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Augmentum Fintech Plc - Portfolio Update

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

13 April 2021

Augmentum Fintech plc

Sale of holding in Dext to Hg for £10.5 million, and a further €2 million investment and €7 million convertible loan note conversion into German fintech Grover

Augmentum Fintech plc (LSE: AUGM) (the “Company” or “Augmentum”), the UK’s only publicly listed investment company focussing on the fintech sector, is pleased to announce two developments within its portfolio.

Disposal of holding in Dext

The Company has sold its holding in Dext (formerly Receiptbank), the UK-headquartered digital bookkeeping platform, to Hg, a leading global software investor, for £10.5 million.

Augmentum invested £7.5 million into Dext in January 2020 and the exit delivers an IRR of 30.5% on the investment. Augmentum’s holding in Dext was valued at the original cost of £7.5 million in the Company’s unaudited interim results to 30 September 2020.

Additional investment in Grover and conversion of CLNs

Augmentum has made a further follow on equity investment of €2 million (£1.7 million) into Grover, the German technology rentals platform. This investment combined with previous investments into €7 million of convertible loan notes, which have now been converted into equity, takes the Company’s participation in Grover’s €60 million Series B funding round to €9 million. This funding round implies a value of Augmentum’s holding in Grover of approximately £12.9 million, which would represent an uplift of approximately £3.2 million compared to the last reported valuation of £8.0 million.

This announcement does not constitute or describe an updated NAV of the Company.*

Tim Levene, CEO of Augmentum Fintech, said: “The disposal of our holding in Dext provides a good return on an investment held for such a short period. The further investment in Grover reflects our continued belief that technology subscription services are poised to become mainstream and follows Grover’s successful roll-out in the Netherlands and imminent expansion into Spain and North America.”

Augmentum Fintech
Tim Levene, Portfolio Manager
Nigel Szembel, Investor Relations


+44 (0)20 3961 5420
+44 (0)7802 362088
nigel@augmentum.vc

Peel Hunt LLP
Liz Yong, Luke Simpson, Tom Pocock
(Investment Banking)

+44 (0)20 7418 8900

Nplus1 Singer Advisory LLP
Harry Gooden, Robert Peel, James Moat
(Investment Banking)

+44 (0)20 7496 3000

Frostrow Capital LLP
Paul Griggs, Company Secretary

+44 (0) 203 709 8733

Notes

*The Company’s NAV

The Company's NAV and NAV per ordinary share as at 31 March 2021 will be calculated in accordance with its valuation policy and is expected to be announced with the Company’s full year results in June 2021. Shareholders should note that the calculation of the NAV per ordinary share as at 31 March 2021 will take account of the latest valuations of all of the Company's investments as at 31 March 2021 and any applicable costs and charges. As such, this announcement does not constitute or describe an updated NAV of the Company.

About Augmentum

Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. 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 and giving public markets investors access to a largely privately held investment sector during its main period of growth.