Net Asset Value(s)

RNS Number : 0307S

RIT Capital Partners PLC

12 March 2021

 

RIT CAPITAL PARTNERS PLC (LEI: P31Q1NLTW35JJGHA4667)

12 March 2021

28 February 2021: Net Asset Value

The unaudited diluted net asset value of RIT Capital Partners plc (the Company) as at 28 February 2021 (with debt at fair value) was 2,316p per £1 ordinary share (31 January 2021: 2,296p).

11 March 2021: Coupang IPO

One of the Company's private investments - Coupang, a South Korean e-commerce business - completed an IPO on 11 March 2021 and commenced trading on the New York Stock Exchange under the ticker CPNG.  This investment is held through a co-investment fund managed by an external general partner (GP).  As is typical with such investments, and the private equity industry more generally, the Company's 31 December 2020 valuation of $192.2 million or £140.8 million was based on the most recent valuation received from the GP and was unchanged in the February NAV.  In advance of the receipt of an updated formal notification from the GP, and without having direct access to underlying information, we estimate that the closing price on 11 March of $49.25 per share, would represent an approximate 222% increase in the US dollar value of RIT's investment.  This would be equivalent to an increase in RIT's NAV per share of approximately 195p or 8.4%.  An updated valuation for Coupang will be reflected in the 31 March 2021 NAV (based on Coupang's closing price on that date) which will be released to shareholders in mid-April as normal.

 

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