Chrysalis eyes 4.1% net asset value uplift from 'likely' portfolio holding sale

investmentweek.co.uk:

The trust did not mention what investment the potential disposal relates to.

In a stock exchange notice on Tuesday (5 December), the trust said the completion of the disposal, which is subject to conditions, is likely to take a number of months, with a further statement set to be made «in due course».

Ewan Lovett-Turner, head of investment companies research at Deutsche Numis, said the potential disposal was a «significant positive development» for the trust, which could deliver a 4.1% increase to net assets, or £33m.

Watts and Williamson depart Jupiter to focus on Chrysalis

Chrysalis' managers Richard Watts and Nick Williamson recently announced they would be departing from Jupiter Asset Management in March next year to focus purely on running the investment trust.

In the recent portfolio update, the trust did not mention what investment the potential disposal relates to, and Lovett-Turner said there was limited disclosure at this stage, with no press reports that might point to a transaction. 

«We would expect future announcements to shed more light on the company, when disclosure restrictions allow,» he said. «We currently do not know the level of proceeds that is expected to be delivered, with only the uplift to net asset value disclosed.

»We believe this would be well received by investors, although we note that the transaction is expected to take a number of months, and therefore it will be some time before capital returns will be considered."

Shareholders to decide Chrysalis' future in continuation vote

Iain Scouller, analyst at Stifel, said the announcement might be to flag «some good news» ahead of shareholders making their decision on the trust's continuation vote set for the first quarter of 2024. 

«Normall