REG - Livermore Inv. Group - Interim Results
26/09/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250926:nRSZ9107Aa&default-theme=true
RNS Number : 9107A Livermore Investments Group Limited 26 September 2025
26 September, 2025
LIVERMORE INVESTMENTS GROUP LIMITED
UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2025
Livermore Investments Group Limited (the "Company" or "Livermore") today
announces its unaudited interim results for the six months ended 30 June 2025.
These results will be made available on the Company's website today.
For further investor information please go to www.livermore-inv.com
(http://www.livermore-inv.com) .
Enquiries:
Livermore Investments Group
Limited
+41 43 344 3200
Gaurav Suri
Strand Hanson Limited (Financial & Nominated Adviser and
Broker) +44 (0)20 7409 3494
Richard Johnson / Ritchie Balmer
Chairman's and Chief Executive's Review
Introduction
We are pleased to announce the interim financial results for Livermore
Investments Group Limited (the "Company" or "Livermore") for the six months
ended 30 June 2025. References to the Company hereinafter also include its
consolidated subsidiary (note 9).
During the first half of 2025, the Company's investment portfolio recorded a
modest gain of USD 1.8m while incurring operating costs of USD 1.9m. The
Company also declared an interim dividend of USD 7m during the period.
Excluding the dividend of USD 7m, the NAV of the Company remined relatively
unchanged from the beginning of the year. NAV as at 30 June 2025 was USD
132.0m (Dec 2024: USD 139.1m; Jun 2024: USD 158.7m). Our investment in
Fetcherr Ltd ("Fetcherr") continued to perform well and in July 2025 it raised
capital from Salesforce Ventures and certain existing investors at a pre-money
valuation of USD 530m. For the period ending 30 Jun 2025, our investment in
Fetcherr was valued at USD 15.0m, implying a valuation of USD 150 million for
Fetcherr. The NAV per share as at 30 June 2025 was USD 0.80. As at 30 June
2025, the Company held USD 33.3m in cash and marketable securities (June 2024:
USD 52.2m).
Overall the first half of 2025 provided a relatively challenging investment
environment. The euphoria of a business friendly US administration quickly
gave way to despair as President Trump launched a trade war against the United
States' trading partners by introducing tariffs on imports. Financial markets
responded violently with US equity markets down 19% from its highs. While the
markets recovered as the US administration reduced the tariff rhetoric, faith
in the US Dollar declined. The US Dollar had one of its worst performances
declining by 10.7% during the first half of 2025.
On the other hand, large technology companies linked to innovation and
developments in Artificial Intelligence (AI) continued to capture the
imaginations of individuals, corporates, and governments alike and gain market
capitalization. The pace of capital expenditures by large data centre
companies to reposition their businesses for higher computational workloads
remains unprecedented. Most corporates are keen to evaluate solutions that may
bring the benefits of AI to various areas of their business.
In 2021, the Company had invested in a start-up ("Fetcherr") that focused on
applying AI techniques to deliver real-time pricing and revenue enhancement
solutions for the airline industry. Over the last 4 years, Fetcherr has
succeeded in demonstrating its effectiveness and has acquired airline clients
large and small across the globe. Their pipeline of clients willing to adopt
their product continues to grow faster than they can keep pace. In July 2025,
Fetcherr raised capital at a valuation of USD 530m after having done so in
2024 at a USD 250m valuation.
In credit markets, demand for CLO debt and US Senior Secured Loans (US Loans)
was strong in the first half of 2025, as higher coupons of floating rate
securities and attracted income-oriented investors. US Loans have been further
well supported by healthy new CLO issuance and "reset" market
activity. Inflation has been generally good for credit over the last
few years but the effects of tariffs and a slower economic growth may
generate volatility and provide interesting opportunities to invest capital in
the next few quarters.
The CLO portfolio is currently much smaller than its peak in 2021. As the
Company did not materially invest in warehouses and new CLO equity between
April 2022 and Jan 2024, the CLO portfolio has amortized substantially and
cashflow is expected to be lower than in the previous years. The Company had
two warehouses open as of 30 June 2025. Post balance sheet, one warehouse
managed by Blackstone Credit has been converted to a CLO and has generated USD
0.821m in warehouse carry for the Company.
Financial Review
The NAV of the Company as at 30 June 2025 was USD 132.0m (31 December 2024:
USD 139.1m). The Loss after tax for the first half of 2025 was USD 1.2m, which
represents loss per share of USD 0.01.
The overall change in the NAV is primarily attributed to the following:
30 June 2025 31 December 2024 30 June 2024
US $m US $m US $m
Shareholders' funds at beginning of period 139.1 135.8 135.8
----- ----- -----
Income from investments 7.6 22.5 12.3
Unrealised (losses) / gains on investments (7.0) (5.9) 13.0
Operating expenses (1.9) (5.6) (1.9)
Net finance income / (costs) 1.2 (0.5) (0.4)
Tax charge (0.1) (0.2) (0.1)
----- ----- -----
(Decrease) / increase in net assets from operations (0.1) 10.3 22.9
Dividends paid (7.0) (7.0) -
----- ----- -----
Shareholders' funds at end of period 132.0 139.1 158.7
----- ----- -----
Net Asset Value per share US $0.80 US $0.84 US $0.96
Livermore's Strategy
The Company's primary investment objective is to generate high current income
and regular cash flows. The financial portfolio is constructed around fixed
income instruments such as Collateralized Loan Obligations ("CLOs") and other
securities or instruments with exposure primarily to senior secured and
usually broadly syndicated US loans. The Company has a long-term oriented
investment philosophy and invests primarily with a buy-and-hold mentality,
though from time to time the Company will sell investments to realize gains or
for risk management purposes.
Strong emphasis is given to maintaining sufficient liquidity and low leverage
at the overall portfolio level and to re-invest in existing and new
investments along the economic cycle.
Dividend & Buyback
On 23 May 2025, the Company announced an interim dividend of USD 7.0m (USD
0.0423 per share) to members on the register as at 6 June 2025. The dividend
was paid on 4 July 2025.
The Board of Directors will decide on the Company's dividend policy for 2025
based on profitability, liquidity requirements, portfolio performance, market
conditions, and the share price of the Company relative to its NAV.
