Source - DGAP Regulatory

Edison Investment Research Limited
Edison issues update on Seraphim Space Investment Trust (SSIT): Spacetech enjoying sustained secular tailwinds

04-Dec-2023 / 14:43 GMT/BST
The issuer is solely responsible for the content of this announcement.


 

London, UK, 4 December 2023

 

Edison issues update on Seraphim Space Investment Trust (SSIT): Spacetech enjoying sustained secular tailwinds

Seraphim Space Investment Trust (SSIT) saw a 12-month share price decline of c 30%, while its NAV fell by only 7.1% in FY23 (to end-June 2023), shielded in part by the downside protection embedded in its investments via preference shares and only one down round out of 11 funding rounds completed by SSIT’s portfolio companies in FY23. Moreover, NAV/share rebounded by 3.9% in Q124, driven by FX gains and fair value uplifts on the back of new funding rounds (D-Orbit’s in particular). This resulted in a further widening of the discount to NAV to c 65%, which is now wider than for other listed venture capital (VC)/growth capital trusts and limited partner VC portfolios trading on the secondary market in H123. Both SSIT’s holding-level and portfolio-level liquidity look solid, with end-September cash of £29.7m (13% of NAV) and an average 18-month cash runway across its material holdings.

 

SSIT offers a rare opportunity to invest in a portfolio exclusively composed of early stage spacetech businesses (with c 97% of portfolio value now in private companies), representing a viable alternative to ETFs focused on listed large caps with only partial exposure to the theme. The executive team behind Seraphim Space (Seraphim), SSIT’s investment manager, is made up of pioneers in spacetech investments and the go-to partners for both spacetech businesses seeking funding and investors searching the sector for attractive private companies to invest in. SSIT’s diverse portfolio is now available at a wide discount to NAV.

 
Click here to view the full report.

 

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached – across institutions, family offices, wealth managers and retail investors – Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first company in-market 17 years ago, Edison has more than 100 employees and covers every economic sector. Headquartered in London, Edison also has offices in New York, Sydney and Wellington.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Milosz Papst +44 (0)20 3077 5700 investmenttrusts@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on: 

LinkedIn www.linkedin.com/company/edison-group-/

Twitter  www.twitter.com/Edison_Inv_Res

YouTube www.youtube.com/edisonitv



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The issuer is solely responsible for the content of this announcement.


End of Announcement - EQS News Service

1788873  04-Dec-2023 

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