Chrysalis Investments Limited Portfolio Update (2134P)
February 07 2023 - 10:26AM
UK Regulatory
TIDMCHRY
RNS Number : 2134P
Chrysalis Investments Limited
07 February 2023
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is not for publication, release or distribution in the United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 to professional investors in Belgium, Denmark, the
Republic of Ireland, Luxembourg, the Netherlands, Norway and
Sweden), Canada, Australia, Japan or the Republic of South
Africa.
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 which forms part of
domestic law in the United Kingdom pursuant to The European Union
Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU
Exit) Regulations 2019.
7 February 2023
Chrysalis Investments Limited ("Chrysalis" or the "Company")
Portfolio Update
The Company can today announce that, subject to usual closing
conditions, it has agreed to purchase GBP20 million of equity in
Starling Bank ("Starling") via a secondary market transaction led
by an existing, third-party shareholder in Starling.
The Company's Investment Adviser is optimistic about the
prospects for Starling and believes this transaction will generate
future value for Chrysalis shareholders.
On the 1 February 2023, the Company's Quarterly NAV Announcement
detailed a gross cash position as of 30 January 2023 of
approximately GBP69 million and a total liquidity position
(including the listed position in Wise plc) of approximately GBP81
million. Assuming the Starling transaction closes, the Company's
gross cash and total liquidity positions would both be reduced by
GBP20 million, and Starling would account for approximately 15% of
the portfolio including gross cash, versus approximately 12% as of
30 January 2023.
At the recent Capital Markets Day the Investment Adviser
referred to a potential follow-on commitment to fund the portfolio
of approximately GBP20 million. For clarity, this secondary
transaction did not form part of this analysis.
If, following Completion, the Company's independent Valuation
Committee recommends that the Board apply the "price of recent
investment" approach to the Company's holding in Starling this
would result in a modest uplift in the Company's NAV per share
compared with the 31 December 2022 calculation.
-ENDS-
For further information, please
contact
Media +44 (0) 7976 098 139
Montfort Communications chrysalis@montfort.london
Charlotte McMullen / Toto Reissland
/
Lesley Kezhu Wang
Jupiter Asset Management:
James Simpson +44 (0) 20 3817 1696
Liberum:
Chris Clarke / Darren Vickers
/ Owen Matthews +44 (0) 20 3100 2000
Numis:
Nathan Brown / Matt Goss +44 (0) 20 7260 1000
Maitland Administration (Guernsey)
Limited:
Elaine Smeja / Aimee Gontier +44 (0) 1481 749364
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be available on the Company's
website at https://www.chrysalisinvestments.co.uk
The information contained in this announcement regarding the
Company's investments has been provided by the relevant underlying
portfolio company and has not been independently verified by the
Company. The information contained herein is unaudited.
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.
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END
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