REG - Livermore Inv. Group - Annual Financial Report <Origin Href="QuoteRef">AUIV.L</Origin> - Part 5
26/05/2017 07:06
- Part 5: For the preceding part double click ID:nRSZ2915Gd
1.0%
A- 29,495 17.6% 6,326 6.2%
BB 2,433 1.5% 2,900 2.9%
BB+ 1,117 0.7% 1,116 1.1%
BB- - - 518 0.5%
Not Rated 103,282 61.7% 70,853 69.8%
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167,279 100% 101,461 100%
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Included within "not rated" amounts are investments in loan market through CLOs of USD 79.336m and open warehouses of USD
17.251m (2015: CLOs of USD 63.046m and open warehouses of USD 5.020m).
The modelled IRRs on the CLO portfolio as well as the warehouse first loss tranches are in low teens percentage points.
Liquidity Risk
The following table summarizes the contractual cash outflows in relation to the Group's financial liabilities according to
their maturity.
31 December 2016 Carrying amount Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years
US $000 US $000 US $000 US $000 US $000
Bank overdraft 1,160 1,160 - - -
Trade and other payables 5,566 5,566 - - -
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Total 6,726 6,726 - - -
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31 December 2015 Carrying amount Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years
Bank loan 76,410 2,477 2,557 75,531 -
Bank overdraft 13,208 13,208 - - -
Trade and other payables 2,207 2,207 - - -
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Total 91,825 17,892 2,557 75,531 -
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A significant proportion of the Group's portfolio is invested in mid-term private equity investments with low or no
liquidity. The investments of the Group in publicly traded securities are subject to availability of buyers at any given
time and may be very low or non-existent subject to market conditions.
There is currently no exchange traded market for CLO securities and they are traded over-the-counter through private
negotiations or auctions subject to market conditions. Currently the CLO market is liquid, but in times of market distress
the realization of the investments in CLOs through sales may be below fair value.
Warehouse facilities are private negotiated financing facilities and are not traded and have no active market. The Company,
however, can opt to terminate such facility.
The management take into consideration the liquidity of each investment when purchasing and selling in order to maximise
the returns to shareholders by placing suitable transaction levels into the market.
At 31 December 2016, the Group had liquid investments totalling USD 146.3m, comprising of USD 60.4m in cash and cash
equivalents, USD 81.8m in investments in loan market through CLOs, USD 1.1m in other fixed income investments, USD 2.0m in
public equities and USD 1.0m in hedge funds. Management structures and manages the Group's portfolio based on those
investments which are considered to be long term, core investments and those which could be readily convertible to cash,
are expected to be realised within normal operating cycle and form part of the Group's treasury function.
Capital Management
The Group considers its capital to be its issued total equity (i.e. its share capital and all of its reserves).
The Group manages its capital to ensure that it will be able to continue as a going concern while maximising the return to
shareholders through the optimisation of the balance between its net debt and equity.
Net debt to equity ratio is calculated using the following amounts as included on the consolidated statement of financial
position, for the reporting periods under review:
2016 2015
US $000 US $000
Cash at bank (60,383) (25,770)
Bank overdrafts 1,160 13,208
Bank loans - 76,410
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Net Debt (59,223) 63,848
------ ------
Total equity 157,174 148,637
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Net debt to equity ratio (0.38) 0.43
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The significant improvement in the ratio is mainly due to the disposal of investment property activities (note 23) and the
bank loan associated with it.
37. Financial assets and liabilities by class
Note 2016 US $000 2015 US $000
Financial assets:
Loans and receivables 13, 14 - 28,860
Financial assets at amortised cost 13, 14 67,142 -
Available-for-sale financial assets 4 - 81,147
Financial assets at fair value through profit or loss 5 102,087 9,801
Financial assets designated at fair value through other comprehensive income 6 6,673 -
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175,902 119,808
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Financial liabilities:
Financial liabilities at amortised cost 18, 19, 20 6,726 91,825
Financial liabilities at fair value through profit or loss:
Derivative financial instruments 17 - 217
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6,726 92,042
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The carrying amount of the financial assets and liabilities at amortised cost approximates to their fair value.
Shareholder Information
Registrars
All enquiries relating to shares or shareholdings should be addressed to:
Capita Registrars
PXS
34 Beckenham Road
Beckenham
Kent BR3 4TU
Telephone: 0870 162 3100
Facsimile: 020 8639 2342
Change of Address
Shareholders can change their address by notifying Capita Registrars in writing at the above address.
Website
www.livermore-inv.com
The Company's website provides, amongst other things, the latest news and details of the Company's activities, share price
details, share price information and links to the websites of our brands.
Direct Dividend Payments
Dividends can be paid automatically into shareholders' bank or building society accounts. Two primary benefits of this
service are:
· There is no chance of the dividend cheque going missing in the post; and
· The dividend payment is received more quickly because the cash sum is paid directly into the account on the payment
date without the need to pay in the cheque and wait for it to clear.
As an alternative, shareholders can download a dividend mandate and complete and post to Capita Registrars.
Lost Share Certificate
If your share certificate is lost or stolen, you should immediately contact Capita Registrars on 0870 162 3100 who will
advise on the process for arranging a replacement.
Duplicate Shareholder Accounts
If, as a shareholder, you receive more than one copy of a communication from the Company you may have your shares
registered in at least two accounts. This happens when the registration details of separate transactions differ slightly.
If you wish to consolidate such multiple accounts, please call Capita Registrars on 0870 162 3100.
Please note that the Directors of the Company are not seeking to encourage shareholders to either buy or sell the Company's
shares.
Corporate Directory
SecretaryChris Sideras Registered OfficeTrident ChambersPO Box 146Road TownTortolaBritish Virgin Islands Company Number475668 RegistrarsCapita RegistrarsPXS34 Beckenham Principal BankersBank Hapoalim18 Boulevard Royal BP 703L-2017Luxembourg FIBI BankSeestrasse 61Zurich 8027Switzerland Credit Suisse AGSeeefldstrasse 1Zurich 8070Switzerland UBS AGParadeplatz 6
RoadBeckenhamKent BR3 4TUEngland AuditorGrant Thornton (Cyprus) Ltd143, Spyrou Kyprianou AvenueLimassol 3083Cyprus SolicitorsTravers Smith10 Snow HillLondonEC1A CH-8098 Zürich
2ALEngland Nominated Adviser & BrokerArden Partners plc125 Old Broad StreetLondonEC2N 1AREngland Switzerland Bank Julius Baer & Co. Ltd.Bahnhofstrasse 36, CH-8010 Zurich, Switzerland
Principal BankersBank Hapoalim18 Boulevard Royal BP 703L-2017Luxembourg FIBI BankSeestrasse 61Zurich 8027Switzerland Credit
Suisse AGSeeefldstrasse 1Zurich 8070Switzerland UBS AGParadeplatz 6
CH-8098 Zürich
Switzerland Bank Julius Baer & Co. Ltd.Bahnhofstrasse 36, CH-8010 Zurich, Switzerland
This information is provided by RNS
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