Chysalis to raise follow-on funds via 238p-a-share placing
By Frank Prenesti
Date: Wednesday 01 Dec 2021
(Sharecast News) - Investment trust Chrysalis on Wednesday said it was looking to raise new funds via a placing at 238p a share to drive the performance of existing assets in current portfolio companies.
The Issue Price represents a 1.7% premium to the pro forma net asset value per share of the company at November 30.
Chrysalis said the current effective number of investments is at the bottom end of its investment adviser's target range of 15 - 20, "offering the opportunity to selectively add new holdings".
"Given the opportunity set available to the Investment Adviser, it believes a capital raise of £125m would give it the funding required to execute the majority of the likely follow-on opportunities available to the company into early-2022," Chrysalis said.
"Considering the total pipeline, including some of the larger new investment opportunities, the investment adviser believes the company could readily invest up to £175m of fresh capital, with the aim of both accelerating growth in the portfolio, and to selectively add new investments."
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