REG - Braveheart Inv Group - Half-year Report
14/12/2023 07:15
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RNS Number : 7153W Braveheart Investment Group plc 14 December 2023
The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.
14 December 2023
Braveheart Investment Group Plc
("Braveheart", the "Company" or the "Group")
Interim Results
Braveheart Investment Group plc (AIM: BRH), announces its interim results for
the six months ended 30 September 2023.
Highlights:
· Loss of £732,000 in the six months ended 30 September 2023 (six
months ended 30 September 2022*: £561,000), loss per share of 1.15p
· Net Asset Value ("NAV") of £9,826,816 at 30 September 2023 (30
September 2022*: £8,374,878), NAV per share of 15.42p
· Decision to seek a cash buyer for Paraytec with the objective of
realising near term shareholder value.
*restated
For further information:
Braveheart Investment Group plc Tel: 01738 587555
Trevor Brown, Chief Executive Officer
Viv Hallam, Executive Director
Allenby Capital Limited (Nominated Adviser and Joint Broker) Tel: 020 3328 5656
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 2023. Progress has continued in activities of the Group's
portfolio companies and summaries of their operations 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 2023, the
fair value of the Group's investments were as follows:
· Valuation of Portfolio Investments: £157,000 (31 March 2023:
£154,000)*
· Valuation of unconsolidated Strategic Investments: £8,684,000 (31
March 2023: £9,304,000)**
* 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 2023 is £8,841,000 (31 March 2023: £9,458,000).
As at 30 September 2022, the comparable total valuation of our investments was
£5,348,000.
Net asset value ("NAV") of £9.8 million as at 30 September 2023 (30 September
2022: £8.3 million, 31 March 2023: £10.5 million). This resulted in a
reduction in net asset value per share from 17 pence as at 31 March 2023 to
15.42 pence as at 30 September 2023.
The Group reports a loss after tax for the period under review of £732,000
(September 2022: loss of £561,000). This equates to a loss per share of 1.15
pence (September 2022: 0.88 pence).
The loss and the reduction in Strategic Investments in the half-year came
principally from the reduction in the valuation of Phasefocus Holdings,
details provided in the narrative below.
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.
Strategic Investments Overview
Paraytec Limited (Braveheart owns 100% per cent of the company)
Paraytec develops high performance specialist detectors for the analytical and
life sciences instrumentation markets. Its rapid test instrument ("CX300") is
being developed for identifying cancer and pathogens, including viruses.
The CX300 instrument has been successfully CE marked and tested in the in the
detection of Adeno-associated viruses, which are used in gene therapy. An
instrument has been delivered to the Gene Therapy Innovation and
Manufacturing Centre ("GTIMC") in Sheffield, for 'industrial' testing in
GTIMC's research and development lab.
The first sale of its CX300 instrument has been made to Nottingham Trent
University (NTU) for the laboratory of Professor Elisabetta Verderio Edwards,
who's work focuses on the role of extracellular factors in cell survival in
conditions of neurodegeneration and tissue repair. The CX300 instrument will
be used to further NTU's research in Alzheimer's, Dementia and Parkinson's
diseases.
Paraytec has agreed a further sales contract with the University of Nottingham
(UoN) for a CX300 instrument. The instrument is to be installed in the
laboratory under the leadership of Professor Snow Stolnik. Her research
centres on design and development of nano-sized drug delivery systems and
their interactions with cells, in the context of cell targeting, trafficking,
and drug exposure. The CX300 instrument is to be used to advance and further
develop UoN's understanding of nano-system properties, as well as their
association with cells.
In July 2023, Paraytec's COVID-19 test completed a very successful clinical
study at Sheffield Teaching Hospitals NHS Foundation Trust, in which it proved
highly effective in detecting the presence of SARS-CoV-2 in recently infected
participants.
Several important conclusions were made on the basis of the statistical
analysis of data arising from the clinical trial. Primarily, this analysis
confirmed the clear utility of Paraytec's Covid test as a potential
point-of-care test for the detection of SARS-Cov2 in swab samples taken from
people with symptoms of respiratory illness.
