REG-Biotech Grw Tst PLC: Half-year Report
16/11/2022 07:15
LONDON STOCK EXCHANGE ANNOUNCEMENT
The Biotech Growth Trust PLC
(the “Company”)
Unaudited Half Year Results For The Six Months Ended 30 September 2022
This announcement is not the Company’s Half Year Report. It is an abridged
version of the Company’s full Half Year Report for the six months ended 30
September 2022. This announcement contains references to graphs and charts
which appear in the full Half Year Report, which will shortly be available on
the Company’s website at www.biotechgt.com. Up to date information on the
Company, including daily NAV, share prices and fact sheets, can also be found
on the website.
The Company's Half Year Report for the six months ended 30 September 2022 has
been submitted to the UK Listing Authority, and will shortly be available for
inspection on the National Storage Mechanism (NSM) at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information please contact: Katherine Manson, Frostrow Capital
LLP, 020 3709 8734
CHAIRMAN’S STATEMENT
INTRODUCTION AND RESULTS
I am pleased to present this interim report for the six months ended 30
September 2022 and my first report to you since being appointed Chairman on 19
July 2022. I would like to thank my predecessor, Andrew Joy, for his excellent
stewardship of the Company during his time as Chairman.
After a very difficult year to 31 March 2022, during which the Company’s Net
Asset Value (“NAV”) fell substantially and underperformed the NASDAQ
Biotechnology Index (the “Benchmark”), I am pleased to report that the
first six months of this year have seen the Company regain some lost ground;
the NAV per share total return^ was 9.6%, outperforming the rise of 6.8% in
the Benchmark.
A number of factors contributed to this improvement in performance, including
increased levels of merger and acquisition (“M&A”) activity and an
improved regulatory and political backdrop in the USA. A fuller description of
performance in the period is set out in the Portfolio Manager’s Review.
The Company’s NAV also benefited from the depreciation in sterling over the
period by 15.2% against the U.S. dollar, being the currency in which the
majority of the Company’s investments are denominated.
In addition, the presence of gearing^ over the period contributed 0.6% to the
Company’s NAV performance. While gearing was reduced from 8.4% to 6.6% over
the period and the Portfolio Manager aims to keep gearing in the 5-10% range,
they anticipate that gearing will be at the upper end of that range in the
future.
The Company has maintained some exposure to “crossover” investments
(investments in a Company’s last private funding round prior to an initial
public offering (“IPO”)) and to Chinese biotech. Investments in China
represented 10.3% of the portfolio as at the period end. Despite satisfactory
underlying performance, the value of these investments fell as a result of
investors’ concerns about China. The Portfolio Manager continues to believe
in the high levels of innovation found in the biotechnology sector in China,
but the difficult local macroeconomic and regulatory environments are proving
to be a deterrent to further investment.
SHARE PRICE PERFORMANCE
The outperformance of the NAV was enhanced at the share price level, driven by
a narrowing in the discount^ of the share price to the NAV per share. At 31
March 2022, the discount of the share price to the NAV per share was 6.2% and
at 30 September, 5.3%. When combined with the increase in NAV, this reduction
in the discount contributed to a share price return^ over the six months of
10.7%.
DISCOUNT AND PREMIUM MANAGEMENT
The Company’s shares continued to trade at a discount to the net asset value
per share throughout the period. Shareholders will be aware that the Company
pursues an active discount management policy, buying back shares when the
discount of the Company’s share price to the NAV per share is higher than
6%. Accordingly, during the period the Company bought back 1,076,286 shares,
at an average discount of 8.2% to the NAV per share, at a cost of £10.5
million.
At the period end there were 40,082,396 shares in issue and, as previously
mentioned, the share price traded at a 5.3% discount to the NAV per share. As
we have previously commented, it remains possible for the share price discount
to trade at a discount wider than 6% for a period of days or indeed longer,
particularly in volatile markets. However, the Company remains committed to
protecting a 6% share price discount over the longer term. Since the period
end a further 61,982 shares have been bought back for cancellation and at the
time of writing the share price discount stands at 5.7%.
PERFORMANCE FEE
At the year end, we reported that there was no provision within the
Company’s NAV for any performance fee payable at a future calculation date.
That is still the case as at the half year end.
As explained in more detail in the Annual Report, the performance fee is
calculated quarterly and is dependent on the long-term outperformance of the
Company. In addition, a performance fee only becomes payable to the extent
that the cumulative outperformance gives rise to a total fee greater than the
total of all performance fees paid to date.
OUTLOOK
While current macroeconomic conditions remain extremely challenging, there are
a number of potential catalysts for a return to a more positive environment.
These include the increase in M&A activity, an improved political environment,
and a more benign regulatory environment in the U.S. Most importantly, in the
biotechnology sector itself, the industry pipeline is growing and the sector
continues to offer compelling innovation based on exciting new drug
technologies.
The Board shares the Portfolio Manager’s optimism for the long term. While
the current market backdrop may present some headwinds, the Board believes
that over the longer term the attractions of the sector and the positioning of
the portfolio will generate attractive absolute and relative returns for
investors.
Roger Yates
Chairman
15 November 2022
^ Alternative Performance Measure (see Glossary)
COMPANY PERFORMANCE
KEY STATISTICS
As at As at % Change
30 September 2022 31 March 2022
Net asset value per share 1049.7p 957.8p +9.6
Share price 994.0p 898.0p +10.7
Discount of share price to net asset value per share^ 5.3% 6.2%
Nasdaq Biotechnology Index (sterling adjusted) “Benchmark” 3,385.09 3,170.85 +6.8
Gearing^ 6.6% 8.4%
Ongoing Charges (excluding performance fees)^ 1.2% 1.1%
Active Share* 75.1% 77.3%
^ Alternative Performance Measure (see Glossary)
* Source: Morningstar
PORTFOLIO MANAGER’S REVIEW
GEOFF HSU
Performance
The Company’s NAV per share increased by 9.6% during the six-month period
ended 30 September 2022. This compares with a 6.8% increase in the NASDAQ
Biotechnology (the “Benchmark” or the “NBI”), measured on a sterling
adjusted basis. The devaluation of the pound versus the U.S. dollar
contributed approximately 15% of positive NAV performance over the period.
