DAVY VIEW

The pricing of Poseida’s IPO at the top end of its range at $16 and the increase in the share offering to 14m are indicative of the healthy demand in the IPO. Based on the pricing, the value of Malin’s stake in Poseida increases by 17% to c.€130m, with Malin one step closer to realising a cash exit from this key priority asset. Malin shares are attractively valued at a c.40% discount to fair value per share (FVPS) of c.€8.10, including an updated Poseida value of c.€2.80 per Malin share. Poseida shares begin trading today on the Nasdaq (ticker PSTX).