Portfolio Update

RNS Number : 7643U

Merian Chrysalis Investment Co. Ltd

27 November 2019

 

The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than the United Kingdom and the Republic of Ireland), Canada, Australia, Japan or the Republic of South Africa.

Merian Chrysalis Investment Company Limited

27 November 2019

Merian Chrysalis Investment Company Limited (the "Company")

Portfolio Update

·     Follow-on investment in Embark Group Limited

·     Acquisition of additional shares in TransferWise Limited

·     Portfolio composition

Follow-on investment in Embark Group Limited

The Company today announces a follow-on investment of £12.2 million in Embark Group Limited ("Embark"), to accelerate execution of Embark's ambitious growth plans, including the acquisition of the Zurich platform ("Zurich"). The transaction will comprise an £8 million equity investment and £4.2 million Convertible Loan Note ("CLA"). Subject to regulatory approval of the Company as a controlling shareholder, the CLA will convert to equity. 

Zurich will add c.£11bn of AuA and more than 130,000 clients to Embark, substantially increasing the size of the group.

Richard Watts, co-portfolio manager, comments:

"Since our initial investment, Embark has established itself as a disruptive force in the UK retirement and savings market. Embark will be a £33bn+ AuA franchise with exceptional balance across product, distribution channel and activity type. The acquisition of Zurich is perfectly aligned with the company's growth strategy and we look forward to working with Phil and team as they capitalise on a very material opportunity.''

Acquisition of additional shares in TransferWise Limited

The Company also announces that it has acquired an additional $4.2 million holding in TransferWise Limited from the open-ended UK small- and mid-cap equity funds managed by the Company's Investment Adviser, Merian Global Investors (UK) Limited.

Portfolio composition

Following completion of the investment in Embark, the Company will be approximately 69% invested.

The investment advisory team continues to assess a pipeline of attractive investment opportunities.

-ENDS-

For further information, please contact: Merian Global Investors: Amelie Shepherd	[phone]
Liberum: Gillian Martin / Owen Matthews	[phone]
Maitland Administration (Guernsey) Limited: Elaine Smeja	[phone]

LEI: 213800F9SQ753JQHSW24

A copy of this announcement will be available on the Company's website at https://www.merian.com/chrysalis/. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

This announcement may include "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements.

Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These factors include but are not limited to those described in the formal Prospectus. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.

 

END

 

 

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