Richard Rosenberg Noam Lanir
Non-Executive Chairman Chief Executive
25 September 2025
Review of Activities
Economic & Investment Environment
Overall the first half of 2025 was a relatively challenging investment
environment as markets grappled with new US trade policy and its implications.
US GDP growth stalled in the first quarter of 2025 largely due to negative net
exports, with firms having front-loaded imports ahead of new tariffs, though
domestic private demand remained solid. The labour market stayed resilient,
with the unemployment rate at 4.1% in February and 4.2% in May, while
employment continued to rise. Inflation moderated during the period with
consumer price inflation at 2.8% in February and 2.4% in May. Nevertheless,
inflation is expected to rise again later in the year as the effect of new
tariffs feed through. The US Federal Reserve held rates steady emphasising a
wait-and-see approach in view of the uncertain environment.
The Euro area had an opposite effect with large pre-tariff exports to the US
driving first quarter growth to 0.6% over the previous quarter. Growth in the
second quarter was a much more modest 0.1% over the first quarter as exports
declined to catch up with the trend. Capacity utilisation remained below
average throughout, particularly in manufacturing, while employment growth was
modest. Inflation in the euro area eased further with headline consumer price
inflation was 2.3% in February but dropped to 1.9% in May, aligning with the
European Central Bank's target. Core inflation also moderated, from 2.6% in
February to 2.3% in May in response, the ECB lowered interest rates by 25
basis points in January, March, April, and June, reducing the deposit facility
rate to 2.0%. It remained cautious about future cuts, given the uncertainty
surrounding trade policy. The ECB also stopped reinvesting proceeds from
maturing securities under the APP (asset purchase programme) and PEPP
(pandemic emergency purchase program), shrinking its portfolio by 40 to 45
billion euros per month, or around 0.7% of its total balance sheet.
US equity markets started the year strongly in anticipation of a
business-friendly US administration under President Trump. The euphoria was
short-lived, however, as the new administration focused on re-writing global
trade in a bid to reshore manufacturing and production jobs in the US.
Investors sold risk assets overall and US assets in particular with US bond
yields rising in parallel with declines in the US equity markets and the US
Dollar. From peak to trough the S&P 500 Index declined by 21% but
subsequently closed higher the six month period by 5.5% as the US
administration lowered its rhetoric and large US trade partners scored better
than worst-case tariffs. US government bonds eked out a small gain with yields
on the 10 year bonds declining from 4.57% to 4.23%. The brunt of the pain,
however, was borne by the US Dollar, which declined by 10.7% as measured by
the DXY Index.
In the first half of 2025, leveraged loans recovered from the April
volatility, with average prices rising slightly to 96.48 from 96.37 and the
S&P/LSTA Leveraged Loan Index delivering a 3.0% total return. Gross loan
issuance was $441 billion versus $703 billion a year earlier, while net
issuance was just $102 billion due to heavy refinancings and repayments;
institutional loans outstanding totalled $1.5 trillion at end of June. Credit
quality held firm, with the default rate at 1.11% (vs. 0.91% at year-end 2024
and a 2.57% long-term average.)
In the CLO market, gross issuance reached $100 billion in H1 2025 but net
issuance was $48 billion, while resets and refinancings totalled $108 billion
and $49 billion respectively. CLO AAA paydowns were $34 billion in H1 2025
with another $17 billion expected in July. Market-wide CCC exposure was 6.5%
with a market average overcollateralization cushion of 3.5%. AAA CLO spreads
tightened to 110 bps in April before widening to 130 bps, limiting new issue
arbitrage. With loans recovering and CLO equity yet to fully benefit , upside
potential exists for CLO equity investors assuming market stability.
Sources: Swiss National Bank (SNB), European Central Bank (ECB), US Federal
Reserve, Bloomberg, JP Morgan, S&P Capital IQ
Financial Portfolio and Trading Activity
The Company manages a financial portfolio valued at USD 101.5m as at 30 June
2025, which is invested mainly in fixed income and credit related securities.
The following is a table summarizing the financial portfolio at 30 June 2025:
30 June 2025 30 June 2024 31 December 2024
US $m US $m US $m
Investment in the loan market through CLOs 50.6 62.9 56.0
Open warehouse facilities 13.7 8.1 4.8
Public equities 3.9 2.3 2.5
Short term government bonds 7.2 22.8 6.4
Long term government bonds 4.2 4.0 4.0
Corporate bonds 4.6 4.1 4.6
----- ----- -----
Invested total 84.2 104.2 78.3
Cash 17.3 21.3 33.8
----- ----- -----
Total 101.5 125.5 112.1
----- ----- -----
Senior Secured Loans and CLOs
Overall, US loans performed well in the first half of 2025 generating a total
return of 3% despite the tariff-induced volatility. Strong demand from US CLO
creation provided a consistent bid for US loans. Average loan prices rose to
96.48 from 96.37 at the start of the year. The new issue loan market was
characterized by significant refinancing activity as new M&A activity
remained relatively muted. Total loan issuance was in excess of USD 440
billion while net new money amounted to a meagre USD 102 billion. While
default rates remained low by historical standards with the trailing 12 month
default rate at 1.11% as of end of June 2025, spread reduction from
refinancing activity cut CLO equity distributions and reduced valuations on
expectations of further net income reduction. At the same time, strong
refinancing activity significantly reduced the "maturity wall" and resulting
default risk with less than 1.75% of the loan market maturing before 2027.
In the first half of 2025, CLO new issuance grossed approximately $100 billion
tracking the same pace as in 2024. This year the high level of activity was
driven by "reset" and refinancing transactions with net new CLO issuance at a
moderate USD 48 billion.
In the last quarter of 2024 and in the first quarter of 2025, management
reduced overall exposure and booked some gains as the market felt euphoric.
Since then, overall CLO market performance and the Company's portfolio
performance has been more muted as refinancings on the US loans side cut into
the value of CLO equity and refinancings of CLO debt reduce income from CLO
debt tranches. Post balance sheet, the Company converted one of its two
warehouses into a CLO and generated USD 0.821m in net carry. Overall, the CLO
and warehouse portfolio was down by USD 1.8m in the first half of 2025.
