REG-Molten Ventures Plc Replacement: Freetrade Exit and Share Repurchase Programme

Molten VenturesAnnouncement

17/01/2025 18:00

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   Molten Ventures Plc (GROW; GRW)
   Replacement: Freetrade Exit and Share Repurchase Programme

   17-Jan-2025 / 17:56 GMT/BST

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   The following amendments have been made  to the 'Freetrade Exit and  Share
   Repurchase Programme' announcement released on 16 January 2025 at  10.05am
   under EQS News ID: 2069201.

    

   The Freetrade exit  will generate  proceeds of £20.4m  to Molten  Ventures
   plc.  The  previous  announcement  anticipated  proceeds  of  £22.7m,  the
   announcement has  therefore  been corrected  to  reflect the  exit  values
   Molten Ventures plc’s  stake at 17%  above the 30  September 2024  holding
   value of £17m, delivering a multiple on invested capital of 1.5x.

    

   All other details remain unchanged. The full amended text is shown below.

                                        

                              Molten Ventures plc
          ("Molten Ventures", "Molten", "the "Group" or the "Company")

                 Freetrade Exit and Share Repurchase Programme

   Molten Ventures  (LSE:  GROW, Euronext  Dublin:  GRW), a  leading  venture
   capital firm investing  in and developing  high-growth digital  technology
   businesses, today announces that  Freetrade, the fast-growing,  commission
   free self-directed investment platform, has agreed terms to be acquired by
   the FTSE 250  company IG Group  (LSE: IGG) which  provides online  trading
   platforms and educational resources around the globe.

   Molten first invested  in Freetrade  in the Series  A in  2019. This  deal
   values Molten's stake 17% above the 30 September 2024 holding value of £17
   million and will deliver a  1.5x multiple on invested capital.  Completion
   is subject to  regulatory approvals, with  proceeds currently expected  in
   mid-2025.

   Including the  anticipated proceeds  from  this transaction,  the  Group's
   realisations during  the current  financial year  now stand  at over  £150
   million, subject to regulatory  approval, exceeding the original  guidance
   given of £100 million. These realisations have delivered on average a 2.5x
   multiple on  invested capital  providing further  validation for  Molten's
   valuation process, investment  approach and  active portfolio  management.
   Molten will continue to deploy proceeds from realisations into exceptional
   primary and secondary investments.

   In line with our previously stated intentions to allocate a minimum of 10%
   of realisation proceeds towards share buybacks, Molten Ventures intends to
   commence  a   further  £5   million   share  repurchase   programme   (the
   “Programme”). The Company  will continue  to keep  its capital  allocation
   policy  under   review,  balancing   the   pipeline  of   new   investment
   opportunities against the ability to drive returns to shareholders through
   the Programme whilst maintaining sufficient reserves.

   Ben Wilkinson, Chief Executive Officer of Molten Ventures, commented:

   "As part of our  approach to active portfolio  management, we have  worked
   closely with Freetrade over the years to support their growth and success.
   This exit is a strong start to 2025 for Molten and our ability to back and
   scale leading digital  businesses. The additional  capital resources  will
   enable us to  commence a further  share repurchase programme,  recognising
   the prevailing discounted levels of our shares.”

                                     -ENDS-

   Enquiries

   Molten Ventures plc
                                                       +44 (0)20 7931 8800
   Ben Wilkinson (Chief Executive Officer)
                                                        1 ir@molten.vc
   Andrew Zimmermann (Interim Chief Financial Officer)
   Deutsche Numis

   Joint Financial Adviser and Corporate Broker

   Simon Willis                                        +44 (0)20 7260 1000

   Jamie Loughborough

   Iqra Amin
   Goodbody Stockbrokers

   Joint Financial Adviser and Corporate Broker,

   Euronext Dublin Sponsor
                                                       +44 (0) 20 3841 6202
   Don Harrington

   Tom Nicholson

   William Hall
   Sodali
                                                       +44 (0)7970 246 725/
   Public relations
                                                       +44 (0)771 324 6126
   Elly Williamson
                                                        2 molten@sodali.com  
   Jane Glover

    

   About Molten Ventures

   Molten Ventures is a  leading venture capital  firm in Europe,  developing
   and investing in disruptive, high  growth technology companies. We  inject
   visionary companies  with energy  to help  them transform  and grow.  This
   energy comes  in many  forms -  capital, of  course, but  also  knowledge,
   experience, and relationships. We  believe it is our  role to support  the
   entrepreneurs who will invent the future, and that future is being  built,
   today, in Europe.

   As at 30  September 2024,  Molten Ventures  had a  diverse portfolio  with
   shareholdings in 100+ companies, 18 of which represent our Core  Portfolio
   holdings and  account for  61%  of the  Gross  Portfolio Value.  Our  core
   companies include Revolut, Thought Machine, Coachhub, Form3, Aiven, Ledger
   and  Aircall.  We  invest  across  four  sectors:  Enterprise  Technology,
   Hardware  and  Deeptech,  Consumer  Technology,  and  Digital  Health  and
   Wellness, with  highly experienced  partners  constantly looking  for  new
   opportunities in each. We look for high-growth companies operating in  new
   markets, with  aspirations  for  global  expansion,  strong  IP,  powerful
   technology, and strong management teams  to deliver success. We also  look
   for businesses with  the potential  to generate strong  margins to  ensure
   rapid, sustainable growth in substantial addressable markets.

   Molten Ventures provides a unique opportunity for public market  investors
   to access these fast-growing tech businesses, without having to commit  to
   long term investments with limited liquidity. Since our IPO in June  2016,
   we have deployed over  £1bn capital into fast  growing tech companies  and
   have realised over £600 million to 30 September 2024.

   For            more             information,             go             to
   https://investors.moltenventures.com/investor-relations/plc

    

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BY7QYJ50
   Category Code:  MSCM
   TIDM:           GROW; GRW
   LEI Code:       213800IPCR3SAYJWSW10
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   371372
   EQS News ID:    2070213


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:ir@molten.vc
   2. mailto:molten@sodali.com


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