Share Name Share Symbol Market Type Share ISIN Share Description
Forward Partners Group Plc LSE:FWD London Ordinary Share GB00BKPGBB09 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 43.50 42.00 45.00 43.50 43.50 43.50 1,334 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 28.2 16.5 12.0 3.6 59

Forward Partners Share Discussion Threads

Chat Pages: 1
They exceeded! Said a decline of 26.4%, actually a decline of 23.9% - lol.

There'll be a point to buy I'm sure - would be very surprised if it was now.

"...A £7.3m reversal of the Carried Interest charge.". So that was the only thing stopping the fall being greater?

And the number is... 85:

Forward Partners Group plc (LSE: FWD), the London-based investment firm specialising in supporting high growth, early-stage technology businesses, announces its interim results for the period to 30 June 2022.

Financial highlights

-- Venture Portfolio of 48 active companies with a Fair Value of GBP94.9m, inclusive of GBP6.3m new investments. This represents a decline in Fair Value of 23.9% exclusive of new investments. Our previous guidance was that Fair Value would be no less than GBP92.0m, a decline of 26.4%.

-- Operating profit before tax for the period of GBP24.9m net loss, predominantly driven by the unrealised GBP28.0m Venture Portfolio Value decline and a GBP7.3m reversal of the Carried Interest charge.

-- NAV per share was 85 pence (104 pence as at 31 December 2021).
-- Cash position of GBP22.6m which enables the Group to support its portfolio and maintain its investment rate for the foreseeable future.


A soft signal, but taking to 30 June to produce results to 31 December isn't the hallmark of a good company.

The results look good, but have been somewhat overtaken by events. For me, the question is how much progress portfolio companies can make to offset the valuation effects. I'd hope for a better H2, but if markets keep going down then who knows. 25% portfolio cash helps, if it hasn't been deployed...

Interesting report today.

NAV 104p! Wow!

"Challenging macroeconomic environment anticipated to impact valuations and individual performance of portfolio companies. Accordingly, we are estimating a mid-to-high twenties percentage point decline in the Venture Portfolio Value for the first half of 2022."


So 104p, knock that back to say 75p, but that's. only. the. first. half. of 2022.

I'd say easily the same again for 2nd half - and who knows beyond that - which conveniently takes us very near the current s/p.

I don't think FWD is particularly bad a co - if anything, it's being far more honest than many of the other incubators, and all of the PE ITs who are still calling brilliantly rising NAVs.

The tide is going out, how far and when it comes back in again is less clear.


"Whilst acknowledging there is still significant uncertainty the Board now expects to report a mid-to-high twenties percentage point decline in its Ventures portfolio valuation at the half-year, down on the previous market guidance of circa GBP117m for 31(st) December 2021."

Undecided and happy to watch from the sidelines, but been reading the admissions doc:

Re Blackrock, I note only a minimal lock in:
(pg123) By way of a deed between BlackRock, Neil Hutchinson, Forward Internet Group Limited, the Company and Liberum dated 13 July 2021, each of BlackRock, Neil Hutchinson and Forward Internet Group Limited have agreed that they will not, for a period of six months from the date of Admission (the “Lock-In Period”), directly or indirectly transfer the legal and/or beneficial ownership (or any interest therein) in any of the Ordinary Shares owned by it/him immediately after following Admission or any Ordinary Shares which may accrue to it during the Lock-In Period as a result of its or their holding of such Ordinary Shares (the “Restricted Shares”) except: (i) with the prior written consent of Liberum (not to be unreasonably withheld or delayed)

(pg128) The Relationship Agreement also contains certain customary information rights and additional undertakings of the Company in favour of BlackRock, including:
(a) subject to the terms of any relevant lock-in or orderly marketing arrangements, reasonable assistance to be provided by the Company to BlackRock in the event that it wishes to dispose of Ordinary Shares;

Do we know Blackstock's future intent?
I tried with II and was able to buy, although i have seen that on a different stock with them before..


Has rapidly followed the market. This won't be helping, when try to buy:

"This stock is currently unavailable to buy.MIFD II regulations require the issuers of investments to provide us with information about costs and charges. At present we are unable to access this data therefore we cannot make this stock available for further investment.If you already hold this investment, you can continue to hold it, and sell it at any time, but you cannot buy any more at present. We are working with issuer to ensure the information is provided and make the investment available."

Fair point on BOD - about £1m between them. Large BlackRock holding going to make it illiquid, but hopefully to upside. Has started OK, albeit quiet/bound to be some staggers who exit.
Wow is that 70% owned by Blackrock? Makes you wonder why they have subscribed for more in the placing. Any views on the impact of them having a majority shareholding whilst the BOD have very little exposure?
Starts trading on Monday.

"· On Admission, the Group's portfolio will comprise 46 equity investments in early-stage, high growth UK companies, with an investing strategy focused on businesses with operating models that leverage eCommerce, marketplace and applied artificial intelligence technology;

· The Group secured commitments in the Placing from BlackRock and Draper Esprit of £15m and £2m respectively. Furthermore, the Placing attracted strong support from high quality institutional investors, private wealth managers and retail investors;

· On Admission, BlackRock will own approximately 70.4 per cent and senior management will own approximately 0.8 per cent. of the issued share capital of the Company;"

Recently reinvested as the company appears to be at the early stages of recovery.

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