Edison Investment Research - Mercia Asset Management (MERC) Mercia Technologies - Good progress across the portfolio

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Edison Investment Research

Victoria Pease

Mercia Technologies - Good progress across the portfolio

Merciaâ€™s H119 results reflected continued steady progress across the portfolio, with net assets rising slightly to Â£125.2m and FuM remaining stable at Â£394.9m. The direct investment portfolio increased 17.7% to Â£77.8m, reflecting Â£9.2m of cash investment as well as Â£2.6m fair value uplift. Key portfolio companies continue to deliver against commercial milestones and with c Â£60m of investment expected in FY19, Mercia is well positioned for further progress in FY19. The shares continue to trade at a significant discount to NAV (0.74x) and peer group comparators.

04/12/2018 5 EN

Underlying

Mercia Asset Management

Mercia Technologies is an investment group focused on the creation/identification, funding and scaling of technology businesses from the U.K. regions. Co. directly invests across four sectors: Software & the Internet, which consists of cyber security, software as a service analytical tool, Adtech and artificial intelligence; Digital & Digital Entertainment, which consists of virtual reality, augmented reality, mixed reality and serious games; Electronics, Materials & Manufacturing/Engineering, which consists of energy and communications, value electronics, and manufacturing applications; and Life Sciences & Biosciences, which consists of diagnostics, digital health and medical devices.

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GB00BSL71W47 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

Victoria Pease

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Mercia Technologies - Good progress across the portfolio

Mercia Asset Management: 1 director

Mercia Asset Management - Termination of coverage

Mercia Asset Management - A safe haven for investors awaiting the upturn

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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