Schroder UK Public Private Tst plc Asset Sale (0381U)
01 December 2021 - 11:59PM
UK Regulatory
TIDMSUPP
RNS Number : 0381U
Schroder UK Public Private Tst plc
01 December 2021
Schroder UK Public Private Trust plc
Asset Sale
Schroder UK Public Private Trust plc (the "Company") notes that
Seedrs has entered into an agreement to be acquired by Republic,
the U.S. based private investment platform, for approximately $100
million in a mix of shares, cash and carried interest(1) (the
"Republic Acquisition").
The Republic Acquisition is subject to the consent of the
Financial Conduct Authority ("FCA") and shareholders of Seedrs, and
is expected to be completed in early 2022.
The Company is pleased to announce that it has reached an
agreement for the sale of its holding in Seedrs Limited ("Seedrs")
to a global institutional investment management firm, for GBP12
million in cash ("Asset Sale"). The consideration is payable on
completion, which is subject to consent of the FCA. The Asset Sale
is expected to complete in early 2022, in advance of the Republic
Acquisition.
The Asset Sale is not conditional on the Republic Acquisition,
and provides a full exit from the Company's position for cash while
also expediting the receipt of the proceeds for reinvestment in new
opportunities. The Company intends to use the net proceeds of the
Asset Sale to accelerate its portfolio rebalancing with new
investments into both public and private companies.
On the basis of the terms of the Asset Sale, the Company's AIFM
has increased the valuation of the holding in Seedrs by 29.7% from
GBP9.1 million as at 30 June 2021 to GBP11.8 million as at 30
September 2021.
(1) This part of the consideration is related to the "carry"
fee" that Seedrs earns when investors sell the securities
previously purchased through Seedrs at a profit which will be
carved out of the transaction and paid to existing Seedrs
shareholders and optionholders as it crystallizes in the
future.
Enquiries:
Schroder Investment Management Limited
Estelle Bibby (Press) 0207 658 3431
Gareth Faith (Company Secretary) 020 7658 5264
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END
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