REG - Chrysalis Invs Ltd - Portfolio Update

Chrysalis InvestmentsAnnouncement

07/03/2024 07:00

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RNS Number : 8900F  Chrysalis Investments Limited  07 March 2024

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The information contained within this announcement is deemed by the Company to
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(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 /           +44 (0) 7976 098 139

 Lesley Kezhu Wang                               chrysalis@montfort.london

 Jupiter Asset Management:                       +44 (0) 20 3817 1696

 James Simpson

 Liberum:                                        +44 (0) 20 3100 2000

 Chris Clarke / Darren Vickers / Owen Matthews

 Deutsche Numis:                                 +44 (0) 20 7260 1000

 Nathan Brown / Matt Goss

 Apex Administration (Guernsey) Limited:         +44 (0) 20 3530 3109

 Chris Bougourd

 

LEI: 213800F9SQ753JQHSW24

A copy of this announcement will be available on the Company's website at
https://www.chrysalisinvestments.co.uk
(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
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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.

 

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