After a difficult fiscal year for the Company, ending 31 March 2022, weakness
in the biotech sector continued in April and May, principally driven by
macroeconomic factors rather than biotech fundamentals. Investor concerns over
rising interest rates, rising inflation, and the risk of a recession resulted
in a steep correction in share prices for unprofitable technology stocks
broadly, including emerging biotech. Valuations for emerging biotech, which
had already been driven to 20-year lows, sank even further at the start of the
six-month period but appeared to bottom out in May and June. In August, drug
pricing legislation in the U.S. was passed as part of the Democrats’
“Inflation Reduction Act”. While the bill allows for limited drug price
negotiation by Medicare starting in 2026, the provisions appear manageable for
the industry and passage of the bill clears a longstanding political overhang
for the sector. By the end of September, the biotech sector had begun staging
a recovery from depressed levels.
The Company’s outperformance versus the Benchmark during the review period
was primarily due to outperformance of the emerging biotech positions in the
portfolio.
We have chosen to maintain our strategic tilt towards the smaller emerging
companies in the biotech sector over the larger profitable companies because
most of the innovation in biotech is occurring in the emerging segment of the
industry. As shown in Figure 1 on page 5 of the Half Year Report, as of 31
March 2021, the beginning of the prior fiscal year, the Company was
significantly overweight small cap biotech stocks (those with a market
capitalization under U.S.$2 billion) and significantly underweight large cap
biotech (those with a market capitalization above U.S.$10 billion) relative to
the Benchmark. Given the significant underperformance of small cap biotech
versus large cap biotech of approximately 30%, the Company’s small cap bias
has acted as a significant headwind to the Company’s relative performance
for the past 18 months. Notably, as of 30 September 2022, the divergence
between small and large cap biotech performance had not yet converged. Our
view is that a relative performance recovery of the small cap names is long
overdue given that their absolute valuations have declined to historical lows.
We have therefore kept our overweight positioning in small caps and
underweight positioning in large caps because we believe the small cap stocks
have the most upside potential in the near term.
Our confidence in a small cap biotech recovery is based on two observations.
The first observation is shown in Figure 2 on page 6 of the Half Year Report,
which plots the relative performance of the XBI – an equal weighted biotech
index created in 2006 which is commonly used as a proxy for small and mid cap
biotech performance - against the S&P 500 Index. Since the XBI’s inception,
one can see that it has generally outperformed the S&P 500 over the past 15
years, indicating that emerging biotech has generally been a good place to
invest over the long term. Over the course of that multi-year outperformance,
there have been temporary periods of relative underperformance, denoted by the
red circles in the graph, when the XBI has underperformed the S&P 500. What is
so striking about the most recent biotech drawdown is how unusual it is in
historical context. The most recent drawdown is the largest absolute fall of
the XBI since its inception and the longest and most severe relative drawdown
the XBI versus the S&P 500. Historically, each relative performance drawdown
of the XBI versus the S&P 500 has been followed by a strong period of relative
outperformance of the XBI (shown by the green arrows), ranging from 68-109%.
Notably, all previous relative performance drawdowns have seen a subsequent
recovery to a new relative performance high. Our expectation is that a
relative performance recovery from the low of the most recent drawdown is
likely to occur in the near term. Indeed, if one looks at the rightmost
portion of the graph, it does appear we are in the early stages of such a
recovery.
The second observation giving us confidence in a small cap biotech recovery is
the fact that absolute valuations for the emerging biotech segment are so
depressed. One objective way of valuing unprofitable biotech is to simply
compare the market caps of these companies with the net cash on their balance
sheets. If one looks at the median ratio of market cap to net cash for the
biotech industry (shown in Figure 3 on page 7 of the Half Year Report), one
observes that the current drawdown has driven sector valuations to levels we
have not seen in over 20 years. Valuations on this metric are now below those
found after the Dot Com Bust, the Great Financial Crisis, and the Hillary
Clinton drug pricing tweet in 2015. This translates into over 25% of biotech
companies (over 150 companies) that are now trading at market caps below the
net cash on their balance sheets. We do not believe these unprecedented
valuation levels are warranted given the fundamentals of the industry.
One of the principal factors that has clearly driven overall market weakness
– and weakness in unprofitable technology companies in particular – is the
rapid rise of interest rates in the U.S. over the past several months. In
order to combat rising inflation, the U.S. Federal Reserve (the “Fed”) has
been aggressively increasing interest rates. By increasing the risk-free rate,
these interest rate hikes increase the discount rate investors use to value
biotech companies and reduce their discounted cash flow value. Importantly,
because most biotech companies are not heavily dependent on debt financing, an
increase in short-term rates has very little impact on their businesses. The
impact on biotech really stems from any increase in the long end of the yield
curve increasing the discount rate. Figure 5 (on page 9 of the Half Year
Report) shows that as of 30 September 2022, the U.S. 10-year government yield
had risen to approximately 4%. Importantly, this rate already incorporates
expectations for continued Fed rate hikes in the near term through the middle
of 2023, followed by rate reductions once inflation is brought under control.
We would therefore argue that many of the near-term rate hikes are already
priced into market expectations and should not substantially impact the
10-year rate. Given that absolute valuations for emerging biotech are already
at 20-year lows, we would not anticipate that further interest rate increases
will significantly further depress valuations.
Many economists are now forecasting a recession in 2023. Healthcare has
generally been a defensive sector during recessions, and we would argue that
biotech as a secular growth sector should be less impacted by an economic
downturn compared to other industries. Patient demand for drugs should not be
dramatically affected if the U.S. enters a recession.
With regards to inflation, pricing power in the drug industry has
traditionally been strong. We believe most companies will be able to push
through annual price increases on their drug sales at least on par with
inflation in order to maintain margins and offset any inflationary pressure on
costs.
The China portion of the portfolio was also under pressure during the review
period for entirely different macro reasons. Investor concerns over a slowing
Chinese economy, China’s zero COVID policy, rising U.S.-China tensions, and
geopolitical fears over a potential invasion of Taiwan by China led to a
significant decline in Chinese securities generally during the review period.