The Company's CLO portfolio is divided into the following geographical areas:
30 June 2025 30 June 2024 31 December 2024
US $000 Percentage US $000 Percentage US $000 Percentage
USA 50,635 100.0% 62,959 100.0% 56,000 100.0%
------ ------ ------ ------ ------ ------
Private Equity Investments
The Company has invested in some small private companies with robust growth
and potential.
The following summarizes the book value of the private equity investments at
30 June 2025:
US $m
Fetcherr Ltd 15.0
Phytech Ltd 2.6
Other investments 5.0
----
Total 22.6
----
Fetcherr Ltd ("Fetcherr"): Fetcherr is an Israeli start-up that has
developed proprietary large market AI models
for dynamic pricing systems. Fetcherr is disrupting traditional revenue
systems in the airline industry and has signed-up carriers such as Delta
Airlines, Virgin Airlines, Azul Air, etc. As of 30 June 2025, the Company held
11.51% of Fetcherr's issued share capital. In July 2025, Fetcherr raised
capital from Salesforce Ventures and Battery Partners among other investors at
a pre-money valuation of USD 530m.
Phytech Ltd ("Phytech"): Phytech is an agriculture-technology company in
Israel providing end-to-end solutions for achieving higher yields on crops and
tree data. Livermore continues to hold 12.2% in Phytech Global Advisors Ltd,
which in turns now holds 11.95% on a fully diluted basis in Phytech Ltd.
The following table reconciles the review of activities to the Group's
financial assets at 30 June 2025.
US $m
Financial portfolio 84.2
Private equity and fund investments 22.6
-----
106.8
-----
Financial assets at fair value through profit or loss (note 5) 85.1
Financial assets at fair value through other comprehensive income (note 6) 21.7
-----
106.8
-----
Litigation
The Company is not involved in any litigation.
Events After the Reporting Date
Information is provided in note 24 to the interim condensed consolidated
financial statements.
Ron Baron stepped down from his role of non-executive director after over 18
years of service. The Company has started search for a new non-executive
director. The Board of Directors thank Mr. Baron for his commendable service
and wish him well for his future endeavours.
Going Concern
The Directors have reviewed the current and projected financial position of
the Company, making reasonable assumptions about cash and short-term holdings,
interest and distribution income, future trading performance, valuation
projections and debt requirements. On the basis of this review, the Directors
have a reasonable expectation that the Company has adequate resources to
continue in operational existence for the foreseeable future. Accordingly,
they continue to adopt the going concern basis in preparing the interim
condensed consolidated financial statements.
Livermore Investments Group Limited
Condensed Consolidated Statement of Financial Position
at 30 June 2025
Note 30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
Assets US $000 US $000 US $000
Non-current assets
Property, plant and equipment 42 50 37
Right-of-use asset 4 416 472 416
Financial assets at fair value through profit or loss 5 51,535 62,959 56,000
Financial assets at fair value through other
comprehensive income 6 21,735 26,244 20,721
Investments in subsidiaries 9 11,213 9,790 10,251
------ ------- -------
84,941 99,515 87,425
------ ------- -------
Current assets
Trade and other receivables 10 7,940 485 269
Financial assets at fair value through profit or loss 5 33,619 41,282 22,339
Cash and cash equivalents 11 17,290 21,255 33,768
------- ------- -------
58,849 63,022 56,376
------- ------- -------
Total assets 143,790 162,537 143,801
------- ------- -------
Equity
Share capital 12 - - -
Share premium and treasury shares 12 163,130 163,130 163,130
Other reserves (17,246) (8,850) (18,358)
(Accumulated losses) / retained earnings (13,905) 4,400 (5,669)
------- ------- -------
Total equity 131,979 158,680 139,103
------- ------- -------
Liabilities
Non-current liabilities
Lease liability 297 367 312
------- ------- -------
Current liabilities
Trade and other payables 13 4,242 3,226 4,143
Dividend payable 14 7,023 - -
Lease liability - current portion 119 105 104
Current tax liability 130 159 139
------- ------- -------
11,514 3,490 4,386
------- ------- -------
Total liabilities 11,811 3,857 4,698
------- ------- -------
Total equity and liabilities 143,790 162,537 143,801
------- ------- -------
Net asset value per share
Basic and diluted net asset value per share (US $) 15 0.80 0.96 0.84
------- ------- -------
Livermore Investments Group Limited
Condensed Consolidated Statement of Profit or Loss
for the six months ended 30 June 2025
Six months Six months Year
Note ended ended ended
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Investment income
Interest and distribution income 17 7,564 12,330 22,520
Fair value changes of investments 18 (8,022) (278) (9,612)
------- ------- -------
(458) 12,052 12,908
Operating expenses 19 (1,913) (1,917) (5,612)
------- ------- -------
Operating (loss) / profit (2,371) 10,135 7,296
Finance costs 20 (20) (650) (965)
Finance income 20 1,217 219 453
------- ------- -------
(Loss) / profit before taxation (1,174) 9,704 6,784
Taxation charge (39) (38) (199)
------- ------- -------
(Loss) / profit for period / year (1,213) 9,666 6,585
------- ------- -------
(Loss) / earnings per share
Basic and diluted (loss) / earnings per share (US $) 21 (0.01) 0.06 0.04
------- ------- -------
Livermore Investments Group Limited
Condensed Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2025
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
(Loss) / profit for the period / year (1,213) 9,666 6,585
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Foreign exchange gain / (loss) on the translation of subsidiary 148 (84) (80)
Items that are not reclassified subsequently to profit or loss
Financial assets designated at fair value through other comprehensive income - 964 13,261 3,749
fair value gains
------ ------ ------
Total comprehensive (loss) / income for the period / year (101) 22,843 10,254
------ ------ ------
The total comprehensive income for the period / year is wholly attributable to
the owners of the Company.
