REG - Majedie Invs.PLC - Half-Year Financial Report
25/05/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220525:nRSY6741Ma&default-theme=true
RNS Number : 6741M Majedie Investments PLC 25 May 2022
Majedie Investments PLC
Half-Yearly Financial Report
31 March 2022
The Half-Yearly Financial Report for the six months ended 31 March 2022 can be
found on the Majedie Investments PLC website:
https://www.majedieinvestments.com/reporting
(https://www.majedieinvestments.com/reporting)
Financial Highlights
Half Year ended
31 March 2022
Total shareholder return (including dividends): -12.5%
Net asset value (NAV) total return (debt at par including dividends): -8.2%
NAV total return (debt at fair value including dividends): -7.7%
NAV per share (debt at par value): 257.0p
NAV per share (debt at fair value): 253.2p
Revenue Return per share: 2.7p
Interim Dividend: 4.4p
Realised gain on the sale of the investment in Majedie Asset Management £20.2m
Limited:
Total assets*: £157.0m
* Total assets are defined as total assets less current liabilities.
Investment Objective and Policy Statement
Investment Objective
The Company's investment objective is to maximise total shareholder return
whilst increasing dividends by more than the rate of inflation over the long
term.
General
The Company invests principally in securities of publicly quoted companies
worldwide and in funds managed by its investment manager, though it may invest
in unquoted securities up to levels set periodically by the Board, including
its investment in Majedie Asset Management Limited (MAM). Investments in
unquoted securities, other than those managed by its investment manager or
made prior to the date of adoption of this investment policy, (measured by
reference to the Company's cost of investment) will not exceed 10% of the
Company's gross assets.
Risk Diversification
Whilst the Company will at all times invest and manage its assets in a manner
that is consistent with spreading investment risk, there will be no rigid
industry, sector, region or country restrictions. The overall approach is
based on an analysis of global economies sector trends with a focus on
companies and sectors judged likely to deliver strong growth over the long
term. The number of investments held, together with the geographic and sector
diversity of the portfolio, enable the Company to spread its risks with regard
to liquidity, market volatility, currency movements and revenue streams.
The Company will not invest in any holding that would, at the time of
investment, represent more than 15% of the value of its gross assets save that
the Company may invest up to 25% of its gross assets in any single fund
managed by its investment manager where the Board believes that the investment
policy of such funds is consistent with the Company's objective of spreading
investment risk.
The Company may utilise derivative instruments including index-linked notes,
contracts for difference, covered options and other equity-related derivative
instruments for efficient portfolio management and investment purposes.
Any use of derivatives for investment purposes will be made on the basis of
the same principles of risk spreading and diversification that apply to the
Company's direct investments, as described above.
Asset Allocation
The assets of the Company will be allocated principally between investments in
publicly quoted companies worldwide, in investments intended to provide an
absolute return (in each case either directly or through other funds or
collective investment schemes managed by the Company's investment manager) and
the Company's investment in MAM itself.
Benchmark
The Company does not have one overall benchmark, rather each distinct group of
assets is viewed independently. Any investments made into funds managed by the
Company's investment manager will be measured against the benchmark or
benchmarks, if any, whose constituent investments appear to the Company to
correspond most closely to those investments. It is important to note that in
all cases investment decisions and portfolio construction are made on an
independent basis. The Board however sets various specific portfolio limits
for stocks and sectors in order to restrict risk levels from time to time,
which remain subject to the investment restrictions set out in this section.
Gearing
The Company uses gearing currently via long term debentures. The Board has the
ability to borrow up to 100% of adjusted capital and reserves. The Board also
reviews the level of net gearing (borrowings less cash) on an on-going basis
and sets a range at its discretion as appropriate. The Company's current
debenture borrowings are limited by covenant to 66(2/3)%, and any additional
indebtedness is not to exceed 20%, of adjusted capital and reserves.
Chief Executive's Report
In the six months ended 31 March 2022 the NAV at par and the NAV at FV (net
asset value with debt at par and fair value) fell by 8.2% and 7.7%
respectively, on a total return basis. The share price fell by 12.5% over the
period, also on a total return basis. Over the six months the FTSE All-Share
index rose by 4.7% and the MSCI All Country Index rose by 3.4% in sterling
terms.
