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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March 15, 2021 03:00 ET (07:00 GMT)