The Hang Seng Index, a broad market index tracking Hong Kong listed stocks,
declined over 21% in local currency terms during the review period and sat at
a 10-year low as of the end of the September. While we continue to believe in
the long-term prospects for Chinese biotech and the Chinese government’s
unwavering commitment to promoting innovation in the sector, we have elected
to reduce our Chinese public equity exposure and shift that capital to U.S.
emerging biotech. This is a tactical shift driven by our expectation that a
recovery in U.S. emerging biotech is likely to occur sooner than a recovery in
Chinese biotech.
Contributors to Performance
The principal contributors to performance during the review period were Syndax
Pharmaceuticals, Mersana Therapeutics, Forma Therapeutics, Sarepta
Therapeutics, and Global Blood Therapeutics.
• Syndax Pharmaceuticals is a clinical stage oncology company
developing two drugs, one for acute myeloid leukemia and one for chronic graft
versus host disease. Both programs will have pivotal data readouts in the
second quarter of 2023. The company’s share price rose during the review
period in anticipation of those data releases.
• Mersana Therapeutics is a clinical stage company developing
antibody-drug conjugate therapeutics. The company’s lead asset, UpRi is in a
pivotal program in late-stage ovarian cancer that will have data in mid-2023.
The stock appreciated during the review period after the company signed an
option license with GlaxoSmithKline for the co-development of one of
Mersana’s earlier stage assets. As part of the deal, Mersana received a $100
million upfront payment from GSK, resulting in a re-rating of the stock.
• Forma Therapeutics is a development stage biopharmaceutical
company focused on developing drugs to treat nonmalignant hematological
disorders. The company’s lead drug is being developed for the treatment of
sickle cell disease. In early September, Novo Nordisk announced that it was
acquiring Forma for $1.1 billion in cash, representing a 49% premium to
Forma’s closing price the previous day.
• Sarepta Therapeutics is a commercial biotechnology company
focused on rare neuromuscular diseases. It markets three approved therapies
for Duchenne muscular dystrophy but is also developing a gene therapy for the
condition. The company’s share price rose on the increased investor
expectation that the company would be able to obtain accelerated approval for
the gene therapy in 2023.
• Global Blood Therapeutics is a commercial stage
biopharmaceutical company focused on developing drugs to treat sickle cell
disease. In early August, Pfizer announced that it was acquiring Global Blood
for $5.4 billion in cash, representing over a 100% premium to the company’s
share price prior to rumours of a potential deal.
Detractors from Performance
The principal detractors from performance were Horizon Therapeutics, Jounce
Therapeutics, Guardant Health, Mirati Therapeutics, and GH Research.
• Horizon Therapeutics is a specialty pharmaceutical company
that launched Tepezza, a treatment for thyroid eye disease, in the U.S. in
early 2020. Tepezza sales declined sharply in 2022 due to a combination of
market saturation, stricter payor coverage, and the COVID Omicron wave. As a
result, investor expectations for long-term Tepezza sales declined, sending
the stock lower.
• Jounce Therapeutics develops immunotherapy drugs for the
treatment of cancer. Shares of the company declined after it disclosed that a
Phase 2 study in lung cancer for one of its drugs failed to meet its primary
endpoint.
• Guardant Health is a genomics company developing liquid
biopsy tests for detecting and monitoring cancers. Shares of the company were
under pressure during the review period due to the difficult macro environment
as well as a delay in the clinical trial data release for the company’s
blood-based screening test to detect colorectal cancer.
• Mirati Therapeutics is a clinical-stage biopharmaceutical
company focused on the discovery and development of novel targeted oncology
treatments. Shares underperformed amid market weakness and mixed clinical
results from their lead program in second-line lung cancer.
• GH Research is developing a psychedelic drug for
treatment-resistant depression. The stock fell due to overall biotech sector
weakness during the review period.
IPO Market has Slowed Considerably
Unsurprisingly, the drawdown in the general markets has resulted in a dramatic
decline in the number of IPOs, as shown in Figure 6 on page 11 of the Half
Year Report. Due to market conditions, none of the Company’s crossover
positions went public during the review period. We have also stopped making
new crossover investments until the IPO market recovers. The portfolio now
includes only three crossover investments, all of which are Chinese companies.
Our current expectation is that all of them will go public by mid-2023.
Despite the decline in IPO activity, most quality biotech companies that are
already public have not had much difficulty in raising capital, so there
remains ample investor appetite for funding biotech. Given the lower
valuations of biotech generally, we have looked to capitalize on opportunities
to finance quality companies at these new lower prices.
Passage of Drug Pricing Legislation Clears Political Overhang
In August, the Democrats’ “Inflation Reduction Act” was signed into law
in the U.S. The law includes a number of drug pricing provisions to help pay
for the climate and energy provisions of the legislation. There are three
elements of the drug pricing reform: 1) a redesign of Medicare Part D to cap
out-of-pocket costs that seniors pay for prescription drugs (a positive for
the industry); 2) an inflation cap on annual drug price increases; and 3) the
ability for the federal government to negotiate Medicare drug prices for a
limited number of drugs starting in 2026. We don’t think the bill will have
an impact on biotech in the near term and will generally be manageable for the
drug industry overall. The spectre of drug pricing legislation has been an
overhang and risk for the biotech sector for decades. Now that this
legislation has passed, we believe it is a clearing event for the sector that
will allow the sector to re-rate. We do not expect Congress to revisit the
issue for the next several years. On 8 November 2022, midterm Congressional
elections took place in the U.S., but as of 14 November, the results of those
elections had not been completely determined. The Democrats were able to
maintain their slight majority in the Senate, with Republicans still appearing
likely to win a small majority in the House. If Republicans gain control of
the House, the prospects of any additional drug pricing legislation are even
less likely.
M&A Activity Expected to Accelerate
We anticipated that M&A activity in the biotech sector would increase with the
recent drawdown in valuations. Development-stage biotech companies that can
complete equity financings at healthy prices can remain independent entities
to generate additional value and are not forced to sell themselves to a larger
player if the acquisition price is deemed insufficient. Now that stock prices
are quite a bit lower, biotech companies face the unattractive prospect of
financing their programs with much more dilutive equity offerings than they
previously contemplated, making a sale to a strategic acquiror a more
palatable alternative than it was under healthier market conditions. At the
same time, the urgency for large pharma to acquire smaller biotech companies
remains elevated. Numerous large pharma companies like Merck, Bristol-Myers
Squibb, and AbbVie are facing key patent expirations on multi-billion-dollar
blockbuster products in the 2025-2030 timeframe. These companies are highly
motivated to acquire innovative biotech products that can help them replace
expected revenue losses in the latter half of this decade. The current market
environment should therefore be conducive to accelerated M&A activity. Figure
7 (on page 12 of the Half Year Report) shows announced M&A transactions
involving public biotech targets each quarter since the beginning of 2018.