The sale of Majedie Asset Management (MAM), in which the Company had a stake
of 17.6%, to Liontrust Asset Management PLC (Liontrust) was announced in
December 2021, went unconditional in March 2022 and completed on 1 April 2022.
Following the sale, the investment team responsible for the management of the
Company's assets have joined Liontrust as its new Global Fundamental Team,
retaining their flexible investment process based on detailed company
research.
As a result of this transaction, the Company received a combination of shares
in Liontrust and cash which was valued at £22.4m on the announcement date,
compared with the valuation of the Company's holding in MAM at 30 September
2021 of £25.2m. Subsequent to the announcement the share price of Liontrust
has fallen and at 31 March 2022 the transaction value had reduced by £6.3m to
£16.1m. Excluding the Company's investment in MAM (now Liontrust) the managed
portfolio, which represents 90.2% of total assets, fell by 1.5%.
Stock markets performed well in the final quarter of 2021 as the global
economy recovered more strongly than expected as the impact of COVID-19 faded.
Inflation, though a concern, was thought to be transitory and was expected to
weaken in the second half of 2022 as supply side bottlenecks eased and Central
Banks tightened their expansionary monetary policy. The invasion of Ukraine,
apart from the horrendous human cost, has changed that optimistic outlook. It
has proved a major shock to the global economy as commodity prices,
particularly oil and wheat, have spiked. It is evident that inflation is now
more persistent and that Central Banks were behind the curve. They have
signalled a more hawkish stance and some commentators are concerned that the
global economy is moving towards stagflation, a period of elevated inflation
accompanied by low economic growth. Stock markets reacted by de-rating growth
stocks as their valuations appeared stretched in a world of higher interest
rates. The UK Market, in which the Company has an overweight position, has
performed well and continues to do so due to its relatively large exposure to
commodities and low exposure to highly valued technology stocks.
Results and Dividends
The Company had a capital loss for the six months to 31 March 2022 of £13.7m
which includes the loss on the holding in MAM.
Total income received from investments fell to £2.0m compared to £3.7m in
the six months to 31 March 2021. This was due to a smaller dividend from MAM
of £1.2m compared to £2.8m for the six months to 31 March 2021. Total
administrative expenses and management fees of £0.8m were unchanged as were
finance costs of £0.8m. The net revenue after tax was £1.4m compared to
£3.1m in the six months to 31 March 2021.
The dividend from MAM has, in recent years, represented a significant
proportion of the Company's total income that will not be fully replaced by
the income from its Liontrust shares or other assets. Notwithstanding this,
the Board has decided to maintain the interim dividend at 4.4p pence per
share. The Board notes the Company's substantial revenue reserves of £22.0m
and understands the importance placed on dividend payments by many of its
shareholders.
The dividend will be payable on 24 June 2022 to shareholders on the register
at 6 June 2022 and the shares will go ex-dividend on 1 June 2022.
Management Arrangements
As a self managed trust, Majedie has managed its holding in MAM in addition to
allocating the Company's assets between the various MAM/Liontrust funds.
Following the sale of MAM to Liontrust, the Board is considering the Company's
investment objective together with the range of assets that should be
considered for inclusion in the Company's portfolio, as well as its own
responsibilities for portfolio allocation. The Board will update shareholders
on this matter later in 2022.
The Board is in discussion with Liontrust regarding the terms of the locked up
Liontrust shares received as part of the transaction.
Allocation of Total Assets at 31 March 2022
Value % of Total
£000s
Assets
UK Equity Segregated Portfolio 63,450 40.4
Global Equity Fund 42,413 27.0
International Equity Fund 12,235 7.8
Tortoise Fund 23,575 15.0
Liontrust 8,424 5.4
Net cash/realisation fund* 6,888 4.4
Total Assets 156,985 100.0
*Net cash and realisation fund does not include cash held in funds.
The sale of MAM has resulted in a higher cash position than usual as the
Company received a pre completion cash payment of £6.5m in addition to shares
in Liontrust. The Company has no overall benchmark, rather each fund has its
own benchmark and it is expected that performance will be generated by stock
picking at the fund level. The allocation to the Tortoise Fund, an absolute
return fund is to reduce the downside volatility of the overall return for the
Company, as the fund can short individual stocks and indices. The
International Equity Fund gives overseas exposure particularly to developed
markets and emerging markets excluding North America. The monthly factsheets
of the relevant Liontrust Funds are available on the Company's website as are
the Company's monthly factsheets which show the allocation between funds and
the top twenty holdings on a look through basis. The Company's total assets
were £157.0m at 31 March as defined on page 1.
