Molten Ventures VCT plc · LSE:MVCT
Molten Ventures VCT — Molten Ventures — H1 FY2024 Earnings Presentation
24 slides from Molten Ventures VCT's earnings presentation, Dec 1, 2023
Slide 1: Interim Results FY24, Fundraising & Proposed Acquisition
Molten Ventures plc Interim Results FY24 Fundraising & Proposed Acquisition 1 December 2023 moltenventures.com
Slide 2: Disclaimer
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Disclaimer By attending the meeting where this presentation is made, or by reading this document, you agree to be bound by the limitations set out below. This document has been prepared by Molten Ventures plc ("Molten Ventures" or the "C
Slide 3: Meet the Speakers
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Meet the Speakers Martin Davis Ben Wilkinson CEO CFO 3
Slide 4: Introduction
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Introduction Molten Ventures plc (the “Company” or “Molten”) is a leading venture capital investor that invests through a combination of its balance sheet and acting as an investment manager for third-party investors • Molten has a stron
Slide 5: A unique, resilient model
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition A unique, resilient model Stages ESG Our platform and deployment strategies allow us to invest from seed through to Investments are made pre-IPO, supporting the best companies as they grow. Our third party assets and income, Thousands in
Slide 6: Highlights at September 2023
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Highlights at 30 September 2023 £1,299m* £1,124m 735p -4%* Gross Portfolio Value Net Assets NAV per share Gross Portfolio fair value decrease (31 March 2023: £1,371) (31 March 2023: £1,194m) (31 March 2023: 780p) (31 March 2023: -16%) £1
Slide 7: PLC deployment totals £17m for HY '24
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Capital deployed by deal type PLC deployment totals £17m for HY ’24 £2m £2m £8m £5m deployed into deployed into deployed into deployed into new investments follow-ons fund of funds Earlybird Capital deployed by deal type £2m £5m £2m 2023
Slide 8: Cash realisations and returns on the portfolio
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Cash realisations and returns on the portfolio • 30% average return on opening gross portfolio value (for financial years since IPO) - our target is 20% fair value growth through the cycle • 16% average cash realisations on opening portf
Slide 9: Returns Track Record since 2016 IPO
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Key Fully realised Returns Track Record since 2016 IPO Partially realised Accessed via strategic relationships with Earlybird or Seedcamp Returns Multiple* No return / at 0x < 1x 1x < 3x 3x+ world stores ^ % of Invested Capital** 12% 24%
Slide 10: Portfolio resilience
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Portfolio resilience Core value - Weighted average revenue growth HY-24 350,000.00 60% • Weighted average revenue growth of over 55% for the Core (with forecast growth of 50% for full year 2024) 50% 300,000.00 50% • Well-funded portfolio
Slide 11: Fundraising & Proposed Acquisition of Forward Partners
Fundraising & Proposed Acquisition of Forward Partners 11
Slide 12: Fundraising and Proposed Acquisition
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Fundraising and Proposed Acquisition Equity fundraise Proposed Acquisition of Forward Partners Group plc £55m institutional placing (via Accelerated Book Build) Recommended all-share offer for the issued and to be issued share capital of
Slide 13: Rationale for Placing and Use of Proceeds
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Rationale for Placing and Use of Proceeds • Existing balance sheet strength reflects the Company’s strong capital allocation discipline, however, has limited its ability to make new and follow-on investments • As the valuation environmen
Slide 14: Molten Ventures Secondaries Deal Performance Summary
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Molten Ventures Secondaries Deal Performance Summary Pre-IPO Post-IPO Total Post IPO plc Molten Secondary Fund Secondary Funds Track Transactions Pre- & Post-IPO Record Transaction Date Sep-09 Nov-17 Feb-19 Feb-19 # Assets 23 41 10 11 62
Slide 15: An attractive secondary opportunity: Forward Partners strategic rationale
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition An attractive secondary opportunity: Forward Partners strategic rationale Forward Partners has a balanced portfolio of 43 assets, well positioned in the context of evolving market trends. Gross Portfolio Value of £76.9m, NAV per share of
Slide 16: An overview of Forward Partners
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition An overview of Forward Partners A large and diversified portfolio Key stats1 • As at 30 June 2023, Forward Partners’ portfolio is comprised of 43 active companies £76.9 million £90.5 million • Well-balanced UK Venture Capital portfolio s
Slide 17: Outlook
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Outlook • Despite continuing challenging market conditions, Molten Ventures stable investment team and deep levels of experience and expertise; scalable and adaptable model; active approach to portfolio management; and strict focus on ca
Slide 18: Q+A
Q+A Contents Get in touch Investor Portal: https://investors.moltenventures.com/ Newsletter Sign-up: https://www.moltenventures.com/sign-up/investors Email: ir@molten.vc 18
Slide 19: Appendix 1: Additional information
Appendix 1 Additional information 19
Slide 20: Molten: Valuation methodologies
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Molten: Valuation methodologies Valuation methodologies as % of Total Portfolio • For investments valued using revenue market multiples, the multiple range for these investments 60% were between 1.1x – 12.5x and a weighted average multip
Slide 21: Proposed Acquisition timetable
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Proposed Acquisition timetable Rule 2.7 announcement November 2023 Scheme document posted to Forward Partners shareholders December 2023 Forward Partners shareholder vote January 2024 Completion of Acquisition Expected in February 2024 (
Slide 22: Forward Partners
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Forward Partners Well-balanced UK VC Portfolio – 1/3 Core, Established and Emerging1 Applied AI eCommerce Marketplace Other tech Source: Forward Partners interims results June 2023 22 (1) Forward Partners defined categories
Slide 23: Overview of Forward Partners' top assets
IMC: Interim Results FY24 | Fundraising | Proposed Acquisition Overview of Forward Partners’ top assets Sector / Fair value / Sub-Sector1 Fair value2 Money raised2 Investment2 Ownership2 In April 2022, the company announced a $33m funding round. Other tech 3D design software £9.8m Forward Partners p
Slide 24: Thank you
Thank you Contents Contact us Investor Portal: https://investors.moltenventures.com/ Newsletter Sign-up: https://www.moltenventures.com/sign-up/investors Email: ir@molten.vc Telephone: +44 (0)20 7931 8800 London Office 20 Garrick Street London WC2E 9BT Dublin Office The Merrion Buildings 18-20 Merri