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DSM: Net Asset Value(s) and Portfolio Update

Downing Strategic Microcap Investment Trust plc
·2-min read

Downing Strategic Micro-Cap Investment Trust Plc

LEI Code: 213800QMYPUW4POFFX69

Net Asset Values and Portfolio Update

The Company announces the following, all of which is unaudited:

Total Assets - including current period revenue* at 18 August 2021

£46.98m

Net Assets - including current period revenue* at 18 August 2021

£46.98m

Number of shares in issue (excluding treasury):

51,479,341

The Net Asset Value (NAV) per share at 18 August 2021 was:

Per Ordinary share (bid price) - including current period revenue*

91.26p

Per Ordinary share (bid price) - excluding current period revenue*

91.10p

Ordinary share price

70.50p

Premium/(Discount) to NAV (including current period revenue)

(22.75%)

* Current period revenue covers the period 01/03/2021 to 18/08/2021 and includes undistributed revenue in respect of that period.

Portfolio Update: Tactus Holdings Limited
The Manager is pleased to report that Tactus Holdings Limited, an unquoted investment in DSM, has received inward investment from the well-known technology investor, Chrysalis Investments Limited ("Chrysalis"). The Chrysalis announcement is available to view here.

To help provide liquidity for this important strategic investment from Chrysalis, which provides future growth finance, DSM has partially exited a small proportion of its position in Tactus Holdings Limited. This includes the full early repayment of the Tactus Loan Notes and accrued interest.

The partial exit plus valuation uplift have resulted in an increase in NAV of 2.07p per share (0.85p realised and 1.22p unrealised), the impact of which is reflected in the NAVs shown in this announcement. The directors have valued the remaining shares, cost £1 million, at £1.6 million which they believe to be fair value, reflecting a discount to this latest investment round reflecting that this investment is unquoted.

The remaining position is DSM is material, at 3.5% of NAV, and the Manager looks forward to supporting the continued progress of this fast growing and successful UK company.