The trial compared the CX300-based test to either qPCR or viral culture as a
means to detect people who were infected with SARS-Cov2, as well as utilising
the CX300 to identify the best location - nose, throat or saliva - from which
to obtain swab samples for analysis. Paraytec's test detects the presence of
viral particles, PCR determines the number of viral genomes, while viral
culture detects viruses by determining their ability to kill animal cells
growing in a laboratory - each a different measure of the presence of virus in
a sample.
Viral culture was poor at identifying people who were infected with SARS-Cov2,
correctly identifying people 30% of the time. This likely reflects the
limitations of the culture conditions to facilitate the growth of viral
particles that normally only infect epithelial cells present in the nasal
passage, mouth and throat. Paraytec's test identified people who were positive
by PCR around 93% of the time. This value rose to 100% in people with a very
low viral load indicating the particular efficacy of the Paraytec test in
identifying infected individuals at the very beginning of the infection cycle
when viral particles present are relatively few in number, but at the point
where from a clinical perspective, it is most important to identify infected
individuals to facilitate isolation to prevent spread of disease, and to
provide early intervention in vulnerable patients.
The trial demonstrated that, compared with taking samples uniquely from the
nasal cavity, or from saliva, a combined sample from nose and throat was the
optimal sampling regimen, as the former were successful at detecting viral
particles in SARS-Cov2 positive participants 84% and 76% of the time,
respectively. These data likely indicate a preference of the viral variants in
circulation over the course of the trial, for cells in the throat compared to
the nose and or mouth.
Importantly, from a research perspective, the data obtained in the trial
revealed the absence of correlation between viral particle numbers estimated
by Paraytec's test and the number of genomes detected by PCR. The cellular
processes by which viral genomes and viral coat components are generated, are
different. The trial finding indicates that cells produce viral genomes
and coat components in varying relative amounts throughout the early stages of
an infection, and this explains why some samples (about 7%) tested positive by
PCR but negative in Paraytec's test. These likely reflect people who are no
longer infectious but whose samples contain remnants of viral genomes that
were not assembled into functional viral particles.
The results successfully demonstrate the efficacy of Paraytec's COVID-19 test
and Professor Carl Smythe from the University of Sheffield's School of
Bioscience, who led the work with Paraytec, commented: "We are particularly
impressed that this technology has the potential to be used in a point-of-care
setting to rapidly detect the presence of viral particles in people with early
symptoms of infection, WITHOUT the need for sophisticated and expensive
centralised laboratory-based PCR testing. Of particular note is its ability to
detect viral particles at low viral loads indicating the particular
efficacy of the Paraytec test in identifying infected individuals at the very
beginning of the infection cycle when viral particles present are relatively
few in number. It thus provides an opportunity to identify infected
individuals to facilitate their isolation to prevent spread of disease, and to
provide early intervention in vulnerable patients."
Paraytec now offers the CX300 instrument and ParaySelect™ separation
technology for sale to research laboratories, as a very effective means for
researchers to investigate mechanisms of viral infection in patient
populations as well as in model cell systems, whilst engaging with partners
wishing to produce a point of care instrument.
Paraytec has now applied its CX300 instrument and ParaySelect™ separation
technology to Covid-19, sepsis detection and a growing list of further
applications. The Board of Braveheart believes that it is in the best
interests of the Company's shareholders to seek a cash buyer for this
investment, in which Braveheart has a 100% interest. The Company has engaged
an M&A specialist to market Paraytec in order to seek acquirers for the
business, products and technology portfolio. This process is at an early stage
but many of the potential acquirers are already familiar with the business and
have been awaiting results from the sepsis Proof of Concept.
Phasefocus Holdings Limited (Braveheart owns 48.3% of the company)
Phasefocus' patented imaging and analysis technology uses a novel
computational method for high fidelity Quantitative Phase Imaging ("QPI") and
advanced microscopy, known in the scientific literature as "ptychography". The
technology is useful for a wide range of applications including live cell
imaging, engineering metrology and electron microscopy.
On 14 August 2023, Phasefocus announced the launch of its revolutionary new
T-Cell Killing Assay for the Livecyte® cell imaging
platform https://www.phasefocus.com/about/news-events/news/t-cell-assay-announcement
(https://www.phasefocus.com/about/news-events/news/t-cell-assay-announcement)
. The new assay quantifies interactions between immune cells and cancer
cells, addressing a major unmet need for researchers developing the latest
novel cancer therapies. In the assay, the characteristics of T cell
interactions in the period immediately preceding target cell death, can be
measured independently from cytotoxicity. Livecyte's T-Cell Killing Assay
offers unparalleled insights at the single-cell level, empowering researchers
to unlock new frontiers in cancer therapy development and evaluation.
