Draper Esprit PLC Acquisition of Elderstreet Investments Limited (0007Q)
24 November 2016 - 6:01PM
UK Regulatory
TIDMGROW TIDMEDV
RNS Number : 0007Q
Draper Esprit PLC
24 November 2016
For immediate release: 07.00, 24 November 2016
DRAPER ESPRIT PLC
("Draper Esprit" or the "Company")
ACQUISITION OF AWARD WINNING VCT MANAGER
ELDERSTREET INVESTMENTS LIMITED
Draper Esprit (AIM: GROW, ESM: GRW), one of the leading venture
capital firms involved in the creation, funding and development of
high-growth digital technology businesses, announces that it has
acquired a 30.77% stake in Elderstreet Holdings Limited, the
holding company of Elderstreet Investments Limited ("Elderstreet"),
with an option to acquire the balance of the Elderstreet shares in
due course. Elderstreet, a leading UK Venture Capital Trust ("VCT")
manager, manages Elderstreet VCT plc ("Elderstreet VCT") which
currently has assets in excess of GBP25 million.
Elderstreet provides early stage, development and growth capital
for ambitious UK businesses, in most industry sectors with a focus
on software and computer services. In 2014, it won the Investment
Company of the Year Awards and was VCT Fund Manager of the Year in
2009 and 2010.
The initial consideration has been satisfied by the issue of
73,667 new ordinary shares of one pence each in the capital of the
Company (the "Consideration Shares"). The Consideration Shares will
be subject to an 18 months lock-in (subject to customary
exceptions). Application will be made for the Consideration Shares
to be admitted to AIM and ESM, with trading expected to commence on
29 November 2016 ("Admission"). Upon Admission, the Consideration
Shares will rank pari passu in all respects with the existing
Ordinary Shares of the Company. Following the issue of the
Consideration Shares, the Company's issued share capital consists
of 40,747,576 Ordinary Shares.
Following the acquisition, Simon Cook, CEO of Draper Esprit, has
joined the board and the investment committee of Elderstreet.
Simon Cook, CEO Draper Esprit commented: "We have acquired a
stake in a leading VCT manager in the UK, who share our core
investment philosophy and we are delighted to be working with the
experienced Elderstreet team. We can now offer to investors access
to high growth technology companies through a range of vehicles
from EIS funds, to VCTs and an ISA qualifying listed evergreen
patient capital vehicle with combined assets of over GBP350m.
Draper Esprit is now firmly on the map as one of the major European
managers of technology venture capital and growth capital with a
long history of successful acquisitions such as 3i's European VC
portfolio, Prelude Investment Trust, Top Technology fund and
Cazenove's VC fund."
Michael Jackson, Chairman Elderstreet Investments Limited added:
"Draper Esprit and Elderstreet are well-aligned in terms of
investment strategy and most importantly a culture of active asset
management in the unquoted companies sector. For our VCT
shareholders this co-investment agreement brings enhanced deal flow
and the ability to invest alongside Draper Esprit funds into larger
more established fast growing businesses. Given the recent changes
in VCT rules imposed last year we view the deal as a positive step
forward for our VCT shareholders".
Draper Esprit will announce interim results for the six months
ended 30 September 2016 on Monday 28 November 2016.
-*ends*-
Enquiries
Draper Esprit plc
Simon Cook (Chief Executive
Officer) +44 (0)20 7931 8800
Numis Securities
Nominated Adviser & Joint
Broker
Alex Ham
Richard Thomas
Paul Gillam +44 (0)20 7260 1000
Goodbody Stockbrokers
ESM Adviser & Joint Broker
Don Harrington
Linda Hickey
Dearbhla Gallagher +353 1 667 0420
Belvedere Communications
(PR)
John West
Kim van Beeck +44 (0)20 3567 0510
Notes to Editors
Draper Esprit (www.draperesprit.com) was founded in 2006, and is
one of the largest and most active VC firms in Europe, helping
entrepreneurs to build global ground-breaking technology
companies.
In 2016 it moved its primary funds into a listed PLC model (LSE:
GROW.L) in order to take a longer term, multi-stage, patient
capital approach. In recent years, Draper Esprit's exits have
generated more than $4 billion in combined enterprise value.
Draper Esprit is the exclusive European member of the Silicon
Valley-based Draper Global Network with offices around the world,
with portfolio companies including Baidu, Skype, Space X, Tesla and
other world leading companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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