Chrysalis set for ‘material uplift’ to NAV after top holding becomes £1bn unicorn
Comes shortly after £818m trust slips into the FTSE 250
Chrysalis Investments is set to benefit from a “material uplift” to its net asset value after one of its largest holdings has blossomed into a £1bn unicorn.
Starling Bank, which is the portfolio’s third largest holding, confirmed on Monday it had exceeded expectations with its latest fundraise, bringing in £272m, higher than the £200m that had been anticipated.
The funding round, led by Fidelity Investments and counting the Qatar Investment Authority, Railpen Investments and Millennium Management among its backers, was the biggest fundraising in the digital challenger bank’s seven-year history.
As announced on 26 February 2021, the Company s net asset value ( NAV ) per ordinary share was 180.75 pence as of 31 December 2020. The Company subsequently announced on 1 March 2021 an estimated revised valuation of the Company s investment in Klarna Holding AB, due to its funding round, would result in a gross increase in the NAV per ordinary share of approximately 32p (based on Swedish Krona foreign exchange rates as of 26 February 2021) as compared to the Company s last reported NAV per ordinary share.
The Company notes Starling Bank s announcement today of the completion of a major funding round - conducted at a post new-money valuation of £1.3 billion - which represents a material uplift on the Company s carrying value of that asset. It is anticipated that this will lead to a gross NAV per share increase of approximately 6p compared to the Company s last reported NAV per share (calculated on the basis that the achieved valuation on the funding round is applied t
Chrysalis eyes new placing fundraise as it targets £1bn investment pipeline
Board believes placing will put trust in a strong position to take advantage of ‘compelling pipeline’
Chrysalis Investments is eyeing another placing programme to chase up over £1bn of investment opportunities in the coming months.
A RNS filing on Wednesday revealed the £770m trust is seeking shareholder approval to issue up to 600 million ordinary and/or C shares at an extraordinary general meeting held after its AGM on 8 March.
The board said managers Richard Watts (pictured) and Nick Williamson had a “strong pipeline of investment opportunities” totalling £1bn and had also identified around £250m of follow-on opportunities that may be available over the coming months.
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Home / News / Richard Buxton’s fund and 20 others to see Merian name dropped in Jupiter rebrand
Richard Buxton’s fund and 20 others to see Merian name dropped in Jupiter rebrand
14 funds keeping the Merian moniker in some capacity could lead to confusion
Richard Buxton’s £805m fund is among a slew of funds to drop the Merian moniker as Jupiter brings the products in line with its existing range following a brand refresh.
Around 20 of Merian’s branded products will adopt the Jupiter prefix and branding with immediate effect.
Buxton’s (pictured) UK Alpha fund is among the vehicles that will shed the Merian badge and come under the Jupiter banner.