Augmentum Fintech Plc - Completion of Acquisition of Cushon by NatWest Group
01 Junho 2023 - 11:50AM
PR Newswire (US)
1 June 2023
Augmentum
Fintech plc
Completion
of Acquisition of Cushon by NatWest Group
Augmentum
Fintech plc (LSE: AUGM) (the “Company” or “Augmentum”), Europe’s
leading publicly listed fintech fund, has successfully exited its
investment in Cushon, the workplace savings and pensions fintech,
via the acquisition of a majority shareholding in Cushon by NatWest
Group, the FTSE 100 banking and financial services group. The
transaction completed on 1 June 2023
following the requisite approval from the Financial Conduct
Authority.
Augmentum
led Cushon’s Series A fundraising in June
2021 with an initial investment of £5 million
and since that date the Company has invested a further £5.8
million.
Augmentum will receive proceeds of £22.8 million from the
completion of the acquisition, representing a 46.2% uplift on the
unaudited 30 September 2022 holding
value of £15.6 million, an IRR of 61.7% and cash multiple of 2.1x
on cost.
This announcement does not constitute or describe an updated NAV of
the Company1.
This
transaction is Augmentum’s fifth portfolio investment exit, all of
which have been at or above the last reported holding
value.
Notes:
1The
Company's NAV and NAV per ordinary share as at 31 March 2023, both prior to and after
performance fee, will be calculated in accordance with the
Company’s valuation policy and are expected to be announced with
the Company’s full year results. Shareholders should note that the
calculation of the NAV per ordinary share as at 31 March 2023 will take account of the latest
valuations of all of the Company's investments as at 31 March 2023 and any applicable costs and
charges.
***
Enquiries:
Augmentum
Fintech
Tim
Levene, Portfolio Manager
Georgie
Hazell Kivell, Marketing and IR
|
+44 (0)20
3961 5420
georgie@augmentum.vc
|
Quill
PR
Nick
Croysdill, Sarah Gibbons-Cook
(Press and
Media)
|
+44 (0)20
7466 5050
press@augmentum.vc
|
Peel
Hunt LLP
Liz Yong,
Luke Simpson, Huw Jeremy
(Investment
Banking)
|
+44 (0)20
7418 8900
|
Singer
Capital Markets
Harry
Gooden, Robert Peel, Alaina Wong
(Investment
Banking)
|
+44 (0)20
7496 3000
|
Frostrow
Capital LLP
Paul
Griggs, Company Secretary
|
+44 (0)20
3709 8733
|
About Augmentum Fintech
Augmentum
invests in fast growing fintech businesses that are disrupting the
financial services sector. Augmentum is the UK’s only publicly
listed investment company focusing on the fintech sector in the UK
and wider Europe, having launched
on the main market of the London Stock Exchange in 2018, giving
businesses access to patient capital and support, unrestricted by
conventional fund timelines and giving public markets investors
access to a largely privately held investment sector during its
main period of growth.
About Cushon
Cushon is
a fintech using its financial technology to engage savers and
empower them to build a better financial future. Cushon offers
pension and savings products via a mobile app that provides a
personalised experience making it easy for customers to manage
their money and invest in a way that aligns with their personal
goals and beliefs.
With a
solution that integrates with payroll and benefit platforms,
Cushon's products are delivered via the workplace to reach as many
savers as possible. Employers can use Cushon to help enhance the
financial wellbeing of their workforce by providing employees with
a simple and convenient way to save into pensions, ISAs and other
products direct from pay.
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