Realisation of investments in Getvisibility

Mindflair plc, the company investing in next-generation technology focused on AI, is pleased to announce that it has agreed to sell its entire directly held unquoted minority position in Visibility Blockchain Limited ("Getvisibility") to Forcepoint, a global leader in data and cloud security (the "Disposal"). Getvisibility is a cybersecurity company focusing on data visibility and control and uses state-of-the-art artificial intelligence ("AI") to classify and secure unstructured information. The Disposal is expected to generate a gross cash inflow to the Company of approximately €2.1 million (£1.8 million).

In addition, Mindflair has an indirect interest in Getvisibility through its investment in the first Sure Valley Ventures ("SVV") fund ("SVV1") and through its shareholding in Sure Ventures plc ("SV plc") which in turn has a 25.9% interest in SVV1.

SVV has indicated that Mindflair can expect to receive approximately €0.9 million (£0.8 million) as a result of the distribution from SVV1 of the proceeds from the sale of SVV1's shareholding in Getvisibility. Mindflair also has a 23.6% shareholding in SV plc and so may also receive a distribution from the proceeds that they receive from the disposal of Getvisibility.

In summary therefore, Mindflair expects to receive, in aggregate, approximately £2.6 million in cash from the sale of Getvisibility through the Disposal and sale of its indirect interest held through its investment in SVV1. It may also receive additional funds from any distribution made by SV plc.

The Disposal would represent a return of 6.0x the total investment made into this company directly and a circa 4.5x multiple on the total investment made by SVV1. As at 31 December 2024, the carrying value of the Company's direct investment in Getvisibility was £1.2 million on an unaudited basis. The completion of the Disposal is subject to the satisfaction of certain conditions that are customary for a transaction of this type. The Company will use part of the cash inflow from the Disposal to settle the remaining outstanding loan notes amounting to circa £800,000, and the accrued interest thereon. A further announcement will be made in due course upon receipt of the proceeds from the Disposal.

Nicholas Lee, a Director of Mindflair, said:

"This is an excellent result for Mindflair and its shareholders, particularly as the Company has multiple interests in Getvisibility both directly and via its investments in two other entities. This is a clear example of the quality of the companies within Mindflair's investment portfolio and further validation of the Company's investment strategy. This is the fifth exit event from SVV1 since inception and, as previously announced, clearly demonstrates that this fund is very much in the exit phase of its investment cycle. We look forward to providing further portfolio updates in due course."

Caution regarding forward looking statements