REG - i(x) Net Zero PLC - Net Asset Value Update

I (X) Net ZeroAnnouncement

29/03/2022 07:00

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RNS Number : 3623G  i(x) Net Zero PLC  29 March 2022

i(x) Net Zero PLC

("i(x) Net Zero" or the "Company")

Net Asset Value Update

 

i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on Energy
Transition and Sustainability in the Built Environment, is pleased to
announce an upward revision to its unaudited net asset value ("NAV").

 

On 8 March 2022, i(x) Net Zero announced an additional investment of US$1.5
million in cash in Enphys Management Company ("EMC"), i(x) Net Zero's
partnership with the Latin America Investment Group, a business development
and investment group that is focused on renewables and energy transition in
Latin America.

 

This additional investment led to an increase in i(x) Net Zero's ownership in
EMC from 11% to 14.5% and, after consultation, the Company's third-party
valuation advisors have determined that this has created a positive material
uplift in the fair value of the holdings in EMC.

 

i(x) Net Zero's 14.5% ownership in EMC is currently valued at US$10.37
million, up from the last fair value reported on the previous 11.0% holding
of US$5.78 million as at 4 October 2021. Including the US$1.5 million
additional investment, the increase of US$4.59 million (equivalent to 5.8
pence per i(x) Net Zero share) almost doubles the previous NAV of the EMC
stake.

 

Pär Lindström, Chief Investment Officer of the Company, said: "We are
extremely pleased with the accretive value to our shareholders that has been
achieved as a result of this follow-on investment in Enphys Management
Company.

 

There are a great many attractive assets in the rapidly emerging Latin
American renewables market. EMC, with its local on-the-ground expertise, is
ideally placed to be the investment partner of choice in the region. This is
just the beginning of what we believe will be the long term growth story at
EMC."

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

- Ends -

 

 

For further information visit https://ixnetzero.com/ (https://ixnetzero.com/)
 or contact:

 i(x) Net Zero                               Via Buchanan below
 Steve Oyer - Chief Executive Officer
 Pär Lindström - Chief Investment Officer
 Marc Chennault - Chief Financial Officer

 H & P Advisory Limited                      +44 20 7907 8500

 Financial Adviser & Joint Broker
 Neil Passmore
 Ernest Bell
 Andy Crispin (Sales)

 Shore Capital                               +44 20 7408 4050

 Nominated Adviser & Joint Broker
 Tom Griffiths
 David Coaten

 Iain Sexton

 Buchanan
 Helen Tarbet                                +44 7872 604 453
 Simon Compton                               +44 7979 497 324
 Ariadna Peretz                              +44 7488 495 969

 

 

Notes to Editors

About i(x) Net Zero PLC

i(x) Net Zero PLC is an AIM quoted investing company that provide its
shareholders the opportunity to create long-term capital growth with
positive, scalable, measurable and sustainable impact on the environment and
on the communities it serves.

In accordance with its belief that the world's biggest problems are also the
biggest market opportunities, i(x) Net Zero focuses on two critical areas in
which it aims to make a positive impact: (i) Energy Transition and (ii)
Sustainability in the Built Environment. The Company uses a multi-strategy
investment approach, providing the companies in which it invests with the
expertise and catalytic capital to help them grow. To date, i(x) Net Zero has
invested in biofuels, direct air capture (carbon removal), renewable energy,
sustainable workforce housing and net zero construction technology.

i(x) Net Zero is a provisional signatory to the UN Principles for Responsible
Investing. The Company has received the London Stock Exchange's Green Economy
Mark.

 

 

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