REG - Braveheart Inv Group - Half-year Report
15/11/2021 07:05
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RNS Number : 3097S Braveheart Investment Group plc 15 November 2021
The information contained within this announcement is deemed by the Group to
constitute inside information as stipulated under the Regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.
15 November 2021
Braveheart Investment Group plc
("Braveheart" or the "Company" or the "Group")
Interim Results
Braveheart Investment Group plc (AIM: BRH), announces its interim results for
the six months ended 30 September 2021.
Highlights:
· Income of £3,364,000 (H1 2020: £895,000);
· Profit of £2,533,000 (H1 2020: £402,000);
· Earnings per share of 4.85p (H1 2020: 1.21p);
· Uplift in valuation of PhaseFocus Holdings
· Investments into Autins Group Plc and Velocity Composites Plc
· Funds raised in the period totalling £2,500,000
Post Period End:
· Autins Group plc shareholding increased to 11.995%
For further information:
Braveheart Investment Group plc Tel: 01738 587555
Trevor Brown CEO
Allenby Capital Limited (Nominated Adviser and Joint Broker) Tel: 020 3328 5656
David Worlidge / James Reeve / George Payne
Peterhouse Capital Limited (Joint Broker) Tel: 020 7469 0936
Duncan Vasey / Lucy Williams
Chief Executive Officer's Statement
We are pleased to report to shareholders the results for the six months ended
30 September 2021. Progress has continued in all the Group's activities and
detailed operational summaries follow later in this report.
Financial Review
The Directors have undertaken an unaudited interim review of the valuations of
the Group's investments and have concluded that, as at 30 September 2021, the
fair value of the Group's investments were as follows:
· Valuation of Portfolio Investments: £177,000 (31 March 2021:
£224,000)*
· Valuation of unconsolidated Strategic Investments: £4,248,000 (31
March 2021: £596,000)**
* these are the historic investments made by Braveheart up to 2015
** these are the new investments made by Braveheart since 2015
Therefore, the total unaudited value of our unconsolidated investment
portfolio as at 30 September 2021 is £4,425,000 (31 March 2021: £820,000).
This uplift is largely due to the increase in the investment value of
PhaseFocus Holdings Limited. As at 30 September 2020, the comparable total
valuation of our investments was £2,396,000.
The Group reports a profit before tax for the period under review of
£2,533,000 (2020: profit of £402,000). This equates to earnings per share of
4.85 pence (2020: 1.21 pence).
The Group made two new strategic investments during the period; Autins Group
Plc and Velocity Composites Plc. The Directors believe that the Strategic
Investments continue to be the most likely drivers of growth in shareholder
value over the remainder of the current year and so have concentrated the
remainder of this CEO Statement on their operations and prospects.
Dividend
Whilst we are not paying an interim dividend this year, the Directors will
give consideration to the payment of a final dividend when the full year
financial results are known.
Strategic Investments Overview
Paraytec Limited (Braveheart owns 100% per cent of the company)
Paraytec Limited ("Paraytec") develops high performance specialist detectors
for the analytical and life sciences instrumentation markets. In addition, the
company has undertaken a programme with the University of Sheffield to develop
a rapid test for identifying cancer and pathogens, including viruses.
As reported on 30 September 2021, Paraytec has continued to refine the
platform technology that underpins its proposed fast, sensitive COVID-19 test.
The platform technology (product reference "CX300") comprises a low-cost
instrument that utilises intense fluorescent light to detect small specific
viruses or cells in a biological sample.
The Directors believe that encouraging results have been derived from testing
of clinical specimens.
The Paraytec team has engaged Sagentia International, a UK company who
specialise in taking diagnostic instruments and disposables from laboratory
prototypes through to final prototype verification, ready for transfer to the
Contract Manufacturing Organisation (CMO) or commercial manufacturing partner.
During this development, Paraytec will continue to test clinical specimens and
is preparing for a prospective clinical study to test subject specimens in the
latest available prototypes.
Paraytec's corporate finance adviser has engaged with over 70 companies from a
wide spectrum of global markets. Meetings are ongoing with potential partners
for licensing and/or co-development of the technology, some of which are
potential acquirers of the company. In these discussions, it is clear that
potential partners believe a low cost, rapid and accurate test for COVID-19
will be needed for many years to come. They also like the fact that Paraytec's
technology can be potentially used as a platform for other diseases and cancer
detection.
