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RNS Number : 5084B Investment Company PLC 14 February 2022
The Investment Company plc
Half Year Report Announcement (Unaudited) for the six months ended 31 December
2021
Summary of Results
At 31 December 2021 At 30 June
(unaudited) 2021
(audited) Change %
Equity Shareholders' funds (£) 16,666,708 16,281,804 2.36
Number of ordinary shares in issue 4,772,049 4,772,049 -
Net asset value ("NAV") per ordinary share 349.26p 341.19p 2.36
Ordinary share price (mid) 308.00p 309.00p (0.32)
Discount to NAV 11.81% 9.43% (2.38)
6 months to Year ended
31 December 2021 30 June
(unaudited) 2021
(audited)
Total return per ordinary share * 8.07p (29.08)p
Dividends paid per ordinary share nil 3.00 p
* The total return per ordinary share is based on total income after taxation
as detailed in the Condensed consolidated income statement and in note 3.
Investment Objective
At the Annual General Meeting on 4 November 2020, Shareholders voted to amend
the Company's Investment Objective and Policy to that shown below.
The Company's investment objective is to protect the purchasing power of its
capital in real terms, and to participate in enduring economic activities
which lend themselves to genuine capital accumulation and wealth creation.
Investment Policy
The Company will seek to acquire and hold, with no predetermined investment
time horizon, a collection of assets which, in the Directors' judgement, are
well-suited to the avoidance of a permanent loss of capital. These assets will
be comprised of minority participations in the equity, debt or convertible
securities of quoted businesses which the Directors believe are led by
responsible and like-minded managers and suitable for the long-term
compounding of earnings. In addition, to protect its capital as well as to
maintain liquidity for future investments, the Company will keep reserves in
(a) liquid debt instruments such as cash in banks or securities issued by
governments and/or (b) liquid, non-debt, tangible assets such as gold bullion,
whether held indirectly or in physical form.
The Company has no predetermined maximum or minimum levels of exposure to
asset classes, currencies or geographies, and has the ability to invest
globally. These exposures will be monitored by the Board in order to ensure an
adequate spreading of risks. No holding in an individual company or debt
instrument will represent more than 15 per cent. by value of the Company's
total assets at the time of acquisition (such restriction does not, however,
apply to gold bullion or cash balances). The Company's holdings of gold
bullion may be as high as 35 per cent. of total assets at the time of
investment.
Given the Company's investment objective, asset mix and time horizon, the
portfolio will not seek to track any benchmark or index. The Company will not
invest more than 10 per cent. of its total assets in other listed closed-ended
investment funds. The Company will not use derivative instruments for
speculative purposes, nor will it use currency hedges to manage returns in any
currency.
The Company's gearing will not exceed 20 per cent. of net assets at the time
of drawdown.
No material change will be made to the investment policy without the approval
of Shareholders by ordinary resolution.
Chairman's Statement
Dear fellow shareholders,
Results
During the six-month period ended 31 December 2021, the Group's net assets
increased by 8.07 pence per share to 349.26 pence per share. This represents a
total return of 2.36%. The details of this return are outlined in the table
below.
6 months to Year ended
31 December 2021 30 June 2021
Pence per share Pence per share
% %
Opening net assets 341.19 100.00 315.11 100.00
Gain on portfolio valuations 8.62 2.53 27.57 8.75
Investment income 3.12 0.91 14.75 4.68
Expenses (3.67) (1.08) (13.24) (4.20)
Dividends paid - - (3.00) (0.95)
Closing net assets 349.26 2.36 341.19 8.28
Equity Participations
During the half year we sold in aggregate shares worth £1.7 million realising
a gain of £0.4 million (+28%), and we purchased shares worth £2.6 million.
This increased our equity participations from 66.7% to 72.1% of net assets. We
are looking forward to further opportunities to add to our existing holdings.
We sold out of three holdings entirely. We sold our small position in
Fromageries Bel for a 23% gain because the founding family is taking the
business private and delisting the shares. We sold the rest of our Rio Tinto
shares for a 14% gain. Our existing interest in oil and precious metals
producers is already substantial and having a few firms like this in our
collection will go a long way toward preparing us from any inflationary storms
ahead, whether transitory or not. We also sold out of Unilever realising a 6%
loss. The brand strength and their entrenched position in so many countries
remain a wonderful asset, and the shares undervalued, but an undue focus on
managing to a sterile ESG mandate and institutional expectations doesn't sit
well with us. Whenever our priorities differ from the managers the decision to
sell becomes an easy one.
