TIDMCHRY
RNS Number : 8003Z
Chrysalis Investments Limited
26 May 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is not for publication, release or distribution in the United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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
26 May 2021
Chrysalis Investments Limited ("Chrysalis" or the "Company")
Quarterly NAV Announcement
Net Asset Value
The Company announces that as at 31 March 2021 the unaudited net
asset value ("NAV") per ordinary share was 208.16 pence.
The above NAV calculation is based on the Company's issued share
capital as at 31 March 2021 of 547,273,076 ordinary shares of no
par value.
March's NAV represents a 15.2% uplift since 31 December 2020,
driven by funding rounds for two key assets (which were referred to
in the Company's announcements on 1 March and 8 March), modestly
reduced by weakness in the share price of THG plc ("THG"). The
following investee companies were the most significant drivers of
NAV movement in the quarter:
-- Klarna Holding AB ("Klarna") - which undertook a $1bn funding
at a valuation of $30bn pre new-money, compared with a post
new-money valuation of $10.65bn in September 2020, and which
represented a material mark up in the Company's carrying value of
the asset;
-- Starling Bank Limited ("Starling") - which undertook a
GBP272m funding round at a GBP1.3bn post new-money valuation, which
was a material uplift to the Company's carrying value of Starling;
and
-- THG - which saw its share price weaken from 780p as of
December 2020 to 623.5p, despite continued strong operating
performance.
Overview
The trading performance of the portfolio over the period has
remained strong. A good example is THG that saw growth accelerate
to 58% year-on-year in the quarter to March 2021, versus 51% in the
prior quarter, and 42% across calendar 2020 as a whole. While a
number of the Company's investee companies initially saw COVID-19
drive customer sign up, the Investment Manager believes the impetus
many of them experienced will persist and allow them to continue to
grow robustly across the remainder of this year.
Portfolio activity
During the quarter, the following follow-on investments were
undertaken:
-- the Company invested circa $10m in Graphcore as part of its series-E funding round; and
-- the Company invested circa GBP4m in Featurespace as a secondary investment.
In addition, the Company successfully closed a GBP300m funding
round to support its on-going strategy of diversifying the
portfolio with new investments and continuing to provide follow-on
growth capital to its existing investee companies.
Portfolio Composition
As of 25 May 2021 the portfolio composition was as follows:
Portfolio Company % of investment portfolio
Klarna 20.5%
--------------------------
Starling 8.9%
--------------------------
THG 8.9%
--------------------------
Wise 8.4%
--------------------------
wefox 7.5%
--------------------------
Embark 5.8%
--------------------------
Graphcore 5.2%
--------------------------
You & Mr J ones 3.9%
--------------------------
Featurespace 3.2%
--------------------------
Secret Escapes 2.4%
--------------------------
Sorted 1.5%
--------------------------
Growth Street 0.1%
--------------------------
Cash 23.8%
--------------------------
Source: Jupiter Asset Management. Holding sizes, as of 25 May
2021, are calculated using 31 March 2021 valuations, adjusted for
FX as of 25 May 2021 and capturing transactions concluded post the
NAV calculation period, and thus using cash as of 25 May. The
holding value of THG is based on the closing share price of 623.5p,
as at period end. Due to rounding the figures may not add up to
100%.
Investment Manager Outlook
Nick Williamson and Richard Watts (co-portfolio managers)
comment:
"While there has been some pull-back in valuations of certain
listed tech names as investors consider whether short-term
inflationary pressures will persist, the NAV continued to perform
well over the quarter; we believe this reflects the strong growth
being delivered by the portfolio. Looking forward, we do not
believe inflation is necessarily "here to stay"; regardless, our
view is the underlying growth dynamics of our investments should
continue to deliver value to shareholders.
Following our GBP300m raise at the end of March, our focus is on
deploying capital. To this end, we are currently in the latter
stages of due diligence on two potential new investments and have
line-of-sight to two further follow-ons. In addition, the new
investment pipeline looks strong, and we continue to source a wide
variety of interesting investment opportunities for
consideration."
Factsheet
An updated Company factsheet will shortly be available on the
Company's website: https://www. chrysalisinvestments.co.uk
-ENDS-
For further information, please
contact:
Chrysalis@montfort.london
Media: +44 (0) 20 3770 7920
Montfort Communications
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.
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