In early January 2022 the Board took the decision to disinvest £3.5m from the
UK Segregated Portfolio, Global Equity and International Equity Funds at
higher market levels than at 31 March 2022.
MAM/ Liontrust Funds and Investment Performance
The performance of the MAM/Liontrust Funds relative to their respective
benchmarks has been disappointing with the notable exception of the Tortoise
Fund which has demonstrated its resilience in a period of market turbulence
and remains a key differentiator for the Company. The asset allocation between
the funds has been positive with a relatively high weighting to the UK Equity
Market, compared to peers, and to the Tortoise Fund. After several years of UK
equities underperforming Global markets, UK equities are valued at close to
thirty year lows. The structure of the UK equity market with high exposure to
oil, commodities and pharmaceuticals with a low exposure to technology is
attractive in the current market and therefore the overweight will be
retained.
Performance Table
6 months to 31 March 2022 Since MI invested (annualised)
% % % % % %
Fund Benchmark Relative performance Fund Benchmark Relative performance
return return return return
UK Equity Segregated Portfolio (2.9) 4.7 (7.6) 3.9 5.4 (1.5)
Global Equity Fund (1.9) 3.4 (5.3) 13.1 12.5 0.6
International Equity Fund (5.9) (1.1) (4.8) 13.0 6.2 7.8
Tortoise Fund 7.9 2.8
MAM/ Liontrust (36.0)
Development of Net Asset Value
The chart below outlines the change in the Company's NAV (debt at par) over
the six months to 31 March 2022. In aggregate the NAV decreased by £16.0m,
comprised of net investment losses at the MAM/Liontrust Funds, including the
UK Equity Segregated Portfolio, of £1.6m, a loss on the investment in
MAM/Liontrust of £9.1m net of dividends received, administration expenses and
finance costs of £1.6m and dividends paid to shareholders of £3.7m.
Nav 30.09.21 £152.2m
UK Equity Segregated Portfolio (£1.6m)
Tortoise Fund £1.7m
Global Equity Fund (£0.8m)
International Equity Fund (£0.9m)
MAM/ Liontrust (£9.1m)
Admin Costs & Other (£0.8m)
Finance Costs (£0.8m)
Dividend Paid (£3.7m)
NAV 31.03.22 £136.2m
UK Equity Segregated Portfolio
The objective of the UK Equity Segregated Portfolio is to produce total return
in excess of the FTSE All-Share Index after costs, over any five year period,
through a diversified portfolio of predominately UK Equities with the
flexibility to invest up to 20% in shares listed outside of the UK. The
portfolio is managed pari passu to the UK Equity Fund and includes a dedicated
investment in smaller companies. Since the Company invested on 22 January 2014
the segregated portfolio has returned on an annualised basis 3.92% net of
fees, which is an underperformance of 1.5% per annum compared to the benchmark
return. In the six months to 31 March 2022, the UK Equity Segregated Portfolio
returned -2.9% net of fees which is an underperformance of 7.6%.
