Sapphire announces that QPLAY Ltd has become the first portfolio company to participate in its strategic collaboration with JP Jenkins. This announcement is intended to provide factual information regarding corporate developments within the Sapphire portfolio.
Sapphire manages the Velocity Capital Fund, which holds shares in QPLAY Ltd. This may give rise to potential conflicts of interest.
This development represents the first implementation of a structured secondary trading framework under the collaboration. The reference to secondary trading relates to potential mechanisms that may be made available to existing shareholders only. Structured liquidity does not guarantee that shareholders will be able to sell their shares at any particular time or price. Liquidity events, if arranged, would be intermittent and subject to market demand, eligibility requirements and regulatory conditions.
Introducing QPLAY
QPLAY Ltd is a UK-based private limited company specialising in the manufacture of innovative board games. The company is the creator of Outsmarted – a patented hybrid quiz board game combining physical gameplay with a connected app-driven ecosystem and AI-powered content.
QPLAY operates as a growth-stage private company within a competitive global market. As a private company, QPLAY Ltd is not admitted to trading on a regulated market. Investments in private companies are typically higher risk than investments in listed securities and may be difficult to value or sell.
QPLAY is held within the Velocity Capital Fund managed by Sapphire.
Delivering on Our Commitment to Portfolio Support
At Sapphire, we actively support the long-term development of our funds and portfolio companies. Our approach extends beyond capital provision to governance oversight, operational expertise and access to structured capital market solutions.
Supporting QPLAY through this initiative forms part of Sapphire’s broader portfolio management activities, which may from time to time include assessing structured secondary trading arrangements for existing shareholders where appropriate. Any liquidity mechanism remains subject to regulatory requirements, market conditions and investor demand. There is no assurance that liquidity will be available at a particular time or valuation.
This marks an important first step in our collaboration with JP Jenkins. We will continue to assess further opportunities within the portfolio where structured secondary trading may be suitable.
The JP Jenkins Private Market
Through the collaboration with JP Jenkins, QPLAY may seek to utilise the PISCES-based JP Jenkins Private Market to facilitate intermittent secondary trading of shares between eligible existing shareholders, subject to applicable requirements.
The JP Jenkins Private Market is not a regulated market within the meaning of UK securities legislation. Securities traded on this venue do not benefit from the same level of regulatory oversight or investor protections as securities admitted to trading on a regulated market.
Key features of the JP Jenkins Private Market include:
- Intermittent trading events (up to 12 per year)
- Company-controlled trading windows
- Minimum and maximum price parameters
- Permissioned participation where appropriate
- A structured disclosure framework
Participation in trading events is subject to eligibility criteria and prevailing market demand. The ability to buy or sell shares depends on the availability of willing counterparties.
Any such framework, if implemented, would operate solely as a venue for secondary transactions between eligible participants. It would not constitute an offer of shares to the public. There is no guarantee that shares can be sold or that any transaction will occur at a price consistent with previous valuations.
Important Information
This communication is provided strictly for information purposes in relation to corporate developments within the Sapphire portfolio. It does not constitute, and should not be construed as, an offer to sell, an invitation to subscribe for, or a solicitation to buy any securities. No investment decision should be based solely on the information contained in this announcement.
Past performance is not a reliable indicator of future results.
The value of investments can fall as well as rise and investors may not recover the amount originally invested.
Shares in private companies may be illiquid and difficult to value.
Tax treatment depends on individual circumstances and may change in future.
