Liquidity and Cash Update
Chrysalis Investments Limited has made a £32.8 million repayment on its Barclays facility due to valuation movements in its portfolio, specifically impacting Klarna's contribution to loan-to-value calculations. This repayment, combined with a prior £10 million prepayment utilizing a make-whole charge exemption, means £42.8 million of the original £60 million loan has now been repaid, leaving £17.2 million outstanding. As of March 6, 2026, the company's liquidity stands at approximately £76.7 million, comprising £30.7 million in cash and cash equivalents and £46 million in listed positions in Klarna and Wise.
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Liquidity Update
Further to the Company's announcement on 19 February 2026 regarding its revised investment policy and its stated intention to repay the Barclays facility in full at its September 2026 maturity, the Company provides the following update.
Under the terms of the Company's existing financing facility with Barclays Bank plc ("Barclays"), certain valuation movements in underlying portfolio assets can affect the borrowing base used for loan-to-value calculations. Following recent share price movements in Klarna, part of the Company's borrowing base has reduced for the purposes of these calculations.
As a result, and in accordance with the facility terms, the Company has made a repayment of £32.8 million to maintain compliance with the facility's loan-to-value requirements. Given the Company's previously announced intention to repay the facility in full in September 2026, this repayment represents a partial prepayment of that amount and will correspondingly reduce the final balance outstanding at maturity.
In addition, at the time of the origination of the facility, the Investment Adviser negotiated the ability for the Company to repay up to £20 million prior to the loan's maturity, free of any make-whole charges. The Company made a prepayment of £10 million utilising this mechanism in October 2025 and has utilised its capacity to repay a further £10 million, meaning a total of £42.8 million has been repaid against the loan of £60 million, leaving £17.2 million outstanding.
Cash Update
As of 6 March 2026, the Company had a total liquidity position of approximately £76.7 million, following the above repayment, comprised of:
- Gross cash and cash equivalents of approximately £30.7 million, and
- Listed positions in Klarna and Wise of approximately £43.3 million and £2.7 million respectively.
| For further information, please contact: Media Montfort Communications: Charlotte McMullen / Imogen Saunders | +44 (0) 7921 881 800 chrysalis@montfort.london |
| Investment Adviser Chrysalis Investment Partners LLP: James Simpson | +44 (0) 20 7871 5343 |
| AIFM G10 Capital Limited: Dominic Williams | +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 |
| IQEQ Fund Services (Guernsey) Limited: Aimee Gontier / Elaine Smeja | +44 (0) 1481 231 852 |
The Company is an alternative investment fund ("AIF") for the purposes of the AIFM Directive and as such is required to have an investment manager who is duly authorised to undertake the role of an alternative investment fund manager ("AIFM"). The AIFM appointed is G10 Capital Limited (part of the IQEQ Group). Chrysalis Investment Partners LLP is the investment adviser to G10 Capital Limited. Chrysalis Investment Partners LLP (FRN: 1009684) is an Appointed Representative of G10 Capital (FRN: 648953) Limited, which is authorised and regulated by the Financial Conduct Authority.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.