In parallel with the COVID-19 project, Paraytec is working with Professor Carl
Smythe's team at the University of Sheffield to restart development of the
bladder cancer test, based on the CX300 technology platform. The team has
already identified the scientific and engineering teams needed to produce a
test for the bacteraemia that causes sepsis and has prepared a detailed plan
to produce a prototype instrument.
As reported on 30 September 2021, Paraytec's 30-month grant funded Eurostars
project with a pan-European consortium in the field of Alzheimer's disease
(AD) detection ended on 31 August 2021. A prototype instrument was tested by
Vrije University Medical Centre Amsterdam (VUMC), a target user of the AD
Scanner, using AD patient samples. VUMC reported that the instrument performed
capillary isoelectric focusing (cIEF) in a highly stable manner and showed
excellent repeatability of results. However, the analysis of test results
failed to reliably discriminate between patients with Alzheimer's disease and
healthy controls. As a result, Paraytec is exploring other applications, for
example in the biopharmaceutical industry for quality control in manufacturing
therapeutic antibodies and the Group is seeking opportunities to explore this.
PhaseFocus Holdings Limited (Braveheart owns 42.67 per cent of the company)
PhaseFocus Holdings Limited ("PhaseFocus"), a spin-out from the University of
Sheffield, has developed a series of patented computational imaging techniques
that have a wide range of applications including live cell imaging,
engineering metrology and electron microscopy.
As reported on 30 September 2021, PhaseFocus continues to make positive
progress, achieving its highest number of sales in a six month period in H1
2021. With much of the world starting to reopen again after the COVID
pandemic, Phasefocus and its global distribution partners have seen a
substantial increase in demand for customer demonstrations of Livecyte.
The company's distributors, Nakayama in Japan and Sinsi Technology in China,
are now able to make onsite demonstrations of Livecyte™ to a strong pipeline
of prospective buyers. CELLINK AB, recently renamed BICO Group AB,
PhaseFocus's EU and US distribution partner, also has a strong pipeline and a
series of Livecyte™ demonstrations are planned for these territories.
The number of demonstrations now taking place suggests a pipeline of
prospective customers that could drive sales in 2022. In order to meet the
expected demand for Livecyte™ systems, the company has opened a new
manufacturing facility at the Nottingham Science Park and further expansion is
planned to ensure capacity is available in 2022.
Braveheart is pleased to see the growth in sales of PhaseFocus's market
leading Livecyte™ instruments to leading cell biology research institutions
across the globe. The Directors believe the company has a strong future and
Braveheart is working to seek an exit in the next 12 months. In recognition of
this Braveheart has increased its book value for its holding in PhaseFocus
from £437,000 to £3,628,000.
Sentinel Medical Limited (Braveheart owns 38.38% of the company)
Sentinel Medical ("Sentinel") was formed to exploit Paraytec's measurement
techniques in the detection and monitoring of bladder cancer from urine
samples. In collaboration with the University of Sheffield, a prototype
instrument was tested with 'live' samples, provided by bladder cancer patients
undergoing treatment for their condition, and it was concluded that further
enhancements to the sensitivity of the test method were needed.
Paraytec's work associated with the COVID-19 project has demonstrated
techniques which, subject to the necessary licence agreements, can now be
applied to Sentinel's bladder cancer product. The team has prepared a project
plan and is negotiating with potential partners to enable Sentinel (or
Paraytec) to develop a point-of-care instrument for the diagnosis and
monitoring of bladder cancer from urine samples.
Kirkstall Limited (Braveheart owns 80.28% of the company)
Kirkstall Limited ("Kirkstall") operates in the market known as
'organ-on-a-chip', where it has developed Quasi Vivo™, a system of chambers
for cell and tissue culture in laboratories. Its patented technology is used
by researchers in the growing 'organ-on-a-chip' market, where academia and
drug development companies need to maintain living cells in a nutrient flow.
With most of Europe's university research labs operating fully again,
following relaxation of restrictions on non-COVID related research, Kirkstall
has seen a steady upturn in sales enquiries and orders for its Quasi Vivo™
products.
The second instalment of Kirkstall's conference, Advances in Cell and Tissue
Culture ("ACTC") 2021 ran 'virtually' on 3 November 2021, with great success.
Over 20 speakers presented the latest 'organ-on-a-chip' research and
developments from the from leading institutions in Europe, USA and Asia. The
conference had over 180 delegates from countries across the globe and the
programme included training workshops, product exhibitions and round-table
discussions with world leading experts.
