Chrysalis Investments Limited

CHRY · Main Market · Financial Services · mcap £304m · 64.0p

Chrysalis Investments is a Guernsey-listed investment company holding stakes in private growth companies such as Starling Bank, Klarna, Smart Pension and wefox. It is now selling these holdings and returning the cash to shareholders.

Target	Promise	Said	Status
2024
1 Apr 2024	Managers to provide advisory services from a new independent entity by 1 April 2024	27 Nov 2023	✓ Kept
	“Managers leaving Jupiter to provide advisory services to the Company from a new entity” Result Chrysalis Investment Partners LLP acted as adviser until its notice period expired on 20 August 2026. “the notice period of the Company's investment adviser, Chrysalis Investment Partners LLP ("CIP") expired on 20 August 2026 and, with effect from today, the Company has transitioned to a self-managed model.”21 Aug 2026 · Management Arrangements Update
31 Dec 2024	wefox profitable towards end of 2023 and first full profitable year in 2024	30 Oct 2023	◐ Partly kept
	“The Investment Adviser believes that wefox will be profitable towards the end of 2023, a target the company set itself at the beginning of the period and is well positioned to post its first full year of profitability in 2024.” Result Later cards show wefox restructuring and funding, with continued cost focus. Profitability is not clearly confirmed. “The Investment Adviser has proffered a solution to recapitalise wefox, which, with selective disposals, would see the company funded to likely profitability.”28 Jun 2024 · Half-year Results “The Company has supported wefox with additional capital and the Investment Adviser has been working closely with other stakeholders to create a viable solution to wefox's funding requirements that it believes will allow the business to continue its journey towards profitability.”29 Jul 2024 · Quarterly NAV Announcement and Trading Update
2025
30 Sep 2025	Complete £100m capital returns by September 2025	8 May 2025	◐ Partly kept
	“At the current pace, the Company is on track to meet the full £100 million target by September 2025” Result The target slipped to November 2025 but was achieved, with £117m returned by May 2026. “The current programme of share buybacks will continue to complete the return of up to £100 million - the second element of the CAP - which is anticipated to be fulfilled during November 2025.”4 Nov 2025 · Consultation Process Update “the Board today announces the formal discontinuation of the current share buyback programme, which was initiated on 26 September 2024 and has returned £117 million to shareholders.”5 May 2026 · Management Arrangements and Self-Managed Model
2025-11	Return up to £100m to shareholders through share buybacks, completed by November 2025	13 Oct 2023	✓ Kept
	“The current programme of share buybacks will continue to complete the return of up to £100 million - the second element of the CAP - which is anticipated to be fulfilled during November 2025.” Also stated 25 Sep 2024 · 4 Nov 2025 Result Buyback of the £100m programme was completed; £117m had been returned via buybacks by May 2026. “Further to the approval of the investment policy, the Board today announces the formal discontinuation of the current share buyback programme, which was initiated on 26 September 2024 and has returned £117 million to shareholders.”5 May 2026 · Management Arrangements and Self-Managed Model
31 Dec 2025	Publish the board's favoured proposal with the annual results by December 2025	4 Nov 2025	✓ Kept
	“the Board's favoured proposal with the annual results due to be published in December 2025.” Result The wind-down proposal was published on 19 December 2025. 19 Dec 2025 · Shareholder Consult & Proposed Revised Inv Policy
2026
24 Mar 2026	No new investments before the 2026 AGM, then none under the wind-down policy	30 Jan 2025	✓ Kept
	“no new investments will be made ahead of the 2026 AGM” Also stated 8 May 2025 · 19 Dec 2025 Result No new investments reported; the new policy approved in March 2026 bars them. “The amended Investment Policy would not allow for new investments to be made.”19 Dec 2025 · Shareholder Consult & Proposed Revised Inv Policy “the proposed New Investment Policy as described in Part 4 of the circular to Shareholders dated 20 February 2026 of which this notice forms part (the "Circular") be adopted as the investment policy of the Company with immediate effect”24 Mar 2026 · Result of General Meeting
20 Aug 2026	Move to a self-managed model by 20 August 2026 at about £2m annual portfolio cost	5 May 2026	✓ Kept
	“This transition is scheduled to be completed by the expiry of the Investment Adviser's notice period on 20 August 2026.” Also stated 30 Jun 2026 Result The adviser's notice period expired and the company assumed direct management from 21 August 2026. “After assuming direct management control of the portfolio on 21 August 2026, and as and when liquidity opportunities emerge, the Board will be looking to return net proceeds as efficiently as possible in line with shareholder objectives.”3 Aug 2026 · Quarterly NAV Announcement and Trading Update “the notice period of the Company's investment adviser, Chrysalis Investment Partners LLP ("CIP") expired on 20 August 2026 and, with effect from today, the Company has transitioned to a self-managed model.”21 Aug 2026 · Management Arrangements Update
9 Oct 2026	Return capital in excess of a prudent operating buffer; £25m redeemed at 127p	28 Sep 2026	… In progress
	“will return capital to Shareholders in excess of that amount” Result Not yet due.
Today · 10 Oct 2026
1 Nov 2026	G10 Capital to remain AIFM until 1 November 2026, then provide fixed-fee non-AIFM services	5 May 2026	… In progress
	“G10 Capital will continue to act in this capacity throughout the notice period, which will expire on 1 November 2026.” Status so far Not yet due.
2026-09	Repay the Barclays debt facility in full at maturity in September 2026	20 Feb 2026	… In progress
	“its stated intention to repay the Barclays facility in full at its September 2026 maturity” Also stated 10 Mar 2026 Status so far Not yet due.
2027
31 Jul 2027	Engine to become a £100m recurring revenue business within two years	31 Jul 2025	… In progress
	“a very creditable path to becoming a £100 million recurring revenue business within two years” Status so far Not yet due.
2029
2029-02	Orderly realisation of the portfolio and return of capital to shareholders by February 2029	19 Dec 2025	… In progress
	“target to return NAV together with maximising the IRR for shareholders over a 3-year period” Also stated 20 Feb 2026 · 30 Jun 2026 Status so far Not yet due.