The Lemon Fool

yorkshirelad1 wrote:Update from company dated 20 May 2022 https://www.downing.co.uk/assets/cysreport
distribution of 17.5p per share paid on 17 June 2022, and info re Coolabi.
(I am a Chrysalis VCT shareholder and had my update via e-mail this afternoon)

Here's the first page (direct link to jpg: https://imgur.com/1JO0xcN) or image below

A welcome payment and update.

Let’s hope we get the final 22p as mentioned resulting in a total of 49.5p from the liquidation vs a pre-liquidation NAV of 55.5p.

Interesting to read in the 2020 annual report of Kirly Ltd, dated 17 December 2021 that "The deal with Chrysalis has been two years in the making" but at least they got there in the end.

Coolabi seems like one big question mark.

Coolabi…. Yes, I agree.

Got all my fingers crossed.

Note 28 of the Coolabi Group Ltd accounts at 31 Dec 20 gives some more background.

127tolmers wrote:Note 28 of the Coolabi Group Ltd accounts at 31 Dec 20 gives some more background.

but I'm still puzzled!

Note 29 says:-
"As at the period end [31 December 2020], loan notes of £1,400,000 (Mar 2020: £1,400,000) were in issue to Edge Performance VCT Plc, loan notes of £3,110,400 (Mar 2020: £3,110,400) in issues to Chrysalis VCT Plc and loan notes of £7,747,428 (Mar 2020: £7,386,628) in issue to Pula Media & Technology Limited, all shareholders of the Company."

and then in Note 28 we read:-
"On 4 June 2021, the ultimate controlling party became Pula Media and Technology Limited, a company incorporated in Guernsey.
During the period the Company refinced existing bank loans with Santander (note 20). On 4 June 2021 all loans, outstanding at the period end, were settled.
On 4 June and 1 October 2021 and 5 January 2022, there was an issue of capital totalling £8,510,000, £1,032,312 and £1,500,000 respectively."

Looking at those figures makes me surmise that the Edge and Chrysalis loans were converted into £4,510,000 shares out of the £8,510,000 issued on 4 June 2021,

If I'm right then what we receive from the planned takeover could be subject to a change in the price agreed for the shares, up or down, and if the proposed takeover fails we are left solely as a shareholder not as a shareholder and lender.

The question on my mind is "what is causing the many variations and delays to the planned takeover agreed on 2 March 2021"?

Hopefully this is the good news.
From the Talenthouse AG annual report for 2021:-

"Our revenue grew to $25.7m, a 27% like-for-like increase vs 2020. Adjusted EBITDA was $0.7m vs ($7.6m) in 2020 (these numbers include our entertainment vertical, Coolabi, as if it was 100% owned; we currently own 33% of Coolabi and intend to complete the acquisition in Q2 2022). Excluding entertainment, revenue grew 32% to $14.7m."

All going well, completed by the end of 2022.

Payment (distribution) of 17.5p/share received into my bank account this morning (17 June 2022)
(I am a direct certificated shareholder)

A milestone reached:-

"Swiss Tech Platform Talenthouse Assumes Full Control Of Media Group Coolabi" released this morning - details only for subscribers.

Kidman wrote:A milestone reached:-

"Swiss Tech Platform Talenthouse Assumes Full Control Of Media Group Coolabi" released this morning - details only for subscribers.

See
https://www.pressetext.com/news/20220707028

Good news today - there will be a third distribution of 19p per share on 2nd September, and the liquidator hopes that there will be (at least) a final distribution of 5p before the end of the year.
https://assets-us-01.kc-usercontent.com/8c961317-6aee-00a7-e4b6-ae38cd847d2d/bfc5778b-875d-4437-8806-49f773d1c8fa/Chrysalis%20VCT%20Update%20August%202022.pdf

By e-mail today (as I am a direct shareholder), from the company:

Chrysalis wrote:Chrysalis VCT plc in Liquidation - Shareholder Update and Further Distribution

I am pleased to report that the Chrysalis VCT Supervisory Committee has issued a new update on the liquidation of Chrysalis VCT plc and has also confirmed details of a further distribution. The update can be found on the following link:

Chrysalis VCT Update August 2022
https://assets-us-01.kc-usercontent.com/8c961317-6aee-00a7-e4b6-ae38cd847d2d/bfc5778b-875d-4437-8806-49f773d1c8fa/Chrysalis%20VCT%20Update%20August%202022.pdf

A distribution of 19p per share will be paid on 2 September 2022.

Info at: https://www.downing.co.uk/existing-investor/chrysalis-vct

Good news. I’m happy.

19p and hopefully a final 5p coming.

19p/share distribution payment arrived today (2 Sept 2022) in my bank account (haven't seen the paperwork yet, but I'm sure it'll be along shortly). (I am a direct shareholder)

yorkshirelad1 wrote:19p/share distribution payment arrived today (2 Sept 2022) in my bank account (haven't seen the paperwork yet, but I'm sure it'll be along shortly). (I am a direct shareholder)

Same here - cash in bank, but no paperwork yet.

yorkshirelad1 wrote:19p/share distribution payment arrived today (2 Sept 2022) in my bank account (haven't seen the paperwork yet, but I'm sure it'll be along shortly). (I am a direct shareholder)

But A J Bell say they have not received the money yet

BusyBumbleBee wrote:

yorkshirelad1 wrote:19p/share distribution payment arrived today (2 Sept 2022) in my bank account (haven't seen the paperwork yet, but I'm sure it'll be along shortly). (I am a direct shareholder)

But A J Bell say they have not received the money yet

I’ve just received it in to my Barclays Smart Investor Account.

That’s a bit worrying about A J Bell!

wilwak9 wrote:

BusyBumbleBee wrote:But A J Bell say they have not received the money yet

I’ve just received it in to my Barclays Smart Investor Account.

That’s a bit worrying about A J Bell!

For what it's worth, I had the same from H-L over Ventus wind-up payments. The money arrived a few days later than the first Fools reported receipt of theirs.

All very quiet on Coolabi. I was hoping for a 2022 conclusion.

Has anyone any sniffs of news?

From the letter of 17 August 2022:-
"The transaction has required the Company to make a vendor loan to the buyer of £1.676 million to be redeemed on or before 31 December 2022."

Did the vendor repay last year or have the terms of the loan been extended?
If they did pay last month it will still take time to make the final calculations, square everything with HMRC and make any necessary filings with Companies House (nothing to be seen there at the moment).