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QuotedData’s morning briefing 8 July 2021

In QuotedData’s morning briefing 8 July 2021:

  • Dunedin Enterprise (DNE) has entered an agreement to realise its investment in UPOL, the manufacturer of automotive refinish products including body fillers, coatings, aerosols, polishing compounds and consumables. The transaction is subject to regulatory approval and is expected to complete in the second half of 2021. The investment was valued at £10.5m as at 4 May 2021 and proceeds from the sale – including redemptions of loan stock since 31 March 2021 – are expected to amount to £21.8m, consisting of capital of £19.5m and income of £2.3m.

  • Financial technology company, Wise, and a holding of Chrysalis Investments (CHRY), the investment trust that looks for opportunities in the private sector, has today listed on the London Stock Exchange. The company has been valued at nearly £9bn. CHRY’s carrying value of Wise, based on the number of shares at admission, equates to a Wise share price of approximately 511p and the company accounted for approximately 8% of the NAV of the trust. Wise has followed a direct listing route to IPO, which involves no new capital being raised. In order to make sufficient liquidity available to enable the process to proceed, along with other principal shareholders, Chrysalis agreed to sell a small part of its pre-IPO position at the auction clearing price, with the rest of CHRY’s position unencumbered by any selling restrictions. Co-managers, Richard Watts and Nick Williamson, said: “Our engagement with Wise dates back to 2017 – when it was just breaking into profitability – and Wise formed part of Chrysalis’s initial portfolio at IPO. As such, we have observed the significant growth in both revenues and profits delivered by Wise for our investors. This has resulted in a rising valuation for Wise and we wish Kristo, Taavet and the team much success in the listed environment as they continue their mission of increasing access to significantly cheaper foreign exchange channels.”

We also have full year results from JPMorgan Global Core Real Assets and a trading update from Great Portland Estates.

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