Draper Esprit PLC Sale of Movidius Ltd Increases Draper Esprit NAV (0131J)
September 06 2016 - 1:00AM
UK Regulatory
TIDMGROW
RNS Number : 0131J
Draper Esprit PLC
06 September 2016
Embargoed until 07.00 GMT: 6 September 2016
Draper Esprit plc
("Draper Esprit" or the "Group")
Sale of Movidius Ltd Increases Draper Esprit Net Asset Value
Draper Esprit (AIM: GROW, ESM: GRW), one of the leading venture
capital investors involved in the creation, funding and development
of high-growth digital technology businesses in the UK, the
Republic of Ireland and Europe, announces that it has accepted,
along with other investors, a conditional offer for Dublin based
portfolio company Movidius Ltd ("Movidius") from Intel Corporation
("Intel") for an undisclosed sum.
Movidius is a leader in high performance, ultra-low power
computer vision technology for connected devices. By combining
sophisticated software algorithms with a powerful, purpose-built
Vision Processing Unit (VPU), Movidius brings new levels of visual
intelligence to smart devices. Applications of Movidius' leading
technology enable a new wave of intelligent and contextually aware
devices such as drones and Augmented and Virtual Reality
devices.
Intel, a Santa Clara based global technology company (NASDAQ:
INTC), has made a conditional offer for Movidius, which will result
in an estimated total cash return of approximately GBP27 million
for Draper Esprit before provision for accrued tax and carried
interest payments. The Group had an unaudited pro-forma Net Asset
Value ("NAV") including goodwill at admission of GBP128.7 million
with the disclosed audited NAV of the holding in Movidius of
GBP7.5m as at 31 December 2015.
The sale is expected to complete before the end of 2016 and is
estimated to increase the Group's total NAV by approximately 21%,
when compared to the pro-forma NAV (excluding goodwill and cash)
reported at the time of the Group's admission to AIM / ESM in June
2016. The Group intends to invest the proceeds of the transaction
in line with its existing investment policy.
Further details will be presented in the Group's trading
statement to be made in early October.
Simon Cook, CEO Draper Esprit commented: "We are proud to have
once again helped an incredible management team with superior
European technology to become a leading global platform. Movidius'
technology is enabling the next generation of computing devices
with vision interfaces and the sale will allow the business to take
full advantage of Intel's global leadership and strong market
position and the obvious market benefits this will bring."
Enquiries
Draper Esprit plc
Simon Cook (Chief Executive
Officer)
Brian Caulfield (Managing
Partner) +44 (0)20 7931 8800
Numis Securities
Nominated Adviser & Joint
Broker
Alex Ham
Garri Jones
Richard Thomas
Paul Gillam +44 (0)20 7260 1000
Goodbody Stockbrokers
ESM Adviser & Joint Broker
Don Harrington
Linda Hickey
Dearbhla Gallagher +353 1 667 0420
Zeus Capital
Benjamin Robertson
Giles Balleny +44 (0)20 3829 5000
Belvedere Communications
(PR) +44 (0)20 3567 0510
John West 07788 971 403
Kim van Beeck
This information is provided by RNS
The company news service from the London Stock Exchange
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