Portfolio Update

RNS Number : 8921E

Artemis Alpha Trust PLC

06 November 2015

 

Artemis Alpha Trust plc (the "Company")

Portfolio Update

A quarterly review of the Company's unquoted portfolio has recently been completed.  The significant change in valuation relates to Reaction Engines Limited ("Reaction").

The Board and Investment Manager note the recent press announcements regarding BAE Systems plc's ("BAE") strategic investment in Reaction.  The terms of this investment are that BAE will invest £20.6 million for a 20 per cent stake in Reaction.  This is at a lower valuation than the Company's current carrying value and in accordance with the Company's valuation policy, the Board has reduced the valuation to reflect to this.  The impact of this change is to reduce the net asset value of the Company by 1.2 per cent.

The Board and Investment Manager believe that this strategic partnership with BAE is a major milestone as it will now allow Reaction Engines access to industrial and capital resources to progress its engine prototype and will support the further commercialisation of the company's propulsion technology in order to realise shareholder value.

For further information, please contact:

Artemis Fund Managers Limited

Company Secretary

Telephone: [phone]

6 November 2015

 

END

 

 

PFUFSUFDMFISEFF