The most significant positive and negative stock contributors to the relative
performance of the UK Equity Segregated Portfolio for the six months to 31
March 2022, in %
Flutter Entertainment 0.44 Underweight
Prudential 0.43 Underweight
Barclays 0.31 Underweight
Scottish Mortgage Investment Trust 0.27 Underweight
Centrica 0.25 Overweight
Fevertree Drinks -0.59 Overweight
HSBC -0.63 Underweight
Glencore -0.70 Underweight
AVEVA -0.79 Overweight
UK Smaller Companies -1.48 Overweight
The most significant positive and negative sector contributors to the relative
performance of the UK Equity Segregated Portfolio for the six months to 31
March 2022, in %
Financials 0.04 Underweight
Real Estate -0.05 Underweight
Telecommunications -0.10 Underweight
Utlities -0.23 Underweight
Industrials -0.25 Overweight
Energy -0.32 Underweight
Health Care -0.74 Underweight
Basic Materials -0.83 Underweight
Consumer Staples -0.86 Underweight
Technology -1.00 Overweight
Consumer Discretionary -1.35 Overweight
The principal overweight and underweight stock positions of the UK Equity
Segregated Portfolio at 31 March 2022 relative to the FTSE All-Share Index, in
%
Electrocomponents 2.75 Overweight
NatWest 2.62 Overweight
Ascential 2.47 Overweight
3i 2.27 Overweight
Serco 1.86 Overweight
Rio Tinto -2.71 Underweight
HSBC -2.85 Underweight
Diageo -2.94 Underweight
BP -2.95 Underweight
British American Tobacco -2.99 Underweight
The principal overweight and underweight sector positions of the UK Equity
Segregated Portfolio at 31 March 2022 relative to the FTSE All-Share Index, in
%
Industrials 10.96 Overweight
Consumer Discretionary 5.62 Overweight
Technology 3.93 Overweight
Telecommunications -1.43 Underweight
Utilities -1.92 Underweight
Energy -2.34 Underweight
Health Care -2.60 Underweight
Real Estate -3.31 Underweight
Consumer Staples -4.52 Underweight
Basic Materials -5.11 Underweight
Financials -8.93 Underweight
The Global Equity Fund
The Global Equity Fund was launched in June 2014. Its objective is to produce
a total return in excess of the MSCI All Country World Index after costs over
any five year period through an investment in a diversified portfolio of
global equities. Since inception to 31 March 2022 the Global Equity Fund has
returned on an annualised basis 13.1% net of fees for the sterling share class
which is an outperformance of 0.6% per annum compared to the benchmark. In the
six months to 31 March 2022 the Global Equity Fund returned -1.9% which is an
underperformance of 5.3%.
The most significant positive and negative stock contributors to the relative
performance of the Global Equity Fund for the six months to 31 March 2022, in
%
Sociedad Quimica y Minera de Chile 0.65 Overweight
Anglo American 0.63 Overweight
Anthem 0.45 Overweight
Credicorp 0.41 Overweight
NVIDIA 0.36 Overweight
Frontdoor -0.53 Overweight
M3 -0.66 Overweight
Meta Platforms -0.78 Overweight
Vertiv -0.78 Overweight
Apple -0.79 Underweight
The most significant positive and negative sector contributors to the relative
performance of the Global Equity Fund for the six months to 31 March 2022, in
%
Materials 1.92 Overweight
Information Technology 0.13 Underweight
Real Estate -0.06 Underweight
Utilities -0.26 Underweight
Consumer Stapes -0.27 Underweight
Financials -0.27 Underweight
Industrials -0.51 Overweight
Energy -0.73 Underweight
Health Care -1.40 Overweight
Communication Services -1.63 Overweight
Consumer Discretionary -1.99 Overweight
The principal overweight and underweight stock positions of the Global Fund at
31 March 2022 relative to the MSCI All Country Index, in %
KPN 2.2 Overweight
Electronic Arts 2.2 Overweight
Zimmer Biomet 2.2 Overweight
Fiserv 2.2 Overweight
Sociedad Quimica y Minera de Chile 1.9 Overweight
Berkshire Hathaway -0.7 Underweight
Johnson & Johnson -0.7 Underweight
UniteHealth Group -0.7 Underweight
Tesla -1.4 Underweight
Apple -4.3 Underweight
Geographic analysis of the Global Equity Fund at 31 March 2022, in %
Europe Ex-UK 13.5
United Kingdom 3.1
Emerging Markets 14.6
Asia Pacific 6.3
North America 61.7
Cash 0.9
International Equity Fund
The International Equity Fund was launched in December 2019 and its objective
is to produce a total return in excess of the MSCI All Country World Index (ex
US) after costs over any five year period. It is a high conviction fund which
captures developed and emerging market opportunities and can invest up to 10%
in US equities. Since inception the International Equity Fund has returned on
an annualised basis 13.0% net of fees, for the sterling share class, which is
an outperformance of 7.8% against its benchmark. In the six months to 31 March
2022 the International Equity Fund returned -5.9% which is an underperformance
of 4.8%.