The company shipped two Livecyte systems to China in October and made two
further system sales to the Far East, with shipment expected in December.
As reported on 21 August 2023, Braveheart made a further investment of
£150,000, taking its total interest to 48.3% of the issued share capital of
Phasefocus.
Kirkstall Limited (Braveheart owns 86.11% of the company)
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
New Approach Methodologies ("NAMs"), which enable human-relevant drug safety
decisions to be made without the need for animal testing.
As reported on 8 September 2023, Kirkstall, in conjunction with
the Biomedical Ultrasonics, Biotherapy and Biopharmaceutical Laboratory
within the Institute of Biomedical Engineering at the University of Oxford,
has developed an "organ on a chip" model of an innovative, milli-fluidic
system, human blood-brain barrier which has been used to map the interaction
between the blood-brain barrier and brain cancer.
This is the first time a dynamic milli-fluidic model has been developed where
the interactions between the blood-brain barrier and medulloblastoma brain
cancer spheroids have been demonstrated. The model uses the Kirkstall's Quasi
Vivo® platform, a unique milli-fluidic system. This innovation will enable
the observation of the in vitro performance of drugs designed for treating
brain cancer and central nervous system diseases such as Alzheimer's.
On December 6th, Kirkstall presented its QV1200 products and provide training
workshops for prospective users at the 3R-days conference in Innsbruck,
Austria.
Kirkstall's research team at University of Sheffield has now developed its
initial batch of toxicity test assays for liver, lung and gut cells and will
offer these to its customers. In parallel work, researchers at Oxford
University have developed a blood-brain barrier assay for Kirkstall. The aim
is to provide customers with data to prove that QV1200 system replicates the
human physiology more effectively than other flow systems.
Other investments
At 30 September 2023, Braveheart held investments in the following AIM listed
companies:
Aukett Swanke Group plc (Braveheart held 11.49% of the company (31 March 2023:
12.96%)): a professional services group that principally provides
architectural and interior design services in the primary international market
sectors of offices, residential, education, industrial, hospitality and mixed
use or 'hybrid' developments. Post period, Braveheart has sold 1,650,000
shares and hence reduced its holding to 32,032,351 shares (10.93% of the
company).
Autins Group plc (Braveheart held 16.09% of the company (31 March 2023:
15.98%)): an industry-leading designer, manufacturer and supplier of acoustic
and thermal insulation solutions for the automotive industry and other
sectors.
Image Scan Group plc (Braveheart held 8.06% of the company (31 March 2023:
7.05%)): a specialist supplier of X-ray screening systems to the security and
industrial inspection markets. Post period, Braveheart purchased 250,000
shares and hence increased its holding to 11,283,276 shares (8.24% of the
company).
A total of 460,614 shares in Velocity Composites plc were sold during the
period. No shares were held in Velocity Composites plc at the end of the
period.
Your Board believes these technology-driven companies each has a significant
opportunity to build sales and deliver profit. As always, Braveheart is an
active investor, regularly communicating with their boards and seeking to
introduce opportunities that help deliver shareholder returns.
The Company also has a number of portfolio investments that are smaller scale
legacy investments which we continue to manage and seek exits where
appropriate.
Outlook
The decision to seek a buyer for Paraytec is considered to be the most
effective way for Braveheart shareholders to realise value from their
considerable investment and the significant technological progress made by the
Company over recent years. There can be no guarantee of concluding a sale but
interest has already been received from credible and well known operators in
the sector and we will keep shareholders abreast of events as the develop.