Livermore Investments Group Limited
Condensed Consolidated Statement of Changes in Equity
for the period ended 30 June 2025
Share Treasury shares Translation reserve Investment revaluation reserve Retained earnings Total
premium
US $000 US $000 US $000 US $000 US $000 US $000
Balance at 1 January 2024 169,187 (6,057) 114 (22,141) (5,266) 135,837
Dividends - - - - (6,988) (6,988)
------- ------- ------- ------- ------- -------
Transactions with owners - - - - (6,988) (6,988)
------- ------- ------- ------- ------- -------
Profit for the year - - - - 6,585 6,585
Other comprehensive income:
Financial assets at fair value through other comprehensive income - fair value - - - 3,749 - 3,749
gains
Foreign exchange loss on the translation of subsidiary - - (80) - - (80)
------- ------- ------- ------- ------- -------
Total comprehensive income for the year - - (80) 3,749 6,585 10,254
------- ------- ------- ------- ------- -------
Balance at 31 December 2024 169,187 (6,057) 34 (18,392) (5,669) 139,103
Dividends - - - - (7,023) (7,023)
------- ------- ------- ------- ------- -------
Transactions with owners - - - - (7,023) (7,023)
------- ------- ------- ------- ------- -------
Loss for the period - - - - (1,213) (1,213)
Other comprehensive income:
Financial assets at fair value through other comprehensive income - fair value - - - 964 - 964
gains
Foreign exchange gain on the translation of subsidiary - - 148 - - 148
------- ------- ------- ------- ------- -------
Total comprehensive income for the period - - 148 964 (1,213) (101)
------- ------- ------- ------- ------- -------
Balance at 30 June 2025 169,187 (6,057) 182 (17,428) (13,905) 131,979
------- ------- ------- ------- ------- -------
Share Treasury shares Translation reserve Investment revaluation reserve Retained earnings Total
premium
US $000 US $000 US $000 US $000 US $000 US $000
Balance at 1 January 2024 169,187 (6,057) 114 (22,141) (5,266) 135,837
Profit for the period - - - - 9,666 9,666
Other comprehensive income:
Financial assets at fair value through other comprehensive income - fair value - - - 13,261 - 13,261
gains
Foreign exchange loss on the translation of subsidiary - - (84) - - (84)
------- ------- ------- ------- ------- -------
Total comprehensive income for the period - (84) 13,261 9,666 22,843
------- ------- ------- ------- ------- -------
Balance at 30 June 2024 169,187 (6,057) 30 (8,880) 4,400 158,680
------- ------- ------- ------- ------- -------
Livermore Investments Group Limited
Condensed Consolidated Statement of Cash Flows
for the period ended 30 June 2025
Six months Six months Year
Note ended ended ended
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Cash flows from operating activities
(Loss) / profit before taxation (1,174) 9,704 6,784
Adjustments for:
Depreciation expense 54 52 124
Interest expense 20 20 25 33
Interest and distribution income 17 (7,564) (12,330) (22,520)
Bank interest income 20 (215) (219) (453)
Fair value changes of investments 18 8,022 278 9,612
Exchange differences 20 (1,002) 625 932
------- ------- -------
(1,859) (1,865) (5,488)
Changes in working capital
Increase in trade and other receivables (7,671) (383) (167)
Decrease in trade and other payables 242 (487) 430
------- ------- -------
Cash flows used in operations (9,288) (2,735) (5,225)
Interest and distributions received 7,779 12,549 22,973
Tax paid (48) (42) (223)
------- ------- -------
Net cash from operating activities (1,557) 9,772 17,525
------- ------- -------
Cash flows from investing activities
Acquisition of investments (25,223) (65,239) (114,359)
Proceeds from sale of investments 9,374 57,259 118,497
------- ------- -------
Net cash used in investing activities (15,849) (7,980) 4,138
------- ------- -------
Cash flows from financing activities
Lease liability payments (54) (56) (111)
Interest paid 20 (20) (25) (33)
Dividends paid - - (6,988)
------- ------- -------
Net cash used in financing activities (74) (81) (7,132)
------- ------- -------
Net (decrease) / increase in cash and cash equivalents (17,480) 1,711 14,531
Cash and cash equivalents at beginning of the period / year 33,768 20,169 20,169
Exchange differences on cash and cash equivalents 20 1,002 (625) (932)
------- ------- -------
Cash and cash equivalents at the end of the period / year 11 17,290 21,255 33,768
------- ------- -------
Notes to the Interim Condensed Consolidated Financial Statements
1. Accounting policies
The interim condensed consolidated financial statements of Livermore have been
prepared on the basis of the accounting policies stated in the 2024 Annual
Report, available on www.livermore-inv.com (http://www.livermore-inv.com) .
The application of the IFRS pronouncements that became effective as of 1
January 2025 has no significant impact on the Company's consolidated financial
statements.
2. Critical accounting judgements
In preparing the interim condensed consolidated financial statements,
management made judgements and assumptions. The actual results may differ from
those judgements and assumptions. The critical accounting judgements applied
in the interim condensed consolidated financial statements were the same as
those applied and disclosed in the Company's last annual consolidated
financial statements for the year ended 31 December 2024.
3. Basis of preparation
These unaudited interim condensed consolidated financial statements for the
six months ended 30 June 2025, have been prepared in accordance with IAS 34
"Interim Financial Reporting" as adopted by the European Union. They do not
include all the information required for full annual financial statements and
should be read in conjunction with the consolidated financial statements of
the Company for the year ended 31 December 2024.
The financial information for the year ended 31 December 2024 is extracted
from the Company's consolidated financial statements for the year ended 31
December 2024 which contained an unmodified audit report.
Investment entity status
Livermore meets the definition of an investment entity, as this is defined in
IFRS 10 "Consolidated Financial Statements".
In accordance with IFRS 10, an investment entity is exempted from
consolidating its subsidiaries, unless any subsidiary which is not itself an
investment entity mainly provides services that relate to the investment
entity's investment activities. In Livermore's situation and as at the
reporting date, one of its subsidiaries provide such services. Note 8 shows
further details of the consolidated and unconsolidated subsidiaries.
References to the Company also include its consolidated subsidiary (note 9).
4. Right of use assets
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
At 1 January 416 - -
Additions - 524 524
Depreciation (54) (52) (105)
Exchange differences on the translation of subsidiary 54 - (3)
------- ------- -------
At 30 June / 31 December 416 472 416
------- ------- -------
5. Financial assets at fair value through profit or loss
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Non-current assets
Fixed income investments (CLOs) 50,635 62,959 56,000
Private equity investments 900 - -
------ ------ ------
51,535 62,959 56,000
------ ------ ------
Current assets
Fixed income investments 29,715 38,945 19,849
Public equity investments 3,904 2,337 2,490
------ ------ ------
33,619 41,282 22,339
------ ------ ------
For description of each of the above categories, refer to note 7.