The most significant positive and negative stock contributors to the relative
performance of the International Equity Fund for the six months to 31 March
2022, in %
Anglo American 1.90 Overweight
Sociedad Quimica y Minera de Chile 1.86 Overweight
Credicorp 1.22 Overweight
A.P. Moller - Maersk 0.77 Overweight
Vifor Pharma 0.77 Overweight
Sberbank Russia -1.03 Overweight
Prosus -1.04 Overweight
Ambu -1.06 Overweight
Sea -1.58 Overweight
M3 -1.62 Overweight
The most significant positive and negative sector contributors to the relative
performance of the International Equity Fund for the six months to 31 March
2022, in %
Materials 3.62 Overweight
Industrials 0.67 Underweight
Information Technology 0.26 Overweight
Real Estate 0.03 Underweight
Utilities -0.23 Underweight
Energy -0.48 Underweight
Consumer Stapes -0.66 Underweight
Communication Services -1.56 Overweight
Financials -1.59 Underweight
Consumer Discretionary -1.91 Overweight
Healthcare -3.05 Overweight
The principal overweight and underweight stock positions of the International
Equity Fund at 31 March 2022 relative to the MSCI All Country Index (ex US),
in %
Sociedad Quimica y Minera de Chile 4.7 Overweight
Anglo American 4.6 Overweight
MercadoLibre 4.0 Overweight
Novo Nordisk 4.0 Overweight
Samsung SDI 3.9 Overweight
Alibaba -0.8 Underweight
Tencent -1.1 Underweight
ASML -1.1 Underweight
Roche -1.1 Underweight
Nestle -1.4 Underweight
Geographic analysis of the International Equity Fund at 31 March 2022, in %
Europe Ex-UK 24.7
United Kingdom 7.4
Emerging Markets 38.1
Asia Pacific 16.6
North America 11.6
Cash 1.6
The Tortoise Fund
The Tortoise Fund is a global equity absolute return fund which was launched
in August 2007. Its objective is to achieve positive absolute returns in all
market conditions, through investment in long and synthetic short positions in
equities over rolling three year time periods, with less volatility than a
conventional long only equity fund. Since the Company invested on 29 January
2014 the fund has returned on an annualised basis 2.8% net of fees. In the six
months to 31 March 2022 the Tortoise Fund has returned 7.9% net of fees.
Currently the gross exposure of the fund is 147.7% of NAV and net exposure is
18.7% of NAV and the short positions are focused on S&P 500 and Nasdaq 100
futures.
The most significant positive and negative stock contributors to the absolute
performance of the Tortoise Fund for the six months to 31 March 2022, in %
Gold Fields 1.35 Long
Freeport-McMoRan 0.89 Long
Newmont 0.75 Long
Shell 0.70 Long
Barrick Gold 0.63 Long
THG -0.30 Long
Danone -0.33 Long
HeidelbergCement -0.36 Long
Union Pacific -0.38 Short
Rolls-Royce -0.41 Long
The most significant positive and negative sector contributors to the absolute
performance of the Tortoise Fund for the six months to 31 March 2022, in %
Materials 3.66
Health Care 1.76
Energy 1.40
Communication Services 0.88
Financials 0.72
Utilities 0.67
Real Estate 0.50
Industrials 0.47
Information Technology 0.40
Consumer Staples 0.34
Consumer Discretionary -1.17
S&P and Nasdaq Futures -2.34
The principal long and short stock positions of the Tortoise Fund at 31 March
2022
Alibaba 2.4 Long
Gold Fields 2.2 Long
Barrick Gold 2.1 Long
Newmont 2.0 Long
Zimmer Biomet 2.0 Long
Pool Corporation -0.5 Short
Advanced Micro Devices -1.0 Short
Coinbase Global -1.1 Short
Union Pacific -1.3 Short
The principal long and short sector positions of the Tortoise Fund at 31 March
2022
Health Care 15.1
Industrials 13.4
Materials 10.5
Consumer Stales 8.8
Communication Services 8.2
Consumer Discretionary 7.2
Information Technology 4.5
Energy 4.1
Financials 4.0
Utilities 2.6
Real Estate 1.0
S&P and Nasdaq Futures -60.7
Geographic and Sector Analysis at 31 March 2022
% % % %
North America
% United Kingdom Emerging Markets Asia Pacific % %
Europe ex UK Cash Total
Basic Materials 1.8 1.6 2.9 6.3
Consumer Stapes 0.3 5.3 1.4 7.0
Consumer Discretionary 1.2 8.3 1.9 0.6 5.3 17.3
Financials 0.6 6.7 0.8 0.5 2.1 10.7
Real Estate 0.2 0.2
Health Care 4.3 3.5 0.5 0.6 4.7 13.6
Industrials 2.7 10.5 0.1 0.7 3.8 17.8
Energy 0.9 3.4 0.5 4.8
Technology 0.3 2.9 4.1 0.3 5.4 13.0
Telecommunications 2.1 0.2 0.8 3.1
Utilities 0.3 0.9 1.2
Cash 5.0 5.0
12.7 43.5 9.0 3.5 26.3 5.0 100.0
Futures* (10.1)
Notes:
The assets analysed above are the net exposures of the UK Equity Segregated
Portfolio, Global Equity Fund, International Equity Fund and the Tortoise
Fund. The Tortoise Fund as an absolute return fund invests through equities,
CFDs and futures. The net exposure of the fund is shown in the table. The
aggregate of the funds represents a total of 90.2% of the Company's total
assets.