Trevor Brown
Chief Executive Officer
13 December 2023
Condensed consolidated statement of comprehensive income
for the six months ended 30 September 2023
Six months ended Restated Six months ended
Year ended
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
Continuing operations Note £ £ £
Revenue 46,494 26,170 50,902
Change in fair value of investments 3 (651,444) (105,781) 2,957,665
Profit on disposal of investments 79,761 - 170,576
Total income (525,189) (79,611) 3,179,143
Employee benefits expense (271,363) (352,113) (556,146)
Other operating costs (143,995) (105,490) (283,356)
Total operating costs (415,358) (457,603) (839,502)
Finance income 9,628 4,170 21,003
Finance costs (1,322) (1,065) (2,154)
Total costs (407,052) (454,498) (820,653)
(Loss)/ Profit before tax (932,241) (534,109) 2,358,490
Tax 200,049 (27,376) (773,652)
(Loss)/ Profit after tax for the period and total comprehensive income for the (732,192) (561,485) 1,584,838
period
(Loss)/ Profit attributable to:
Equity holders of the parent (732,192) (561,485) 1,584,838
(732,192) (561,485) 1,584,838
Basic (loss)/earnings per share Pence Pence Pence
- Basic 2 (1.15) (0.88) 2.68
- Diluted 2 (1.15) (0.82) 2.68
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 2023
Restated 30 September
30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
Note £ £ £
ASSETS
Non-current assets
Property, plant and equipment 229 607 418
Investments at fair value through profit or loss 3 8,841,515 5,348,790 9,458,324
Debtors due in over one year 1,340,952 1,115,200 1,155,200
10,182,696 6,464,597 10,613,942
Current assets
Trade and other receivables 89,256 206,314 64,510
Cash and cash equivalents 399,034 1,959,243 934,861
488,290 2,165,557 999,371
Total assets 10,670,986 8,630,154 11,613,313
LIABILITIES
Current liabilities
Trade and other payables (100,169) (84,502) (149,656)
(100,169) (84,502) (149,656)
Non-current liabilities
Deferred taxation (744,001) (197,774) (944,050)
(744,001) (197,774) (944,050)
Total liabilities (844,170) (282,276) (1,093,706)
Net assets 9,826,816 8,347,878 10,519,607
EQUITY
Called up share capital 4 1,274,469 1,274,469 1,274,469
Share premium 5,370,711 5,370,711 5,370,711
Share based payment reserve 510,604 503,652 471,203
Retained earnings 2,671,032 1,199,046 3,403,224
Equity attributable to owners of the parent 9,826,816 8,374,878 10,519,607
Total equity 9,826,816 8,374,878 10,519,607
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 2023
Six months ended Restated six months ended
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
£ £ £
Operating activities
(Loss)/ Profit before tax (932,241) (534,109) 2,358,490
Adjustments to reconcile profit before tax to net cash flows from operating
activities
Decrease/ (Increase) in the fair value movements of investments 651,444 105,781 (2,957,665)
Share based payment 39,401 193,817 219,223
Profit on disposal of equity investments (79,761) - (170,576)
Movement in liabilities due to Viking fund 127 104 6,801
Depreciation and amortisation 189 189 378
Interest income (9,628) (4,170) (21,003)
Increase in trade and other receivables (210,498) (296,532) (194,728)
Decrease in trade and other payables (49,487) (74,259) (9,106)
Net cash flow used in operating activities (590,454) (609,179) (768,186)
Investing activities
Proceeds from sale of investments 228,515 - 428,066
Acquisition of investments (183,516) (218,853) (1,529,127)
Interest received 9,628 4,170 21,003
Net cash flow used in investing activities 54,627 (214,683) (1,080,058)
Financing activities
Funds raised, net of share issue costs - 930,363 930,363
Net cash flow from financing activities - 930,363 930,363
Net (decrease) / (increase) in cash and cash equivalents (535,827) 106,501 (917,881)
Cash and cash equivalents at the start of the period 934,861 1,852,742 1,852,742
Cash and cash equivalents at the end of the period 399,034 1,959,243 934,861
Condensed consolidated statement of changes in equity
for the six months ended 30 September 2023
Attributable to owners of the Parent
Share Capital Share Premium Share based payment Reserve Retained Earnings Total Total Equity
£ £ £ £ £ £
At 31 March 2022 (audited) restated 1,044,807 4,371,343 309,835 1,760,531 7,486,516 7,486,516
Total comprehensive income for the period - - - (561,485) (561,485) (561,485)
Transactions with owners recorded directly in equity:
Allotment of shares 229,662 1,034,118 - - 1,263,780 1,263,780
Cost of shares issued - (34,750) - - (34,750) (34,750)
Share based payments - - 193,817 - 193,817 193,817
At 30 September 2022 (unaudited) restated 1,274,469 5,370,711 503,652 1,199,046 8,374,878 8,374,878
Total comprehensive income for the period - - - 2,146,323 2,146,323 2,146,323
Transactions with owners recorded directly in equity:
Share based payments - - 25,406 - 25,406 25,406
Transfer to retained earnings - surrender of options - - (57,855) 57,855 - -
At 31 March 2023 (audited) 1,274,469 5,370,711 471,203 3,403,224 10,519,607 10,519,607
Total comprehensive income for the period - - - (732,192) (732,192) (732,192)
Transactions with owners recorded directly in equity:
Share based payments - - 39,401 - 39,401 39,401
At 30 September 2023 (unaudited) 1,274,469 5,370,711 510,604 2,671,032 9,826,816 9,826,816
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
2023. The interim financial statements should be read in conjunction with the
Annual Report and Accounts for the year ended 31 March 2023 and 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 13 December 2023 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 2023 has