The above investments represent financial assets that are mandatorily measured
at fair value through profit or loss.
There were no open derivatives at 30 June 2025, 30 June 2024 and 31 December
2024.
The Company treats its investments in the loan market through Collateralized
Loan Obligations (CLOs) as non-current investments as the Company generally
intends to hold such investments over a period longer than twelve months.
The movement in financial assets at fair value through profit or loss was as
follows:
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
At 1 January 78,339 107,034 107,034
Purchases 25,136 54,713 99,805
Sales (9,374) (37,259) (84,247)
Settlements - (20,000) (34,250)
Fair value losses (8,947) (247) (10,003)
------- ------- -------
At 30 June / 31 December 85,154 104,241 78,339
------- ------- -------
6. Financial assets at fair value through other comprehensive income
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Non-current assets
Private equity investments 21,735 26,244 20,721
------ ------ ------
For description of the above category, refer to note 7.
The above investments are non-trading equity investments that have been
designated at fair value through other comprehensive income.
The movement in financial assets at fair value through other comprehensive
income was as follows:
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
At 1 January 20,721 6,498 6,498
Purchases 50 6,485 10,474
Fair value gains 964 13,261 3,749
------ ------ ------
At 30 June / 31 December 21,735 26,244 20,721
------ ------ ------
7. Financial assets at fair value
The Company allocates its non-derivative financial assets at fair value (notes
5 and 6) as follows:
· Fixed income investments relate to investments in the loan market
through CLOs, open warehouse facilities, fixed and floating rate bonds, and
perpetual bank debt.
· Public equity investments relate to investments in shares of
companies listed on public stock exchanges.
· Private equity investments relate to investments in the form of
equity purchases in both high growth opportunities in emerging markets and
deep value opportunities in mature markets. The Company generally invests
directly in prospects where it can exert influence.
8. Fair value measurements of financial assets and liabilities
The table in note 8.2 presents financial assets and liabilities measured at
fair value in the consolidated statement of financial position in accordance
with the fair value hierarchy. This hierarchy groups financial assets and
liabilities into three levels based on the significance of inputs used in
measuring the fair value of the financial assets and liabilities. The fair
value hierarchy has the following levels:
· Level 1: quoted prices (unadjusted) in active markets 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 for the asset or liability, either directly or indirectly;
and
· Level 3: unobservable inputs for the asset or liability.
The level within which the financial asset is classified is determined based
on the lowest level of significant input to the fair value measurement.
8.1 Valuation of financial assets
· Fixed Income Investments (other than CLOs) and Public Equity
Investments are valued at their closing market prices on quoted exchanges, or
as quoted by market makers.
· CLOs are valued based on the valuation reports provided by market
makers. CLOs are typically valued by market makers using discounted cash flow
models. The key assumptions for cash flow projections include default and
recovery rates, prepayment rates and reinvestment assumptions on the
underlying portfolios (typically senior secured loans) of the CLOs.
Default and recovery rates: The amount and timing of defaults in the
underlying collateral and the amount and timing of recovery upon a default are
key to the future cash flows a CLO will distribute to the CLO equity tranche.
All else equal, higher default rates and lower recovery rates typically lead
to lower cash flows. Conversely, lower default rates and higher recoveries
lead to higher cash flows.
Prepayment rates: Senior loans can be pre-paid by borrowers. CLOs that
are within their reinvestment period may, subject to certain conditions,
reinvest such prepayments into other loans which may have different spreads
and maturities. CLOs that are beyond their reinvestment period typically pay
down their senior liabilities from proceeds of such pre-payments. Therefore,
the rate at which the underlying collateral prepays impacts the future cash
flows that the CLO may generate.
Reinvestment assumptions: A CLO within its reinvestment period may
reinvest proceeds from loan maturities, prepayments, and recoveries into
purchasing additional loans. The reinvestment assumptions define the
characteristics of the loans that a CLO may reinvest in. These assumptions
include the spreads, maturities, and prices of such loans. Reinvestment into
loans with higher spreads and lower prices will lead to higher cash flows.
Reinvestment into loans with lower spreads will typically lead to lower cash
flows.
Discount rate: The discount rate indicates the yield that market
participants expect to receive and is used to discount the projected future
cash flows. Higher yield expectations or discount rates lead to lower prices
and lower discount rates lead to higher prices for CLOs.
Investments in open warehouse facilities that have not yet been
converted to CLOs, are valued based on an adjusted net asset valuation.
· Private equity investments are valued mainly on the basis of
valuations reported by third-party managers of such investments. Real estate
entities are valued by independent qualified property valuers with substantial
relevant experience on such investments. Underlying property values are
determined based on their estimated market values.
· Investments in subsidiaries are valued at fair value as determined
on a net asset valuation basis. The Company has determined that the reported
net asset value of each subsidiary represents its fair value at the end of the
reporting period.
8.2 Fair value hierarchy
Financial assets measured at fair value are grouped into the fair value
hierarchy as follows:
30 June 2025 US $000 US $000 US $000 US $000
Level 1 Level 2 Level 3 Total
Fixed income investments 15,986 50,635 13,729 80,350
Public equity investments 3,904 - - 3,904
Private equity investments - - 22,635 22,635
Investments in subsidiaries - - 11,213 11,213
------ ------ ------ ------
19,890 50,635 47,577 118,102
------ ------ ------ ------
30 June 2024 US $000 US $000 US $000 US $000
Level 1 Level 2 Level 3 Total
Fixed income investments 30,870 62,959 8,075 101,904
Public equity investments 2,337 - - 2,337
Private equity investments - - 26,244 26,244
Investments in subsidiaries - - 9,790 9,790
------ ------ ------ ------
33,207 62,959 44,109 140,275
------ ------ ------ ------
31 December 2024 US $000 US $000 US $000 US $000
Level 1 Level 2 Level 3 Total
Fixed income investments 14,957 56,000 4,892 75,849
Public equity investments 2,490 - - 2,490
Private equity investments - - 20,721 20,721
Investments in subsidiaries - - 10,251 10,251
------ ------ ------ ------
17,447 56,000 35,864 109,311
------ ------ ------ ------
No financial assets have been transferred between different levels.
