Board clarification in response to stmt by CIP
Chrysalis Investments Limited has issued a clarification regarding its investment in Starling Bank, disagreeing with a statement made by its Investment Adviser, Chrysalis Investment Partners LLP. The company asserts that its governance and representation rights at Starling are governed by the shareholder agreement, and it will retain its existing board observer rights and shareholder rights even after the Investment Adviser's appointment terminates. Chrysalis Investments Limited, having taken legal advice, does not believe that proposed changes to the Starling board, which includes 11 directors, would result in a loss of oversight or an impairment of value, and it does not intend to comment further on other statements made by the Investment Adviser.
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The Company notes this morning's statement from Chrysalis Investment Partners LLP (the "Investment Adviser") which included a reference to Starling Bank.
The Company wishes to clarify that its governance and representation rights at Starling are governed by the Starling shareholder agreement. The Company will retain its existing contractual board observer rights and continue to exercise its rights as a shareholder following a termination of the Investment Adviser's appointment. The Company successfully managed its investment in Starling without a board seat between 2018 and December 2025.
The Starling board comprises 11 directors, of whom Richard Watts (a principal of the Investment Adviser) was nominated to join in December 2025.
Having taken legal advice, the Board does not consider that the proposed changes would result in a loss of oversight over the Company's investment in Starling. Further, it does not consider that an impairment of value would be caused solely by a change in the composition of the Starling board as suggested by the Investment Adviser.
Accordingly, the Board of Chrysalis do not accept the statement made in relation to Starling by the Investment Adviser. The Board does not intend to comment further on the other statements made by the Investment Adviser, and refers shareholders to the announcement published by the Company this morning for the rationale for the Board's confidence in delivering the proposed new strategy of the Company.
| For further information, please contact: Media Montfort Communications: Charlotte McMullen / Imogen Saunders | +44 (0) 7826 547 304 chrysalis@montfort.london |
| Investment Adviser Chrysalis Investment Partners LLP: James Simpson | +44 (0) 20 7871 5343 |
| AIFM G10 Capital Limited: Maria Baldwin | +44 (0) 20 7397 5450 |
| Deutsche Numis: Nathan Brown / Matt Goss | +44 (0) 20 7260 1000 |
| Panmure Liberum: Chris Clarke / Darren Vickers | +44 (0) 20 3100 2222 |
| Barclays Bank PLC: Dion Di Miceli / Stuart Muress / James Atkinson | +44 (0) 20 7623 2323 |
| Rothschild & Co: | +44 (0) 20 7280 5000 |
| Alice Squires / Tim Brenton / Ahmed Jibril | |
| IQEQ Fund Services (Guernsey) Limited: Aimee Gontier / Elaine Smeja | +44 (0) 1481 231 852 |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.