By Daniel Lanyon on Wednesday 25 September 2019
The fintech focused investment trust has made a number of investments into firms disrupting banking, insurance, asset management and the wider financial services sector.
The fund’s investment in Tide comprised a number of convertible instruments, which now impl a revised valuation of approximately £14.2m.
In a stock market update, the trust said: “This implied valuation would represent a total uplift of approximately £4.2 million compared to the carrying value of the Company’s investment in Tide (being the last reported fair value of the Company’s holding of £4.975 million as at 31 March 2019 combined with the Company’s £5 million further investment into Tide in June 2019).”
The implied valuation equates to an increase of approximately 3.6 pence per ordinary share to the Company’s last reported net asset value (“NAV”) per ordinary share of 109.6 pence as at 31 March 2019.