We sold part of our stake in Safilo realising a 95% gain. Despite operating
during two difficult years the turnaround under their new CEO has gone
exceptionally well. Later in the year, Safilo also conducted a rights offering
which eliminated most of their debt burden and enables them to embark on an
investment program after a period of downsizing. We also bought shares in the
offering on very attractive terms.
We reduced our holding in Strix after a period of substantial price
appreciation, realising a 172% gain. Credit goes to our prior investment
manager for buying the shares well. Holding great businesses at high prices is
not a problem for us - we expect most of our holdings to meet these criteria
eventually - but it demands a conviction which for us has to come from a
proven capacity to execute within their specialty for many years. The promise
of future growth in new product categories, though welcome, is not something
our objective places a premium on.
We added four new holdings during the half year: Robertet, the world's
pre-eminent producers of all-natural flavours and fragrances; Kri Kri Milk, a
premium Greek dairy company specialising in exporting ice cream and yogurt;
Crete Plastics, a European producer of masterbatches for plastics
manufacturing and specialty agricultural films; and Karelia Tobacco, a
family-owned Greek cigarette producer serving markets in Southeast Europe and
across the Mediterranean. These are all multi-generational, family-owned
businesses with decades of deep experience in relatively narrow markets. They
have demonstrated a constant drive to reinvest in new capacities and add to
their business strengths, show a history of operating with care and we think
they can develop their markets for decades to come. Though Robertet is 'a
great business at a high price', the other three are smaller companies,
completely unknown outside of their local markets and, fortunately for us,
priced to reflect their relative obscurity. Though not small in any business
sense, these companies are controlled by the founding families and a fairly
small group of other real, long-term owners. We count ourselves among them.
For our existing holdings, we continued to add to Cembre, Lucas Bols, Hal
Trust and Nedap.
Legacy Assets
We sold out of our three largest legacy fixed income holdings, generating
£629k in proceeds and realising a 3% gain. This reduced the legacy holdings
down to 0.4% of net assets and marks the end of the transition from the prior
portfolio. The fixed 5% to 6% yields on these instruments were once alluring,
but in the present inflationary environment they look for our purposes like
wasting assets. It's better that the proceeds be invested in business where
time is our ally rather than having it count down the erosion of our capital.
Precious Metals
With consumer price inflation finally arriving in the UK our reasons for
holding gold are unchanged - they form a liquid reserve that we believe will
retain its purchasing power across periods of inflation and monetary disorder.
As with our stakes in businesses, the intended time horizon of our holding
matters a great deal. Gold is not suitable as a short-term hedge against
rising consumer prices, and though one could speculate on its price that is
not our reason for holding it. Gold has the curious property that as we extend
our gaze further into the future, and as we broaden our understanding of the
myriad effects of monetary debasement, the more suitable it appears.
There were no changes to our gold holdings in the period, as new equity
purchases were largely offset against the sales of other shares and our
remaining legacy assets.
Income and costs
Total income for the first six months came to £162k, while expenses totalled
£175k. There were no extraordinary expenses in the period, and we believe
current expenses are indicative of ongoing expenses for the Group. At our
present size, we expect investment income to largely - but not completely -
offset expenses for the full year.
Foreign Exchange
The Group reports its results in Sterling, but as of 31 December 2021 91.0% of
our portfolio was invested in companies, securities and reserve assets
denominated in other currencies and we expect this to continue in the
future. Because of this shift any strengthening or weakening of Sterling
against these currencies will now have a direct impact on our financial
results in future periods. We will not employ any currency hedging to manage
the returns as expressed in Sterling as we believe the exercise would be both
costly and counter to our purpose.
Although we have had a total return of some £385k in the half year, this
arises from our capital rather than income and the Directors do not propose to
pay an interim dividend.
Outlook
The Board welcomes dialogue with our Shareholders who will find details of how
to contact us at the Company's website, www.theinvestmentcompanyplc.co.uk.
In these uncertain and volatile times, we believe the Company is well
positioned to provide Shareholders with capital preservation and wealth
creation over the long-term. Furthermore, we continue to evaluate
opportunities to grow the capital base.