Exposures are classified by the stock exchange on which the underlying stocks
is listed and by the relevant FTSE sector classification.
*The Tortoise Fund has short positions on the S&P 500 and the Nasdaq 100
indices.
Thirty Largest Portfolio Holdings
at 31 March 2022
Fair Value % of
Company £000 Total Assets
Liontrust Asset Management PLC 8,424 5.4
Shell plc 4,799 3.1
AstraZeneca plc 2,636 1.7
Anglo American plc 2,414 1.5
NatWest Group PLC 2,082 1.3
Royal KPN NV 2,075 1.3
RS Group plc (formerly Electrocomponents PLC) 1,877 1.2
Tesco PLC 1,863 1.2
3i Group plc 1,786 1.1
Amazon.com, Inc. 1,782 1.1
RELX PLC 1,692 1.1
Microsoft Corporation 1,661 1.1
Newmont Corporation 1,655 1.1
Ascential PLC 1,639 1.0
Unilever plc 1,572 1.0
Barrick Gold Corporation 1,556 1.0
Compass Group plc 1,544 1.0
Fevertree Drinks PLC 1,500 1.0
Zimmer Biomet Holdings, Inc. 1,417 0.9
Sociedad Quimica y Minera de Chile S.A. 1,411 0.9
Alphabet Inc. 1,349 0.9
NVIDIA Corporation 1,349 0.9
Taiwan Semiconductor Manufacturing Co., Ltd. 1,330 0.8
Ashtead Group PLC 1,288 0.8
Weir Group PLC 1,275 0.8
St. James Place PLC 1,270 0.8
TotalEnergies SE 1,266 0.8
Thales SA 1,262 0.8
Novo Nordisk A/S 1,254 0.8
Samsung Electronics Co., Ltd 1,254 0.8
Total 58,282 37.2%
The Tortoise Fund holds two short future positions in S&P500 and Nasdaq
100 that are, in aggregate 9.1% of total assets.
Discount
The Board continues to monitor the Company's discount to NAV and will take
action when appropriate. The Company bought back 7,092 shares in the six
months to 31 March 2022.
Outlook
Stock markets volatility has continued and growth stocks, in particular, have
suffered a further de-rating. Investor sentiment is unsurprisingly low, faced
with the headwinds of inflation, hawkish Central Banks, a slowing economy and
war in Europe. Markets are rated at 30% below their peak last year and, apart
from the US, are below their long term medians. In general corporate earnings,
thus far, have been resilient and though earnings revisions have sharply
decelerated from last year, they remain positive. It seems likely that there
will be a significant slowdown in the second half of 2022, the only question
is the magnitude.
The current volatility reflects the wide range of outcomes that could occur
for the global economy and earnings. In such an uncertain background fund
managers such as the Global Fundamental Team at Liontrust, that focus on
detailed, research based stock selection, should thrive. Their flexible
approach allows them to invest in companies that are significantly mis-priced
and avoid the rigid selection criteria that style based managers face.
In terms of asset allocation it is encouraging the UK equity market has
continued its relative good performance as investors recognise its low
relative and historic valuation. Takeover bids from corporates and private
equity remain a feature and validate the attractive valuation. The company
retains a relatively high exposure to the UK. The holding in the Tortoise Fund
remains a key differentiating factor for the Company and as a Global Equity
Long/Short Fund with a value bias it has successfully navigated the volatile
markets and continues to perform well.
William Barlow
Chief Executive
For and on behalf of the Board
24 May 2022
Interim Management Report
The important events that have occurred during the period under review, the
key factors influencing the financial statements and the principal
uncertainties for the remaining six months of the financial year are set out
in the Chief Executive's Report above. This Half- Yearly Financial Report has
not been audited or reviewed by the Company's auditor.
