Business
Exit, share buyback commencement and new debt...
Exit, share buyback commencement and new debt....
About this update from Molten Ventures Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nMolten Ventures Plc (GROW; GRW)\n\n\n\n\n\n\nExit, share buyback commencement and new debt facility 26-Jul-2024 / 07:00 GMT/BST\n\nMolten Ventures plc(\"Molten Ventures\", “Molten”, “the \"Group\" or the \"Company\")\n\nExit, share buyback commencement and new debt facility\n\nMolten Ventures (LSE: GROW, Euronext Dublin: GRW), a leading venture capital firm investing in and developing high-growth digital technology businesses, today provides the following update. \n\nKey highlights are:\n\nThe acquisition of Endomagnetics (‘Endomag’) by Hologic, Inc has now closed\n Commencement of £10 million Share buyback programme\n The Company has agreed a new debt facility of £180 million for three years from September 2024 to replace the existing £150 million facility which was entering its final year\nEndomag Exit\n\nFurther to the announcement of 12 July in respect of the acquisition of medical technology company Endomag by global leader in women’s health Hologic, Inc, the regulatory review has now been completed and the deal has now closed. Endomag is a medical technology company, based in Cambridge, devoted to improving the global standard of care in breast cancer. Molten first invested in Endomag in 2018 with further capital invested to support its growth in 2020, alongside capital from Molten’s EIS and VCT funds. Transaction proceeds of approximately $46 million are modestly in excess of Molten’s holding value of £35 million and will deliver a 3.9x multiple on invested capital.\n\nShare Buyback Programme\n\nThe announced realisations of Perkbox, Graphcore and Endomag deliver aggregate proceeds of over £70 million, demonstrating good progress towards the anticipated £100 million of realisations this financial year. In accordance with the capital allocation policy outlined in the Company’s final results on 12 June, a further announcement has been released today to commence a share buyback programme for £10 million.\n\nNew Debt Facility \n\nThe Company is pleased to announce that it has agreed a new £180 million net asset value (“NAV”) facility with J.P. Morgan Chase Bank, N.A. (“JPM”) and HSBC Innovation Banking Limited (“HSBCIB”) (the “New Debt Facility”). \n\nThe New Debt Facility will be effective from 7th September 2024 and comprises a £120 million term loan drawn on day one and a revolving cr...