Augmentum Fintech Plc - Notice of Interim Results
PR Newswire
London, November 22
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014
LEI: 213800OTQ44T555I8S71
25 November 2019
Augmentum Fintech plc
Interim Results Publication Date and Portfolio Update
The Board of Augmentum Fintech plc (LSE: AUGM) (the "Company" or "Augmentum"), announces that the publication of the Company's interim results for the period to 30 September 2019 ("Interim Results") will be delayed beyond the indicated date of 26 November 2019.
On 4 December 2018, the Company noted that Zopa Bank Limited, a subsidiary of portfolio company Zopa Group Limited ("Zopa"), had been granted a banking licence with restrictions, and that a full licence was expected to be granted once it meets the conditions set by its regulators. The mobilisation period is typically 12 months.
The Board understands Zopa is pursuing various options around the potential launch of the bank and, as such, the Board has decided to postpone the finalisation of the Interim Results to early December 2019 when there is expected to be greater clarity over the valuation of the Company's holding in Zopa.
Valuation work on the rest of the Company's portfolio as at 30 September 2019 is substantially complete and the Board expects that, subject to final review by the Company's auditors, and excluding the effect of any revaluation of Zopa, there will be an uplift of approximately £10.6 million (after expenses and carried interest accruals) on the adjusted net asset value of £128.0 million (being the last published audited net asset value of £103.1 million as at 31 March 2019 adjusted for the net proceeds of £24.9m from the issue of equity in July 2019).
Investors should note that the Company's NAV and NAV per ordinary share as at 30 September 2019 will be calculated in accordance with its valuation policy and that the calculation of the NAV per ordinary share as at 30 September 2019 will take account of the latest valuations of all of the Company's investments, including any adjustment to the valuation of Zopa. As such, this announcement does not constitute or describe an updated NAV of the Company.
Contacts:
| Augmentum Fintech Tim Levene, Portfolio Manager Nigel Szembel, Investor Relations | +44 (0)20 3961 5420 +44 (0)7802 362 088 / nigel@augmentum.vc |
| Peel Hunt Liz Yong/Luke Simpson | +44 (0)20 7418 8900 |
| Frostrow Victoria Hale, Company Secretary | +44 (0)20 3170 8732 victoria.hale@frostrow.com |
About Augmentum
Augmentum invests in fast growing fintech businesses that are disrupting the banking, insurance, asset management and wider financial services sectors. Augmentum is the UK's only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines.
