Mindflair PLC Investee Company Update - Emergent Entertainment (4957X)

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RNS Number : 4957X

Mindflair PLC

20 December 2023

Mindflair plc

(" Mindflair " or the "Company")

Investee Company Update - Emergent Entertainment

Mindflair plc (AIM: MFAI), the company investing in next generation technology focused on AI, announces that it has received notification from its investee company Emergent Entertainment Ltd ("Emergent"), that Emergent is engaging with insolvency advisers and is anticipated to be shortly placed into liquidation.

Based on the Company's net asset value at 30 June 2023 ("NAV") of 4 pence per ordinary share, the Emergent investment represents approximately 0.7 pence per ordinary share or approximately 17.5% of this NAV. It should also be noted that the net cash investment made historically by Mindflair in this company was less than US$200K and that, based on the NAV adjusted for the current carrying value of this investment, the Company is still trading at around 30% of its NAV.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement. The person who arranged for the release of this information is Nicholas Lee, a director of the Company.

Enquiries:

 
 Mindflair plc 
  Nicholas Lee, Director           Tel: [phone] 
 Nominated Adviser 
  Cairn Financial Advisers LLP     Tel: [phone] 
  Liam Murray 
  Ludovico Lazzaretti 
 Broker 
  Peterhouse Capital Limited       Tel: [phone] 
  Duncan Vasey/Lucy Williams       Tel: [phone] 
 

Notes to Editors

About Mindflair plc

Mindflair plc (AIM: MLAI) is an investment company providing investors with access to a portfolio of next generation technology businesses focused on AI with significant growth potential.

The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence, Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.

For further information, visit is https://mindflair.tech/ .

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December 20, 2023 07:13 ET (12:13 GMT)