Business
Update on Investment in NCC
Update on Investment in NCC.
About this update from Kelso Group Holdings Plc
[{"type":"text","content":"\n\n2 August 2024\nKelso Group Holdings Plc (\"Kelso\" or the \"Company\")\nUpdate on Investment in NCC\nKelso, the main market listed acquisition vehicle, notes the announcement made yesterday at 4:30pm by NCC Group plc (\"NCC\"), regarding the disposal of its non-core business based in the Netherlands. NCC is Kelso's largest shareholding, with the Company holding 2.5m shares.\nTerms have been agreed for the sale of NCC's subsidiary, Fox Crypto B.V., to CR Group Nordic AB for a cash consideration of c.£66m. This transaction represents a 16.5x EBITDA multiple.\nThis announcement follows a strong set of preliminary final results from NCC released at 7am yesterday. NCC's net debt position as of 31 May 2024 was £38.5m. The proceeds from the sale will be used to transform NCC's balance sheet, achieving a substantial net cash position.\nKelso continues to believe that the underlying valuation of NCC, with its two discreet businesses in Cybersecurity and Escrow software, is significantly greater than the current market capitalisation.\n \nFor further information please contact:\n\n\n\n\nKelso Group Holdings Plc\n\n\n+44 (0) 75 4033 3933\n\n\n\n\nJohn Goold, Chief Executive Officer\nMark Kirkland, Chief Financial Officer\nJamie Brooke, Chief Investment Officer\n\n\n\n\n\n\n\nZeus (Broker)\n\n\n+44 (0) 20 3829 5000\n\n\n\n\nNick Cowles, Ed Beddows, John Moran (Investment Banking)\nBen Robertson (Corporate Broking)\n\n\n\n\n\n\n\nCamarco (Financial PR)\n\n\n+44 (0) 20 3757 4980\n\n\n\n\nBilly Clegg, Tom Huddart\n\n\n\n\n\n\n\n \nAbout Kelso - https://kelsoplc.com/\nKelso was established in November 2022 to identify, engage and unlock trapped value in the UK stock market. Kelso's strategy is to invest in situations where it believes there is an anomaly between the intrinsic value and prospects of a company and its stock market valuation. Kelso will, in particular, look for situations where it believes the sum of the parts of a business is greater than the current value. The Kelso team is led by an experienced and well-invested Board and management team with a track record of identifying and creating value in the UK small and mid-cap public markets. The board of Kelso owns 20.5% of the equity having invested in each of the last three fundraising rounds.\n\n","length":4691,"tagName":"div"}]