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Acorn Capital Investment Fund - Interim Portfolio Update

Acorn Capital Investment Fund Limited (ASX: ACQ) provides the following update in relation to one of the Company’s largest portfolio holdings.

CleanSpace Holdings Limited (CleanSpace) was ACQ’s 5th largest holding as at 31 August 2020 with a portfolio weighting of 3.5%. CleanSpace has informed ACQ that it has recently lodged a prospectus with ASIC in relation to its planned Initial Public Offering (IPO) and listing of its shares on ASX. As a part of the IPO, CleanSpace proposes to issue new shares at a price of $4.41/share (the IPO Price) and its shares are expected to commence trading on the ASX on 23 October 2020. If this transpires, the underwritten IPO is likely to trigger a positive revaluation event for ACQ. The IPO Price represents a +150% premium to the value at which ACQ held CleanSpace as at 31 August 2020 and that such revaluation is likely to have an impact on ACQ’s Pre-Tax Net Tangible Asset (Pre-Tax NTA) backing of approximately +$0.075/share. Acorn Capital estimates that the Pre Tax NTA inclusive of the CleanSpace revaluation event is approximately $1.49 per share as at 29 September 2020.

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