The Directors of the Group believe that the €4.7m EU grant funded project,
CyGenTiG, where Kirkstall is part of a European consortium to develop new
techniques for the production of engineered tissues by optogenetics, is
progressing well. The project aims to build replacement human organs, by
controlling individual cell growth and differentiation. In October 2021, the
CyGenTiG team organised an international symposium on Optogenetics in Complex
Systems. This three-day conference attracted over 20 speakers who presented
and discussed their research in optogenetics, with delegates from leading
universities in the EU and the USA.
Autins Group plc (Braveheart owns 11.995% of the company)
During the period Braveheart invested in Autins Group plc ("Autins") (AIM:
AUTG) through market purchases of shares, the total consideration of which was
£203,000. After the period, further shares were acquired at a cost of
£845,000 to bring the Group's shareholding in Autins Group plc to 11.995% of
its issued shares. Autins specialises in solving acoustic and thermal problems
in the automotive industry and other specialist applications. In particular,
the company's leading product Neptune, a nonwoven microfibre web, is produced
by a mixture of engineered polyester fibre and melt-blown polypropylene. This
material outperforms traditional automotive insulation and is gaining traction
in office and flooring acoustics applications.
Braveheart will seek to identify opportunities with Autins that will benefit
both companies.
Velocity Composites plc (Braveheart owns 4.13% of the company)
In September 2021, Braveheart acquired 4.13% of Velocity Composites plc
("Velocity") (AIM: VEL) at a cost of £373,000. Velocity is a leading supplier
of advanced composite material kits to the Aerospace sector Velocity
Composites' clients include multi-national manufacturers of composite parts
and assemblies, who in turn deliver to the world's leading civil and military
aircraft manufacturers. The Airbus A320, A330, A350, A380, Eurofighter
Typhoon, F35 Joint Strike Fighter, Boeing 737, Boeing 787 and V22 Osprey are
all constructed using parts manufactured from Velocity's kits.
The Board considers this an investment that fits well in its portfolio of
advanced technology businesses.
Outlook
The Directors are excited by the future prospects of the businesses and the
potential value realisation events which lie ahead. We hope a clearer picture
will emerge over the remainder of the financial year and as always, we will
update shareholders as events unfold.
Trevor E Brown
Chief Executive Officer
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September 2021
Six months ended Six months ended
Year ended
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
Continuing operations Note £ £ £
Revenue 67,070 148,430 268,725
Change in fair value of investments 5 3,236,617 746,837 (329,083)
Profit on disposal of investments 60,155 - 7,690,287
Profit on sale of subsidiary - - 8,931,434
Total income 3,363,842 895,267 16,561,363
Employee benefits expense (195,899) (194,943) (1,340,954)
Impairment of goodwill - - (62,543)
Other operating costs (360,516) (249,799) (953,791)
Total operating costs (556,415) (444,742) (2,357,288)
Finance income 3 147 150
Finance costs (819) (1,515) (1,745)
Total costs (557,231) (446,110) (2,358,883)
Profit before tax 2,806,611 449,157 14,202,480
Tax (273,488) - (226,367)
Loss from discontinued operations 3 - (47,185) (69,350)
Profit after tax for the period and total comprehensive income for the period 2,533,123 401,972 13,906,763
Profit attributable to:
Equity holders of the parent 2,538,765 418,278 13,936,436
Non-controlling interest (5,642) (16,306) (29,673)
2,533,123 401,972 13,906,763
Basic earnings per share Pence Pence Pence
- Basic 2 4.85 1.21 36.30
- Diluted 2 4.75 1.10 35.25
The above condensed consolidated Statement of Comprehensive Income should be
read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2021
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
Note £ £ £
ASSETS
Non-current assets
Property, plant and equipment 2,347 809 2,166
Intangible assets 30,649 33,248 28,152
Goodwill 4 205,775 268,318 205,775
Investments at fair value through profit or loss 5 4,424,959 2,202,452 613,847
4,663,730 2,504,827 849,940
Current assets
Inventory 93,720 106,098 98,441
Trade and other receivables 106,094 56,822 105,772
Assets held for sale 3 - 305,321 -
Cash and cash equivalents 3,460,760 659,662 2,142,866
3,660,574 1,127,903 2,347,079
Total assets 8,324,304 3,632,730 3,197,019
LIABILITIES
Current liabilities
Trade and other payables (409,197) (176,427) (591,079)
Held for sale liabilities 3 - (38,359) -
Deferred income (36,918) (66,606) (41,843)
(446,115) (281,392) (632,922)
Non-current liabilities (273,488)
Deferred taxation
(273,488)
Total liabilities (719,603) (281,392) (632,922)
