In QuotedData’s morning briefing 22 April 2024:
- Menhaden Resource Efficiency (MHN) has announced that it has completed a new private investment with KKR in Avantus, the leading solar and energy storage developers in the United States. The initial investment of $17.5m equates to 10.0% of MHN’s NAV. The portfolio manager believes the deal is highly opportunistic and expects it to generate returns significantly in excess of public equity markets.
- Seraphim Space Investment Trust (SSIT) announced the sale of 100% of its interest in nine early stage portfolio companies to Seraphim Space Ventures II LP, a new private venture capital vehicle managed by Seraphim Space Manager LLP for a total consideration of £3.8 million, 1.7% of SSIT’s NAV. The transaction will be settled through the issuance of an interest for SSIT in the Venture Fund, giving SSIT a continued exposure to the companies as well as a broader pool of early stage companies that the Venture Fund is expecting to invest into. The companies were initially acquired by SSIT for £3.5m.
- Chrysalis Investments (CHRY) saus that it has not been satisfied with the limited responses received from Revolution Beauty and its legal advisers to date, and has now issued draft particulars of claim to Revolution Beauty on 19 April 2024. These note a claim of £39m, together with a claim for consequential losses of a further £6.2m. The company considers that it has a strong case and is willing to pursue it. [Clearly, there is no guarantee of success here and there may be legal costs associated with the claim, but £45.2m would amount to an extra 7.9p on the NAV.]