Chrysalis Investments Limited (CHRY): Shareholder consultation and structural review

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CHRY Chrysalis Investments Limited

£311m · 64.0p · −47% since the first step

4 Nov 2025 · Consultation done; Board analysing options · −4% until the next step with a view to publishing the Board's favoured proposal with the annual results due to be published in December 2025.

19 Dec 2025 · Board proposing orderly realisation policy · −9% until the next step The Board will be seeking support from shareholders for this approach at an EGM to be held early in 2026.

19 Dec 2025 · Dual share class rejected; realisation policy proposed · −9% until the next step The Board, however, believes there is sufficient support from shareholders for Chrysalis to continue to operate on a medium-term horizon if the Investment Policy of the Company is amended.

30 Jan 2026 · Realisation policy proposed; circular expected February · −10% until the next step It is the intention of the Board to provide further details on its recommended approach on these matters in the circular to shareholders seeking approval of the new investment policy, which is expecte

20 Feb 2026 · EGM called; circular to follow · −13% until the next step an extraordinary general meeting ("Extraordinary General Meeting" or "EGM")) will be held at 1.00 p.m. on 24 March 2026

5 May 2026 · New policy approved; self-managed transition under way · −6% until the next step This transition is scheduled to be completed by the expiry of the Investment Adviser's notice period on 20 August 2026.

5 May 2026 · Orderly realisation under way; buyback total £117.0m · −6% until the next step Since initiating the buyback programme, a total of £115.5 million has been returned to shareholders, which has subsequently risen to £117.0 million as of as of 28 April.

30 Jun 2026 · Orderly realisation under way; self-managed handover · −4% until the next step The Board remains focused on maximising value for shareholders through the realisation of the portfolio over the next three years.

3 Aug 2026 · Debt repaid; handover to self-management imminent · −3% until the next step The Board remains focused on maximising value for shareholders through the realisation of the portfolio over the next three years and has now put in place the structures to self-manage the portfolio.

28 Sep 2026 · First compulsory redemption announced; realisation under way · −11% since The Board will continue to assess the timing and size of future redemptions as additional cash becomes available, having regard to the Company's ongoing obligations and solvency requirements.

Disposal of a part (break-up)

Shareholder consultation and structural review

First compulsory redemption announced; realisation under way

Next: Further redemptions as additional cash becomes available

Every step · 10

4 Nov 2025 Consultation done; Board analysing options – with a view to publishing the Board's favoured proposal with the annual results due to be published in December 2025. ↗
19 Dec 2025 Board proposing orderly realisation policy – The Board will be seeking support from shareholders for this approach at an EGM to be held early in 2026. ↗
19 Dec 2025 Dual share class rejected; realisation policy proposed – The Board, however, believes there is sufficient support from shareholders for Chrysalis to continue to operate on a medium-term horizon if the Investment... ↗
30 Jan 2026 Realisation policy proposed; circular expected February – It is the intention of the Board to provide further details on its recommended approach on these matters in the circular to shareholders seeking approval of... ↗
20 Feb 2026 EGM called; circular to follow – an extraordinary general meeting ("Extraordinary General Meeting" or "EGM")) will be held at 1.00 p.m. on 24 March 2026 ↗
5 May 2026 New policy approved; self-managed transition under way – This transition is scheduled to be completed by the expiry of the Investment Adviser's notice period on 20 August 2026. ↗
5 May 2026 Orderly realisation under way; buyback total £117.0m – Since initiating the buyback programme, a total of £115.5 million has been returned to shareholders, which has subsequently risen to £117.0 million as of as... ↗
30 Jun 2026 Orderly realisation under way; self-managed handover – The Board remains focused on maximising value for shareholders through the realisation of the portfolio over the next three years. ↗
3 Aug 2026 Debt repaid; handover to self-management imminent – The Board remains focused on maximising value for shareholders through the realisation of the portfolio over the next three years and has now put in place... ↗
28 Sep 2026 First compulsory redemption announced; realisation under way – The Board will continue to assess the timing and size of future redemptions as additional cash becomes available, having regard to the Company's ongoing... ↗

What is happening

Chrysalis Investments Limited: Shareholder consultation and structural review – First compulsory redemption announced; realisation under way. ['First compulsory redemption announced; realisation under way']

In short: Shareholders approved a three-year orderly realisation at the 24 March 2026 EGM; the buyback ended 30 April 2026 at £117.4m and debt was repaid by 3 August 2026. On 28 September 2026 the company announced its first compulsory capital redemption of about £25m at 127.0p, funded by the Klarna sale.
Announced: 4 Nov 2025 · Consultation done; Board analysing options
Latest: 28 Sep 2026 · First compulsory redemption announced; realisation under way
Debt: All outstanding indebtedness repaid, about £17.8m including interest
Share discount: 44% to NAV on 26 June 2026, which the Board calls too wide
Buyback: Ended end April 2026; total £117.4 million returned
Expected inflow: About £4.5m Featurespace escrow, subject to final confirmation
Redemption: About £25m at 127.0p per share, 4.1% of 480,973,805 issued Ordinary Shares
Price basis: NAV per share at 30 June 2026, adjusted for actual Klarna proceeds; other assets not revalued
Timetable: Record date 29 September 2026; ex-date and new ISIN 30 September 2026; latest payment 9 October 2026
Cash after: About £19m cash and equivalents after the Klarna sale and redemption

What comes next

Further redemptions as additional cash becomes available.

From the company's own announcements. Not investment advice.

Briefing

Chrysalis Investments Limited in 4 minutes

Chrysalis Investments is a listed fund that owns stakes in fast-growing technology companies, led by Starling Bank, Smart Pension and Klarna. After two years of share buybacks, it is now selling its whole portfolio...

Act 1A 54% discount and a plan to shrink it
Act 2Selling winners to buy back shares
Act 3Shareholders ask for a way out

Read the briefing →

Also at Chrysalis Investments Limited 0 open

OverhangKlarna IPO lock-up – Entire remaining Klarna stake sold · closed Capital returnBuyback programme – paid · closed Chrysalis Investments Limited – company page →