Chrysalis Investments Limited Portfolio Update (4578R)
08 Marzo 2021 - 1:09AM
UK Regulatory
TIDMCHRY
RNS Number : 4578R
Chrysalis Investments Limited
08 March 2021
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, any member state of the European Economic Area
(other than to professional investors in the Republic of Ireland),
Canada, Australia, Japan or the Republic of South Africa.
8 March 2021
Chrysalis Investments Limited ("Chrysalis" or the "Company")
Portfolio Update
As announced on 26 February 2021, the Company's net asset value
("NAV") per ordinary share was 180.75 pence as of 31 December 2020.
The Company subsequently announced on 1 March 2021 an estimated
revised valuation of the Company's investment in Klarna Holding AB,
due to its funding round, would result in a gross increase in the
NAV per ordinary share of approximately 32p (based on Swedish Krona
foreign exchange rates as of 26 February 2021) as compared to the
Company's last reported NAV per ordinary share.
The Company notes Starling Bank's announcement today of the
completion of a major funding round - conducted at a post new-money
valuation of GBP1.3 billion - which represents a material uplift on
the Company's carrying value of that asset. It is anticipated that
this will lead to a gross NAV per share increase of approximately
6p compared to the Company's last reported NAV per share
(calculated on the basis that the achieved valuation on the funding
round is applied to revalue the Company's holding of the
asset).
The round, which was led by Fidelity Investments and included
The Qatar Investment Authority, RailPen Investments and Millennium
Management, has raised GBP272 million of capital to allow Starling
to continue its rapid expansion in the UK, as well as launching
Starling into Europe and offer M&A flexibility. The funding
round is subject to approval by the regulatory authorities.
Starling's recent growth has been exceptional. In February 2020,
the bank had approximately GBP1 billion of customer deposits; as of
today, customer deposits are greater than GBP5.4 billion. In
addition, lending has exceeded GBP2 billion and the bank had
achieved its fourth consecutive month of profitability. As of
January 2021, run rate net profit was in excess of GBP1.5 million
per month with an annualised run-rate revenue of approximately
GBP145m - an increase of over 400% year on year. Growth continues
to be strong with a new customer being added every 39 seconds.
The Company has not participated in the round. However, the
Company's Investment Adviser has structured an option, but not an
obligation, to allow the Company to participate should it wish to
do so in the future. As announced by the Company on 17 February
2021, the Investment Adviser has identified circa GBP250 million of
potential follow-on opportunities for the coming months and this
option forms part of that.
Shareholders should note that the gross NAV per ordinary share
increases referenced in this announcement and the Company's
announcement on 1 March 2021 do not include the fees that may
accrue as a result of the changes to this valuation, or any other
portfolio company revaluations and associated foreign exchange
movements that may be included when the Company next calculates its
NAV per ordinary share as at 31 March 2021.
Richard Watts and Nick Williamson (co-Portfolio Managers)
comment:
"Starling has shown extraordinary agility to react to the
challenging conditions over the last 12 months, as demonstrated by
its explosive growth in deposits and profitability. This was
facilitated by significant commitment of capital by its
shareholders, including Chrysalis Investments, over the course of
2020, which allowed a rapid expansion of its activities.
The endorsement of its valuation and validation of its operating
model by new investors underlines the recent progress made. The
potential for further profitable growth is highlighted by the fact
that Starling managed to drive last year's revenue performance with
monthly operating costs staying broadly flat over that period. We
believe the expansion of the shareholder base gives Starling a very
strong footing from which to continue its growth trajectory, and
given its operational gearing dynamics, we remain highly optimistic
over its financial prospects.
We believe the likelihood of further value creation for the
Company's investors is significant from this asset, and as such, we
have negotiated the option for Chrysalis Investments to participate
in this round in the coming months."
-ENDS-
For further information, please
contact:
Media: +44 (0) 20 3770 7920
Montfort Communications chrysalis@montfort.london
Charlotte McMullen/ Toto Reissland-
Burgh art/ 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 https://www.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
Company's website, nor the content on any website accessible from
hyperlinks on its website for any other website, is incorporated
into, or forms part of, this announcement nor, unless previously
published by means of a recognised information service, should any
such content be relied upon in reaching a decision as to whether or
not to acquire, continue to hold, or dispose of, securities in the
Company.
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END
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March 08, 2021 02:09 ET (07:09 GMT)
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