Net asset value (NAV) and financial results for the three-month period
Vostok New Ventures’ “VNV” net asset value was USD 731.46 million (mln) on March 31, 2020 (December 31, 2019: 776.98), corresponding to USD 9.36 per share (December 31, 2019: 9.94). Given a SEK/USD exchange rate of 10.08 the NAV was SEK 7,371.02 mln (December 31, 2019: 7,239.24) and SEK 94.32 per share (December 31, 2019: 92.63), respectively.

The group’s NAV per share in USD decreased by 5.9%. The portfolio value change is mainly driven by general negative value changes in the entire portfolio, with exception for Babylon and SWVL which showed positive value changes.

Net result for the period was USD -45.67 mln (January 1, 2019–March 31, 2019: -26.58). Earnings per share were USD -0.58 (-0.33).
 
Key events during the quarter January 1, 2020–March 31, 2020
On February 17, 2020, VNV announced that it had has carried out a subsequent issue of bonds in an amount of SEK 150 million under the framework of its outstanding bond 2019/2022 with ISIN SE0013233541. The total amount outstanding under the Company’s bond loan following the subsequent issue is SEK 800 million.

In February 2020, VNV invested an additional USD 7.0 mln in SWVL in connection with a larger funding round.

On March 24, 2020, the Board of Directors determined that the development of the Company’s Net Asset Value over the performance measurement period of LTIP 2017, meets the so-called target level. Participants in LTIP 2017 are entitled to receive a total of 330,750 shares in May 2020.

Covid-19 and its impact have resulted in extraordinary volatility in financial markets globally with increased risk premiums. VNV continues to work closely with its portfolio companies to evaluate the financial and operational impact of Covid-19. During the first months of 2020, mobility and travel-related businesses have, as an example, seen a direct negative effect given the significant impact on domestic and international travel across the globe, while businesses in the digital health space currently are seeing unprecedented demand for their services and products.  
 
Share (SDR) info
At the end of the period, the number of outstanding common shares (SDRs), excluding 7,685,303 repurchased SDRs, was 78,150,006. Including the 2,100,000 redeemable common shares issued under the 2019 Long‑Term Incentive Program, the total number of outstanding shares amounts to 80,250,006.
 
Key events after the end of the period
On April 7, 2020, the Company announced that the Board of Directors proposed to change the domicile of the VNV group from Bermuda to Sweden. The Redomestication, which is subject to an SGM on May 12, 2020, is intended to be carried out by way of a Bermuda scheme of arrangement, whereby SDRs in the Company are cancelled and exchanged for shares in a Swedish group entity that, following the Redomestication, will constitute the new parent company of the VNV group.

On April 7, 2020, in the notice to the AGM 2020, the Board of Directors proposed a resolution to change the Company's name to VNV Global Ltd.
 
The Company will hold a telephone  conference with an interactive presentation at 15:00 CEST (09:00 a.m. EDT) Wednesday, April 29. For call-in details, see separate press release issued Wednesday, April 22, at www.vostoknewventures.com.