TIDMCHRY
RNS Number : 4251Q
Chrysalis Investments Limited
26 February 2021
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(other than to professional investors in the Republic of Ireland),
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This announcement contains inside information.
26 February 2021
Chrysalis Investments Limited ("Chrysalis" or the "Company")
Quarterly NAV Announcement
Net Asset Value
The Company announces that as at 31 December 2020 the unaudited
net asset value ("NAV") per ordinary share was 180.75 pence.
The above NAV calculation is based on the Company's issued share
capital as at 31 December 2020 of 400,931,613 ordinary shares of no
par value.
December's NAV represents a 12.3% uplift since 30 September
2020, driven by the strong operational and financial progress of a
number of assets - including several of the Company's major assets
- and the re-rating of listed comparable companies. The following
investee companies were the most significant drivers of the NAV
increase:
-- THG plc ("THG") - which continued its strong share price
performance over the quarter, closing the period at 780p;
-- FinanceApp AG ("wefox") - which saw a substantial rerating of
its closest listed comparators and continues to grow extremely
strongly;
-- Klarna Holding AB - which experienced on-going robust growth
and saw comparable listed peers continue to re-rate; and
-- Starling Bank Limited - reflecting exceptional growth over the course of 2020.
Overview
The trading performance of the portfolio over the period has
remained generally strong. Many of our investee companies are
continuing to benefit from accelerated channel shift, from offline
to online, caused by COVID-19, and in some cases, this is
supporting faster growth rates than earlier in the year.
Portfolio activity
During the quarter, the following follow-on investments were
undertaken:
-- The Company invested a further GBP5m in a Sorted Holdings
Limited by way of a convertible loan to provide it with further
expansion funding; the Future Fund of the British Business Bank
also participated.
-- The Company invested approximately EUR25 million in wefox by
way of convertible loan. This capital will be used to further
accelerate the wefox offering. The company has performed strongly
during lockdown and has publicly stated it is aiming for revenues
of EUR300 million in 2021, up significantly on 2020.
-- The Company invested approximately GBP6 million in Secret
Escapes Limited. While Secret Escapes has seen a material impact
from COVID-19, the Investment Advisor believes its offering and
technology has continued to evolve over 2020, and that it is well
placed to benefit from any upswing in discretionary consumer
spending.
Over the period the Company trimmed approximately 10% of its THG
position into rising prices, reflecting the strong performance of
this investment since its IPO, and to help redeploy into other
follow-ons. The Investment Advisor remains optimistic about the
long-term potential for growth at THG.
Portfolio Composition
As of 25 February2020 the portfolio composition was as
follows:
Portfolio Company % of investment portfolio
Klarna 15.4%
--------------------------
THG 15.3%
--------------------------
TransferWise 12.3%
--------------------------
Starling 11.1%
--------------------------
wefox 11.1%
--------------------------
Embark 9.4%
--------------------------
Graphcore 8.1%
--------------------------
Featurespace 5.9%
--------------------------
You & Mr Jones 5.8%
--------------------------
Secret Escapes 3.0%
--------------------------
Sorted 2.0%
--------------------------
Growth Street 0.2%
--------------------------
Cash 0.4%
--------------------------
Source: Jupiter Investment Management Limited. Holding sizes, as
of 25 February 2020, are calculated using 31 December 2020
valuations, adjusted for FX as of 25 February 2020 and capturing
transactions concluded post the NAV calculation period, and thus
using cash as of 25 February. The holding value of THG is based on
the closing share price of 780p, as at period end. Due to rounding
the figures may not add up to 100%.
Investment Adviser Outlook
Nick Williamson and Richard Watts (co-portfolio managers)
comment:
"The portfolio performed well in aggregate over the quarter,
with the majority of our major investments continuing to see strong
sales traction and consumer engagement. In addition, investor
interest in high-growth names continues to be high, as both private
and public markets digest the longer-term ramifications of tech
disruption and the legacy of COVID-19.
Against this backdrop, we believe the portfolio is well
positioned to continue to perform, and we continue to actively seek
ways to assist our portfolio companies drive further success via
follow-ons. In combination with a strong pipeline of new
opportunities, we believe there is clear potential to deploy
further capital in a value accretive way for shareholders."
Factsheet
An updated Company factsheet will shortly be available on the
Company's website: http://chrysalisinvestments.co.uk
-ENDS-
For further information, please
contact:
Media:
+44 (0) 20 3770 7920
Montfort Communications chrysalis@montfort.london
Charlotte McMullen/ Toto Reissland-
Burghart/ Miles McKenzie
Jupiter Asset Management:
Magnus Spence +44 (0) 20 3817 1325
Liberum:
Gillian Martin / Owen Matthews +44 (0) 20 3100 2000
Numis:
Nathan Brown/ Matt Goss +44 (0) 20 7260 1000
Maitland Administration (Guernsey)
Limited:
Elaine Smeja / Aimee Gontier +44 (0) 1481 749364
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be available on the Company's
website at http://chrysalisinvestments.co.uk .
The information contained in this announcement regarding the
Company's investments has been provided by the relevant underlying
portfolio company and has not been independently verified by the
Company. The information contained herein is unaudited.
This announcement is for information purposes only and is not an
offer to invest. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decision.
The value of investments may fluctuate. Results achieved in the
past are no guarantee of future results. Neither the content of the
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