Schroders Cap Glbl - Update on Atom Bank
03/11/2023 15:33
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231103:nRSC3887Sa&default-theme=true RNS Number : 3887S Schroders Capital Global Innovation 03 November 2023 Schroders Capital Global Innovation Trust plc Update on Atom Bank Schroders Capital Global Innovation Trust plc (the "Company") announces that its portfolio company Atom Bank, the UK app-based bank, has raised £100 million in new equity capital from existing shareholders BBVA, Toscafund and Infinity Investment Partners. The funds will be used to accelerate lending and balance sheet growth as the bank continues to scale. Following this news, the Company's AIFM has revalued the holding in Atom Bank to £23.1 million. This revaluation will result in a negative fair value impact of £8.6 million relative to the holding value as of 30 June 2023 (£31.7 million) and will be reflected in the daily unaudited NAV as of 3 November 2023¹. The valuation implemented represents a discount to the valuation of the fundraise. The Company's AIFM is in the process of performing its quarterly revaluation of the portfolio's unlisted assets, with a statement on the Company's revalued portfolio as at 30 September 2023 to be published in due course. Tim Creed, Lead Portfolio Manager, and Harry Raikes, Co-Portfolio Manager commented: "Whilst the valuation impact of this fundraise is disappointing in the short term, this significant investment is a good signal of confidence in Atom Bank. The company now has the capital to scale up and demonstrate the operating efficiency of its platform. Although much work remains, Atom Bank is one step closer to a planned future liquidity event". ¹ Expected to be published on 6 November 2023. Enquiries: Schroder Investment Management Limited Shilla Pindoria (Company Secretary) 0207 658 6000 Augustine Chipungu (Press) 0207 658 2106 John Spedding (Head of Investment Trusts) 0207 658 3206 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END UPDFZMGMKFMGFZM