Chrysalis Investments Limited Portfolio Update (8827G)
29 Julio 2021 - 01:00AM
UK Regulatory
TIDMCHRY
RNS Number : 8827G
Chrysalis Investments Limited
29 July 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is not for publication, release or distribution in the United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,
Canada, Australia, Japan or the Republic of South Africa.
29 July 2021
Chrysalis Investments Limited ("Chrysalis" or the "Company")
Portfolio Update
The Company can today announce the sale of Embark Group Limited
("Embark") to Scottish Widows Group Limited, part of Lloyds Banking
Group plc ("Lloyds") for GBP390 million. Completion of the
transaction is subject to regulatory approval.
Existing shareholders of Embark, including Chrysalis, will
retain the Rowanmoor SIPP and SSAS administration business of
Embark ("Rowanmoor"). Rowanmoor will be operated by the existing
management team as a standalone business and will continue to
provide specialist services to its scheme members. Completion of
the transfer of the Rowanmoor business is also subject to
regulatory approval.
As per the portfolio update released by the Company on 6 July
2021, Embark currently represents approximately 5% of the Net Asset
Value of the Company. The Company first invested in Embark in July
2019 and invested further follow-on capital in May 2020. The sale
price represents an estimated current IRR of 63% to Chrysalis
shareholders on invested capital, with the final IRR on the
investment to be determined by the future performance and capital
requirements of Rowanmoor.
The prevailing valuation of the investment had already factored
in the potential sale. As a result, the terms of the transaction
are not expected to have a material impact on the NAV per ordinary
share of the Company.
Richard Watts and Nick Williamson (co-portfolio managers)
comment :
"Embark has grown materially since our first investment,
assisted by the funds we committed to complete value accretive
M&A, making it one of the UK's fastest growing digital
retirement and savings businesses. We congratulate the board and
management team at Embark on this transaction, which represents
Chrysalis' first trade sale event.
The exit IRR demonstrates strong returns for shareholders, and,
following regulatory approval, the sale proceeds will be recycled
to fund our exciting pipeline of investment opportunities."
-ENDS-
For further information, please
contact:
Media: +44 (0) 20 3770 7920
Montfort Communications chrysalis@montfort.london
Charlotte McMullen/ Toto Reissland-Burghart/
Miles McKechnie
Jupiter Asset Management:
Magnus Spence +44 (0) 20 3817 1325
Liberum:
Chris Clarke / Darren Vickers
/ 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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