DEVC: Portfolio Update
Draper Esprit VCT plc
LEI: 2138003I9Q1QPDSQ9Z97
Portfolio Update
17 September 2021
Draper Esprit VCT plc (“DE VCT”) is pleased to announce that portfolio company, Back Office Technology Ltd trading as Form3 (“Form3”), has completed a $160m Series C funding, with Draper Esprit plc, Goldman Sachs, Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard and 83North all participating in the round. Form3 is a leading platform payment technology provider.
The funding round values DE VCT’s existing shareholding in Form3 at £8.0 million, an uplift of £5.6 million compared to the previous carrying value. This particular uplift equates to an increase in DE VCT’s Net Asset Value per share (“NAV”) of 3.8p per share. The valuation of all unquoted investments in the portfolio will be reviewed for the Half Yearly Report for the six months to 30 September 2021.
The audited NAV as at 31 March 2021 was 50.0p per share. Applying this uplift to the 31 March 2021 NAV gives an updated unaudited NAV of 53.8p per share.
Enquiries:
Grant Whitehouse – Company Secretary – 0207 630 4333