Net assets 7,604,701 3,351,338 2,564,097
EQUITY
Called up share capital 6 1,044,807 693,970 766,148
Share premium 4,455,493 1,131,869 2,226,671
Share based payment reserve 131,905 - 137,200
Retained earnings 1,984,163 1,462,233 (559,897)
Equity attributable to owners of the parent 7,616,368 3,288,072 2,570,122
Non-controlling interest (11,667) 63,266 (6,025)
Total equity 7,604,701 3,351,338 2,564,097
The above condensed consolidated statement of financial position should be
read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2021
Six months ended Year ended
Six months ended
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
£ £ £
Operating activities
Profit before tax 2,806,611 401,972 14,133,130
Adjustments to reconcile profit before tax to net cash flows from operating
activities
(Increase) / decrease in the fair value movements of investments (3,236,617) (746,837) 329,083
Share based payment - - 400,148
Profit on disposal of subsidiary - - (8,931,434)
Profit on disposal of equity investments (60,155) - (7,690,287)
Fees taken from investment proceeds 84,150 - 78,419
Bonus in lieu of cash - - 300,000
Non-controlling interest on disposal - - (92,673)
Movement in liabilities due to Viking fund 33,565 790 (15,528)
Taxation - - (4,136)
Depreciation and amortisation 6,111 8,053 11,755
Impairment of goodwill - - 62,543
Interest income (3) (147) (150)
Decrease in inventory 4,721 20,510 39,253
Increase in trade and other receivables (322) (77,872) (8,400)
(Decrease) / increase in trade and other payables (186,807) (19,414) 103,858
Net cash flow used in operating activities (548,746) (412,945) (1,284,419)
Investing activities
Proceeds from sale of investments 74,865 - 17,346,338
Acquisition of investments (622,769) (200,000) (250,000)
Acquisition of intangible assets (7,987) (4,733) (5,549)
Acquisition of tangible assets (802) (25,911) (1,124)
Taxation - - 4,136
Interest received 3 147 150
Net cash flow used in investing activities (556,690) (230,497) 17,093,951
Financing activities
Dividends paid - - (15,859,160)
Warrants and share options exercised 7,480 - 866,980
Funds raised, net of share issue costs 2,415,850 640,623 640,623
Net cash flow from financing activities 2,423,330 640,623 (14,351,557)
Net increase / (decrease) in cash and cash equivalents 1,317,894 (2,819) 1,457,975
Cash and cash equivalents at the start of the period 2,142,866 684,891 684,891
Cash and cash equivalents at the end of the period 3,460,760 682,072 2,142,866
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2021
Attributable to owners of the Parent
Share Capital Share Premium Share based payment Reserve Retained Earnings Total Non-controlling Interest Total Equity
£ £ £ £ £ £ £
At 31 March 2020 (audited) 561,555 91,657 - 1,043,955 1,697,167 79,572 1,776,739
Total comprehensive income for the period - - - 418,278 418,278 (16,306) 401,972
Transactions with owners recorded directly in equity:
Allotment of shares 132,415 1,040,212 - - 1,172,627 - 1,172,627
At 30 September 2020 (unaudited) 693,970 1,131,869 - 1,462,233 3,288,072 63,266 3,351,338
Total comprehensive income for the period - - - 13,518,158 13,518,158 (13,367) 13,504,791
Transactions with owners recorded directly in equity:
Allotment of shares 72,178 1,094,802 - - 1,166,980 - 1,166,980
Dividends paid - - - (15,859,160) (15,859,160) - (15,859,160)
Non-controlling interest on disposal - - - 55,924 55,924 (55,924) -
Share based payments - - 400,148 - 400,148 - 400,148
Transfer to retained earnings - - (262,948) 262,948 - - -
At 31 March 2021 (audited) 766,148 2,226,671 137,200 (559,897) 2,570,122 (6,025) 2,564,097
Total comprehensive income for the period - - - 2,538,765 2,538,765 (5,642) 2,533,123
Transactions with owners recorded directly in equity:
Allotment of shares 278,659 2,228,822 - - 2,507,481 - 2,507,481
Transfer to retained earnings - - (5,295) 5,295 - - -
At 30 September 2021 (unaudited) 1,044,807 4,455,493 131,905 1,984,163 7,616,368 (11,667) 7,604,701
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 Basis of preparation
The financial information presented in this half-yearly report constitutes the
condensed consolidated financial statements (the interim financial statements)
of Braveheart Investment Group plc ("Braveheart" or "the Company"), a company
incorporated in the United Kingdom and registered in Scotland, and its
subsidiaries (together, "the Group") for the six months ended 30 September
2021. The interim financial statements should be read in conjunction with the
Annual Report and Accounts for the year ended 31 March 2021 which have been
prepared in accordance with UK-adopted international accounting standards in
accordance with the requirements of the Companies Act 2006. The financial
information in this half-yearly report, which was approved by the Board and
authorised for issue on 15 November 2021 is unaudited.