While there is always natural variability year to year in M&A volume, it is
encouraging that the number of announced transactions has increased
sequentially in the second and third calendar quarters of 2022, suggestive of
a pickup in M&A activity.
The Company benefited directly from two transactions during the review period:
Novo Nordisk’s acquisition of Forma Therapeutics for $1.1 billion and
Pfizer’s acquisition of Global Blood Therapeutics for $5.4 billion. There
are many other companies in the portfolio that we believe would make
attractive M&A candidates, and we are optimistic that some of them will be
acquired as well in the months ahead.
Outlook
With valuations in emerging biotech at 20-year lows and a drawdown in small
and mid-cap biotech that has been the worst in over 15 years, we have never
seen such a compelling entry point for long-term investors to invest in
biotech. We expect the sector to resume its historical outperformance versus
the general market over the next several years. Importantly, the fundamentals
of the industry remain strong. The industry pipeline continues to grow, with
robust innovation based on new drug development technologies like gene
therapy, cell therapy, and RNA-based therapies still in the early stages of
reaching their full potential. The regulatory environment at the FDA remains
constructive towards the approval of new drugs, especially in areas of unmet
medical need. There are signs that M&A activity is accelerating, as large
pharma companies facing upcoming patent expirations on key products
aggressively look to acquire innovative biotech companies now trading at
inexpensive valuations. Finally, the political overhang of drug pricing reform
has now been cleared with the passage of the Inflation Reduction Act, which we
expect to have minimal impact on biotech. Indeed, we have never seen such a
dramatic disconnect between industry fundamentals and share price performance
in the sector. While rising interest rates will continue to be a headwind for
the stock market generally, any indication of inflation moderation could have
a favorable impact on future interest rate expectations. The portfolio will
continue its overweight bias in small cap emerging biotech versus the
Benchmark, as we believe this positioning will deliver the best returns for
investors when the long overdue recovery occurs. Gearing will remain in the
5-10% range, though given the historically depressed valuations, investors
should expect gearing at the upper end of the range. Although the market may
continue to be challenging in the short term, the compelling valuations in
biotech give us optimism that a recovery in the sector will eventually occur
in due course.
Geoff Hsu
OrbiMed Capital LLC
Portfolio Manager
15 November 2022
INVESTMENT PORTFOLIO
INVESTMENTS HELD AS AT 30 SEPTEMBER 2022
Fair value % of
Security Country/Region# £’000 investments
Argenx Netherlands 21,332 4.7
Sarepta Therapeutics United States 21,170 4.7
Ionis Pharmaceuticals United States 21,099 4.7
BioMarin Pharmaceutical United States 20,921 4.7
Syndax Pharmaceuticals United States 20,386 4.5
Aclaris Therapeutics United States 19,219 4.3
Mersana Therapeutics United States 17,396 3.9
Neurocrine Biosciences United States 17,386 3.9
Biogen United States 16,122 3.6
Yisheng Biopharma* China 16,059 3.6
Ten largest investments 191,090 42.6
BELLUS Health Canada 14,878 3.3
GH Research Ireland 14,359 3.2
Xenon Pharmaceuticals Canada 14,157 3.2
XtalPi* China 14,068 3.1
Keros Therapeutics United States 13,785 3.1
Travere Therapeutics United States 10,970 2.4
Chinook Therapeutics United States 10,750 2.4
KalVista Pharmaceuticals United States 10,386 2.3
RAPT Therapeutics United States 9,248 2.1
2seventy bio United States 9,180 2.0
Twenty largest investments 312,871 69.7
Aerovate Therapeutics United States 8,401 1.9
uniQure NV Netherlands 7,861 1.8
ALX Oncology Holdings United States 7,801 1.7
Seagen United States 7,673 1.7
Compass Therapeutics United States 7,295 1.6
Alnylam Pharmaceuticals United States 7,074 1.6
StemiRNA Therapeutics* China 6,508 1.4
Verona Pharma United Kingdom 6,097 1.4
EyePoint Pharmaceuticals United States 5,235 1.2
Mirum Pharmaceuticals United States 4,553 1.0
Thirty largest investments 381,369 85.0
Vaxcyte United States 4,235 0.9
Heron Therapeutics United States 4,225 0.9
Janux Therapeutics United States 4,206 0.9
MeiraGTx Holdings United States 3,990 0.9
Mirati Therapeutics United States 3,854 0.9
Jounce Therapeutics United States 3,547 0.8
Arcus Biosciences United States 3,533 0.8
CinCor Pharma United States 3,498 0.8
Alphamab Oncology China 2,622 0.6
Dyne Therapeutics United States 2,504 0.6
Forty largest investments 417,583 93.1
Scholar Rock Holding United States 2,485 0.6
Remegen China 2,445 0.5
Graphite Bio United States 2,409 0.5
Gracell Biotechnologies China 2,339 0.5
Edgewise Therapeutics United States 2,339 0.5
Kezar Life Sciences United States 2,244 0.5
Magenta Therapeutics United States 2,157 0.5
Prelude Therapeutics United States 2,049 0.5
OrbiMed Asia Partners*† United States 2,045 0.5
VectivBio Holding Switzerland 1,576 0.3
Fifty largest investments 439,671 98.0
Pyxis Oncology United States 1,489 0.3
Clover Biopharmaceuticals China 1,292 0.3
Suzhou Basecare Medical China 902 0.2
Monte Rosa Therapeutics United States 860 0.2
Small Pharma Canada 799 0.2
AWAKN Life Sciences Canada 705 0.2
Repare Therapeutics Canada 535 0.1
Galecto Denmark 487 0.1
Burning Rock Biotech China 392 0.1
IMARA United States 381 0.1
Sixty largest investments 447,513 99.8
Longboard Pharmaceuticals United States 361 0.1
Fusion Pharmaceuticals Canada 270 0.1
Harpoon Therapeutics United States 174 0.0
LogicBio Therapeutics United States 128 0.0
AWAKN Life Sciences warrants* Canada 15 0.0
Total Investments 448,461 100.0
(#) Primary listing.
