THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
13 April 2021
Augmentum Fintech
plc
Sale of holding in
Dext to Hg for £10.5 million, and a further €2 million investment
and €7 million convertible loan note conversion into German fintech
Grover
Augmentum Fintech plc (LSE: AUGM) (the “Company” or
“Augmentum”), the UK’s only publicly listed investment company
focussing on the fintech sector, is pleased to announce two
developments within its portfolio.
Disposal of holding in Dext
The Company has sold its holding in Dext (formerly Receiptbank),
the UK-headquartered digital bookkeeping platform, to Hg, a leading
global software investor, for £10.5 million.
Augmentum invested £7.5 million into Dext in January 2020 and the exit delivers an IRR of
30.5% on the investment. Augmentum’s holding in Dext was valued at
the original cost of £7.5 million in the Company’s unaudited
interim results to 30 September
2020.
Additional investment in Grover
and conversion of CLNs
Augmentum has made a further follow on equity investment of €2
million (£1.7 million) into Grover, the German technology rentals
platform. This investment combined with previous investments into
€7 million of convertible loan notes, which have now been converted
into equity, takes the Company’s participation in Grover’s €60
million Series B funding round to €9 million. This funding round
implies a value of Augmentum’s holding in Grover of approximately
£12.9 million, which would represent an uplift of approximately
£3.2 million compared to the last reported valuation of £8.0
million.
This announcement does not constitute or describe an updated NAV
of the Company.*
Tim Levene, CEO of Augmentum
Fintech, said: “The disposal of our holding in Dext provides a good
return on an investment held for such a short period. The further
investment in Grover reflects our continued belief that technology
subscription services are poised to become mainstream and follows
Grover’s successful roll-out in the
Netherlands and imminent expansion into Spain and North America.”
Augmentum Fintech
Tim Levene, Portfolio Manager
Nigel Szembel, Investor Relations |
+44 (0)20 3961 5420
+44 (0)7802 362088
nigel@augmentum.vc |
Peel
Hunt LLP
Liz Yong, Luke Simpson, Tom Pocock
(Investment Banking) |
+44 (0)20 7418
8900 |
Nplus1
Singer Advisory LLP
Harry Gooden, Robert Peel, James Moat
(Investment Banking) |
+44 (0)20
7496 3000 |
Frostrow Capital LLP
Paul Griggs, Company Secretary |
+44 (0)
203 709 8733
|
Notes
*The Company’s NAV
The Company's NAV and NAV per ordinary share as at 31 March 2021 will be calculated in accordance
with its valuation policy and is expected to be announced with the
Company’s full year results in June
2021. Shareholders should note that the calculation of the
NAV per ordinary share as at 31 March
2021 will take account of the latest valuations of all of
the Company's investments as at 31 March
2021 and any applicable costs and charges. As such, this
announcement does not constitute or describe an updated NAV of the
Company.
About Augmentum
Augmentum invests in fast growing fintech businesses that are
disrupting the financial services sector. Augmentum is the UK’s
only publicly listed investment company focusing on the fintech
sector in the UK and wider Europe,
having launched on the main market of the London Stock Exchange in
2018, giving businesses access to patient capital and support,
unrestricted by conventional fund timelines and giving public
markets investors access to a largely privately held investment
sector during its main period of growth.