Financial assets within level 3 can be reconciled from beginning to ending
balances as follows:
At fair value through OCI At fair value through profit or loss At fair value through profit or loss Investments in subsidiaries
Private equity investments Private equity investments Fixed Income Total
investments
US $000 US $000 US $000 US $000 US $000
At 1 January 2025 20,721 - 4,892 10,251 35,864
Purchases 50 900 7,941 37 8,928
Gains / (losses) recognised in:
- Profit or loss - - 896 925 1,821
- Other comprehensive income 964 - - - 964
------ ------ ------ ------ ------
At 30 June 2025 21,735 900 13,729 11,213 47,577
------ ------ ------ ------ ------
Six months ended 30 June 2024 At fair value through OCI At fair value through profit or loss Investments in subsidiaries
Private equity investments Fixed Income Total
investments
US $000 US $000 US $000 US $000
At 1 January 2024 6,498 - 5,780 12,278
Purchases 6,485 28,075 4,041 38,601
Settlement - (20,000) - (20,000)
Losses recognised in:
- Profit or loss - - (31) (31)
- Other comprehensive income 13,261 - - 13,261
------ ------ ------ ------
At 30 June 2024 26,244 8,075 9,790 44,109
------ ------ ------ ------
Year ended 31 December 2024 At fair value through OCI At fair value through profit or loss Investments in subsidiaries
Private equity and fund investments Fixed Income Total
investments
US $000 US $000 US $000 US $000
At 1 January 2024 6,498 - 5,780 12,278
Purchases 10,474 38,917 4,080 53,471
Settlement - (34,250) - (34,250)
Gains recognised in:
- Profit or loss - 225 391 616
- Other comprehensive income 3,749 - - 3,749
------ ------ ------ ------
At 31 December 2024 20,721 4,892 10,251 35,864
------ ------ ------ ------
The above recognised gains / (losses) are allocated as follows:
Six months ended 30 June 2025 At fair value through OCI At fair value through profit or loss Investments in subsidiaries
Private equity investments Fixed Income Total
investments
Profit or loss US $000 US $000 US $000 US $000
- Financial assets held at period-end - 896 925 1,821
------ ------ ------ ------
Other comprehensive income
- Financial assets held at period-end 964 - - 964
------ ------ ------ ------
Total gains/ (losses) for period 964 896 925 2,785
------ ------ ------ ------
Six months ended 30 June 2024 At fair value through OCI At fair value through profit or loss Investments in subsidiaries
Private equity investments Fixed Income Total
investments
Profit or loss US $000 US $000 US $000 US $000
- Financial assets held at period-end - - (31) (31)
------ ------ ------ ------
Other comprehensive income
- Financial assets held at period-end 13,261 - - 13,261
------ ------ ------ ------
Total profits for period 13,261 - (31) 13,230
------ ------ ------ ------
Year ended 31 December 2024 At fair value through OCI At fair value through profit or loss Investments in subsidiaries
Private equity investments Fixed Income Total
investments
Profit or loss US $000 US $000 US $000 US $000
- Financial assets held at year-end - 225 391 616
------ ------ ------ ------
Other comprehensive income
- Financial assets held at year-end 3,749 - - 3,749
------ ------ ------ ------
Total profits for year 3,749 225 391 4,365
------ ------ ------ ------
The Company has not developed any quantitative unobservable inputs for
measuring the fair value of its Level 3 financial assets. Instead, the Company
used prices from third-party pricing information without adjustment.
Private equity investments within level 3 have been measured based on their
net asset value, which is primarily driven by the fair value of their
underlying investments. In all cases, considering that such investments are
measured at fair value, the carrying amounts of their underlying assets and
liabilities are considered as representative of their fair values
Investments in subsidiaries have been valued based on their net asset
position. The main assets of the subsidiaries represent investments measured
at fair value and receivables from the Company itself as well as third
parties. Their net asset value is considered as a fair approximation of their
fair value.
A reasonable change in any individual significant input used in the Level 3
valuations is not anticipated to have a significant change in fair values as
above.
9. Investment in subsidiaries
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Unconsolidated subsidiaries
At 1 January 10,251 5,780 5,780
Additions 37 4,041 4,080
Fair value gains / (losses) 925 (31) 391
------ ------ ------
At 30 June / 31 December 11,213 9,790 10,251
------ ------ ------
The additions during the period ended 30 June 2024 included the Company's
capital contribution of USD 4.005m into PNG Trading Limited. The remaining
additions in 2024, as well as the additions in 2025 relate to the fair value
of amounts receivable from the Company's unconsolidated subsidiary Sandhirst
Ltd, that were waived by the Company as a means of capital contribution (note
22).
The investments in which the Company has a controlling interest as at the
reporting date are as follows:
Name of Subsidiary Place of incorporation Holding Voting rights and shares held Principal activity
Consolidated subsidiary
Livermore Capital AG Switzerland Ordinary shares 100% Administration services
Unconsolidated subsidiaries
Livermore Properties Limited British Virgin Islands Ordinary shares 100% Holding of investments
Mountview Holdings Limited British Virgin Islands Ordinary shares 100% Investment vehicle
Sycamore Loan Strategies Ltd Cayman Islands Ordinary shares 100% Investment vehicle
Livermore Israel Investments Ltd Israel Ordinary shares 100% Holding of investments
Sandhirst Ltd Cyprus Ordinary shares 100% Holding of investments
PNG Trading Limited Cyprus Ordinary shares 100% Trading in investments
10. Trade and other receivables
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Financial items
Amounts due by related parties (note 22) - - 75
Other receivable 400 - -
Non-financial items
Advances to related parties (note 22) 342 254 -
Prepayments 7,198 217 182
VAT receivable - 14 12
---- ---- ----
7,940 485 269
---- ---- ----
Included within "prepayments" USD 7.023m relates to advances made to the
Registrars' company for effecting the dividend payment on 4 July 2025.
