The
information contained in this announcement is restricted and is not
for publication, release or distribution in the United States of
America, any member state of the European Economic Area (other than
to professional investors in Belgium, Denmark, the Republic of
Ireland, Luxembourg, the Netherlands, Norway and Sweden), Canada,
Australia, Japan or the Republic of South Africa.
The
information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 which forms part of
domestic law in the United Kingdom pursuant to The European Union
Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU
Exit) Regulations 2019.
7 March 2024
Chrysalis Investments Limited
("Chrysalis" or the "Company")
Portfolio
Update
The Company is pleased to announce an
approximate £4 million investment in Smart Pension Limited
("Smart"), alongside certain other investors. This investment is in
addition to the approximate £2 million invested in Smart on 16
January 2024, as disclosed in the FY23 Financial Report and Audited
Financial Statements released on 29 January 2024.
The terms of this combined approximate
£6million investment are likely to lead to an increase of
approximately 3.7p in the Company's Net Asset Value per share if
applied to the Company's Net Asset Value as of 31 December 2023. A
formal revaluation of the portfolio will occur shortly for the
quarter ended 31 March 2024, in accordance with the Company's
standard process.
Smart has grown strongly since Chrysalis first
invested in June 2021, and the Smart Pension Master Trust ("SPMT")
is now the UK's third biggest master trust operator. SPMT currently
has 1.3 million members and nearly £5 billion of assets under
management ("AUM"), out of a group total of approximately £12.5
billion AUM. SPMT and Smart's international business is powered by
Keystone, the group's proprietary technology platform. Keystone is
a cloud-based retirement and savings platform that can serve
multiple jurisdictions globally and is ideally suited to
consolidation, as high levels of automation (including
self-service) drives efficiencies and helps to deliver scale,
ultimately leading to better value for members.
The proceeds of the raise will be used to
further accelerate growth, including via M&A (SPMT has
undertaken seven acquisitions since inception), and will underpin
Smart's drive towards profitability.
At 5 March 2024, and following completion of
this investment, the Company had £27.2 million of liquidity,
including a £13.6 million position in Wise plc.
Nick Williamson and Richard Watts (co-portfolio
managers) commented:
"We are
delighted to support Smart alongside its other key investors. As a
result of this new investment, Smart is now even better placed to
grow its master trust and platform business and we look forward to
supporting Smart on its journey towards profitability, with
significant progress towards break-even expected over
2024."
-ENDS-
For
further information, please contact
Media
Montfort Communications
Charlotte McMullen / Toto Reissland
/
Lesley Kezhu Wang
|
+44
(0) 7976 098 139
chrysalis@montfort.london
|
|
|
Jupiter Asset Management:
James Simpson
|
+44
(0) 20 3817 1696
|
Liberum:
Chris Clarke / Darren Vickers / Owen
Matthews
|
+44
(0) 20 3100 2000
|
Deutsche Numis:
Nathan Brown / Matt Goss
|
+44
(0) 20 7260 1000
|
Apex Administration (Guernsey) Limited:
Chris Bougourd
|
+44
(0) 20 3530 3109
|
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be
available on the Company's website at https://www.chrysalisinvestments.co.uk
The information contained in this
announcement regarding the Company's investments has been provided
by the relevant underlying portfolio company and has not been
independently verified by the Company. The information contained
herein is unaudited.
This announcement is for information
purposes only and is not an offer to invest. All investments are
subject to risk. Past performance is no guarantee of future
returns. Prospective investors are advised to seek expert legal,
financial, tax and other professional advice before making any
investment decision. The value of investments may fluctuate.
Results achieved in the past are no guarantee of future results.
Neither the content of the Company's website, nor the content on
any website accessible from hyperlinks on its website for any other
website, is incorporated into, or forms part of, this announcement
nor, unless previously published by means of a recognised
information service, should any such content be relied upon in
reaching a decision as to whether or not to acquire, continue to
hold, or dispose of, securities in the Company.