I.R. Dighé
Chairman
14 February 2022
Portfolio Summary
Asset Exposure by Trading Currency
At 31 December 2021
Currency % of net assets
GBP 9%
EUR 41%
CAD 8%
CHF 6%
NOK 3%
USD 7%
Precious Metals 26%
Total 100%
Equity Participations - Regional Economic Exposure*
At 31 December 2021
% of equity participations
Region
Europe 51%
North America 25%
South America 7%
Asia, Africa, Other 17%
Total 100%
Equity Participations - By Sector*
At 31 December 2021
% of equity participations
Sector
Consumer Goods 46%
Industrials 34%
Basic Materials 10%
Oil & Gas 10%
Total 100%
*Director estimates. Regional Economic Exposure represents where in the world
the underlying business activity of the equity participations takes place.
Portfolio and Assets
At 31 December 2021
Fair Value % of net assets
Security Country Holding £
Hal Trust Netherlands 12,000 1,469,388 8.8%
Karelia Tobacco Greece 3,250 758,797 4.6%
Tonnellerie François Frères Group France 32,000 752,499 4.5%
British American Tobacco UK 27,000 738,046 4.4%
Cembre Italy 24,500 703,705 4.2%
Lucas Bols Netherlands 70,731 696,202 4.2%
Imperial Oil Canada 26,000 690,969 4.2%
Barrick Gold Canada 45,000 634,413 3.8%
Emmi Switzerland 700 612,109 3.7%
Crete Plastics Greece 39,461 589,909 3.5%
Bakkafrost Faroe Islands 12,000 588,861 3.5%
Lukoil ADR Russia 7,500 498,071 3.0%
Nedap Netherlands 9,000 473,167 2.8%
Bucher Industries Switzerland 1,200 439,822 2.6%
Safilo Group Italy 300,000 396,573 2.4%
Robertet France 460 376,669 2.3%
Franco-Nevada Canada 3,600 366,879 2.2%
Strix Group UK 120,000 364,200 2.2%
Kri-Kri Milk Industries Greece 38,929 277,901 1.7%
ForFarmers Netherlands 80,000 271,101 1.6%
Alamos Gold Canada 43,000 243,732 1.5%
Legacy holdings Various 67,407 0.4%
Total equity participations 12,010,420 72.1%
Invesco Physical Gold ETC UK 15,000 1,958,560 11.7%
WisdomTree Physical Gold ETC UK 9,500 1,210,956 7.3%
WisdomTree Physical Swiss Gold ETC Switzerland 9,000 1,169,325 7.0%
Total gold 4,338,841 26.0%
Sterling cash 363,908 2.2%
Other liabilities net of other assets (46,461) (0.3)%
Total cash less other net current liabilities 317,447 1.9%
Total net assets 16,666,708 100.0%
Interim management report and Directors' responsibility statement
Interim management report
The important events that have occurred during the period under review and
their impact on the financial statements are set out in the Chairman's
Statement above.
In the view of the Board, the principal risks facing the Group are
substantially unchanged since the date of the Report and Accounts for the year
ended 30 June 2021 and continue to be as set out in that report. Risks faced
by the Group include, but are not limited to, market risk (which comprises
market price risk, interest rate risk and liquidity risk). Details of the
Group's management of these risks and exposure to them is set out in the
Group's Report and Accounts for the year ended 30 June 2021.
There have been no significant changes in the related party disclosures set
out in the Annual Report.
Directors' responsibility statement
The Directors confirm that to the best of their knowledge:
· the condensed set of financial statements has been prepared in
accordance with International Accounting Standard 34, Interim Financial
Reporting, and gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the Group; and
· this Half-Yearly Financial Report includes a fair review of the
information required by:
a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being
an indication of important events that have occurred during the first six
months of the financial year and their impact on the condensed set of
financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the Group during that period; and any changes in
the related party transactions that could do so.
This Half-Yearly Financial Report was approved by the Board of Directors on 14
February 2022 and the above responsibility statement was signed on its behalf
by I. R. Dighé, Chairman.
