Edison Investment Research - Allied Minds (ALM) Allied Minds - Sale of HawkEye 360, returns to shareholders

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Edison Investment Research

Richard Williamson

Allied Minds - Sale of HawkEye 360, returns to shareholders

Allied Minds has announced the sale of its stake in HawkEye 360 for $65.6m to Advance Publications, a US family office. The transaction is expected to complete in Q419, subject to shareholder approval (shareholders representing 58% of shares have indicated they will vote in favour). HawkEye 360 announced its $70m Series B funding round in August 2019, backed by Airbus and Esri, at a pre-money valuation of $200m. The Advance offer has been struck at a c 13% discount to the fully diluted valuation of this last funding round, delivering a 5.6x ROI and IRR of 96%. The company expects to retain 50% of the proceeds with 50% (c 11p per share, pps) returned to shareholders via a special dividend or share buyback.

24/09/2019 4 EN

Underlying

Allied Minds

Allied Minds is an intellectual property commercialisation company focused on venture creation within the life science and technology sectors. Co. supports its businesses with capital, management, and shared services. Co.'s operations are organised in two types of activities: early stage companies, which consist of subsidiary businesses that are in the early stage of their lifecycle characterised by incubation, research and development activities; and commercial stage companies, which consist of subsidiary businesses that have substantially completed their research and development activities and that have developed one or more products that are actively marketed.

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GB00BLRLH124 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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Allied Minds - Sale of HawkEye 360, returns to shareholders

Allied Minds : 1 director

Allied Minds - Termination of coverage

Monthly LMI Update Independent Investment Research

Information Services Corporation - Strong underlying growth, guidance reiterated

PVA TePla - Material matters

Zalaris - Continuing contract momentum in FY24

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