Net Asset Value(s)

The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than the United Kingdom and the Republic of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

3 December 2019

Merian Chrysalis Investment Company Limited (the "Company")

NAV Announcement

Net Asset Value

The Company announces that as at 30 September 2019 the unaudited net asset value ("NAV") per ordinary share was 113.33 pence.

The above NAV calculation is based on the Company's issued share capital as at 30 September 2019 of 336,742,424 ordinary shares of no par value.

Following the successful raise of £175 million (gross) in September, at a price of 120 pence per share, approximately 54 per cent of the Company's capital was held in cash or cash equivalents as at 30 September 2019.

During the three month period ending 30 September 2019, the Company made new investments in Klarna Holding AB, Sorted Holdings Limited and Embark Group Limited.  Given the proximity of these investments to the period end, the valuations of these holdings are reflected at their investment prices, although it should be noted that Klarna's valuation per share is denominated in Swedish krona and its sterling carrying value is, therefore, sensitive to currency exchange rates.  

It should be noted that the follow-on acquisitions of interests in The Hut Group and TransferWise, were undertaken post period end as part of the transfer from certain open-ended funds managed by Merian Global Investors and that had these acquisitions occurred prior to 30 September, it is estimated that the NAV would have benefited by c0.6p.

Portfolio composition

Following a number of recent transactions, the Company is now approximately 69 per cent fully invested.

As at 28 November 2019, the portfolio composition is as follows:

Source: Merian Global Investors, as at 28/11/2019, based on current valuations and subject to completion of the follow-on investment in Embark Group Limited announced on 28/11/2019 Due to rounding the figures may not add up to 100%.

The investment advisory team continues to pursue a pipeline of compelling investment opportunities. 

Richard Watts, co-portfolio manager, commented:

"Just a year on from launch, Merian Chrysalis is already recognised as one of the main vehicles for access to disruptive, high-growth unlisted companies. The fantastic response to our recent Placing demonstrates the strong demand for this asset class and means we are in an excellent position to capitalise on our strong investment pipeline." 

Factsheet

An updated Company factsheet will be available on the Company's website in due course:  https://www.merian.com/chrysalis/

-ENDS-

LEI: 213800F9SQ753JQHSW24

A copy of this announcement will be available on the Company's website at https://www.merian.com/chrysalis/.

This announcement is for information purposes only and is not an offer to invest. All investments are subject to risk.  Past performance is no guarantee of future returns.  Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision.  The value of investments may fluctuate.  Results achieved in the past are no guarantee of future results. 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.