Seraphim Space Investment Trust NAV Doubles to 240.49p as ICEYE Surges

Seraphim Space Investment Trust (LON: SSIT) announces net asset value per ordinary share more than doubled to 240.49p in the year to the 30th of June, from 118.52p a year earlier. The FTSE 250 trust, which invests in space technology companies, published full-year results this morning.

Shares were quoted at 195.8p in early trading today, 1.6% below yesterday’s 199p close, with the day’s low at 187.6p. At the year end the price was 187.8p, up 119.4% over the year, so the discount to net asset value narrowed from 27.8% to 21.9%.

ICEYE, the trust’s largest holding, did most of the work. Its fair value rose from £105.1m to £379.7m, a gain of £274.6m and 959% of the £39.6m cost. The trust points to a €1bn Series F round at a valuation above €10bn and a €1.7bn German reconnaissance contract won by a joint venture with Rheinmetall. Total net assets rose 150.6% to £704.4m.

That makes ICEYE 53.9% of net assets, so the trust’s result now leans heavily on a single unlisted company. Chair Dr Will Whitehorn OBE said both portfolio value and NAV had more than doubled.

Liquid resources rose to £152.9m from £21.5m after a £136.5m C share raise in May, which the company calls the largest by a UK-listed investment company since February 2023. By Tuesday, £72.5m of the proceeds had been deployed. A £54.0m performance fee, 7.7% of NAV, is accrued but not yet payable.

Events since the year end cut both ways. A new round at Xona, in which the trust invested $15m, adds about £52.4m to the ordinary holding, or 22.0p per share before the performance fee. ALL.SPACE, sold to York Space on the 8th of July, is worth less than its £45.4m carrying value, and the York Space stake fell from £21.3m to £6.1m by Tuesday.

Chief executive Mark Boggett of manager Seraphim Space Manager LLP addressed the concentration directly:

We continue to be mindful of the concentration risk, and expect the deployment and continued progress of multiple portfolio companies to mitigate this risk in the future.

Mark Boggett, Seraphim Space Manager LLP

The C share conversion ratio is due to be announced on the 25th of November.