Tekcapital PLC (LSE:TEK) shares rose 8.9% to 4.3p after the technology investment group reported record net assets and profit, driven largely by a non-cash uplift in the value of Vesari.
Net assets climbed to $201.7 million at the end of June from $55.1 million in December, while net asset value per share increased to $0.78 from $0.27.
First-half profit after tax surged to $144.8 million from $5.4 million, with portfolio returns and services revenue rising to $145.5 million from $6.1 million.
Tekcapital cautioned that most of the increase reflected portfolio appreciation rather than cash returns.
The uplift was mainly attributed to Vesari, a US company formed to commercialise intellectual property for geothermal-powered artificial intelligence data centres. Tekcapital received a 51% stake in May for no cash consideration.
An independent valuation commissioned after the period end valued Vesari’s portfolio of 11 US patent applications at around $293 million as of 30 June. The patents remain pending.
Vesari has also started preliminary discussions with US investment banks about a reverse merger, de-SPAC deal or another route to a stock market listing. Tekcapital cautioned that the talks were at an early stage, with no certainty over their outcome or timing.
Operating expenses fell 7.3% to $690,000.
