REG - Seraphim Space I.T. - Sale of Early-Stage Portfolio Companies

Seraphim Space Investment TrustAnnouncement

22/04/2024 07:00

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RNS Number : 4125L  Seraphim Space Investment Trust PLC  22 April 2024

SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")

Seraphim Space Investment Trust plc (LSE: SSIT, the "Company"), the world's
first listed SpaceTech investment company, announces the sale of 100% of its
interest in nine early stage portfolio companies (the "Early Stage Portfolio")
to Seraphim Space Ventures II LP (the "Venture Fund"), a new private venture
capital vehicle managed by Seraphim Space Manager LLP (the "Manager") for a
total consideration of £3.8 million to be settled through the issuance of an
interest for SSIT in the Venture Fund (the "Transaction"). The Venture Fund
will invest during its ten-year life in seed and series A stage SpaceTech
companies globally.

The Early Stage Portfolio comprises all early stage investments made by SSIT
since its IPO in July 2021 and has been valued in aggregate at £3.8 million
by an independent valuation agent, Azets. The valuation is as at 31 December
2023, adjusted for accrued loan note interest (where relevant) for the three
months ended 31 March 2024 and the valuation of a recent transaction in one
company. The assets were acquired by SSIT for a total cost of £3.5 million.
The Early Stage Portfolio represented 1.7% of NAV as at 31 December 2023, and
there is no change to NAV as a result of the Transaction.  This one-off
transaction represents 100% of SSIT's commitment to the Venture Fund and SSIT
will not make any further commitments to it. SSIT will not incur any
management fees or be subject to carried interest as a limited partner in the
Venture Fund.

The Venture Fund's focus on investing in early stage SpaceTech businesses is
expected to complement the Company's investment strategy which remains focused
on growth stage opportunities.  Through the Transaction, the Company will get
continued exposure to the Early Stage Portfolio as well as a broader pool of
early stage companies that the Venture Fund is expecting to invest into,
thereby providing the Company with a ready-made pipeline of future growth
round investment opportunities.

Please see the Manager's announcement here
https://seraphim.vc/news/seraphim-press-release/
(https://seraphim.vc/news/seraphim-press-release/) for further information
about the Venture Fund.

Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented:

"The strategic decision to divest the Early Stage Portfolio has the dual
benefit of enabling SSIT to concentrate its resources on its more mature
assets, whilst also building a larger pipeline for future growth round
investments via the Venture Fund's wider portfolio of early stage SpaceTech
companies. Hence we consider this transaction to be a win-win for SSIT's
shareholders."

- Ends -

Media Enquiries

 Seraphim Space Manager LLP (via SEC Newgate)
 Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough
 SEC Newgate (Communications advisers)                      seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk)
 Clotilde Gros / Bob Huxford                                +44 (0) 20 3757 6767
 Deutsche Numis
 Mark Hankinson / David Benda / Gavin Deane / Neil Coleman  +44 (0) 20 7545 8000
 J.P. Morgan Cazenove
 William Simmonds / Jérémie Birnbaum / Rupert Budge         +44 (0) 20 7742 4000
 Ocorian Administration (UK) Limited                        seraphimteam@ocorian.com (mailto:seraphimteam@ocorian.com)
 Lorna Zimny                                                +44 (0) 28 9078 5880

Notes to Editors

About Seraphim Space Investment Trust plc

Seraphim Space Investment Trust plc (the "Company") is the world's first
listed fund focused on SpaceTech. The Company seeks exposure predominantly to
early and growth stage private financed SpaceTech businesses that have the
potential to dominate globally and that are sector leaders with first mover
advantages in areas such as climate, communications, mobility and cyber
security.

The Company is listed on the Premium Segment of the London Stock Exchange.

Further information is available at: https://investors.seraphim.vc
(https://investors.seraphim.vc/) .

About Seraphim Space Manager LLP

Seraphim Space Manager LLP ("Seraphim Space" or the "Manager") is based in the
UK and manages Seraphim Space Investment Trust plc.

Further information is available at www.seraphim.vc (http://www.seraphim.vc/)
.

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