Seedrs merger with CrowdcubeSource: RNS
8 October 2020
Portfolio company Seedrs announces plan to merge with Crowdcube
Schroder UK Public Private Trust plc (LSE: SUPP) (the 'Company') is pleased to note that portfolio company Seedrs Ltd, ('Seedrs'), a leading online investment platform, has announced plans to merge with Crowdcube Ltd ('Crowdcube') to create one of the world's largest private equity marketplaces.
On Monday 5th October 2020, Crowdcube and Seedrs announced that they had agreed terms for a merger, in a move that will accelerate their plans to create the world's largest private equity marketplace and further democratise investment. By joining forces, the ambition is that thousands of ambitious, fast-growth businesses and millions of investors will be able to benefit from the best expertise, services and returns offered by Crowdcube's and Seedrs' investment platforms.
On completion, Jeff Kelisky, Seedrs' CEO, will serve as CEO of the combined company, and Darren Westlake, Crowdcube's CEO and co-founder, will serve as Executive Chairman. The management team will include key leaders from both businesses. The combined company aims to deliver new innovations and products that will make it significantly easier, more affordable and valuable for ambitious businesses to raise growth finance, and for investors to have an even greater selection of investment opportunities with richer investment tools.
The transaction is subject to approval by, among others, the UK Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA) and shareholders of the two companies as well as the sanction of the Court. The transaction is expected to be completed in late 2020/early 2021.
The impact of this prospective transaction will be considered by the Company's AIFM in relation to the NAV calculation as at 30th September 2020.
Schroder Investment Management Limited Tel: 020 7658 5264