The interim financial statements do not constitute statutory accounts for the
purpose of sections 434 and 435 of the Companies Act 2006. The comparative
financial information presented herein for the year ended 31 March 2021 has
been extracted from the Group's Annual Report and Accounts for the year ended
31 March 2021 which have been delivered to the Registrar of Companies. The
Group's independent auditor's report on those accounts was unqualified, did
not include references to any matters to which the auditors drew attention by
way of emphasis without qualifying their report and did not contain a
statement under section 498(2) or 498(3) of the Companies Act 2006.
The preparation of the half-yearly report requires management to make
judgements, estimates and assumptions that affect the policies and the
reported amounts of assets and liabilities, income and expenses. The
estimates and associated assumptions are based on historical experience and
other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making judgements about carrying values of
assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. In preparing this half-yearly
report, the significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those applied to the audited consolidated financial statements for the
year ended 31 March 2021.
The interim financial statements have been prepared using the same accounting
policies as those applied by the Group in its audited consolidated financial
statements for the year ended 31 March 2021 and which will form the basis of
the 2022 Annual Report and Accounts. The interim financial statements have
been prepared on the same basis as the financial statements for year ended 31
March 2021 which is on the assumption that the Company is a going concern.
Going Concern
The Directors have reviewed the Group's and the Company's budgets and plans,
taking account of reasonably possible changes in trading performance and have
a reasonable expectation that the Group and the Company have adequate
resources to continue in operational existence for the foreseeable future and
that it is therefore appropriate to continue to adopt the going concern basis
in preparing the financial statements.
a) New and amended standards adopted by the Group
A number of new or amended standards became applicable for the current
reporting period. These new/amended standards do not have a material impact on
the Group, and the Group did not have to change its accounting policies or
make retrospective adjustments as a result of adopting these standards.
b) New accounting policies adopted by the Group
There were no new accounting policies adopted by the Group during the period,
nor any amendments to existing accounting policies.
2 Earnings per share
The basic earnings per share has been calculated by dividing the profit for
the period attributable to equity holders of the parent by the weighted
average number of ordinary shares in issue during the period.
The calculation of earnings per share is based on the following profit and
number of shares in issue:
Six months ended Six months ended Year ended
30 Sept 2021 30 Sept 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
£ £ £
Profit for the period attributable to equity holders of the parent 2,533,123 401,972 13,906,763
Weighted average number of ordinary shares in issue:
- For basic earnings per ordinary share 52,240,340 34,698,547 38,307,451
- Potentially dilutive ordinary shares 1,096,000 1,709,248 1,140,000
- For diluted earnings per ordinary share 53,336,340 36,407,795 39,447,451
Dilutive earnings per share adjusts for share options granted where the
exercise price is less than the average price of the ordinary shares during
the period. At the end of the current period there were 1,096,000
potentially dilutive ordinary shares.
After the year end, a further 3,500,000 share options were issued to the
Directors.
3 Assets Held for Sale
During the previous period, the Group announced its intention to sell the
entire issued ordinary share capital of its subsidiary company, Pharm 2 Farm
Limited. The sale of Pharm 2 Farm Limited completed on the 5th November 2020.
