Chysalis (CHRY) has issued a portfolio update this morning following a news article published by Sky News on 16 May 2024 regarding wefox. CHRY says that its investment adviser has been in discussions with wefox management and other shareholders for a number of months and that a plan has been put in place to simplify wefox’s business model to drive it towards profitability. CHRY says that, following these conversations, its investment adviser believes there is a route to ensuring a successful outcome for wefox and CHRY. It also notes that, in recent weeks, wefox has raised approximately €20m, of which CHRY contributed €3m, in support of the plan. As announced on 4 May 2024, CHRY’s valuation of wefox was reduced for the period ending 31 March 2024, where it represented 14.4% (22.1% at 31 December 2023) of CHRY’s net asset value. However, CHRY’s investment adviser says that it continues to consider how best to support wefox achieve its ambitions and is confident of continued shareholder support for the company, if required. Click here to see our coverage of CHRY’s most recent quarterly update.
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