21 March 2025
BAILIWICK INVESTMENTS LIMITED
(“Bailiwick”, the “Fund” or the “Company”)
Portfolio Update
The International Stock Exchange Group Ltd (“TISEG”)
The Board of Directors of Bailiwick (the “Board”) and the Investment Manager were pleased to read an announcement published on 19 March 2025 by TISEG regarding a recommended cash offer for the purchase of TISEG by MIH East Holdings Limited at a price of £22.50 per share (the “Acquisition”).
The Acquisition is subject to various conditions, including approval by TISEG’s shareholders by way of special resolution, approval from the Jersey Competition Regulatory Authority, confirmation of no objection from the Guernsey Financial Services Commission and sanction by the Royal Court of Guernsey.
The Board and the Investment Manager are wholly supportive of the Acquisition, which is proposed to take place on terms that they believe will enhance the Company’s Net Asset Value (“NAV”). Bailiwick holds 300,000 shares in TISEG, which were valued at 31 December 2024 at the listed mid-price of £19.00 per share. If the Acquisition takes place on the terms outlined by TISEG, then the offer price of £22.50 per share, combined with the declared dividend of 75 pence per share, would deliver total proceeds of £6,975,000 in cash to the Company. This would represent an overall uplift of £1,275,000, or approximately 2.2 pence per Bailiwick share compared to the December NAV.
Subject to all conditions being satisfied, the Acquisition is expected to complete during Q2 2025.
As noted in the Company’s announcement on 19 March 2025, the Board expects to make a special distribution by way of tender offer immediately following the publication of the Company’s annual report and audited financial statements for the financial year ending 31 December 2024. The Board remains open to the possibility of making additional special distributions later in the year, and the potential sale of TISEG will be factored into these considerations.
SigmaRoc Plc (“SigmaRoc”)
The Board is pleased to confirm that its planned exit from SigmaRoc has now completed. The Company undertook a number of share sales throughout 2024, ending the year with a holding of 7,500,000 shares, which were reflected in the Company’s NAV at the prevailing mid-price of 72 pence per share. The Company has now sold these 7,500,000 shares at an average price of 80 pence per share, realising a gain of approximately £570,000 since the year end, or approximately 1 pence per Bailiwick share.
Enquiries:
Ravenscroft Corporate Finance Limited ir@ravenscroftcapital.com (Investment Manager) +44 (0)1481 735340