Q3 Results

RNS Number : 1884L

Seraphim Space Investment Trust PLC

12 May 2022

 

SERAPHIM SPACE INVESTMENT TRUST PLC

("SSIT" or "the Company")

Q3 Results

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed SpaceTech Fund, announces its third quarter results for the three-month period ending 31 March 2022.

The full Q3 report can be found at https://investors.seraphim.vc/wp-content/uploads/2022/05/SSIT-Q3-22-Quarterly-Results-FINAL27.pdf , summary below:

Q3 Financial Highlights as at 31 March 2022

· Net assets broadly flat at £250m (vs. £251m previous quarter)

· Slight decrease in net asset value (NAV) per share from 105p to 104p driven by the impact of weak equity markets on the value of listed portfolio companies, principally Arqit, partially offset by the uplift in unlisted portfolio holdings, principally D-Orbit

· Portfolio value of £188m (vs. £183m previous quarter)

· Portfolio fair value stands at 110% of cost

· Liquid resources available of £62m (25% of NAV)

Q3 Investment Highlights

· £6.5 million additional capital deployed across four transactions

· Two new additions to the portfolio bringing portfolio to 23 companies

Transactions Completed During the Quarter

Company	Segment	Sub-sector	HQ	Type	Cost £m
Spire Global	Platforms	Earth Observation	US	Follow-on	2.5
Pixxel	Platforms	Earth Observation	India	New Investment	2.3
Edgybees	Product	Data Platform	Israel	Follow-on	1.5
Undisclosed	Platforms	Space Awareness	US	New Investment	0.2
				Total	6.5

Post Period Highlights

· Investment activity remains high despite market turbulence. Terms have been agreed on several new investments which, subject to the satisfactory completion of due diligence, are expected to complete during the Q4 period to 30 June 2022.

· Areas of current focus include businesses with climate and environmental related applications.

· Fundraising activity within the existing portfolio remains robust with multiple follow-on transactions at an advanced stage.

· Continued expansion of the portfolio over forthcoming quarters is expected, whilst remaining mindful of the ongoing funding requirements of the existing portfolio.

· New Venture Partner Patrick McCall was engaged on 1 May 2022. He was previously chair of Virgin Galactic and Virgin Orbit, having spent 20 years with the Virgin Group. His main role will be to use his operational experience to guide and assist SSIT portfolio companies.

Capital Markets Day

The Company will be hosting a Capital Markets Day in London for institutional investors and equity analysts at 10am today. Institutional investors and equity analysts can register for the in-person event by contacting Deutsche Bank/J.P. Morgan Cazenove or by emailing SEC Newgate at [e-mail] .

Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented:  " Like many pioneering technology companies, SSIT and its listed holdings were not immune to the broader world-wide sell-off of technology and growth stocks, precipitated by rising interest rates, global energy prices, high inflation and Russia's war in Ukraine.

However, we are increasingly optimistic about the Company's prospects. The fundamentals of the SpaceTech market opportunity remain robust, while the SSIT portfolio still shows a 10% uplift versus cost as at 31 March 2022.

Meanwhile, the role of SpaceTech in addressing some of the world's most urgent problems has never been greater. As well as addressing the climate crisis, the sector is also now playing a crucial role in helping to combat Russian aggression in Ukraine, with several of the Company's portfolio companies at the forefront of these efforts. Space is where society has made some of its most brilliant discoveries and greatest achievements. In these troubling times we are all living in, it is once again to the stars that we must look to for answers to our greatest challenges. "

Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said:" We remain satisfied with the performance of the Company and its portfolio. Since IPO, we have deployed a total of £142.3m into 14 companies through a blend of cash investments and additional share issuances. The Company's stable performance for the period is reflective of the strong underlying condition of the portfolio. Most companies are well capitalised and tracking positively against our expectations. With capital reserves of £62m, the Company remains well placed to continue delivering against its objectives."

" Although listed SpaceTech companies, along with listed technology companies in general, have seen their share prices fall in recent months, activity levels in the private capital markets remain high. The last year has seen a steady increase in the number of privately financed SpaceTech transactions closed each quarter, with more than $12bn invested during the 12 months to 31 March 2022. These trends have been reflected in recent portfolio performance, with reductions in the value of listed holdings being offset by gains in private holdings. We are confident our holdings will continue to deliver against the very significant opportunities the Space sector presents."

Media Enquiries

Seraphim Space Manager LLP (via SEC Newgate)
Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough  

SEC Newgate (Communications advisers)                                      [e-mail]  
Emma Kane / Clotilde Gros / George Esmond                                                       [phone]
 

Deutsche Bank 
Gavin Deane / Mark Hankinson / Neil Coleman                                        [phone]
 

J.P. Morgan Cazenove
William Simmonds / Jérémie Birnbaum / Rupert Budge    [phone]
 

Ocorian Administration (UK) Limited  [e-mail]  

Lorna Zimny      [phone]

  Notes to Editors:

Seraphim Space Investment Trust plc is the world's first listed fund focused on SpaceTech. The Company seeks exposure predominantly to early and growth stage privately financed SpaceTech businesses that have the potential to dominate globally and that are category leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.

The Company listed on the London Stock Exchange on 14 July 2021, following an oversubscribed IPO raising £150m of fresh capital.  As 31 March 2022, the Company had net assets of £250m and exposure to 23 SpaceTech companies.

Seraphim Space Investment Trust plc is managed by Seraphim Space Manager LLP.

Further information is available at:  https://investors.seraphim.vc/

 

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