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Mindflair plc announced on 20 December 2023 that its investee company, Emergent Entertainment Ltd, is engaging with insolvency advisers and is anticipated to be shortly placed into liquidation. The Emergent investment represented approximately 0.7 pence per ordinary share or 17.5% of Mindflair's 30 June 2023 net asset value of 4 pence per ordinary share, with a historical net cash investment of less than US$200K.
| Date | 20 Dec 2023 |
| Time | 12:13:10 |
| Category | Corporate updates |
| ID | 4957X |
Mindflair plc
("Mindflair" or the "Company")
Investee Company Update - Emergent Entertainment
Mindflair plc (AIM: MFAI), the company investing in next generation technology focused on AI, announces that it has received notification from its investee company Emergent Entertainment Ltd ("Emergent"), that Emergent is engaging with insolvency advisers and is anticipated to be shortly placed into liquidation.
Based on the Company's net asset value at 30 June 2023 ("NAV") of 4 pence per ordinary share, the Emergent investment represents approximately 0.7 pence per ordinary share or approximately 17.5% of this NAV. It should also be noted that the net cash investment made historically by Mindflair in this company was less than US$200K and that, based on the NAV adjusted for the current carrying value of this investment, the Company is still trading at around 30% of its NAV.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement. The person who arranged for the release of this information is Nicholas Lee, a director of the Company.
Enquiries:
|
Mindflair plc Nicholas Lee, Director |
Tel: +44 (0) 20 3368 8961 |
|
Nominated Adviser Cairn Financial Advisers LLP Liam Murray Ludovico Lazzaretti |
Tel: +44 (0) 20 7213 0880 |
|
Broker Peterhouse Capital Limited Duncan Vasey/Lucy Williams |
Tel: +44 (0) 20 7469 0935 Tel: +44 (0) 20 7469 0936 |
Notes to Editors
About Mindflair plc
Mindflair plc (AIM: MLAI) is an investment company providing investors with access to a portfolio of next generation technology businesses focused on AI with significant growth potential.
The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence, Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.
For further information, visit is https://mindflair.tech/.