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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April 07, 2021 10:32 ET (14:32 GMT)

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