Condensed consolidated income statement
For the six months ended 31 December 2021 (unaudited)
6 months to 31 December 2021 6 months to 31 December 2020 Year ended 30 June 2021
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
£ £ £ £ £ £ £ £ £
Gains on investments at fair value through profit or loss - 414,942 414,942 - 329,396 329,396 - 1,315,694 1,315,694
Exchange (loss) on capital items - (3,515) (3,515) - (660) (660) - (88) (88)
Investment income 2 161,894 - 161,894 502,481 - 502,481 724,585 - 724,585
Investment management fee 7 - - - (56,543) - (56,543) (96,825) - (96,825)
Other expenses (175,482) - (175,482) (328,551) (323) (328,874) (535,120) - (535,120)
Return before taxation (13,588) 411,427 397,839 117,387 328,413 445,800 92,640 1,315,606 1,408,246
Taxation (12,935) - (12,935) (1,219) - (1,219) (20,338) - (20,338)
Total (loss)/income after taxation (26,523) 411,427 384,904 116,168 328,413 444,581 1,315,606 1,387,908
72,302
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Return on total income after taxation per 50p ordinary share - basic & 3 8.07 27.57
diluted
(0.55) 8.62 2.43 6.88 9.31 1.51 29.08
The total column of this statement is the Income Statement of the Group
prepared in accordance with IFRS as adopted by the United Kingdom. The
supplementary revenue and capital columns are prepared in accordance with the
Statement of Recommended Practice ("AIC SORP") issued in April 2021 by the
Association of Investment Companies.
The Group did not have any income or expenses that was not included in total
income for the period. Accordingly, total income is also total comprehensive
income for the period, as defined by IAS 1 (revised) and no separate Statement
of Comprehensive Income has been presented.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the period.
The notes form part of these condensed financial statements.
Condensed consolidated statement of changes in equity
For the six months ended 31 December 2021 (unaudited)
Share Share Capital redemption reserve Capital Revenue Total
capital premium £ reserve reserve £
£ £ £ £
Balance at 1 July 2021 2,386,025 4,453,903 2,408,820 8,410,600 (1,377,544) 16,281,804
Total comprehensive income
Net return for the period - - - 411,427 (26,523) 384,904
Transactions with Shareholders recorded directly to equity
Ordinary dividends paid - (note 4) - - - - - -
Balance at 31 December 2021 2,386,025 4,453,903 2,408,820 8,822,027 (1,404,067) 16,666,708
Balance at 1 July 2020 2,386,025 4,453,903 2,408,820 7,094,994 (1,306,685) 15,037,057
Total comprehensive income
Net return for the period - - - 328,413 116,168 444,581
Transactions with Shareholders recorded directly to equity
Ordinary dividends paid - (note 4) - - - - (95,441) (95,441)
Balance at 31 December 2020 2,386,025 4,453,903 2,408,820 7,423,407 (1,285,958) 15,386,197
Balance at 1 July 2020 2,386,025 4,453,903 2,408,820 7,094,994 (1,306,685) 15,037,057
Total comprehensive income
Net return for the year - - - 1,315,606 72,302 1,387,908
Transactions with Shareholders recorded directly to equity
Ordinary dividends paid - (note 4) - - - - (143,161) (143,161)
Balance at 30 June 2021 2,386,025 4,453,903 2,408,820 8,410,600 (1,377,544) 16,281,804
The notes form part of these condensed financial statements.
Condensed consolidated balance sheet
At 31 December 2021 (unaudited)
31 December 2021 31 December 2020 30 June
£ £ 2021
Notes £
Non-current assets
Investments held at fair value through profit or loss 8 16,349,261 14,224,363 15,618,864
Current assets
Trade and other receivables 51,961 67,268 389,029
Cash and cash equivalents 363,908 1,221,865 540,800
415,869 1,289,133 929,829
Current liabilities
Trade and other payables (98,422) (127,299) (266,889)
(98,422) (127,299) (266,889)
Net current assets 317,447 1,161,834 662,940
Net assets 16,666,708 15,386,197 16,281,804
Capital and reserves
Ordinary share capital 5 2,386,025 2,386,025 2,386,025
Share premium 4,453,903 4,453,903 4,453,903
Capital redemption reserve 2,408,820 2,408,820 2,408,820
Capital reserve 8,822,027 7,423,407 8,410,600
Revenue reserve (1,404,067) (1,285,958) (1,377,544)
Shareholders' funds 16,666,708 15,386,197 16,281,804
NAV per ordinary share of 50p 6 349.26p 322.42p 341.19p
The notes form part of these condensed financial statements.
