Business
Sure Ventures plc – Significant increase in NAV
Sure Ventures plc – Significant increase in NAV.
About this update from Mindflair Plc
[{"type":"text","content":"\n\n20 August 2024\nMindflair plc\n(\"Mindflair\" or the \"Company\")\nSure Ventures plc - Significant increase in NAV\nMindflair plc (AIM: MFAI), the company investing in next generation technology focused on AI, notes the trading update announcement made by its investee company, Sure Ventures PLC (\"Sure Ventures\"), a London listed venture capital fund which invests in early stage software companies, for Q2 2024.\nMindflair has a 23.8% shareholding in Sure Ventures and Sure Ventures has a 25.9% interest in Sure Valley Ventures (\"SVV1\"), in which Mindflair has a 13% direct investment. Consequently, Mindflair has a combined direct and indirect interest in SVV1 of circa 19%.\nThe full text of the announcement released by Sure Ventures is set out below.\n\"\nSure Ventures PLC\nQ2 2024 NAV Calculation and portfolio update\nSure Ventures is a London listed venture capital fund which invests in early-stage software companies in the rapidly growing technology areas of Artificial Intelligence (AI), Augmented Reality ('AR'), Virtual Reality ('VR') and the Internet of Things ('IoT'). We are pleased to provide an update on the Company's investment portfolio.\nSURE VALLEY VENTURES FUND (ICAV)\nSure Ventures made a EUR 7million commitment to Sure Valley Ventures Fund ('Sure Valley') representing an interest in Sure Valley of approximately 25.9%. This commitment was made at a price of EUR 1.00 per share. The current NAV of the Sure Valley Ventures ICAV as of Q2 2024 is EUR 2.02 which is an 85% increase from its NAV as at Q1 2024 and the fund is fully invested.\nSURE VALLEY VENTURES ENTERPRISE CAPITAL FUND (ECF)\nSure Ventures PLC has a £5m commitment and owns approximately 5.8% of the overall fund. This commitment is at an early stage of deployment, with only 19% of this commitment made so far. The current NAV stands at £0.67172 with a portfolio of 5 investments at quarter end.\nSure Valley Ventures Fund (ICAV)\nLandvault\nInfinite Reality agreed to acquire Landvault for US$450 million in an all-share transaction as announced on the 10th of July 2024. SVV1 has a 7% shareholding in Landvault and Sure Ventures PLC owns 25.9% of Sure Valley Ventures (ICAV). The purchase consideration for Landvault would comprise new shares in infinite reality and it is expected that this company will be seeking a listing on Nasdaq in Q3 2...