REG - Digital 9 Infrastr. - Company Update,Unaudited Portfolio Valuation & NAV

Digital 9 InfrastructureAnnouncement

06/09/2024 07:00

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RNS Number : 1540D  Digital 9 Infrastructure PLC  06 September 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK'S
MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

6 September 2024

 

DIGITAL 9 INFRASTRUCTURE PLC

 

("D9" or the "Company" and, together with its subsidiaries, the "Group")

 

Company Update including Unaudited Portfolio Valuation and Net Asset Value

 

In preparation of the Company's interim results for the six-month period ended
30 June 2024, the Board of Directors of the Company (the "Board") today
provides an update on the unaudited portfolio valuation and Net Asset Value
("NAV") as at 30 June 2024.

 

The recently appointed Board is undertaking a review to assess the fair value
of the Group's portfolio under International Financial Reporting Standards.
Whilst the valuation process is still ongoing, the Board, in conjunction with
its advisers and having obtained an independent valuation on certain portfolio
companies, has determined that the aggregate portfolio valuation as at 30 June
2024 is likely to be materially below the latest published portfolio valuation
as at 31 December 2023.

 

The Board currently anticipates the reduction in the unaudited portfolio
valuation identified from the valuation process so far would result in a
provisional unaudited NAV as at 30 June 2024 of approximately 45p per share.
The Company's audited NAV as at 31 December 2023, as published on 30 April
2024, was 79.3p per share. A major part of the NAV reduction is attributable
to a re-assessment of the assumptions relating to the availability of finance
for underlying portfolio companies and its impact on portfolio companies'
growth outcomes in the valuation models, as compared to those inputs used in
arriving at the NAV as at 31 December 2023.

 

The valuation process is yet to be completed which may result in further
changes. The Board expects to release the Company's interim results for the
six-month period ended 30 June 2024, no later than 30 September 2024.

 

Further Company updates

 

Sale processes

 

In line with the new investment objective and investment policy approved by
the Shareholders in the General Meeting held on 25 March 2024, non-binding
offers for certain assets have been received and a selected number of
preferred bidders have been admitted to a second phase of the sales processes,
which will include detailed due diligence. Sales processes are also ongoing
for various assets in the portfolio, excluding Arqiva. There can be no
guarantee that the sales will proceed, and the sale processes will only be
progressed if the Board is satisfied that the values achieved are acceptable.
A further update on the sales processes will be made as matters progress.

 

Investment management arrangements

 

The Board has made significant progress in its independent review of the
Company's investment management arrangements and will make a further
announcement upon the conclusion of the process in the near future.

 

ENDS.

 

 

Contacts

 Digital 9 Infrastructure plc                                                                             via FTI Consulting

 Eric Sanderson

 Triple Point Investment Management LLP                                                                   +44 (0) 20 7201 8989

 (Investment Manager)                                                                                     D9contact@triplepoint.co.uk

 Diego Massidda

 Ben Beaton

 Arnaud Jaguin
 Panmure Liberum Limited (Financial Adviser)                                                              +44 (0) 203 100 2000

 Chris Clarke

 Darren Vickers
 J.P. Morgan Cazenove (Corporate Broker)                                                                  +44 (0) 20 7742 4000

 William Simmonds

 Jérémie Birnbaum
 FTI Consulting (Communications Adviser)                                                                  dgi9@fticonsulting.com (mailto:dgi9@fticonsulting.com)

 Mitch Barltrop                                                                                           +44 (0) 7807 296 032

 Maxime Lopes                                                                                             +44 (0) 7890 896 777

 

 

About Digital 9 Infrastructure plc

 

Digital 9 Infrastructure plc (DGI9) is an investment trust listed on the
London Stock Exchange and a constituent of the FTSE All-Share, with the ticker
DGI9. The Company's investment objective is to undertake a managed wind-down
of the Company and realise all existing assets in the Company's portfolio in
an orderly manner.

 

The Investment Manager is Triple Point Investment Management LLP ("Triple
Point") which is authorised and regulated by the Financial Conduct Authority.
For more information on the Investment Manager please visit
www.triplepoint.co.uk (http://www.triplepoint.co.uk) . For more information,
please visit www.d9infrastructure.com (http://www.d9infrastructure.com) .

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