Seraphim Space has authorised a share buyback programme. It hasn’t said how big that will be except to say that it wouldn’t use all of its permission to buyback up to 14.99% of the company. Neither has it set a discount target. [Nevertheless, shareholders will be pleased to see the board take some action to tackle a discount that currently stands at a ridiculous 71.6%].
The company has also published an update on its portfolio. It says that over the year ended 30 June 2023:
- 11 companies successfully closed investment rounds.
- The majority of these rounds were led by new external investors, with Seraphim Space participating in two-thirds of the rounds.
- Six of the investments were made at higher valuations relative to previous rounds, versus only one at a lower valuation.
The statement says that the Seraphim Space portfolio remains well capitalised into the medium-term and the board is confident that the existing £35m cash reserve will be able to support the expected fundraise requirements of the portfolio over the next 12-18 months.
The company expects to provide a more detailed update on trading once the Q2 2023 portfolio company quarterly reporting cycle is completed, ahead of publishing its full-year results in October.
SSIT : Seraphim Space announces buyback