Seraphim Space Investment Trust plc, a newly established closed-ended investment company which will invest in a diversified international portfolio of early and growth stage Space Tech businesses, is pleased to announce that it has successfully raised gross proceeds of approximately £178.4 million pursuant to the Initial Issue of its ordinary shares ("Ordinary Shares") as described in the prospectus published by the Company on 22 June 2021.
The Initial Issue comprises:
- Gross proceeds of £150 million by way of the Initial Placing, the Offer for Subscription, Direct Subscriptions (other than any Direct Subscription in connection with the Company's acquisition of the Initial Portfolio) and the Intermediaries Offer (the "Capital Raise"); and
- Gross proceeds of approximately £28.4 million by way of Direct Subscriptions in connection with the Company's acquisition of the Initial Portfolio.
The Capital Raise was oversubscribed with demand exceeding the target fundraise amount of £150 million. Accordingly applications were scaled back so that commitments under the Capital Raise equal the £150 million target amount.
As previously announced, on or before 31 December 2021, the Company will also acquire stakes in four Space Tech businesses (the "Retained Assets") upon the completion or termination of currently pending corporate activity in relation to those assets. Assuming the successful completion of these transactions currently underway, the Company's investment manager, Seraphim Space (Manager) LLP (the "Manager" or "Seraphim"), estimates approximately £70 million of value relating to the Retained Assets could be acquired by the Company. This will:
· Bring the total potential value of the seed assets to be acquired to approximately £100 million; and
· Imply total gross proceeds pursuant to the Initial Issue and the acquisition of the Retained Assets of approximately £250 million.