REG - Herald Inv Trust PLC - Half-year Report
21/07/2022 07:00
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RNS Number : 2146T Herald Investment Trust PLC 21 July 2022
HERALD INVESTMENT TRUST plc
(the "Company")
HALF-YEARLY FINANCIAL REPORT
For the six months ended 30 June 2022
SUMMARY OF PERFORMANCE
At Performance
inception At At since Performance
16 February 30 June 31 December 31 December since
Capital return 1994 2022 2021 2021 inception
Net asset value per ordinary share (including current year revenue)(A) 98.7p 2,037.1p 2,719.3p -25.1% 1,963.9%
Net asset value per ordinary share (excluding current year revenue)(A) 98.7p 2,038.6p 2,727.7p -25.3% 1,965.5%
Share price 90.9p 1,614.0p 2,505.0p -35.6% 1,675.6%
Numis Smaller Companies plus AIM (ex. investment companies) Index (capital 1,750.0 5,520.2 7,116.5 -22.4% 215.4%
only)
Russell 2000® Technology Index (small cap) (in sterling terms) (capital 688.7* 3,946.2 5,340.9 -26.1% 473.0%
only)(†)
(A) Alternative Performance Measure (APM).
* At 9 April 1996 being the date funds were first available for
international investment.
(†) The Russell 2000® Technology Index (small cap) was rebased during
2009 following some minor adjustments to its constituents. The rebased index
is used from 31 December 2008 onwards.
Past performance is not a reliable indicator of future returns.
CHAIRMAN'S STATEMENT
It is disappointing to report a decline in net asset value per share of 25.1%
in the first half of 2022 which translates into a total decline of 10.9% since
the start of 2021. As we have highlighted in previous reports, there had been
a period of expanding valuations but this has now gone into reverse. However,
the eighteen month performance is more resilient than it first appears, since
the price/earnings ratio of the profitable stocks within the portfolio has
fallen from c31x to c17x (Bloomberg) over this period such that the shares are
on average 45% cheaper on this valuation basis. When viewed in this 18 month
period context, the limited NAV decline demonstrates that profits grew
strongly for the majority of the Company's investee companies, despite the
challenges of Covid, supply chain issues, a tight labour market, and other
rising input prices. There has also been a benefit from a rotation from
concept stocks with high multiples to lower value stocks.
Share prices have fallen similarly in all regions and across all sub-sectors
within the targeted telecommunications, multimedia and technology sector.
Rising energy prices, labour shortages, inflation and therefore interest rate
rises are now well established, not only in the UK but in all regions where
the Company invests. Looking ahead, it appears that the UK and North America
may be better placed to cope with the gas shortage exacerbated by the
Ukrainian war than Germany and other European countries with no indigenous
supplies. The UK is also less exposed to trade with Russia, and capital goods
exports to China. However consumer spending will inevitably be squeezed
globally by inflation and rising interest rates, and some companies will
suffer from reduced demand and an inability to pass price rises through to
customers. We therefore expect profits growth to slow and some downgrades to
forecasts, albeit we are endeavouring to minimise exposure to the most
vulnerable consumer-facing companies. However, there will also be some bright
spots and the US and UK will benefit from an already evident upturn in demand
for defence equipment, which stimulates demand across a broad technology
supply chain.
The table below shows the portfolio returns by region.
FY 2020 FY 2021 H1 2022 31 Dec 19 to 30 Jun 22
Herald - UK 32.0% 23.3% -27.9% 21.9%
Numis Smaller Companies plus AIM (excluding investment companies) Index total 4.9% 20.0% -21.4% -1.1%
return
Herald - North America 55.6% 11.0% -20.5% 42.2%
Russell 2000® Technology Index (small cap) (£) total return 38.8% 15.3% -26.0% 18.3%
Herald - Asia 63.4% 19.0% -29.9% 22.3%
Herald - Europe, Middle East and Africa 59.7% 46.3% -33.3% 46.3%
Herald Total Return NAV per share^ 37.0% 19.0% -25.1% 22.1%
^( ) Alternative Performance Measurement (APM).
