Proposed acquisition of ii by abrdn
3 December 2021
Augmentum Fintech plc
Proposed acquisition of interactive investor by abrdn group
Augmentum Fintech plc (LSE: AUGM) (the “Company” or “Augmentum”), the UK’s only publicly listed investment company focussing on the fintech sector, notes the announcement by abrdn, the FTSE 100 asset manager, that it has agreed to acquire interactive investor, a portfolio investment of the Company. Any such acquisition will be subject, inter alia, to the receipt of the necessary regulatory approvals.
Augmentum’s understanding of the terms of this transaction is that it implies a valuation of the Company’s investment in interactive investor of £42.4 million (30 September 2021: £36.7 million) subject to final adjustments. This would represent an increase of 3.2p over the last published NAV per ordinary share (unaudited) as at 30 September 2021 of 147.7p, and an increase of 2.7p over the NAV per ordinary share after performance fee (unaudited) as at 30 September 2021 of 142.1p.
The Company acquired its interest in interactive investor in March 2018 as part of the seed portfolio at IPO, at a valuation of approximately £3.8 million; and the realisation will represent a multiple of 9x cost and an IRR of 87%.
Augmentum expects this transaction to complete in Q2 2022. This announcement does not constitute or describe an updated NAV of the Company.*
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Augmentum Fintech
Tim Levene, Portfolio Manager Nigel Szembel, Investor Relations |
+44 (0)20 3961 5420 +44 (0)7802 362088 nigel@augmentum.vc |
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Peel Hunt LLP
Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking) |
+44 (0)20 7418 8900 |
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Singer Capital Markets
Harry Gooden, Robert Peel, James Moat (Investment Banking) |
+44 (0)20 7496 3000 |
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Frostrow Capital LLP
Paul Griggs, Company Secretary |
+44 (0)20 3709 8733 |
*The Company’s NAV
The Company's NAV and NAV per ordinary share as at 31 March 2022, both prior to and post performance fee, will be calculated in accordance with the Company’s valuation policy and are expected to be announced with the Company’s full year results in July 2022. Shareholders should note that the calculation of the NAV per ordinary share as at 31 March 2022 will take account of the latest valuations of all of the Company's investments as at 31 March 2022 and any applicable costs and charges. As such, this announcement does not constitute or describe an updated NAV of the Company.
About Augmentum Fintech
Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. Augmentum is the UK’s only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth.
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