Molten Ventures - Strong exits and stable NAV/share ex FX in H125

Molten Ventures released its trading update for H125 (ending September 2024), expecting a c 3% NAV per share decline versus end-March 2024 to 644p, mostly due to c £30m negative foreign exchange effects (2% of opening gross portfolio value). As discussed in our September update note, Molten experienced a significant pick-up in exit activity, and collected £76m in cash proceeds in H125. Molten also announced that Martin Davis will step down after five years as the company's CEO and will be succeeded with immediate effect by Ben Wilkinson, who has been Molten's CFO for the last eight years. Andrew Zimmermann (finance director) will be appointed interim CFO. We also note that Molten's shares re-entered the UK flagship top 250 index in the period. The shares now trade at a c 47% discount to NAV.

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