8th May 2025 15:11
(Alliance News) - Chrysalis Investments Ltd on Thursday said its net asset value fell in the first quarter but said the portfolio "continues to perform well," as it set out plans for a new shareholder consultation.
The Guernsey-based investment firm said net asset value per share was 152.62 pence on March 31, down 2.6% from 156.62 pence at the end of December 2024.
The firm said a decrease in fair value of the portfolio accounted for 4.30p per share with a 1.70p per share reduction from a foreign exchange headwind. It said the share buyback led to 2.40p of accretion.
"Overall, the portfolio continues to perform well. The top five assets now account for 81% of net assets (85% of the portfolio) mainly due to the sale of Graphcore and Featurespace," said Chrysalis Investment Partners LLP Managing Partners Richard Watts and Nick Williamson.
The managing partners said they see "a substantial opportunity to grow NAV over the coming years," supported by major assets which are well-placed "to capitalise on various growth opportunities and structural tailwinds".
Chrysalis noted its disappointment that recent stock market volatility has delayed the initial product offering of Klarna Group PLC.
The company said if the IPO proceeds at or above carrying value it could generate GBP125 million or more in marketable securities or cash for the company.
Chrysalis said due to its improved liquidity visibility it has reviewed its three-year business plan and will propose amendments to the capital allocation policy for consideration at its 2026 annual general meeting.
The company said the board is pleased that its share price has risen by 11% since the 2024 AGM, outperforming the FTSE 250 and "many of its peers".
"While it is difficult to isolate the precise impact of the buyback programme, this relative performance - against a volatile macroeconomic backdrop - is encouraging," the company noted.
The firm said it has received a letter from its largest shareholder Asset Value Investors Ltd, requesting that a continuation vote be proposed at the 2026 AGM, ahead of 2027 as scheduled.
In light of the letter, Chrysalis said it will put forward a resolution to the 2026 AGM to seek reaffirmation of the current capital allocation plan or propose amendments to it.
It said the board has decided to conduct a "more formal consultation" to collate the views of as many shareholders as possible.
The findings of the consultation will be published in the fourth quarter of 2025.
Shares in Chrysalis Investments were up 3.5% at 98.10 pence in London on Thursday afternoon.
By Michael Hennessey, Alliance News reporter
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