020, has not been reviewed by the Company's audit committee nor audited by the Company's auditor.
By order of the Board
Henry Cheong
Director