Schroder UK Public Private Tst plc Completion of sale of assets to Rosetta Capital (1612S)
March 15 2021 - 2:00AM
UK Regulatory
TIDMSUPP
RNS Number : 1612S
Schroder UK Public Private Tst plc
15 March 2021
Schroder UK Public Private Trust plc (the "Company")
Completion of sale of assets to Rosetta Capital
The Company (LSE: SUPP) is pleased to announce the completion of
the sale of a basket of seven assets to Rosetta Capital VI, LP (the
"Buyer"), an investment fund managed by the UK-based life science
venture capital firm Rosetta Capital Limited. The Company received
initial proceeds of approximately GBP52.9 million, out of which
GBP1.0 million results from a positive adjustment to the
acquisition price due to changes in the values of the listed
portfolio companies Mereo BioPharma and ReNeuron on an aggregated
basis.
In addition, the Company may receive an additional contingent
payment of up to GBP5.0 million subject to the Immunocore stake
acquired by the Buyer exceeding certain value thresholds at the
Buyer's future exit of the investment. For further information on
the completed transaction, investors can refer to the announcement
made by the Company on 27(th) January 2021.
The valuation impact of the transaction is expected to be
reflected in the NAV of the Company as at 31 December 2020, which
is expected to be announced in April 2021.
A significant proportion of the expected proceeds will be used
to pay down a meaningful portion of the Company's outstanding debt
under its credit facility whereby the current term loan will
convert to a revolving credit facility. In addition, the Company
intends to use the additional liquidity to support some of its
portfolio companies with follow-on capital and intends to make new
investments into both public and private companies.
Enquiries:
Schroder Investment Management Limited
Estelle Bibby (Press) 0207 658 3431
Gareth Faith (Company Secretary) 0207 658 5264
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