Condensed consolidated cash flow statement
For the six months ended 31 December 2021 (unaudited)
31 December 2021 31 December 2020 30 June
£ £ 2021
£
Cash flows (used in)/generated from operating activities
Income received from investments 131,236 517,128 777,299
Interest received 38 9,792 9,792
Overseas taxation paid (747) - (19,195)
Investment management fees paid (1,678) (56,323) (104,544)
Other cash payments (200,847) (341,076) (564,381)
Net cash (used in)/generated from operating activities (71,998) 129,521 98,971
Cash flows used in financing activities
Dividends paid on ordinary shares - (95,441) (143,161)
Net cash used in financing activities - (95,441) (143,161)
Cash flows (used in)/generated from investing activities
Purchase of investments (2,775,667) (10,953,343) (13,442,242)
Sale of investments 2,674,274 11,876,736 13,762,164
Net cash (used in)/generated from investing activities (101,393) 923,393 319,922
Net (decrease)/increase in cash and cash equivalents (173,391) 957,473 275,732
Reconciliation of net cash flow to movement in net cash
(Decrease)/increase in cash (173,391) 957,473 275,732
Exchange rate movements (3,501) (660) 16
(Decrease)/increase in net cash (176,892) 956,813 275,748
Net cash at start of period 540,800 265,052 265,052
Net cash at end of period 363,908 1,221,865 540,800
Analysis of net cash
Cash and cash equivalents 363,908 1,221,865 540,800
363,908 1,221,865 540,800
Condensed notes to the consolidated financial statements
At 31 December 2021 (unaudited)
1. Significant accounting policies
Basis of Preparation
The condensed consolidated financial statements, which comprise the unaudited
results of the Company and its wholly owned subsidiaries, Abport Limited and
New Centurion Trust Limited, together referred to as the "Group", have been
prepared in accordance with IFRS, as adopted by the United Kingdom, and as
applied in accordance with the provisions of the Companies Act 2006. The
financial statements have been prepared in accordance with the AIC SORP,
except to any extent where it is not consistent with the requirements of IFRS.
The accounting policies are as set out in the Report and Accounts for the year
ended 30 June 2021.
The half-year financial statements have been prepared in accordance with IAS
34 "Interim Financial Reporting".
The financial information contained in this half year financial report does
not constitute statutory accounts as defined by the Companies Act 2006. The
financial information for the periods ended 31 December 2021 and 31 December
2020 have not been audited or reviewed by the Company's Auditor. The figures
and financial information for the year ended 30 June 2021 are an extract from
the latest published audited statements, and do not constitute the statutory
accounts for that year. Those accounts have been delivered to the Registrar of
Companies and include a report of the Auditor, which was unqualified and did
not contain a statement under either Section 498(2) or 498(3) of the Companies
Act 2006.
Going Concern
The Directors have made an assessment of the Group's ability to continue as a
going concern. This has included consideration of portfolio liquidity, the
Group's financial position in respect of its cash flows and investment
commitments (of which there are none of significance), the working
arrangements of the key service providers, continued eligibility to be
approved as an investment trust company and the continued impact of the
Covid-19 pandemic. In addition, the Directors are not aware of any material
uncertainties that may cast significant doubt upon the Group's ability to
continue as a going concern.
The Directors are satisfied that the Group has the resources to continue in
business for the foreseeable future being a period of at least 12 months from
the date that these financial statements were approved. Therefore, the
financial statements have been prepared on the going concern basis.
Segmental Reporting
The Directors are of the opinion that the Group is engaged in a single segment
of business, being investment business.
2. Income
6 months to 6 months to Year ended
31 December 2021 31 December 2020 30 June
£ £ 2021
£
Income from investments:
UK dividends 103,326 354,598 438,996
Unfranked dividend income 67,344 5,051 132,143
UK fixed interest (8,814) 133,040 143,654
161,856 492,689 714,793
Other income
Bank deposit and other interest 38 9,792 9,792
Total income 161,894 502,481 724,585
3. Return per Ordinary Share
Returns per share are based on the weighted average number of shares in issue
during the period. Normal and diluted returns per share are the same as there
are no dilutive elements on share capital.