For the Company's receivables of a financial nature, no lifetime expected
credit losses and no corresponding allowance for impairment have been
recognised, as their default rates were determined to be close to 0%.
No receivable amounts have been written-off during either 2025 or 2024.
11. Cash and cash equivalents
Cash and cash equivalents included in the consolidated cash flow statement
comprise the following:
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Demand deposits 17,290 21,255 33,768
------ ------ ------
Cash at bank 17,290 21,255 33,768
------ ------ ------
The Company did not have any bank overdraft balances at 30 June 2025, 30 June
2024 and 31 December 2024.
12. Share capital, share premium and treasury shares
Livermore Investments Group Limited (the "Company") is an investment company
incorporated under the laws of the British Virgin Islands. The Company has
an issued share capital of 174,813,998 ordinary shares with no par value.
In the consolidated statement of financial position, the amount included as
'Share premium and treasury shares' comprises of:
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Share premium 169,187 169,187 169,187
Treasury shares (6,057) (6,057) (6,057)
------- ------- -------
163,130 163,130 163,130
------- ------- -------
13. Trade and other payables
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Financial items
Trade payables 107 115 96
Amounts due to related parties (note 22) 4,081 3,097 3,966
Accrued expenses 54 14 81
------ ------ ------
4,242 3,226 4,143
------ ------ ------
14. Dividend
On 23 May 2025, the Company announced an interim dividend of USD 7.0m (USD
0.0423 per share) to members on the register as at 06 June 2025. The dividend
was paid on 04 July 2025.
The Board of Directors will decide on the Company's dividend policy for 2025
based on profitability, liquidity requirements, portfolio performance, market
conditions, and the share price of the Company relative to its net asset
value.
15. Net asset value per share
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
Net assets attributable to ordinary shareholders (USD 000) 131,979 158,680 139,103
------------- ------------- -------------
Closing number of ordinary shares in issue 165,355,421 165,355,421 165,355,421
------------- ------------- -------------
Basic net asset value per share (USD) 0.80 0.96 0.84
------------- ------------- -------------
Number of Shares
Ordinary shares 174,813,998 174,813,998 174,813,998
Treasury shares (9,458,577) (9,458,577) (9,458,577)
------------- ------------- -------------
Closing number of ordinary shares in issue 165,355,421 165,355,421 165,355,421
------------- ------------- -------------
The diluted net asset value per share equals the basic net asset value per
share since no potentially dilutive shares exist at any of the reporting dates
presented.
16. Segment reporting
The Company's activities fall under a single operating segment.
The Company's investment income / (losses) and investments are divided into
geographical areas as follows:
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Investment income / (losses)
European countries 356 158 (23)
United States (677) 11,946 13,265
Rest of the world (150) - (107)
Asia 13 (52) (227)
------- ------- -------
(458) 12,052 12,908
------- ------- -------
Investments
European countries 11,300 9,852 10,743
United States 97,402 122,975 90,142
Rest of the world 1,795 165 1,055
Asia 7,605 7,283 7,371
------- ------- -------
118,102 140,275 109,311
------- ------- -------
Investment income / (losses), comprising interest and distribution income as
well as fair value gains or losses on investments, is allocated based on the
issuer's location. Investments are also allocated based on the issuer's
location.
The Company has no significant dependencies, in respect of its investment
income, on any single issuer.
17. Interest and distribution income
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Interest income 632 818 1,539
Distribution income 6,932 11,512 20,981
----- ------ ------
7,564 12,330 22,520
----- ------ ------
Interest and distribution income is analysed between the Company's different
categories of financial assets, as follows:
Six months ended 30 June 2025
Interest income Distribution income Total
Financial assets at fair value through profit or loss US $000 US $000 US $000
Fixed income investments 632 6,748 7,380
Public equity investments - 184 184
------ ------ ------
632 6,932 7,564
------ ------ ------
Six months ended 30 June 2024
Interest income Distribution income Total
Financial assets at fair value through profit or loss US $000 US $000 US $000
Fixed income investments 818 11,465 12,283
Public equity investments - 47 47
------ ------ ------
818 11,512 12,330
------ ------ ------
Year ended 31 December 2024
Interest income Distribution income Total
Financial assets at fair value through profit or loss US $000 US $000 US $000
Fixed income investments 1,539 20,920 22,459
Public equity investments - 61 61
------ ------ ------
1,539 20,981 22,520
------ ------ ------
The Company's distribution income derives from multiple issuers. The Company
does not have concentration to any single issuer.
18. Fair value changes of investments
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Fair value losses on financial assets through profit or loss (8,947) (277) (10,033)
Fair value gains / (losses) on investment in subsidiaries 925 (31) 391
Fair value gains on derivatives - 30 30
------- ------- -------
(8,022) (278) (9,612)
------- ------- -------
The investments disposed in the six months ended 30 June 2025 had the
following cumulative (i.e. from the date of acquisition up to the date of
disposal) financial impact in the Company's net asset position:
Cumulative distribution or interest
Realised gains* Unaudited Total financial impact
Unaudited Unaudited
US $000 US $000 US $000
Financial assets at fair value through profit or loss
Fixed income investments 329 187 516
------ ------ ------
* difference between disposal proceeds and original acquisition cost
19. Operating expenses
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Directors' fees and expenses 449 442 1,790
Other salaries and expenses 118 124 244
Professional and consulting fees 755 846 2,501
Legal expenses 4 4 7
Bank custody fees 78 56 125
Office cost 106 117 225
Depreciation 54 52 124
Other operating expenses 329 261 514
Audit fees 20 15 80
Tax fees - - 2
------ ------ ------
1,913 1,917 5,612
------ ------ ------
20. Finance costs and income
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Finance costs
Bank interest costs 20 25 33
Foreign exchange losses - 625 932
------ ------ ------
20 650 965
------ ------ ------
Finance income
Bank interest income 215 219 453
Foreign exchange gains 1,002 - -
------ ------ ------
1,217 219 453
------ ------ ------
21. (Loss) / earnings per share
Basic (loss) / earnings per share is calculated by dividing the (loss) /
profit for the period / year attributable to ordinary shareholders of the
Company by the weighted average number of shares in issue of the Company
during the relevant financial periods.