(*) Unquoted investment.
(†) Partnership interest.
PORTFOLIO BREAKDOWN
Fair value % of
Investments £’000 investments
Quoted
Equity 409,766 91.4
Total quoted investments 409,766 91.4
Unquoted
Equities 36,635 8.1
Warrants 15 –
Partnership interest 2,045 0.5
Total unquoted investments 38,695 8.6
Total investments 448,461 100.0
PRINCIPAL CONTRIBUTORS TO AND DETRACTORS FROM NET ASSET VALUE PERFORMANCE
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
TOP FIVE CONTRIBUTORS
Contribution for the Six months ended 30 September 2022 £’000 Contribution per share (pence)*
Syndax Pharmaceuticals 9,451 23.2
Mersana Therapeutics 8,774 21.5
Forma Therapeutics 7,406 18.2
Sarepta Therapeutics 6,866 16.8
Global Blood Therapeutics 5,759 14.1
38,256 93.8
TOP FIVE DETRACTORS
Horizon Therapeutics (5,852) (14.4)
Jounce Therapeutics (5,153) (12.6)
Guardant Health (4,882) (12.0)
Mirati Therapeutics (4,592) (11.2)
GH Research (4,555) (11.2)
(25,034) (61.4)
* based on 40,781,100 Shares being the weighted average number of shares in
issue during the six months ended 30 September 2022
CONDENSED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
(Unaudited) Six months ended 30 September 2022 (Unaudited) Six months ended 30 September 2021
Revenue Capital Total Revenue Capital Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
Investment income 2 299 – 299 587 – 587
Gains/(losses) on investments held at fair value through profit or loss 44,507 44,507 – (57,118) (57,118)
Exchange losses on currency balances (5,293) (5,293) – (888) (888)
AIFM, portfolio management and performance fees 3 (91) (1,731) (1,822) (134) 8,191 8,057
Other expenses (371) (18) (389) (310) – (310)
(Loss)/return before finance costs and taxation (163) 37,465 37,302 143 (49,815) (49,672)
Finance costs (14) (258) (272) (4) (78) (82)
(Loss)/return before taxation (177) 37,207 37,030 139 (49,893) (49,754)
Taxation (39) – (39) (73) – (73)
(Loss)/return for the period (216) 37,207 36,991 66 (49,893) (49,827)
Basic and diluted (loss)/earnings per share 4 (0.5)p 91.2p 90.7p 0.2p (119.7)p (119.5)p
The Company does not have any income or expenses which are not included in the
profit or loss for the period. Accordingly the “profit for the period” is
also the “Total Comprehensive Income for the period”, as defined in IAS 1
(revised) and no separate Statement of Other Comprehensive Income has been
presented.
The “Total” column of this statement is the Company’s Income Statement,
prepared in accordance with UK-adopted International Accounting Standards and
with the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards. The “Revenue” and “Capital” columns
are supplementary to this and are prepared under guidance published by the
Association of the Investment Companies.
All items in the above statement are from continuing operations.
CONDENSED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED) SIX MONTHS ENDED 30 SEPTEMBER 2022
Ordinary Share capital £’000 Share premium account £’000 Capital redemption reserve £’000 Capital reserve £’000 Revenue reserve £’000 Total £’000
At 31 March 2022 10,289 79,951 13,141 291,231 (404) 394,208
Net profit/(loss) for the period – – – 37,207 (216) 36,991
Repurchase of own shares for cancellation (269) – 269 (10,465) – (10,465)
At 30 September 2022 10,020 79,951 13,410 317,973 (620) 420,734
(UNAUDITED) SIX MONTHS ENDED 30 SEPTEMBER 2021
Ordinary Share capital £’000 Share premium account £’000 Capital redemption reserve £’000 Capital reserve £’000 Revenue reserve £’000 Total £’000
At 31 March 2021 10,396 77,895 12,997 500,594 (415) 601,467
Net (loss)/profit for the period – – – (49,893) 66 (49,827)
Issue of new shares 37 2,056 – – – 2,093
Repurchase of own shares for cancellation (28) – 28 (1,396) – (1,396)
At 30 September 2021 10,405 79,951 13,025 449,305 (349) 552,337
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
Notes (Unaudited) 30 September 2022 £’000 (Audited) 31 March 2022 £’000
Non current assets
Investments held at fair value through profit or loss 448,461 427,399
Current assets
Other receivables 25 49
25 49
Total assets 448,486 427,448
Current liabilities
Other payables 2,292 1,499
Loan facility 25,460 31,741
27,752 33,240
Net assets 420,734 394,208
Equity attributable to equity holders
Ordinary share capital 10,020 10,289
Share premium account 79,951 79,951
Capital redemption reserve 13,410 13,141
Capital reserve 317,973 291,231
Revenue reserve (620) (404)
Total equity 420,734 394,208
Net asset value per share 5 1,049.7p 957.8p
CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
(Unaudited) Six months ended 30 September 2022 £’000 (Unaudited) Six months ended 30 September 2021 £’000
Operating activities
Profit/(loss) before taxation* 37,030 (49,754)
Finance costs 272 82
(Gains)/losses on investments held at fair value through profit & loss (45,419) 56,601
Transaction costs 912 517
Foreign exchange losses 5,293 888
Decrease in other receivables 24 6
Increase/(decrease) in other payables 114 (17,852)
Taxation paid (39) (73)
Net cash outflow from operating activities (1,813) (9,585)
Investing activities
Purchases of investments (254,895) (253,367)
Sales of investments 278,800 273,617
Transaction costs (912) (517)
Net cash inflow from investing activities 22,993 19,733
Financing activities
Repurchase of own shares for cancellation (9,334) (1,396)
Gross proceeds from the issue of shares – 2,093
Net repayment of the loan facility (11,574) (8,394)
Finance costs - interest paid (272) (82)
Net cash outflow from financing activities (21,180) (7,779)
Net increase in cash and cash equivalents – 2,369
Cash and cash equivalents at start of period – 1,502
Cash and cash equivalents at end of period – 3,871
* Includes dividends earned during the period of £299,000 (six months ended
30 September 2021: £532,000) and bond income of £nil (six months ended 30
September 2021: £55,000).
CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
(Unaudited) Six months ended 30 September 2022 £’000 (Unaudited) Six months ended 30 September 2021 £’000
Balance as at start of period 31,741 26,779
Net cash flow on the loan facility (11,574) (8,394)
Foreign exchange losses 5,293 888
Loan balance 25,460 19,273
NOTES TO THE FINANCIAL STATEMENTS
1.A) GENERAL INFORMATION
The Biotech Growth Trust PLC is a company incorporated and registered in
England and Wales. The Company operates as an investment company within the
meaning of Section 833 of the Companies Act 2006 and has made a successful
application under Regulation 5 of the Investment Trust (Approved Company)
(Tax) Regulations 2011 for investment trust status to apply to all accounting
periods commencing on or after 1 April 2012.
1.B) BASIS OF PREPARATION
The Company’s condensed financial statements for the six months ended 30
September 2022 have been prepared in accordance with IAS 34 “Interim
Financial Reporting”. They do not include all the financial information
required for the full annual financial statements and have been prepared using
accounting policies adopted in the audited financial statements for the year
ended 31 March 2022. Those financial statements have been prepared in
accordance with International Financial Reporting Standards (“IFRS”).
The Directors have sought to prepare the financial statements in compliance
with presentational guidance set out in the Statement of Recommended Practice
(the “SORP”) for Investment Trust Companies and Venture Capital Trusts
produced by the Association of Investment Companies (“AIC”), dated July
2022.
The Company’s financial statements are presented in sterling and all values
are rounded to the nearest thousand pounds (£’000) except when otherwise
indicated.
The financial statements have not been audited by the Company’s auditors.
1.C) SEGMENTAL REPORTING
IFRS 8 requires entities to define operating segments and segment performance
in the financial statements based on information used by the Board of
Directors. The Directors are of the opinion that the Company is engaged in a
single segment of business, being investment business.
1.D) GOING CONCERN
The Directors believe that it is appropriate to adopt the going concern basis
in preparing the financial statements as the assets of the Company consist
mainly of securities that are readily realisable and, accordingly, the Company
has adequate financial resources to continue in operational existence for at
least 12 months from the date of the approval of the financial statements. The
next continuation vote of the Company will be held at the Annual General
Meeting in 2025 and further opportunities to vote on the continuation of the
Company will be given to shareholders every five years thereafter.
2. INCOME
(Unaudited) Six months ended 30 September 2022 £’000 (Unaudited) Six months ended 30 September 2021 £’000
Investment income
Overseas dividend income 299 532
Bond income – 55
Total income 299 587
3. AIFM, PORTFOLIO MANAGEMENT AND PERFORMANCE FEES
Revenue £’000 Capital £’000 Total Revenue £’000 Capital £’000 Total (Unaudited) Six months ended 30 September 2021 £’000
(Unaudited)
Six months ended 30 September 2022 £’000
AIFM fee 27 524 551 40 757 797
Portfolio management fee – OrbiMed Capital LLC 64 1,207 1,271 94 1,781 1,875
Performance fee – – – – (10,729) (10,729)
91 1,731 1,822 134 (8,191) (8,057)
As at 30 September 2022, no performance fees were accrued or payable. During
the six months ended 30 September 2021, due to underperformance against the
Benchmark and in accordance with the performance fee arrangements in place,
prior period provisions of £10,729,000 were reversed.
For further details on the performance fee arrangements see pages 46 and 47 of
the Company’s 2022 Annual Report.
4. BASIC AND DILUTED (LOSS)/EARNINGS PER SHARE
(Unaudited) Six months ended 30 September 2022 £’000 (Unaudited) Six months ended 30 September 2021 £’000
The (loss)/earnings per share is based on the following figures:
Net revenue (loss)/return (216) 66
Net capital return/(loss) 37,207 (49,893)
Net total return/(loss) 36,991 (49,827)
Weighted average number of shares in issue during the period 40,781,100 41,693,267
Pence Pence
Revenue (loss)/earnings per share (0.5) 0.2
Capital earnings/(loss) per share 91.2 (119.7)
Total earnings/(loss) per share 90.7 (119.5)
5. NET ASSET VALUE PER SHARE
The net asset value per share is based on the net assets attributable to
equity shareholders of £420,734,000 (31 March 2022: £394,208,000) and on
40,082,396 shares (31 March 2022: 41,158,682) being the number of shares in
issue at the period end.
6. TRANSACTION COSTS
Purchase and sale transaction costs for the six months ended 30 September 2022
amounted to £912,000 (six months ended 30 September 2021: £517,000); broken
down as follows: purchase transactions for the six months ended 30 September
2022 amounted to £411,000 (six months ended 30 September 2021: £201,000).
Sale transactions amounted to £501,000 (six months ended 30 September 2021:
£316,000). These costs comprise mainly commission.
7. INVESTMENTS
IFRS 13 requires the Company to classify fair value measurements using the
fair value hierarchy that reflects the significance of the inputs used in
making the measurements. The fair value hierarchy consists of the following
three levels:
• Level 1 – quoted prices (unadjusted) in active markets for
identical assets or liabilities;
• Level 2 – inputs other than quoted prices included with
Level 1 that are observable for the asset or liability, either directly (i.e.
as prices) or indirectly (i.e. derived from prices); and
• Level 3 – inputs for the asset or liability that are not
based on observable market data (unobservable inputs).
At 30 September 2022 the investments in OrbiMed Asia Partners LP Fund (the LP
Fund), XtalPi, StemiRNA and Yisheng Biopharma have been classified as Level 3
(see Level 3 reconciliation below).
The LP Fund is valued quarterly by OrbiMed Advisors LLC and is audited
annually by KPMG LLP. As the 30 September 2022 valuation is not yet available,
the LP Fund has been valued at its net asset value as at 30 June 2022. It is
believed that the value of the LP Fund as at 30 September 2022 will not be
materially different. If the value of the LP Fund were to increase or decrease
by 10%, while other variables had remained constant, the return and net assets
attributable to shareholders for the period ended 30 September 2022 would have
increased or decreased by £205,000 (year ended 31 March 2022: £209,000).
