Draper Esprit PLC Sale of Movidius Ltd Increases Draper Esprit NAV (0131J)

TIDMGROW

RNS Number : 0131J

Draper Esprit PLC

06 September 2016

Embargoed until 07.00 GMT: 6 September 2016

Draper Esprit plc

("Draper Esprit" or the "Group")

Sale of Movidius Ltd Increases Draper Esprit Net Asset Value

Draper Esprit (AIM: GROW, ESM: GRW), one of the leading venture capital investors involved in the creation, funding and development of high-growth digital technology businesses in the UK, the Republic of Ireland and Europe, announces that it has accepted, along with other investors, a conditional offer for Dublin based portfolio company Movidius Ltd ("Movidius") from Intel Corporation ("Intel") for an undisclosed sum.

Movidius is a leader in high performance, ultra-low power computer vision technology for connected devices. By combining sophisticated software algorithms with a powerful, purpose-built Vision Processing Unit (VPU), Movidius brings new levels of visual intelligence to smart devices. Applications of Movidius' leading technology enable a new wave of intelligent and contextually aware devices such as drones and Augmented and Virtual Reality devices.

Intel, a Santa Clara based global technology company (NASDAQ: INTC), has made a conditional offer for Movidius, which will result in an estimated total cash return of approximately GBP27 million for Draper Esprit before provision for accrued tax and carried interest payments. The Group had an unaudited pro-forma Net Asset Value ("NAV") including goodwill at admission of GBP128.7 million with the disclosed audited NAV of the holding in Movidius of GBP7.5m as at 31 December 2015.

The sale is expected to complete before the end of 2016 and is estimated to increase the Group's total NAV by approximately 21%, when compared to the pro-forma NAV (excluding goodwill and cash) reported at the time of the Group's admission to AIM / ESM in June 2016. The Group intends to invest the proceeds of the transaction in line with its existing investment policy.

Further details will be presented in the Group's trading statement to be made in early October.

Simon Cook, CEO Draper Esprit commented: "We are proud to have once again helped an incredible management team with superior European technology to become a leading global platform. Movidius' technology is enabling the next generation of computing devices with vision interfaces and the sale will allow the business to take full advantage of Intel's global leadership and strong market position and the obvious market benefits this will bring."

Enquiries

 
Draper Esprit plc 
 Simon Cook (Chief Executive 
 Officer) 
 Brian Caulfield (Managing 
 Partner)                      [phone] 
Numis Securities 
 Nominated Adviser & Joint 
 Broker 
 Alex Ham 
 Garri Jones 
 Richard Thomas 
 Paul Gillam                   [phone] 
Goodbody Stockbrokers 
 ESM Adviser & Joint Broker 
 Don Harrington 
 Linda Hickey 
 Dearbhla Gallagher            [phone] 
Zeus Capital 
 Benjamin Robertson 
 Giles Balleny                 [phone] 
Belvedere Communications 
 (PR)                          [phone] 
 John West                       07788 971 403 
 Kim van Beeck 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 06, 2016 02:00 ET (06:00 GMT)