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Seraphim Space hurt by investment values

October 19, 2022

The Seraphim Space Investment Trust, which has its cash invested in dozens of space-related businesses, has seen the value of its holdings dramatically reduced in its latest disclosure.

While it reported a 36.7 per cent increase in the values of the 26 businesses that it is participating in (to £239.3 million) in the year to June 30th, its London SSIT quoted share price has crashed by more than half, meaning the fund is trailing badly by a discount of some 47 per cent compared to the value of its holdings.

SSIT’s chairman, Will Whitehorn, says the fund has not been immune to the significant volatility experienced by the world’s stock markets.

SSIT adds that many of the companies within its portfolio have done well, noting: “All.Space, which makes antenna for satellites, the space logistics company D-Orbit, and PlanetWatchers, which monitors agricultural crops, are privately held and performed well.”

But cybersecurity firm Arqit, weather satellite network Spire Global, and AST SpaceMobile have all seen their values fall.

SSIT reported an overall revenue loss after tax of £4.3 million and added that it did not anticipate recommending a dividend in the foreseeable future.

As at October 18th its shares had fallen 3.74 per cent over the past week (to 51.98p). However, the past 12 months saw SSPI’s shares fall 56.98 per cent (or 68.02p).

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