The following investments have been valued by the Board following
recommendations made by the Valuation Committee which has reviewed in detail
both the valuations and the methodologies provided by Kroll, an independent
valuer.
StemiRNA, XtalPi and Yisheng Biopharma have been valued using the
probability-weighted expected returns methodology and are classified as Level
3. If the value of these investments were to increase or decrease by 10%,
while all other variables remain constant, the return attributable to
shareholders for the period ended 30 September 2022 would have increased or
decreased by £3,664,000 (year ended 31 March 2022: £3,218,000).
Awakn Life Sciences warrants have been classified as Level 2 at the period
end. If the value of the warrants were to increase or decrease by 10%, the
return and net assets attributable to shareholders would have increased or
decreased by £1,500.
The table overleaf sets out fair value measurements of financial assets in
accordance with the IFRS13 fair value hierarchy system:
(UNAUDITED) SIX MONTHS ENDED 30 SEPTEMBER 2022
Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000
Equity investments 409,766 – 36,635 446,401
Warrants – 15 – 15
Partnership interest in LP Fund – – 2,045 2,045
Total 409,766 15 38,680 448,461
(AUDITED) YEAR ENDED 31 MARCH 2022
Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000
Equity investments 393,169 – 32,178 425,347
Warrants – 303 – 303
Partnership interest in LP Fund – – 1,749 1,749
Total 393,169 303 33,927 427,399
LEVEL 3 RECONCILIATION
Please see below a reconciliation disclosing the changes during the six months
for the financial assets and liabilities, designated at fair value through
profit or loss, classified as being Level 3.
(Unaudited) Six months ended 30 September 2022 £’000 (Audited) Year ended 31 March 2022 £’000
Assets as at beginning of period 33,927 37,483
Purchase of unquoted investments – 13,266
Sale of unquoted investments – (40)
Net movement in investment holding gains during the period/year 4,753 2,843
Transfer from level 3 to level 1 – (19,625)
Assets as at 30 September/31 March 38,680 33,927
8. PRINCIPAL RISKS PROFILE
The principal risks which the Company faces from its financial instruments
are:
i) market price risk, including currency risk, interest rate
risk and other price risk;
ii) liquidity risk; and
iii) credit risk.
Market price risk – This is the risk that the fair value or future cash
flows of a financial instrument held by the Company may fluctuate because of
changes in market prices. This market risk comprises three elements –
currency risk, interest rate risk and other price risk.
Liquidity risk – This is the risk that the Company will encounter difficulty
in meeting obligations associated with financial liabilities.
Credit risk – This is the risk that the counterparty to a transaction fails
to discharge its obligations under that transaction, which could result in the
Company suffering a loss.
Details of the Company’s management of these risks can be found in note 14
in the Company’s 2022 Annual Report.
There have been no changes to the management of or the exposure to these risks
since the date of the Annual Report.
9. RELATED PARTY TRANSACTIONS
There have been no changes to the related party arrangements or transactions
as reported in the Annual Report for the year ended 31 March 2022.
10. CREDIT RISK
J.P. Morgan Securities LLC (J.P. Morgan) may take assets with a value of up to
140% of the Company’s loan facility as collateral. Such assets held by J.P.
Morgan are available for rehypothecation*.
* See Glossary.
As at 30 September 2022, the maximum value of assets available for
rehypothecation was £35.6 million being 140% of the loan balance (£25.5
million) (31 March 2022: £44.4 million).
11. COMPARATIVE INFORMATION
The financial information contained in this half year report does not
constitute statutory accounts as defined in sections 434 to 436 of the
Companies Act 2006. The financial information for the six months ended 30
September 2022 and 2021 has not been audited by the Company’s auditor.
The information for the year ended 31 March 2022 has been extracted from the
latest published audited financial statements. The audited financial
statements for the year ended 31 March 2022 have been filed with the Registrar
of the Companies. The report of the Company’s auditor on those accounts was
unqualified, did not include a reference to any matters to which the
Company’s auditor drew attention by way of emphasis without qualifying the
report and did not contain statements under section 498(2) or 498(3) of the
Companies Act 2006.
INTERIM MANAGEMENT REPORT
PRINCIPAL RISKS AND UNCERTAINTIES
A review of the half year, including reference to the risks and uncertainties
that existed during the period and the outlook for the Company can be found in
the Chairman’s Statement and in the Portfolio Manager’s Review. The
principal risks faced by the Company fall into the following broad categories:
objective and strategy; share price volatility and the level of
discount/premium; portfolio performance; portfolio management key person risk;
operational and regulatory risk (including cyber risk); market price risk;
valuation risk; climate change; liquidity risk; shareholder profile; currency
risk; the risk associated with the Company’s loan facility; and credit risk.
Information on each of these areas is given in the Strategic Report/ Business
Review within the Annual Report for the year ended 31 March 2022. The
Company’s principal risks and uncertainties have not changed materially
since the date of that report and are not expected to change materially for
the remaining six months of the Company’s financial year, although
Russia’s invasion of Ukraine and the ensuing war, together with increasing
tensions between the West and China, have brought the geopolitical aspect of
market risk into greater focus.
The Board, the AIFM and the Portfolio Manager discuss and identify emerging
risks as part of the risk identification process and have considered, amongst
other things, the potential effects of the economic slowdown in China and
ongoing global supply chain disruption on the Company’s performance.
RELATED PARTY TRANSACTIONS
During the first six months of the current financial year, no transactions
with related parties have taken place which have materially affected the
financial position or the performance of the Company.
GOING CONCERN
The Directors believe, having considered the Company’s investment objective,
risk management policies, capital management policies and procedures, the
nature of the portfolio and expenditure projections, that the Company has
adequate resources, an appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the foreseeable
future and, more specifically, that there are no material uncertainties
relating to the Company that would prevent its ability to continue in such
operational existence for at least twelve months from the date of the approval
of this half yearly financial report. For these reasons, they consider there
is reasonable evidence to continue to adopt the going concern basis in
preparing the financial statements.
