REG - Mindflair PLC - Realisation of investments in Getvisibility

MindflairAnnouncement

10/03/2025 07:15

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RNS Number : 9786Z  Mindflair PLC  10 March 2025

10 March 2025

Mindflair plc

("Mindflair" or the "Company")

Realisation of investments in Getvisibility amounting to £2.6 million

 

Mindflair plc, the company investing in next-generation technology focused on
AI, is pleased to announce that it has agreed to sell its entire directly held
unquoted minority position in Visibility Blockchain Limited ("Getvisibility")
to Forcepoint, a global leader in data and cloud security (the "Disposal").
Getvisibility is a cybersecurity company focusing on data visibility and
control and uses state-of-the-art artificial intelligence ("AI") to classify
and secure unstructured information.  The Disposal is expected to generate a
gross cash inflow to the Company of approximately €2.1 million (£1.8
million).

 

In addition, Mindflair has an indirect interest in Getvisibility through its
investment in the first Sure Valley Ventures ("SVV") fund ("SVV1") and through
its shareholding in Sure Ventures plc ("SV plc") which in turn has a 25.9%
interest in SVV1.

 

SVV has indicated that Mindflair can expect to receive approximately €0.9
million (£0.8 million) as a result of the distribution from SVV1 of the
proceeds from the sale of SVV1's shareholding in Getvisibility. Mindflair also
has a 23.6% shareholding in SV plc and so may also receive a distribution from
the proceeds that they receive from the disposal of Getvisibility.

 

In summary therefore, Mindflair expects to receive, in aggregate,
approximately £2.6 million in cash from the sale of Getvisibility through the
Disposal and sale of its indirect interest held through its investment in
SVV1.  It may also receive additional funds from any distribution made by SV
plc.

 

The Disposal would represent a return of 6.0x the total investment made into
this company directly and a circa 4.5x multiple on the total investment made
by SVV1.  As at 31 December 2024, the carrying value of the Company's direct
investment in Getvisibility was £1.2 million on an unaudited basis. The
completion of the Disposal is subject to the satisfaction of certain
conditions that are customary for a transaction of this type.  The Company
will use part of the cash inflow from the Disposal to settle the remaining
outstanding loan notes amounting to circa £800,000, and the accrued interest
thereon. A further announcement will be made in due course upon receipt of the
proceeds from the Disposal.

 

Nicholas Lee, a Director of Mindflair, said:

"This is an excellent result for Mindflair and its shareholders, particularly
as the Company has multiple interests in Getvisibility both directly and via
its investments in two other entities.  This is a clear example of the
quality of the companies within Mindflair's investment portfolio and further
validation of the Company's investment strategy.  This is the fifth exit
event from SVV1 since inception and, as previously announced, clearly
demonstrates that this fund is very much in the exit phase of its investment
cycle. We look forward to providing further portfolio updates in due course."

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement. The person who arranged for the release of
this information is Nicholas Lee, a director of the Company.

 

Enquiries:

 

 Mindflair plc

 Nicholas Lee, Director            Tel: +44 (0) 20 3368 8961
 Nominated Adviser                 Tel: +44 (0) 20 7213 0880

 Cairn Financial Advisers LLP

 Liam Murray/Ludovico Lazzaretti

 Joint broker                      Tel: +44 (0) 20 7469 0935

 Peterhouse Capital Limited        Tel: +44 (0) 20 7469 0936

 Duncan Vasey/Lucy Williams
 Joint broker                      Tel: +44 (0) 20 7601 6100

 Shard Capital Partners LLP

 Damon Heath

Notes to Editors

Mindflair plc (AIM: MFAI) is an investment company providing investors with
access to a portfolio of next generation technology businesses focused on AI
with significant growth potential. The Company is building an investment
portfolio of high-tech businesses focused on Artificial Intelligence, across
such areas as Internet of Things, Cyber Security, Machine Learning, Immersive
Technologies and Big Data, which the Board believes demonstrate evidence of
traction and the potential for exponential growth, due to increasing global
demand for development in these sectors. For further information, visit:
http://www.mindflair.tech/.

Sure Valley Ventures (www.surevalleyventures.com) ("SVV") is a venture capital
firm that invests in early-stage AI software companies in the UK and Ireland.
Investing in AI since the firm's inception in 2017, SVV has a strong track
record of accelerating the growth of private AI companies through to Series A
and beyond.

 

Caution regarding forward looking statements

 

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

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