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
(Loss) / profit for the period / year attributable to ordinary shareholders of (1,213) 9,666 6,585
the parent (USD 000)
---------- ---------- ----------
Weighted average number of ordinary shares outstanding 165,355,421 165,355,421 165,355,421
---------- ---------- ----------
Basic (loss) / earnings per share (USD) (0.01) 0.06 0.04
---------- ---------- ----------
The diluted (loss) / earnings per share equals the basic (loss) / earnings per
share since no potentially dilutive shares were in existence during 2025 and
2024.
22. Related party transactions
The Company is controlled by Groverton Management Ltd, an entity owned by Noam
Lanir, which at 30 June 2025 held 74.41% of the Company's voting rights.
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
US $000 US $000 US $000
Amounts receivable from / advances to key management
Directors' current accounts 151 33 75 (1)
Advances to key management personnel 191 221 - (2)
------ ------ ------
342 254 -
------ ------ ------
Amounts payable to unconsolidated subsidiary
Livermore Israel Investments Ltd (3,046) (3,046) (3,046) (3)
------ ------ ------
Amounts payable to key management
Directors' current accounts (1,035) (51) (920) (3)
------ ------ ------
Key management compensation - short term benefits
Executive Directors' fees 397 398 795 (4)
Executive Directors' reward payments - - 840
Non-executive Directors' fees 52 45 90
Non-executive Directors' reward payments - - 65
Other key management fees 215 205 1,255 (5)
------ ------ ------
664 648 3,045
------ ------ ------
(1) The Directors' current accounts with debit balances are interest free,
unsecured, and have no stated repayment date.
(2) The advances to key management personnel relate to payments made to
members of key management against their remuneration for the second half of
2025 and 2024 correspondingly.
(3) The amounts payable to unconsolidated subsidiary and Directors' current
accounts with credit balances are interest free, unsecured, and have no stated
repayment date.
(4) These payments were made directly to companies which are related to the
Directors.
(5) Other Key management fees are included within professional fees (note
19)
During 2024, Livermore acquired 463 shares in Fetcherr Ltd for a total
consideration of USD 2.9m, on behalf of key management personnel. Each
individual has fully reimbursed Livermore for the amount paid in relation to
their representative shares. At 30 June 2025, these shares continue to be
held in trust on their behalf.
During the period, the Company waived a receivable amount of USD 0.037m (30
June 2024: USD 0.036, 31 December 2024: USD 0.076m) from its subsidiary
Sandhirst Ltd, as a means of capital contribution to the subsidiary (note 9).
No social insurance and similar contributions nor any other defined benefit
contributions plan costs incurred for the Group in relation to its key
management personnel in either 2025 or 2024.
23. Commitments
The Company has expressed its intention to provide financial support to its
subsidiaries, where necessary, to enable them to meet their obligations as
they fall due.
Other than the above, the Company has no capital or other commitments at 30
June 2025.
24. Events after the reporting date
The Company's fixed income investments at 30 June 2025 include investments in
two open warehouse facilities. During the second half of 2025, the company
invested an additional amount of USD 6.7m to those open warehouse
facilities. One of the warehouses was converted into a CLO and generated net
carry of USD 0.821m at the date of approval of these financial statements.
Ron Baron stepped down from his role of non-executive director. The Company is
actively seeking a new non-executive director.
There were no other material events after the reporting date, which have a
bearing on the understanding of these interim condensed consolidated financial
statements.
25. Preparation of interim financial statements
Interim condensed consolidated financial statements are unaudited.
Consolidated financial statements for Livermore Investments Group Limited for
the year ended 31 December 2024, prepared in accordance with International
Financial Reporting Standards as adopted by the European Union, on which the
auditors gave an unmodified audit report are available on the Company's
website www.livermore-inv.com (http://www.livermore-inv.com) .
Review Report to the Members of Livermore Investments
Group Limited
Review Report on the interim Condensed Consolidated Financial Statements
Introduction
We have reviewed the interim condensed consolidated financial statements of
Livermore Investments Group Limited (the ''Company'') and its subsidiary
(together with the Company "the Group"), which are presented in pages 7 to 25
and comprise the condensed consolidated statement of financial position as at
30 June 2025 and the consolidated statements of comprehensive income, changes
in equity and cash flows for the period from 1 January 2025 to 30 June 2025,
and notes to the interim condensed consolidated financial statements,
including a summary of significant accounting policies.
The Board of Directors is responsible for the preparation and presentation of
these interim condensed consolidated financial statements in accordance with
International Financial Reporting Standards applicable to interim financial
reporting as adopted by the European Union ('IAS34 Interim Financial
Reporting'). Our responsibility is to express a conclusion on these interim
condensed consolidated financial statements based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review
Engagements 2410, 'Review of
Independent Auditor of the Entity'. A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying interim condensed consolidated financial
information does not present fairly, in all material respects, the financial
position of the entity as at 30 June 2025, and of its financial performance
and its cash flows for the six month period then ended in accordance with IAS
34 'Interim Financial Reporting' as adopted by the European Union.
Other information
The Board of Directors is responsible for the other information. The other
information comprises the information included in the Chairman's and Chief
Executive's Review and Review of Activities, but does not include the
condensed consolidated financial statements and our review report thereon.
Our conclusion on the condensed consolidated financial statements does not
cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our review of the condensed consolidated financial
statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the review or
otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in
this regard.
Other Matter
This report, including the conclusion, has been prepared for and only for the
Group's members as a body and for no other purpose. We do not, in giving this
conclusion, accept or assume responsibility for any other purpose or to any
other person to whose knowledge this report may come to.
Polyvios Polyviou
Certified Public Accountant and Registered Auditor
for and on behalf of
Grant Thornton (Cyprus) Ltd
Certified Public Accountants and Registered Auditors
Limassol, 25 September 2025
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR BIGDCDSDDGUURecent news on Livermore Investments
See all newsREG - Livermore Inv. Group - Interim Results
AnnouncementREG - Livermore Inv. Group - Results of AGM and Board Change
AnnouncementREG - Livermore Inv. Group - Posting of Accounts and Notice of AGM
AnnouncementREG - Livermore Inv. Group - Interim Dividend Exchange Rate
AnnouncementREG - Livermore Inv. Group - Interim Dividend
Announcement