Schroder UK Public Private Tst plc Unaudited Net Asset Value as at 31 December 2020 (7242U)
April 07 2021 - 9:32AM
UK Regulatory
TIDMSUPP
RNS Number : 7242U
Schroder UK Public Private Tst plc
07 April 2021
Schroder UK Public Private Trust plc
("SUPP" or the "Company")
Unaudited Net Asset Value as at 31 December 2020
The Board of the Company announces that it has received an
updated portfolio valuation as at 31 December 2020 from Link Fund
Solutions Limited, the Company's Alternative Investment Fund
Manager, which provides for an unaudited net asset value ("NAV") of
GBP318m or 35.01 pence per share as at 31 December 2020
representing a decrease of 20% relative to the NAV as at 30
September 2020 (GBP398m or 43.84 pence per share).
Change in NAV
The change in valuation comprises one significant positive
contributor, reflecting the sale of Kymab to Sanofi, one
significant negative contributor, the revaluation of Rutherford
Health, and several other smaller but impactful negative
revaluations.
The Company's holding in Kymab has been revalued to GBP70m
reflecting the terms of the agreed sale generating a fair value
gain of GBP52m when compared with the holding value of GBP18m as at
30 September 2020. The Company still expects completion of the sale
transaction shortly.
The Company's holding in Rutherford Health has been revalued to
GBP34m reflecting a fair value loss of GBP47m when compared with
the holding value of GBP81m as at 30 September 2020. The valuation
of Rutherford Health has been reduced to reflect slower than
expected commercial progress and increased risk to the business
outlook for equity holders.
Other portfolio companies that have experienced a downwards
revaluation include:
-- Atom Bank which has been revalued to reflect the terms of
their recently announced funding round at a reduced valuation;
-- Industrial Heat which has been revalued due to a lack of
technical and operational progress;
-- Ombu which has been revalued to reflect the acquisition by
Hambro Perks Environmental Technologies Fund and slightly offset by
developments in the portfolio;
-- Spin Memory which has been revalued due to the impact of
COVID-19 on its technical and commercial progress, in addition to
increased financing risk;
-- Carrick Therapeutics and Mission Therapeutics which have been
revalued to reflect the terms of the Rosetta sale announced on 27
January 2021; and
-- Kind Consumer which has been written down to nil as the
company entered an administration process which is not expected to
return any value to shareholders.
Please note this list is not exhaustive and more details will be
provided in the Annual Report and Accounts for the year ended 31
December 2020.
The unaudited NAV as at 31 December 2020 does not include any
valuation adjustment for Oxford Nanopore Technologies ("ONT")
following its recent announcement that, subject to market
conditions and other matters not fully within its control, ONT
expects to undertake an initial public offering on the London Stock
Exchange in the second half of 2021. This valuation was based on
the last financing round and has not been adjusted for over 12
months.
The Company intends to publish a full portfolio analysis at the
time of the Company's Annual Report for the year ended 31 December
2020 alongside the audited NAV as at 31 December 2020, which is
expected to be announced later this month. All figures in this
announcement are unaudited.
Recent events & outlook
The scale of this reduction to the NAV is disappointing to both
the Board and the Portfolio Manager, however we would highlight the
significant progress that has been achieved post-period end which
will result in the Company's debt position being significantly
reduced and expected to be fully paid down with proceeds received
from the Kymab sale. In addition, the Company has refinanced its
credit facility to place it in a strong financial position enabling
the Portfolio Manager the opportunity to improve the portfolio's
diversification going forward.
This announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this Announcement, this inside information is now considered to
be in the public domain.
LEI: 2138008X94M7OVE73I77
Enquiries:
Schroder Investment Management Limited
Estelle Bibby (Press) 0207 658 3431
Gareth Faith (Company Secretary) 0207 658 5264
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