DIRECTORS’ RESPONSIBILITIES
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the
Half Year Report have been prepared in accordance with applicable
International Accounting Standards (IAS) 34; and
(ii) the interim management report includes a true and fair review
of the information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules,
being an indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed set of
financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules,
being related party transactions that have taken place in the first six months
of the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
The Half Year Report has not been audited by the Company’s auditors.
This Half Year Report contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the information
available to them up to the date of this report and such statements should be
treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward-looking
information.
For and on behalf of the Board
Roger Yates
Chairman
15 November 2022
GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES
AIC
Association of Investment Companies.
ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (“AIFMD”)
Agreed by the European Parliament and the Council of the European Union and
transposed into UK legislation, the AIFMD classifies certain investment
vehicles, including investment companies, as Alternative Investment Funds
(“AIFs”) and requires them to appoint an Alternative Investment Fund
Manager (“AIFM”) and depositary to manage and oversee the operations of
the investment vehicle. The Board of the Company retains responsibility for
strategy, operations and compliance and the Directors retain a fiduciary duty
to shareholders.
ALTERNATIVE PERFORMANCE MEASURE (“APMs”)
An APM is a numerical measure of the Company’s current, historical or future
financial performance, financial position or cash flows, other than a
financial measure defined or specified in the applicable financial framework.
In selecting these APMs, the Directors considered the key objectives and
expectations of typical investors in an investment trust such as the Company.
Definitions of the terms used and the basis of calculation are set out in this
Glossary and the APMs are indicated with a caret (^).
ACTIVE SHARE
Active Share is expressed as a percentage and shows the extent to which a
fund’s holdings and their weightings differ from those of the fund’s
benchmark index. A fund that closely tracks its index might have a low Active
Share of less than 20% and be considered passive, while a fund with an Active
Share of 60% or higher is generally considered to be actively managed.
CROSSOVER INVESTMENTS
Investments in a company’s last private round prior to an initial public
offering (“IPO”).
DISCOUNT OR PREMIUM^
A description of the difference between the share price and the net asset
value per share. The size of the discount or premium is calculated by
subtracting the share price from the net asset value per share and is usually
expressed as a percentage (%) of the net asset value per share. If the share
price is higher than the net asset value per share the result is a premium. If
the share price is lower than the net asset value per share, the shares are
trading at a discount.
Pages As at 30 September 2022 pence As at 31 March 2022 pence
Share price 3 994.0 898.0
Net asset value per share (see note 5 on page 24 for further information) 3 1,049.7 957.8
Discount of share price to net asset value per share 3 5.3% 6.2%
DRAWDOWN
A measure of downside volatility, a drawdown refers to how much an investment
or sector is down from the peak before it recovers back to the peak.
GEARING^
Gearing represents prior charges, adjusted for net current liabilities,
expressed as a percentage of net assets. Prior charges includes all loans for
investment purposes.
Pages As at 30 September 2022 £’000 As at 31 March 2022 £’000
Loan facility 20 25,460 31,741
Net current liabilities (excluding loan) – 2,267 1,450
27,727 33,191
Net assets 20 420,734 394,208
Gearing 3 6.6% 8.4%
NET ASSET VALUE (“NAV”)
The value of the Company’s assets, principally investments made in other
companies and cash being held, minus any liabilities. The NAV is also
described as ‘shareholders’ funds’. The NAV is often expressed in pence
per share after being divided by the number of shares which are in issue at
the relevant date. The NAV per share is unlikely to be the same as the share
price which is the price at which the Company’s shares can be bought or sold
by an investor. The share price is determined by the relationship between the
demand and supply of the shares in the secondary market.
NAV PER SHARE TOTAL RETURN^
The NAV per share total return for the period ended 30 September 2022 is
calculated by taking the percentage movement from the NAV per share as at 31
March 2022 of 957.8p (31 March 2021: 1,446.4p) to the NAV at 30 September
2022 of 1,049.7p (30 September 2021: 1,327.0p). The Company has not paid any
dividends to shareholders during the period.
ONGOING CHARGES^
Ongoing charges are calculated by taking the Company’s annualised operating
expenses expressed as a proportion of the average daily net asset value of the
Company over the year.
The costs of buying and selling investments are excluded, as are interest
costs, taxation, performance fees, cost of buying back or issuing ordinary
shares and other non-recurring costs.
Pages As at 30 September 2022 £’000 As at 31 March 2022 £’000
AIFM and portfolio management fees* – 3,816 4,734
Operating expenses* – 665 678
Total expenses* – 4,481 5,412
Average daily net assets for the period/year – 388,909 507,333
Ongoing charges 3 1.2% 1.1%
* Estimated expenses for the year ending 31 March 2023 based on assets as at
30 September 2022.
OTC EQUITY SWAPS
Over-the-Counter (“OTC”) refers to the process of how securities are
traded via a broker - dealer network, as opposed to a centralised exchange.
An equity swap is an agreement where one party (counterparty) transfers the
total return of an underlying equity position to the other party (swap holder)
in exchange for a payment of the principal, and interest for financed swaps,
at a set date. Total return includes dividend income and gains or losses from
market movements. The exposure of the holder is the market value of the
underlying equity position.
There are two main types of equity swaps:
• Funded – where payment is made on acquisition. They are
equivalent to holding the underlying equity position with the exception of
additional counterparty risk and not possessing voting rights in the
underlying; and
• Financed – where payment is made on maturity. As there is
no initial outlay, financed swaps increase exposure by the value of the
underlying equity position with no initial increase in the investments value
– there is therefore embedded leverage within a financed swap due to the
deferral of payment to maturity.
REHYPOTHECATION
Rehypothecation is the practice by banks and brokers of using collateral
posted as security for loans as regulated by the U.S. Securities Exchange
Commission.
SHARE PRICE TOTAL RETURN^
The share price total return for the period ended 30 September 2022 is
calculated by taking the percentage movement from the share price as at 31
March 2022 of 898.0p (31 March 2021: 1,426.0p) to the share price as at 30
September 2022 of 994.0p (31 September 2021: 1,206.0p). The Company has not
paid any dividends to shareholders during the period.
^ Alternative Performance Measure
15 November 2022
Frostrow Capital LLP
Company Secretary
END
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