Seraphim Space fund’s value falls back down to earth as share price tanked this year
Seraphim Space Investment Trust (SSIT) has posted a decline in its net asset value as shares remain stuck in a rut.
The Trust said net asset value fell to £222.4m, down seven per cent on 2022, as it reported full year results on Tuesday.
Its portfolio valuation dropped slightly by 0.7 per cent to £187.4m in 2023, despite more than doubling itself last year.
Shares in the company are down over 20 per cent year-to-date and by nearly 64 per cent from five years ago.
During the year, Seraphim invested £9.8m into new portfolio and early-stage companies, with a further £8.3m invested since the end of June.
In July, the UK ranked as having the third-highest number of space deals worldwide over the year at 39, trailing behind the US with 165 and China with 64.
Due to cash constraints, SSIT are now “focused on participating in only the most exceptional opportunities,” according to Will Whitehorn, chair of the trust.
Cash was £29.4m as of 13 October 2023, with another £3m of liquidity available in the holdings of listed companies.
Chief executive Mark Boggett said: “We believe this liquidity should be sufficient to provide the necessary levels of support to the portfolio over the course of the next 12 months.
“Whilst we expect to continue to diversify the portfolio with selective new investments, uncertainty around the timing of market recovery (and, therefore, our ability to raise new equity capital) means that the size of new investments will likely be small, with investment activity expected to be more weighted in favour of supporting the existing portfolio until a time when the market provides the appropriate conditions to fundraise.”