The UK remains the largest region with 46.4% of net assets. With the Company's
technology focus, the return of -27.9% was 6.5% worse than the Numis Smaller
Companies plus AIM (ex. investment companies) Index which includes a broad
range of industries and which declined 21.4%. The media companies, which
performed so well in 2021, led the decline. We had taken some profits, but
liquidity was challenging when a sale seemed obvious on valuation grounds. The
positive performers included Euromoney Institutional Investor, Ideagen and
Emis, which all have had takeover approaches. The Euromoney and Ideagen bids
are both from private equity houses, underlining that these investors are
significant players in the market. At this point, the Brexit vote is now more
than six years ago, and there has been no evident effect, positively or
negatively, within the Company's portfolio companies.
North America, which is the second largest regional exposure of the portfolio
(23.4% of net assets) declined 20.5% which was somewhat more resilient than
the fall of sterling return of the Russell 2000® Technology Index (small cap)
(£) of -26.0%. While the dollar's strength softened the declines for us,
a stream of takeovers helped the performance relative to the index. Of the
ten takeovers, long-held Mimecast, Silicon Motion Technology and SailPoint
Technologies were the most significant. The aggregate value of American
takeovers that have completed this year or remain to be completed is £84m,
which is remarkable in relation to the value at the period end of the North
American portfolio of £301m. This is very different from the time of the 2000
technology crash when takeovers were generally made using shares with inflated
valuations rather than cash.
The EMEA (Europe, Middle East and Africa) return was -33.3%. Having been the
strongest region in 2021, gains evaporated with Esker and Nordic Semiconductor
leading the declines by value, however Cast and Generix received takeover
approaches. The Asian return was -29.9%, and the Australian component was
particularly weak at -44.7%. Japan continued to be difficult with a return of
-34.3% but, in contrast, Korea, Taiwan and Singapore only fell between
20.9-23.3%. The small exposure to China was only down 1.9%, partly due to the
fact that 51Jobs was acquired.
Net dividends received were 24.6% higher than in the first half of 2021, such
that the Company's H1 loss narrowed relative to last year. As interest rates
rise, the income should improve further although capital gains, of course,
remain our investment objective. Nevertheless, the improved income position is
reassuring given the difficult share price performance. The Company continues
to buy back shares opportunistically and a further 1.6m shares have been
purchased for cancellation during the period for £32.7m.
The economic and political background is bleak. The Ukrainian war is a
damaging headwind for Europe in particular. The UK faces public sector pay
awards which the country can ill afford. We face a potential hard landing in
the US, with New York and San Francisco seemingly much more damaged by Covid
than London. The longer-term impacts of Covid are manifest with a significant
resistance from staff to return to the office in the US, and China's zero
tolerance approach is causing serious economic harm.
In spite of all the bad news, we are reassured to see some evident bubbles
deflating: cryptocurrencies, SPACs (special purchase acquisition vehicles) and
overpriced IPOs especially in the US. More fundamentally, metal prices are
declining sharply which should help inflation, albeit oil and gas are still a
problem. The labour market has been tight in the technology sector for several
years, leading to excessive pay and share-based payments. We have expressed
concern about this for some time, and feel a downturn was overdue. We note the
lay-offs and hiring freezes in California as the crazy fashion for revenue
growth at any cost seems to be ending. Too many investors strayed into
late-stage venture funding which made capital raising too easy; but as this
money disappears, cash flow will inevitably become the priority concern. There
will be companies that fail, while others will be desperate for cash and we
have positioned ourselves for this eventuality. Back in 2002-3, we retained
resources to provide follow-on funding to businesses, which had been initially
funded in the dot.com bubble, and we managed to invest at sensible valuations.
There was a similar good buying opportunity in 2008-9, when funding was scarce
in the financial crisis. We believe the coming period may present us with
similar opportunities. The Company ended the period under review with £114.0m
in cash including short-dated Government bonds. Although £38.3m has already
been received in cash from the takeovers described above, a further £109.5m
is anticipated, and this will significantly enhance our buying firepower if
they all complete. Depending on how markets develop, the closed-end structure
of the Company would allow us to deploy leverage but we have no plans to do
this at the present time. We are excited to have this war chest and envisage
another bout of good buying opportunities in the coming months.
We view the outlook with both apprehension and excitement. It will be a stock
pickers' market.
Tom Black
CHAIRMAN
20 July 2022
TOP TWENTY EQUITY HOLDINGS
At 30 June 2022
Value % of total
Company Business £'000 assets
Next Fifteen Communications Digital media communications provider 26,433 2.1
Silicon Motion Technology* Develops controllers used with flash memory 24,567 1.9
Diploma Distributor of components and systems 22,170 1.7
Idox Developer of information management software 18,426 1.4
GB Group Identity verification, location intelligence and fraud prevention solutions 18,347 1.4
YouGov International opinion data surveys and analytics 16,946 1.3
Nordic Semiconductor Wireless semiconductor technology 16,567 1.3
Telecom Plus Provider of telecommunications and other utilities 15,935 1.2
Descartes Systems Cloud-based logistics and supply chain management solutions 15,802 1.2
Euromoney Institutional Investor Global B2B information-services business 13,458 1.1
BE Semiconductor Industries Supplier of semiconductor assembly equipment 13,423 1.0
Bango Supplier of mobile payment and marketing solutions 13,320 1.0
Super Micro Computer Leading server and storage vendor 13,236 1.0
Radware Developer of application delivery and cyber security solutions 12,799 1.0
Seeing Machines Driver monitoring technology 12,352 1.0
Volex Leading global supplier of power and connectivity-related solutions 12,116 1.0
Pegasystems Develops applications for sales, marketing and operations 11,829 0.9
Ideagen Provider of quality management software 11,634 0.9
ZOO Digital Subtitling, dubbing and media localisation software and services 11,405 0.9
Fabrinet Advanced optical, electro-mechanical, and electronic manufacturing services 11,055 0.9
311,820 24.2
* American Depositary Receipt.
GEOGRAPHICAL SPREAD OF INVESTMENTS
(Distribution of total assets)
At At
30 June 31 December
2022 2021
Net Liquid Assets* & Government Bonds 8.8% 6.8%
Asia 11.0% 11.8%
North America 23.4% 22.3%
EMEA** 10.4% 11.4%
UK 46.4% 47.7%
*Cash, current assets and liabilities.
** EMEA: Europe, Middle East and Africa.
TOP FIVE WINNERS AND LOSERS
For the six months ended 30 June 2022 in sterling terms (millions)
TOP 5 WINNERS
Euromoney Institutional Investor 3.9
Telecom Plus 3.0
CAST 2.8
Ideagen 2.6
SailPoint Technologies 2.5
TOP 5 LOSERS
Esker -18.6
GB Group -15.5
Nordic Semiconductor -15.4
S4 Capital -14.7
YouGov -14.5
CONDENSED INCOME STATEMENT
(Unaudited)
For the six months ended For the six months ended
30 June 2022 30 June 2021
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Realised gains on investments - 34,023 34,023 - 72,613 72,613
Movements in unrealised gains on investments - (478,873) (478,873) - 138,389 138,389
Gains/(losses) on foreign exchange - 4,943 4,943 - (799) (799)
Income 6,938 - 6,938 5,559 - 5,559
Investment management fee - note 3 (7,070) - (7,070) (7,761) - (7,761)
Other administrative expenses (501) (4) (505) (466) (5) (471)
(Loss)/profit before taxation (633) (439,911) (440,544) (2,668) 210,198 207,530
Taxation (288) - (288) (281) - (281)
(Loss)/profit after taxation (921) (439,911) (440,832) (2,949) 210,198 207,249
(Loss)/profit per ordinary share - note 4 (1.44)p (689.90)p (691.34)p (4.52)p 322.18p 317.66p
Weighted average number of ordinary shares in issue during the period 63,765,245 65,242,980
The total column of this statement is the profit and loss account of the
Company, prepared in accordance with UK Accounting Standards.
The (loss)/profit after taxation is the total comprehensive income and
therefore no additional statement of other comprehensive income is presented.
The supplementary revenue and capital columns are presented for information
purposes in accordance with the Statement of Recommended Practice issued by
the Association of Investment Companies. All items in the above statement
derive from continuing operations of the Company. No operations were acquired
or discontinued in the period.
CONDENSED BALANCE SHEET
(Unaudited)
As at As at
30 June 31 December
2022 2021
(unaudited) (audited)
£'000 £'000
Fixed assets
Investments held at fair value through profit or loss 1,228,060 1,683,482
Current assets
Cash and cash equivalents 59,656 74,551
Other receivables 1,493 4,374
61,149 78,925
Current liabilities
Other payables (1,822) (1,530)
(1,822) (1,530)
Net current assets 59,327 77,395
TOTAL NET ASSETS 1,287,387 1,760,877
Capital and reserves
Called up share capital 15,799 16,189
Share premium 73,738 73,738
Capital redemption reserve 6,153 5,763
Capital reserve 1,200,782 1,673,351
Revenue reserve (9,085) (8,164)
TOTAL SHAREHOLDERS' FUNDS 1,287,387 1,760,877
NET ASSET VALUE PER ORDINARY SHARE (including current year revenue) 2,037.14p 2,719.33p
NET ASSET VALUE PER ORDINARY SHARE (excluding current year revenue) 2,038.60p 2,727.70p
Ordinary shares in issue 63,195,795 64,754,112
CONDENSED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
FOR THE SIX MONTHS ENDED 30 JUNE 2022
Capital
Called up Share redemption Capital Revenue Shareholders'
share capital premium reserve reserve reserve funds
£'000 £'000 £'000 £'000 £'000 £'000
Shareholders' funds at 16,189 73,738 5,763 1,673,351 (8,164) 1,760,877
1 January 2022
Loss after taxation - - - (439,911) (921) (440,832)
Shares purchased for cancellation - note 7 (390) - 390 (32,658) - (32,658)
Shareholders' funds at 30 June 2022 15,799 73,738 6,153 1,200,782 (9,085) 1,287,387
FOR THE SIX MONTHS ENDED 30 JUNE 2021
Capital
Called up Share redemption Capital Revenue Shareholders'
share capital premium reserve reserve reserve funds
£'000 £'000 £'000 £'000 £'000 £'000
Shareholders' funds at 16,446 73,738 5,506 1,410,424 (2,747) 1,503,367
1 January 2021
Profit/(loss) after taxation - - - 210,198 (2,949) 207,249
Shares purchased for cancellation - note 7 (215) - 215 (18,744) - (18,744)
Shareholders' funds at 16,231 73,738 5,721 1,601,878 (5,696) 1,691,872
30 June 2021
CONDENSED CASH FLOW STATEMENT
(Unaudited)
For the six For the six
months ended months ended
30 June 2022 30 June 2021
£'000 £'000
Cash flow from operating activities
(Loss)/profit before taxation (440,544) 207,530
Adjustments for losses/(gains) on investments 444,850 (211,002)
Purchase of investments (87,453) (110,743)
Sale of investments 100,719 119,802
Return of capital 1,192 2,267
(Increase)/decrease in receivables (272) 762
(Decrease)/increase in payables (320) 63
Amortisation of fixed income book cost (25) 6
Effect of foreign exchange rate changes (4,943) 799
Overseas tax on overseas income (384) (310)
Net cash inflow from operating activities 12,820 9,174
Cash flow from financing activities
Shares purchased for cancellation - note 7 (32,658) (18,744)
Net cash outflow from financing activities (32,658) (18,744)
Net decrease in cash and cash equivalents (19,838) (9,570)
Cash and cash equivalents at start of the period 74,551 72,929
Effect of foreign exchange rate changes 4,943 (799)
Cash and cash equivalents at the end of the period 59,656 62,560
Comprised of:
Cash and cash equivalents 59,656 62,560
Cash flow from operating activities includes interest received of £302,000
(2021 - £438,000) and dividends received of £5,955,000 (2021 - £5,541,000).
As the Company did not have any long-term debt at both the current and prior
six month period end, no reconciliation of the net debt position is presented.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1 Financial Statements
The condensed financial statements for the six months to 30 June 2022 within
the half-yearly financial report comprise the previous statements together
with the subsequent related notes. The condensed financial statements do not
constitute statutory accounts as defined in sections 434 to 436 of the
Companies Act 2006 and have not been audited. Financial information in
relation to the year ended 31 December 2021 has been extracted from the
statutory accounts which have been filed with the Registrar of Companies. The
auditor's report on those accounts was unqualified and did not contain a
statement under Section 498 (2) or (3) of the Companies Act 2006.
The Company's assets, which largely consist of investments in quoted
securities, exceed its liabilities significantly. All borrowings require the
prior approval of the board. Gearing levels are reviewed by the board on a
regular basis. In accordance with the Company's articles of association,
shareholders have the right to vote on the continuation of the Company every
three years with the last vote being in April 2022. The Board were pleased to
note that 99.99% of votes cast were in favour of continuation. The next
continuation vote will be held in April 2025. The Board continues to monitor
the impact of the Covid pandemic and the war in Ukraine on the Company as it
evolves. No material events have been identified that may cast significant
doubt about the Company's ability to continue as a going concern for at least
the next twelve months from the date this half-yearly financial report is
published. The condensed financial statements have been prepared on a going
concern basis and it is the directors' opinion that the Company has adequate
resources to continue in operational existence for the foreseeable future.
2 Accounting policies
The condensed financial statements have been prepared in accordance with
applicable United Kingdom Accounting Standards and applicable law (UK
Generally Accepted Accounting Practice), including FRS 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland, FRS 104
Interim Financial Reporting and the Statement of Recommended Practice:
Financial Statements of Investment Trust Companies and Venture Capital Trusts,
issued by the Association of Investment Companies in April 2021.
The accounting policies applied for the condensed financial statements are as
set out in the Company's annual report and financial statements for the year
ended 31 December 2021.
3 Investment management fee
Herald Investment Management Limited is appointed investment manager under a
management agreement which is terminable on twelve months' notice. The
management fee is 1.0% per annum of the Company's net asset value (excluding
current year net revenue) based on middle market prices up to £1.25 billion
and 0.8% per annum on amounts beyond this level. The management fee is levied
on all assets.
4 Net return per ordinary share
Six months Six months
ended ended
30 June 30 June
2022 2021
£'000 £'000
Revenue loss after taxation (921) (2,949)
Capital (loss)/ profit after taxation (439,911) 210,198
Total net return (440,832) 207,249
Weighted average number of ordinary shares 63,765,245 65,242,980
Net return per ordinary share is based on the above totals of revenue and
capital and the weighted average number of ordinary shares in issue during
each period.
There are no dilutive or potentially dilutive shares in issue.
5 Dividends
In accordance with FRS 102 Section 32 'Events After the End of the Reporting
Period', the final dividend payable on ordinary shares is recognised as a
liability when approved by shareholders. Interim dividends are recognised only
when paid.
No dividends were paid for the year ended 31 December 2021 (2020: same), nor
declared for the interim (2021: same).
6 Financial instruments
The Company's investments as disclosed in the Company's balance sheet are
valued at fair value.
Nearly all of the Company's portfolio of investments are in the Level 1
category as defined in FRS 102.
The three levels set out in FRS 102 are as follows:
Level 1: The unadjusted quoted price in an active market for identical assets
or liabilities that the entity can access at the measurement date.
Level 2: Inputs other than quoted prices included within Level 1 that are
observable (i.e. developed using market data) for the asset or liability,
either directly or indirectly.
Level 3: Inputs are unobservable (i.e. for which market data is unavailable)
for the asset or liability.
The investment manager considers observable data to be the market data that is
readily available, regularly distributed or updated, reliable and verifiable,
not proprietary, and provided by independent sources that are actively
involved in the relevant market.
The analysis of the valuation basis for the financial instruments based on the
hierarchy is as follows:
As at As at
30 June 31 December
2022 2021
£'000 £'000
Level 1 1,216,811 1,672,997
Level 3 11,249 10,485
Total investments 1,228,060 1,683,482
The fair value of listed security investments is bid value. Investments on the
Alternative Investment Market are included at their bid value. The fair value
of unlisted investments uses valuation techniques determined by the directors
on the basis of latest information in line with the relevant principles of the
International Private Equity and Venture Capital Valuation Guidelines.
7 Share capital
At the AGM held on 19 April 2022 the Company's authority to buy back up to
14.99% of its issued share capital at that date was renewed. In the six months
to 30 June 2022 a total of 1,558,317 (30 June 2021 - 859,399) ordinary shares
of 25p each were bought back and cancelled at a total cost of £32,657,770 (30
June 2021 - £18,744,140). At 30 June 2022 the Company had authority to buy
back a further 9,013,505 ordinary shares.
8 Fixed asset investments
During the period, cost of purchases amounted to £88,065,000 (30 June 2021 -
£111,143,000) and proceeds of sales amounted to £98,663,000 (30 June 2021 -
£127,135,000).
Six months ended Six months ended
30 June 2022 30 June 2021
£'000 £'000
Transaction costs
Commission costs:
Purchases 164 186
Sales 116 269
Total commission costs 280 455
Custody transaction costs 4 5
Other transaction costs 61 39
Total transaction costs 345 499
INVESTMENT OBJECTIVE AND POLICY
Herald Investment Trust plc's (Herald or the Company) objective is to achieve
capital appreciation through investments in smaller quoted companies in the
areas of telecommunications, multimedia and technology (TMT). Investments may
be made across the world. The business activities of investee companies will
include information technology, broadcasting, printing and publishing and the
supply of equipment and services to these companies. The Company's investment
policy is set out in full on page 34 of the Company's annual report and
financial statements for the year ended 31 December 2021 and remains
unchanged.
INTERIM MANAGEMENT REPORT
The Directors are required to provide an Interim Management Report in
accordance with the Financial Conduct Authority (FCA) Disclosure Guidance and
Transparency Rules (DTR). The Directors consider that the Chairman's Statement
provides details of the important events which have occurred during the six
months ended 30 June 2022 and their impact on the financial statements. The
statement on Related Party Transactions, the Statement of Directors'
Responsibilities and the Chairman's Statement together constitute the Interim
Management Report of the Company for the six month period ended 30 June 2022.
The outlook for the Company for the remaining six months of the year ending 31
December 2022 is discussed in the Chairman's Statement.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks facing the Company, including the board's assessment
thereof and mitigation factors, are detailed in the annual report and
financial statements for the year ended 31 December 2021 on pages 35 and 36 of
the Strategic Report. Market risk, liquidity risk and credit risk are
discussed in detail in note 17 of the Company's annual report and financial
statements for the year ended 31 December 2021. Principal risks facing the
Company include the following: strategic risk (risk as an investor in smaller
companies); market, economic and geopolitical risks (with these three risks
covering currency risk, interest rate risk and other price risk including, but
not limited to liquidity, price, valuation, TMT, small cap, and political
developments); investment management risks (including liquidity of the
portfolio and key person risks); third party operational risks (failure of
service providers and cyber risk); emerging risk (failure to have in place
procedures that assist in identifying new or familiar risks that become
apparent in new or unfamiliar conditions). Other risks are also considered:
gearing risk (the use of borrowings can magnify the impact of falling
markets); discount volatility; emerging/external risks; and regulatory risk
(the loss of investment trust status or a breach of applicable legal and
regulatory requirements).
In the view of the board the principal risks and uncertainties facing the
business are broadly the same as those in the published annual report and
financial statements for the year ended 31 December 2021 although many are at
a more elevated level, and these risks and uncertainties remain applicable to
the remaining six months of the year.
The annual report can be obtained free of charge from the Manager and is
available on its website: www.heralduk.com (http://www.heralduk.com) .
RELATED PARTY TRANSACTIONS
Details of the related party transactions were provided in the annual report
and financial statements for the year ended 31 December 2021. There have been
no changes to the related party transactions described in the annual report
that could have a material effect on the financial position or performance of
the Company.
GOING CONCERN
The board has undertaken a review of the Company's financial position and
ability to continue as a going concern. This review took account of the war in
Ukraine and the ongoing impact of the Covid pandemic. These uncertainties have
created supply chain disruption and exacerbated inflationary pressures
worldwide. The Company's principal risks are market-related and the current
extreme market conditions have demonstrated the resilience of the Company and
its investment objective and policy. The board considers that there are no
material uncertainties that call into question the Company's ability to
continue as a going concern for at least twelve months from the date of
approval of these financial statements and the board is confident that the
Company will be able to continue in operation and meet its liabilities as they
fall due. Consequently, the financial statements continue to be prepared on a
going concern basis.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
We confirm that to the best of our knowledge:
a) the condensed set of financial statements has been prepared in accordance
with FRS 104 'Interim Financial Reporting' and gives a true and fair view of
the assets, liabilities, financial position and profit of the Company;
b) the half-yearly financial report and interim management report includes a
fair review of the information required by Disclosure Guidance and
Transparency Rule 4.2.7R; and
c) the half-yearly financial report includes a fair review of the
information required by Disclosure Guidance and Transparency Rule 4.2.8R
(disclosure of related party transactions and changes therein). There have
been no such transactions that have materially affected the financial position
of the Company.
By order of the board
TOM BLACK
CHAIRMAN
20 July 2022
The Half-yearly financial report will be published later today on the
Manager's website: www.heralduk.com (http://www.heralduk.com) and be submitted
to the National Storage Mechanism for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
Contacts:
Katie Potts, Manager 020 7553 6300
Sanne Fund Services (UK) Limited 020 3327 9720
Company Secretary
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