6 months to 6 months to Year ended
31 December 2021 31 December 2020 30 June 2021
Net return Pence per share Net return Pence per share Net return Pence per share
£ £ £
Return after taxation attributable to ordinary Shareholders
Revenue (26,523) (0.55) 116,168 2.43 72,302 1.51
Capital 411,427 8.62 328,413 6.88 1,315,606 27.57
Total comprehensive income 384,904 8.07 444,581 9.31 1,387,908 29.08
Weighted average number of ordinary shares 4,772,049 4,772,049 4,772,049
4. Dividends per Ordinary Share
Amounts recognised as distributions to equity holders in the period.
6 months to 31 December 2021 6 months to 31 December 2020 Year ended 30 June
£ £ 2021
£
Ordinary shares
Interim dividend of 1.00p paid on 7 September 2020 - 47,720 47,720
Interim dividend of 1.00p paid on 4 December 2020 - 47,721 47,720
Interim dividend of 1.00p paid on 26 February 2021 - - 47,721
Total - 95,441 143,161
5. Ordinary Share Capital
31 December 2021 31 December 2020 30 June 2021
Number £ Number £ Number £
Ordinary shares of 50p each 4,772,049 2,386,025 4,772,049 2,386,025 4,772,049 2,386,025
The Company does not hold any shares in treasury as at 31 December 2021 (31
December 2020: Nil and 30 June 2021: Nil).
6. Net Asset Value per Ordinary Share
The NAV per ordinary share is calculated as follows:
31 December 2021 31 December 2020 30 June 2021
£ £ £
Net assets 16,666,708 15,386,197 16,281,804
Ordinary shares in issue 4,772,049 4,772,049 4,772,049
NAV per ordinary share 349.26p 322.42p 341.19p
7. Investment Management fee
Pursuant to the changes to the Company's Investment Objective and Policy, the
Investment Manager, Fiske plc, was given notice to terminate the investment
management agreement as of 5 May 2021.
The management fee payable monthly in arrears by the Company to the Investment
Manager, was previously calculated at the rate of one-twelfth of 0.75% of the
NAV as at the last business day of each calendar month.
At 31 December 2021, an amount of £nil (31 December 2020: £9,675 and 30 June
2021: £1,678) was outstanding and due to the Investment Manager.
8. Fair Value Hierarchy
The fair value is the amount at which an asset could be sold in an ordinary
transaction between market participants at the measurement date, other than a
forced or liquidation sale. The Group measures fair values using the following
hierarchy that reflects the significance of the inputs used in making the
measurements.
Categorisation 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 asset as follows:
Level 1 - valued using quoted prices, unadjusted in active markets for
identical assets and liabilities.
Level 2 - valued by reference to valuation techniques using observable inputs
for the asset or liability other than quoted prices included in Level 1.
Level 3 - valued by reference to valuation techniques using inputs that are
not based on observable market data for the asset or liability.
The table below sets out fair value measurement of financial instruments as at
31 December 2021, by the level in the fair value hierarchy into which the fair
value measurement is categorised.
Level 1 Level 2 Level 3 Total
£ £ £ £
At 31 December 2021
Investments held at fair value through profit or loss 16,282,652 - 66,609 16,349,261
At 31 December 2020
Investments held at fair value through profit or loss 13,241,128 - 983,235 14,224,363
At 30 June 2021
Investments held at fair value through profit or loss 15,024,544 - 594,320 15,618,864
Reconciliation of Level 3 investments
The following table summarises Level 3 investments that were accounted for at
fair value.
31 December 2021 31 December 2020 30 June
£ £ 2021
£
Opening balance 594,320 2,030,066 2,030,066
Sales proceeds* (573,939) (1,095,168) (1,545,167)
Gains on investments 46,228 48,337 109,421
Closing balance 66,609 983,235 594,320
* The Group and Company received £573,939 from investments sold in the
period. The book cost of these investments when they were purchased was
£518,840. These investments have been revalued over time and until they were
sold any unrealised gains/(losses) were included in the fair value of
investments.
9. Related party transactions
During the first six months of the financial year, no transactions with
related parties have taken place which have materially affected the financial
position or performance of the Group.
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accessible from hyperlinks on this announcement (or any other website) is
incorporated into, or forms part of this announcement.
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