The financial statements continue to be prepared on a going concern basis. The
approach used for the Annual Report is applied, giving proper consideration to
financial and cashflow forecasts, including any on-going COVID-19 impacts, and
it is believed that the Company has adequate financial resources to continue
to operate for a period of at least twelve months from the date on which these
financial statements were approved.
The principal risks facing the Company remain unchanged since the date of the
Annual Report for the year ended 30 September 2021, as set out in the Business
Review section of the Strategic Report (pages 25 to 26). The recovery from
COVID-19 continues to add uncertainty to global equity markets, both
economically and politically, with the impact on the Company as set out in the
Chief Executive's Report. The Company and its service providers continue to
maintain operations and service levels effectively. Risks faced by the Company
include, but are not limited to, market risk, operational risk, discount
volatility, compliance risk (including non-compliance with Section 1158 of the
Corporation Tax Act 2010) and financial risk.
Responsibility Statement of the Directors in respect of the Half-Yearly Financial Report
In accordance with the Disclosure Guidance and Transparency Rules 4.2.7R and
4.2.8R, we confirm that to the best of our knowledge:
(a) the condensed set of financial statements has been prepared in
accordance with International Accounting Standard (IAS) 34, Interim Financial
Reporting, as required by the Disclosure Guidance and Transparency Rule
4.2.4R, and gives a true and fair view of the assets, liabilities and
financial position of the Company;
(b) the Chief Executive's Report includes a fair review of the information
required to be disclosed under the Disclosure Guidance and Transparency Rule
4.2.7R, interim management report. This includes (i) 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
presented in the Half-Yearly Financial Report and (ii) a description of the
principal risks and uncertainties for the remaining six months of the
financial year; and
(c) except as disclosed in the Chief Executive's Report, and in note 15, in
respect of the sale of the Company's investment in MAM to Liontrust, there
were no changes in the transactions or arrangements with related parties as
described in the Annual Report for the year ended 30 September 2021 that would
have had a material effect on the financial position or performance of the
Company in the first six months of the current financial year.
Christopher D Getley
Chairman
For and on behalf of the Board
24 May 2022
Condensed Statement of Comprehensive Income
for the half year ended 31 March 2022
Half year ended Half year ended Year ended
31 March 2022
31 March 2021
30 September 2021
(unaudited) (unaudited) (audited)
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
return
return
£'000
return
return
£'000
return
return
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Investments
(Losses)/ gains on investments at fair value (12,650) (12,650) 18,808 18,808 23,839 23,839
through profit or loss
Net investment result (12,650) (12,650) 18,808 18,808 23,839 23,839
Income
Income from investments 2 1,994 1,994 3,662 3,662 6,078 6,078
Other income 2 43 43 44 44 70 70
Total income 2,037 2,037 3,706 3,706 6,148 6,148
Management fees (40) (121) (161) (35) (106) (141) (76) (228) (304)
Administration expenses (349) (319) (668) (366) (324) (690) (681) (573) (1,254)
Return/(loss) before finance costs and 1,648 (13,090) (11,442) 3,305 18,378 21,683 5,391 23,038 28,429
taxation
Finance costs (193) (573) (766) (194) (572) (766) (387) (1,145) (1,532)
Net return/(loss) before taxation 1,455 (13,663) (12,208) 3,111 17,806 20,917 5,004 21,893 26,897
Taxation 3 (13) (13) (9) (9) (15) (15)
Net return/(loss) after taxation for the 1,442 (13,663) (12,221) 3,102 17,806 20,908 4,989 21,893 26,882
period
Return per ordinary share: pence pence pence pence pence pence pence pence pence
Basic 4 2.7 (25.8) (23.1) 5.9 33.6 39.5 9.4 41.3 50.7
The total column of this statement is the statement of Comprehensive Income of
the Company. The supplementary revenue return and capital return columns are
prepared under guidance published by the Association of Investment Companies
(AIC).
See notes 1 to 16.