The related financial information is set out below:
a) Results of disposal
Six months ended Six months ended
Year ended
30 September 30 September 31 March
2021 2020 2021
(unaudited) (unaudited) (audited)
Note £ £ £
Revenue - 110,063 118,481
Expenses - (157,248) (187,831)
Loss before tax - (47,185) (69,350)
Loss after tax for the period and total comprehensive income for the period - (47,185) (69,350)
b) Cash flows of disposal Group
Operating activities - (114,568) (18,601)
Investing activities - (25,911) -
Financing activities - - -
Net cash from discontinued operations - (140,479) (18,601)
c) Assets and liabilities of disposal group
Assets classified as held for sale
Goodwill - 131,359 -
Property, plant and equipment - 23,934 -
Inventory - 11,086 -
Trade and other receivables - 116,532 -
Cash at bank - 22,410 -
Total assets of disposal group - 305,321 -
Liabilities directly associated with assets classified as held for sale
Trade and other payables - 38,359 -
Total liabilities of disposal group - 38,359 -
4 Goodwill
Paraytec Kirkstall Total
£ £ £
At 1 April 2020 (audited) 205,775 62,543 268,318
At 30 September 2020 (unaudited) 205,775 62,543 268,318
Impairment - (62,543) (62,543)
At 31 March 2021 (audited) 205,775 - 205,775
At 30 September 2021 (unaudited) 205,775 - 205,775
The income approach was not deemed a reliable method for valuing the goodwill
of Paraytec and Kirkstall. Therefore, the market value method was used in
order to ascertain the value of goodwill at the period end.
5 Investments at fair value through profit or loss
Level 1 Level 2 Level 3
Equity investments in quoted companies Equity investments in unquoted companies Debt investments in unquoted companies Equity investments in unquoted companies Debt investments in unquoted companies Total
£ £ £ £ £ £
At 31 March 2020 (audited) - - - 724,402 - 724,402
Additions at cost 529,003 - - 203,000 - 732,003
Change in Fair Value 778,623 - - (31,786) - 746,837
Increase in amount owed to creditors - - - (790) - (790)
At 30 September 2020
(unaudited) 1,307,626 - - 894,826 - 2,202,452
Additions at cost 9,205,467 - - - - 9,205,467
Disposals (10,513,093) - - - - (10,513,093)
Amount owed to creditors - - - 16,318 - 16,318
Change in Fair Value - - - (297,297) - (297,297)
At 31 March 2021 (audited) - - - 613,847 - 613,847
Additions at cost 575,834 - - 46,935 - 622,769
Disposals - - - (48,274) - (48,274)
Change in Fair Value 43,385 - - 3,193,232 - 3,236,617
At 30 September 2021
(unaudited) 619,219 - - 3,805,740 - 4,424,959
Investments at fair value through profit or loss (continued)
The Group classifies its investments using a fair value hierarchy.
Classification within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant investment as follows:
· Level 1 - valued using quoted prices in active markets for identical
assets;
· Level 2 - valued by reference to valuation techniques using
observable inputs other than quoted prices included within Level 1; and
· Level 3 - valued by reference to valuation techniques using inputs
that are not based on observable market data.
The fair values of quoted investments are based on bid prices in an active
market at the reporting date. All unquoted investments have been classified as
Level 3 within the fair value hierarchy, their respective valuations having
been calculated using a number of valuation techniques and assumptions,
notwithstanding that the basis of the valuation methodology used most commonly
by the Group is 'price of most recent investment'. The use of reasonably
possible alternative assumptions has a material effect on the fair valuation
of PhaseFocus Holdings Limited in the period, as PhaseFocus Holdings Limited
has been valued based a recent offer price which was made to the company for
shares. This was in excess of the last round share price and so this offer
price has been used as the basis for valuation. The impact on the fair value
of investments if the discount rate and provision shift by 1% is £44,250
(2020: £22,024).
6 Share capital
30 Sept 2021 30 Sept 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
Authorised £ £ £
53,630,431 ordinary shares of 2 pence each 1,072,609 971,559 971,559
(30 September 2020: 48,577,965,
31 March 2021: 48,577,965)
Allotted, called up and fully paid
52,240,340 ordinary shares of 2 pence each 1,044,807 693,970 766,148
(30 September 2020: 34,698,547,
31 March 2021: 38,307,451)
On 13 August 2021, the Company raised £2.5 million (before expenses of
£84,150) through a placing of 13,888,889 new ordinary shares of 2 pence each
in the Company at a price of 18 pence per share.
The Company has one class of ordinary shares. All shares carry equal voting
rights, equal rights to income and distribution of assets on liquidation or
otherwise, and no right to fixed income.
7 Related Party Transactions
Within accruals and other creditors, there is an amount owing to a director
(Mr T E Brown) of £Nil (30 September 2020: 31 March 2021: £13,184).
8 Availability of Interim Results
Shareholder communications
A copy of this report is available on request from the Company's registered
office: 1 George Square, Glasgow, G2 1AL. A copy has also been posted on the
Company's website: www.braveheartinvestmentgroup.co.uk
(http://www.braveheartinvestmentgroup.co.uk) .
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