EDV Endeavour Mining Plc

 
TIDMDEVC 
 
   Draper Esprit VCT plc 
 
   Legal Entity Identifier: 2138003I9Q1QPDSQ9Z97 
 
   Portfolio update 
 
   18 February 2020 
 
   Draper Esprit VCT plc (LSE:DEVC), a leading venture capital trust 
investing in high growth digital technology businesses, today provides 
an update on recent developments in its portfolio. 
 
   Draper Esprit VCT alongside its co-investment syndicate partner Draper 
Esprit plc has sold its stake in Pod Point, the UK's largest independent 
provider of electric vehicle charging, to EDF for a transaction value 
supportive of the NAV announced at 30 September 2019, representing an 
attractive return for the VCT. 
 
   Since its foundation in 2009, Pod Point has shipped over 69,000 charging 
points across the UK and Norway and has also built an extensive network 
connecting electric vehicle drivers with almost 3,000 public charging 
bays at locations including branches of Tesco, Lidl and Center Parcs. 
Draper Esprit VCT originally invested in the business in 2018. 
 
   Martin Davis CEO of Draper Esprit plc commented: 
 
   "The disposal of our holding in Pod Point is a great outcome both for 
Pod Point and for Draper Esprit. We've worked closely with Erik and the 
Pod Point team through a critical point in the company's development as 
the electric vehicle charging market approaches the mainstream. EDF 
Energy is absolutely the best partner to support the Company on the next 
stage of this journey, as it looks to accelerate the role out of 
charging points, and help it become a market leader. 
 
   "We're incredibly proud of the progress Pod Point has made in building 
the most advanced intelligent charging network in the UK and we look 
forward to watching their continued momentum as part of EDF". 
 
   William Horlick VCT Partner at Draper Esprit VCT commented: 
 
   "This disposal of our holding in Pod Point validates the co-investment 
agreement the VCT entered into with Draper Esprit in 2016 to invest in 
high growth technology companies. Since 2016 the VCT has invested GBP15 
million into 18 new technology companies alongside other Draper funds. 
This is the first exit from that Draper portfolio and the return for the 
VCT on Pod Point represents a multiple on cost of over two times and an 
IRR of over 60%. The VCT is currently fundraising to expand its 
portfolio of exciting tech companies". 
 
 
 
 

(END) Dow Jones Newswires

February 18, 2020 11:57 ET (16:57 GMT)

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