BAE-Backed UK Rocket Engine Maker Has Value Cut by £225 Million [BNN Bloomberg (Canada)]
ROLLS ROYCE HLDGS S/ADR (RYCEY)
NASDAQ:AMEX Investor Relations:
rolls-royce.com/investors.aspx
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Source: BNN Bloomberg
Artemis Fund Managers has written down the value of its stake in the Oxfordshire-based company by 75%, it said Friday, a day after Schroders Plc announced it had slashed its valuation of the firm by 90%. The writedowns come as Reaction hunts for more funds, having already raised £150 million from investors such as BAE Systems Plc. The company had been examining ways to cut costs to delay asking shareholders, which also include Rolls-Royce Holdings Plc and US hedge fund Elliott Investment Management LP, for further cash. Artemis Alpha Trust, the fund that holds Artemis' stake, had already written down the value of its Reaction holding by 25% earlier this year. It has a stake of around 2.1%, according to UK filings, which means its valuation has been cut from about £300 million to £75 million — a drop of £225 million. “Although the company has achieved significant progress in commercializing its innovative technology, recent revenue growth has been slower than anticipated,” Artem
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