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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Merian Chrysalis Investment Company Limited | MERI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 174.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 174.00 | 174.00 |
| Top Posts |
|---|
Posted at 18/4/2020 21:00 by rambutan2 26 March 2020Merian Chrysalis Investment Company Limited (the "Company") Statement relating to COVID-19 This is an update due to the market uncertainty relating to COVID-19 (Coronavirus). The Company would like to highlight that against this difficult backdrop its strategy remains unchanged and the Company is well-positioned at this time, in particular: -- The Company has no leverage in place and has a strong balance sheet with approximately GBP65 million of cash, after allowing for the previously disclosed follow-on investment in Embark Group, which the Company expects to complete later in Q2 2020; -- Less than 5% of the portfolio operates in business sectors most directly exposed to COVID-19, such as travel and leisure; -- The top six positions in the portfolio (Transferwise, Starling Bank, Graphcore, Klarna, The Hut Group and Embark) accounting for ca. 87% of invested NAV, in aggregate continue to trade robustly versus Merian Global Investors (the "Investment Adviser") expectations, helped by the fact they are typically on-line based; -- The majority of portfolio companies are tech-enabled: typically operating on cloud based systems, these dispersed business models are well suited to remote working; -- The portfolio companies typically have no leverage, or have substantial balance sheet liquidity, and are often backed by other well-regarded investors; -- The Investment Adviser has an active management strategy, with Board rights and/ or representation in certain cases, and so is closely engaged with portfolio companies' management and their strategy; -- A number of the Company's holdings contain downside protection and / or liquidity preference structures; and -- The Investment Adviser has activated its own business contingency plans and has seen minimal impact on its ability to transact business as a result. While there will inevitably be some impact on the business plans of our key positions, the Investment Adviser's current assessment is that this is likely to be relatively modest for this group of companies. All of our investee companies have introduced business continuity programmes that the Investment Adviser considers appropriate for their organisations, as well as initial mitigation strategies. A number of them have also recently raised capital, including: -- Graphcore - January 2020 raise of $150m, leaving a cash position of $300m; -- Klarna - July 2019 raise of $460m, with a further investment in March 2020; as of December 2019 CET1 ratio was 28.1%; -- Starling Bank - February 2020 raise of GBP60m, following a total of GBP205m raised across 2019, including the CIF award; -- The Hut Group - December 2019 raise of GBP66m of equity, in addition to substantial amounts of balance sheet liquidity; and -- Embark Group - GBP84.5m raised over 2H 2019, leaving the company in a strong liquidity position. In addition, Transferwise, Klarna and The Hut Group have proven profit generating capabilities. Whilst it is early days in terms of the effects of COVID-19, and the full impact on trading of our investee companies is impossible to predict at this time, the Board and the Investment Adviser are closely monitoring the situation and offering support where needed, with a view to ensuring that any impact is mitigated wherever possible. And the most recent fact sheet: |
Posted at 29/6/2019 04:05 by rambutan2 Interims:The Net Asset Value ("NAV") at launch was 98.85p. As at 31 March 2019 the NAV was 108.41p. NAV total return for the period was 9.66%. Portfolio I am pleased to report that our rate of capital deployment was faster than anticipated, the net proceeds of the IPO was 70% invested as at 31 March 2019. As at 31 March 2019, in addition to the initial portfolio comprising investments in TransferWise Limited and Secret Escapes Limited, further investments had been made into The Hut Group Limited, Graphcore Limited and Growth Street Limited. A further investment in Starling Bank was announced during the period, on 13 February 2019. This transaction completed post the period end on 10 April 2019, bringing the company to 85% fully invested. Following the raising of additional capital on 16 April 2019, we expect to notify the market on further investments in due course as Merian Global Investors (UK) Limited, our Investment Advisor, continues to evaluate opportunities currently in companies across various market sectors; there are several exciting opportunities going through the due diligence process. The Investment Advisor's report reviews the market and provides more detail on the portfolio. |
Posted at 19/4/2019 03:56 by rambutan2 And noted:16 April 2019 Merian Chrysalis Investment Company Limited (the "Company") Result of Placing under Placing Programme Further to the announcement made by the Company on 26 March 2019, the Company today announces that it has successfully raised gross proceeds of GBP100 million pursuant to the Placing. The Board and the Investment Adviser are pleased with the strong response to the Placing which will allow the Company to continue to invest in the exciting opportunities within the pipeline sourced by the Investment Adviser. Accordingly, an aggregate of 90,909,091 new Ordinary Shares have been issued and allotted conditionally upon admission at a price of 110 pence per share. Applications have been made for the admission of 90,909,091 new Ordinary Shares to listing on the premium listing segment of the Official List and to trading on the Main Market of London Stock Exchange Group plc ("Admission"). It is expected that Admission will become effective and that dealings in the new Ordinary Shares will commence at 8.00 a.m. on 18 April 2019. Following Admission, the Company will have 190,909,091 Ordinary Shares in issue. Therefore, the total number of voting rights of the Company will be 190,909,091 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company. Richard Watts, Co-fund manager, commented: "We are delighted by the level of demand from both existing and new investors. The Chrysalis proposition is resonating strongly with late-stage, private companies that are seeking new investors as they look to evolve their shareholder base, as evidenced by our ability to quickly deploy the initial Chrysalis launch proceeds." Nick Williamson, Co-fund manager, commented: "The growing opportunity for crossover investing in the UK and across Europe is compelling. Investors have recognised this and the new funds that they have provided will allow us to continue to pursue our exciting pipeline of opportunities." |
Posted at 19/4/2019 03:50 by rambutan2 For potential investors, the prospectus is well worth a read. |
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