REG - Molten Ventures VCT - Portfolio Update

Molten Ventures VCTAnnouncement

01/05/2024 16:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240501:nRSA8846Ma&default-theme=true

RNS Number : 8846M  Molten Ventures VCT PLC  01 May 2024

Molten Ventures VCT plc

("Molten", the "VCT" or the "Company")

Legal Entity Identifier: 2138003I9Q1QPDSQ9Z97

Hologic Inc. to acquire Endomagnetics for approx. $310m

 

Molten Ventures VCT plc (LSE: MVCT), a leading Venture Capital Trust investing
in and developing high growth digital technology businesses, notes the
announcement released by Hologic, Inc. (Nasdaq: HOLX), a global leader in
women's health, that it is has signed a definitive agreement to acquire
Endomagnetics Ltd. (ÔEndomagÕ). The acquisition, which is subject to
regulatory approval as well as working capital and other customary closing
adjustments values Endomag at approximately $310m.

https://www.londonstockexchange.com/news-article/GROW/hologic-inc-to-acquire-endomagnetics/16446345
(https://www.londonstockexchange.com/news-article/GROW/hologic-inc-to-acquire-endomagnetics/16446345)

Endomag is a medical technology company, based in Cambridge, devoted to
improving the global standard of care in breast cancer. Its products include
the Magseed¨ marker for magnetic tissue localisation before surgery, the
Magtrace¨ lymphatic tracing injectable for breast cancer staging and the
Sentimag¨ platform, which supports both localisation and lymphatic tracing.

Molten VCT first invested in Endomag in July 2018, with investment alongside
the balance sheet of Molten Ventures plc (the parent company of the VCT
Manager) and Molten VentureÕs separate EIS funds. Follow-on funding was
provided to support EndomagÕs continued growth in 2020. The deal values
Molten VCTÕs stake in Endomag modestly above its last released September 2023
interim holding value of £8.69million.

In its recent interims, published 14 December 2023, Molten noted ÒWe are
hopeful that conditions will begin to improve in 2024 and that we may now be
approaching a point in the cycle when excellent investment opportunities in
the sectors in which your Company operates are available at attractive prices
which can drive strong performance in the futureÓ

David Brock, Chairman of the VCT, commented:

ÒThis transaction demonstrates our ability through our VCT Manager to support
innovative businesses as they scale and create value for our shareholders
through the cycle.

These proceeds bolster the VCTs distributable reserves which are available for
paying dividends and share buybacks. We will provide an update in respect of
these anticipated proceeds at the time of the VCTs full year results which are
due to be released towards the end of July 2024.Ò

 

-ENDS-

 

About Molten Ventures VCT

 

Molten Ventures VCT is a leading VCT developing and investing in disruptive,
high growth technology companies through its VCT Manager Molten Ventures plc
(LSE: GROW, Euronext Dublin: GRW).

 

Over the past six years, Molten Ventures plc has scaled its platform to enable
access to some of the best deal flow across Europe. The participation of the
VCT alongside co-branded Molten Ventures plc investment partners enable the
VCT to obtain access to private technology company fundraisings that are
rarely accessible to individual investors.

 

As at 30 September 2023, Molten Ventures VCT had a diverse portfolio and has
invested over £45 million into 39 technology companies. We invest across four
sectors: Enterprise Technology, Hardware and Deeptech, Consumer Technology,
and Digital Health and Wellness, with highly experienced partners constantly
looking for new opportunities in each. We look for high-growth companies
operating in new markets, with aspirations for global expansion, strong IP,
powerful technology, and strong management teams to deliver success. We also
look for businesses with the potential to generate strong margins to ensure
rapid, sustainable growth in substantial addressable markets.

 

The VCT therefore gives investors a rare opportunity to invest in private
companies, in their high growth phase, that have the possibility to be
breakthroughs in their field and become attractive candidates for acquisition,
or IPO, with valuations from $50 million to $1 billion+.

 

For more information, go
to https://investors.moltenventures.com/investor-relations/vct
(https://investors.moltenventures.com/investor-relations/vct)

 

 

 

1 May 2024

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQEFLFBZELBBBV