REG - Impax Asset Mngmnt - Interim Results <Origin Href="QuoteRef">IPX.L</Origin> - Part 5
15/07/2015 18:14
- Part 5: For the preceding part double click ID:nRSS5699Nd
investments
included in listed
equities in the
table above.
Impax Fundamental
Long Term
Opportunities in
Water Fund
("IFLOW")
On 31 January 2014
the Group launched
the IFLOW fund and
invested, from its
own resources
$5,000,000
(£3,016,000) into
the fund. IFLOW
invests in listed
equities using the
Group's Water
Strategy. The
Group's investment
represented more
than 50% of IFLOW's
NAV from the date
of launch to 31
March 2015 and has
been consolidated
throughout this
period with its
underlying
investments
included in listed
equities in the
table above.
Impax Global Equity
Opportunities Fund
("IGEO")
On 23 January 2015
the Group launched
the IGEO Fund and
invested, from its
own resources
£2,000,000 into the
fund. IGEO invests
in listed equities
using the Group's
Global Equities
Strategy. The
Group's investment
represented more
than 50% of IGEO's
NAV from the date
of launch to 31
March 2015 and has
been consolidated
throughout this
period with its
underlying
investments
included in listed
equities in the
table above.
Impax Global
Resource
Optimization Fund
("IGRO")
In December 2011
the Group launched
the Impax Green
Markets Fund LP.
The Group invested
$5,000,000
(£3,184,000) at
launch. In prior
years the Group has
redeemed $3,000,000
(£1,809,000) and in
the current half
year the Group
redeemed a further
$3,894,000
(£2,534,000) to
fully exit the
Fund. Subsequent
to launch the
fund's name was
changed to the
Impax Global
Resource
Optimization Fund.
IGRO invests in
listed equities
using the Group's
Environmental
Specialists
Strategy. The
Group's share of
the assets of the
NAV of the fund was
such that
consolidation has
not been required
throughout the
period covered by
this Report and the
Group's investment
in the fund is
included in
Unlisted
investments. Its
underlying
investment are
however listed and
the fund is valued
based on the market
value of those
investments.
The investments
held by the funds
described above are
revalued to market
value using quoted
market prices that
are available at
the date of these
financial
statements. The
quoted market price
is the current bid
price.
Unlisted
investments
The Group has a
3.76% partnership
share of Impax New
Energy Investors
LP, a private
equity partnership
managed by the
Group. At the
period end the
carrying value of
the investment was
£656,000. The
carrying value
represents the
Board's assessment
of the investment's
fair value which
was determined
using a discounted
cashflow approach.
74% of the
partnership's
valuation is
represented by
investments in
Spanish solar
parks. These
investments have
been adversely
impacted by the
significant
retroactive reforms
of the Spanish
energy markets and
covenants for loans
held by the
investment have
been breached. The
partnership has
begun negotiations
with the relevant
banks to
restructure the
loans and is also
in the process of
pursuing a claim
for compensation
along with a number
of other parties
from the Spanish
government. In the
event that the
banks take
possession of the
assets and the
claims for
compensation are
unsuccessful the
investment would be
written down by
£485,000.
The Group also has
a commitment of
E3.3m to Impax New
Energy Investors II
LP, a private
equity partnership
managed by the
Group which was
established on 22
March 2010. At the
period end the
Group had invested
a total of
E1,916,000
(£1,615,000) of
this commitment.
The Group's
commitment of E3.3m
is equal to 1% of
the total
commitments made to
the fund. The
investment is
included at the
Board's assessment
of its fair value
which is determined
by valuing the
underlying
investments. The
principal valuation
techniques used are
discounted
cashflow, price of
recent investment
and market bids.
11 Cash and cash
equivalents
For the purposes of
the cash flow
statement, cash and
cash equivalents
includes the
following:
31 March 2015 31 March 2014 30 September 2014
£'000 £'000 £'000
Cash at bank and in
hand
Held by operating 1,611 4,157 6,560
entities of the
Group
Held by the 215 17 74
consolidated funds
1,826 4,174 6,634
In order to
mitigate bank
default risk and to
access favourable
interest rates the
Group invests part
of its surplus cash
in money market
funds and long-term
deposit accounts.
Amounts held in
money market funds
and long-term
deposit accounts
are as shown below.
The Group
considers the total
of its cash and
cash equivalents
held by operating
entities of the
Group and cash
invested in money
market funds and in
long-term deposit
accounts to be its
cash reserves.
31 March 2015 31 March 2014 30 September 2014
£'000 £'000 £'000
Cash and cash 1,611 4,157 6,560
equivalents
Cash held in money 10,623 8,609 10,615
market funds and
long-term deposit
accounts
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