been extracted from the Group's Annual Report and Accounts for the year ended
31 March 2023 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 2023.
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 2023 and which will form the basis of
the 2024 Annual Report and Accounts. The interim financial statements have
been prepared on the same basis as the financial statements for year ended 31
March 2023 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 (Loss)/Earnings per share
The basic (loss)/earnings per share has been calculated by dividing the
(loss)/ 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 (loss)/ 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 2023 30 Sept 2022 31 Mar 2023
(unaudited) (unaudited) (audited)
£ £ £
(Loss)/ Profit for the period attributable to equity holders of the parent (732,192) (561,485) 1,584,838
Weighted average number of ordinary shares in issue:
- For basic earnings per ordinary share 63,723,789 54,450,921 59,104,950
- Potentially dilutive ordinary shares - 4,596,000 -
- For diluted earnings per ordinary share 63,723,789 59,046,921 59,104,950
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 no potentially
dilutive ordinary shares.
3 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 2022 restated (audited) 1,133,854 - - 3,803,301 - 4,937,155
Additions at cost 333,553 - - 183,968 - 517,521
Disposals - - - - - -
Amount owed to creditors - - - (105) (105)
Change in Fair Value (105,737) - - (44) - (105,781)
At 30 September 2022 restated
(unaudited) 1,361,670 - - 3,987,120 - 5,348,790
Additions at cost 843,586 - - 466,688 - 1,310,274
Disposals (257,490) - - - - (257,490)
Amount owed to creditors - - - (6,696) - (6,696)
Change in Fair Value 64,111 - - 2,999,335 - 3,063,446
At 31 March 2023 (audited) 2,011,877 - - 7,446,447 - 9,458,324
Additions at cost 33,516 - - 150,000 - 183,516
Disposals (148,754) - - - - (148,754)
Amount owed to creditors - - - (127) (127)
Change in Fair Value (44,758) - - (606,686) - (651,444)
At 30 September 2023
(unaudited) 1,851,881 - - 6,989,634 - 8,841,515
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'. When using the DCF
valuation method, reasonably possible alternative assumptions could have a
material effect on the fair valuation of investments. The valuation of
PhaseFocus Holdings Limited has been amended to be in line with market
feedback our board received during Phasefocus' search for potential acquirers.
The impact on the fair value of investments if the discount rate and provision
shift by 1% is £88,415 (2022: £53,479).
4 Share capital
30 Sept 2023 30 Sept 2022 31 Mar 2023
(unaudited) (unaudited) (audited)
Authorised £ £ £
83,723,489 ordinary shares of 2 pence each 1,674,470 1,373,489 1,373,489
(30 September 2022: 68,674,431,
31 March 2023: 68,674,431)
Allotted, called up and fully paid
63,723,489 ordinary shares of 2 pence each 1,274,469 1,274,469 1,274,469
(30 September 2022: 63,723,489,
31 March 2023: 63,723,489)
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.
5 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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. END IR DGBDDDXBDGXXRecent news on Braveheart Investment
See all newsREG - Autins Group PLC Braveheart Inv Group - Holding(s) in Company
AnnouncementREG - Braveheart Inv Group - Block admission six monthly return
AnnouncementREG - Autins Group PLC Braveheart Inv Group - Holding(s) in Company
AnnouncementREG - Aukett Swanke Group Braveheart Inv Group - Holding(s) in Company
AnnouncementREG - Braveheart Inv Group - Acquisition of further interest in Autins Group
Announcement