Another fabulous divestment by Bailador - Bailador exits its investment in InstantScripts for $52m cash - 25% valuation uplift increases NTA by $10.3m.

Key facts:

• Sold to Wesfarmers (API, a wholly-owned subsidiary of Wesfarmers Limited)
• Represents an internal rate of return (IRR) of 64%1 for the fund.
• Valuation change as a result of the sale of its investment in InstantScripts in its June 2023 shareholder update. 

I have personally used InstantScripts (https://www.instantscripts.com.au/) purely out of curiosity and I was taken back by how very user friendly it was. For those who don't know - InstantScripts does online prescriptions, telehealth consultations, blood test requests, and medical certificates.

The BTI team did it again!

Disc: Held IRL

$9.8m investment in Rosterfy

About Rosterfly:

• https://www.rosterfy.com/
• Info taken from the ASX announcement:
• "Rosterfy provides volunteer and workforce management software to Not-for-Profit (NFP) organisations, government volunteering bodies and mass-scale events which enables communities to connect to events and causes they are passionate about. Their SaaS platform allows organisations to recruit, screen, train, and schedule their volunteer community which replaces manual processes with automations to better engage and retain their workforce. Rosterfy is an Australian scale-up company whose customers use their platform to manage over 1.5m volunteers in 20+ countries. The business is growing rapidly having increased recurring revenue more than 100% year-on-year in 2022 as the NFP sector embraces digitisation."
• Full annoucement: https://bailador.com.au/assets/downloads/230410_Rosterfy_ASX_Announcement.pdf

Further details to follow in BTI's March shareholder update.

A quick scan of the website shows well known clients such as the Cancer Council, Starlight Foundation, Lifeline Australia.

Great to see BTI on top of a promising investment - time will tell.

DISC: Held

Bailador invests in men’s digital healthcare brand Mosh

• Amount: $7.5m
• Excerpts from the media release
• Mosh offers "subscription treatment plans for hair loss, sexual health, skin care and mental health."
• "Mosh’s medical consultations are delivered digitally" - in line with Bailador's recent focus on med-tech.

Disclosure: Held - jumped back in and bought shares on this news

NTA figures from 9 December 2021:

• NTA post tax: $1.50
• NTA pre-tax: $1.73

Successful IPO of Siteminder and further investments made in Rezdy.

Question posed to BTI: Is it Bailador's intention to keep its holding in SiteMinder following its upcoming IPO?

Email reply from Bevin Shields, Investment Director & Head of Investor Relations:

Bailador has a high level of confidence in the prospects for SiteMinder.  We intend to retain the majority of our stake in SiteMinder in the event of an IPO, but may realise a small portion of our holding to enable further new investments and maintain portfolio balance.

Bailador also intends to provide an opportunity for a priority allocation in any SiteMinder IPO to BTI shareholders

NTA: $1.36 (post-tax)

Listed tech focused capital fund with some incredible performance (to date 1996% return on their Siteminder investment).

The latest exciting update is a a $5.5m investment in InstantScripts. What is unknown is the expected return on this investment. 

Though, everything in this portlio is high risk, high reward. Note they have had to write down their entire investment in Viostream & Stackla to nil in 2019.

Still this remains as one of my favourite founder-led investments.  Management have skin in the game which is always good to see.

Disclosure: On/off holder for the past few years