Business
Additional Investment in Sure Ventures plc
Additional Investment in Sure Ventures plc.
About this update from Mindflair Plc
[{"type":"text","content":"\n\n5 August 2024\nMindflair plc\n(\"Mindflair\" or the \"Company\")\nAdditional Investment in Sure Ventures plc\nMindflair plc, the company that invests in next-generation technology focused on AI, announces that it has agreed to subscribe £300,000 for 315,790 new shares (the \"Subscription\") in Sure Ventures plc (\"SV plc\") at a price of 95 pence per share.\nPrior to the Subscription, Mindflair held 1,501,000 ordinary shares in SV plc, representing a 20.5% shareholding which it acquired in February 2021 through the issue of its own equity at a price of 13.6 pence per share. \nSV plc's principal asset is a 25.9 % shareholding in Sure Valley Ventures Fund (\"SVV1\"). Mindflair already has a 13% direct interest in SVV1 and a 5.3% indirect interest in SVV1 via its current holding in Sure Ventures plc. SVV1 is both closed to new investment and has entered its realisation phase. In addition, the Subscription has also increased the Company's indirect interest in the Sure Valley Ventures UK Software Technology Fund (\"SVV2\").\nThe recent announcement of the sale of one of SVV1's portfolio companies, Landvault, in which SVV1 has a 7% interest, to Infinite Reality for US$450 million, could potentially generate a very significant uplift in the carrying value of this investment with a realisation expected to follow thereafter if this company implements its IPO on Nasdaq. Based on the figures set out above, this disposal generated a circa 470% uplift on SVV1's carrying value of Landvault as at 31 December 2023 and an increase in the net asset value of SVV1 compared to the value at 31 December 2023. Infinite Reality is now also on the Crunchbase Unicorn Board list of the most valuable private companies in the world. In addition, SVV1 has a number of other exciting portfolio companies which have the potential to generate significant returns.\nAs at 2 August 2024, SV plc traded at a slight premium of circa 13% to its last reported NAV of 82.5 pence per share as at 31 March 2024, however, this NAV excludes the very significant uplift to NAV expected as a result of the sale of Landvault. A recent RNS issued by SV plc on 11 July 2024 estimates that its NAV could increase by 60% to 70% as a result of this disposal. Furthermore, due to SV plc being an investment trust, it is required to distribute ...