Portfolio Update

RNS Number : 2548N

Literacy Capital PLC

29 September 2021

 

The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area, Canada, Australia, Japan or the Republic of South Africa.

This announcement contains inside information.

29 September 2021

Literacy Capital plc ("Literacy Capital" or the "Company")

Hometree raises new funding valuing Literacy's stake at a 325% uplift to its carrying value, generating an estimated NAV uplift of 4.5p, or 2.5%, per share for Literacy Capital

Portfolio update

Literacy Capital is pleased to announce that Hometree, a business providing UK homeowners with leading home cover plans for their boilers and heating, has completed a funding round with a new lead investor to raise further equity to support the continued growth of the business.

The transaction values Hometree at a 325% uplift to its carrying value at 30 June 2021. The estimated uplift from this transaction relative to Literacy Capital's net asset value at 30 June 2021 is approximately 2.5%, or 4.5p per share.

Had Hometree, Wifinity and Butternut Box been valued on 30 June 2021, in line with the valuations in this announcement and the two earlier portfolio update announcements made in August and September 2021, the Company estimates that Literacy Capital's net asset value per share on 30 June 2021 would have been 206.5p.

Literacy Capital will not receive any cash consideration nor invest as part of this funding round and will remain a supportive minority shareholder in the business.

Enquires

Singer Capital Markets Securities Limited:

Robert Peel / Amanda Gray

[phone]

Literacy Capital plc / Literacy Capital Asset Management LLP:

Tom Vernon

[phone]

LEI: 2549006P3DFN5HLFGR54

A copy of this announcement will be available on the Company's website at www.literacycapital.com.

 

END

 

 

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