Condensed Statement of Changes in Equity
for the half year ended 31 March 2022
Notes Share Share Capital
capital
premium
redemption
£'000
£'000
reserve Capital Reserve Retained Earnings
£'000
£'000 £'000 Total
£'000
Half year ended 31 March 2022 (unaudited)
1 October 2021 5,300 3,054 100 119,393 24,306 152,153
Share buybacks for 12 (1) 1 (16) (16)
cancellation
Net return after taxation for 6 (13,663) 1,442 (12,221)
the period
Dividends declared and paid (3,710) (3,710)
in period
31 March 2022 5,229 3,054 101 105,714 22,038 136,206
Half year ended 31 March 2021 (unaudited)
1 October 2020 5,301 3,054 99 97,518 25,361 131,333
Net return after taxation 17,806 3,102 20,908
for the period
Dividends declared and paid 6 (3,711) (3,711)
in period
31 March 2021 5,301 3,054 99 115,324 24,752 148,530
Year ended 30 September 2021 (audited)
1 October 2020 5,301 3,054 99 97,518 25,361 131,333
Share buybacks for 12 (1) 1 (18) (18)
cancellation
Net return/(loss) after taxation 21,893 4,989 26,882
for the period
Dividends declared and paid 6 (6,044) (6,044)
in period
30 September 2021 5,300 3,054 100 119,393 24,306 152,153
Condensed Balance Sheet
as at 31 March 2022
Notes 31 March 31 March 30 September
2022
2021
2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Property and equipment 214 277 244
Investments at fair value through profit or loss 7, 8 148,026 164,567 170,550
148,240 164,844 170,794
Current assets
Trade and other receivables 598 546 400
Cash and cash equivalents 9,295 5,256 3,162
9,893 5,802 3,562
Total assets 158,133 170,646 174,356
Current liabilities
Trade and other payables (1,148) (1,307) (1,405)
Total assets less current liabilities 156,985 169,339 172,951
Non-current liabilities
Debentures and lease liability 14 (20,779) (20,809) (20,798)
(21,927) (22,116) (22,203)
Total liabilities
136,206 148,530 152,153
Net assets
Represented by:
Ordinary share capital 12 5,299 5,301 5,300
Share premium account 3,054 3,054 3,054
Capital redemption reserve 101 99 100
Capital reserve 105,714 115,324 119,393
Revenue reserve 22,038 24,752 24,306
Equity Shareholders' Funds 136,206 148,530 152,153
pence pence pence
Net asset value per share
Basic 11 257.0 280.2 287.1
Condensed Cash Flow Statement
for the half year ended 31 March 2022
Notes Half year ended Half year ended Year ended
31 March
31 March
30 September
2022
2021
2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net cash inflow from operating activities 13 10,662 2,218 3,223
Investing activities
Purchase of tangible assets (2) (1)
Initial direct costs incurred for the (6) (15)
right-of-use asset
(16)
Net cash outflow from investing (8)
activities
Financing activities
Interest paid on debentures 14 (750) (750) (1,501)
Interest paid on lease liability 14 (2) (4) (6)
Dividends paid 6 (3,710) (3,711) (6,044)
Lease liability principal payments 14 (33) (14) (19)
Share buybacks for cancellation (34)
Net cash outflow from financing (4,529) (4,479) (7,570)
activities
6,133 (2,269) (4,363)
Increase/decrease in cash and cash
equivalents for the period
Cash and cash equivalents at start of period 3,162 7,525 7,525
Cash and cash equivalents at end of period 9,295 5,256 3,162
Notes to the Accounts
as at 31 March 2022
1. Accounting Policies
The Condensed Financial Statements above comprise the unaudited results of the
Company for the six months to 31 March 2022 and are presented in pounds
sterling, as this is the functional currency of the Company.
The Condensed Financial Statements have been prepared in accordance with IAS
34 "Interim Financial Reporting". They do not include all financial
information required for full financial statements. The Condensed Financial
Statements have been prepared using the accounting policies adopted in the
audited financial statements for the year ended 30 September 2021.
New standards, interpretations and amendments adopted by the Company
The accounting policies adopted in the preparation of the interim condensed
financial statements are consistent with those followed in the preparation of
the Company's annual financial statements for the year ended 30 September
2021. Since 1 October 2021 the following new standards or amendments were
adopted - being amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 and
COVID-19 related rent concessions amendment to IFRS 16. The Directors note
that the adoption of these amendments will not have any material impact on the
Company.
2. Income
Half year ended Half year ended Year ended
31 March
31 March
2022
2021 30 September
£'000
£'000
2021
£'000
Income from investments
Dividend income* 1,741 3,528 5,647
Accumulation dividend income 167 76 326
Overseas dividend income 86 58 105
1,994 3,662 6,078
Other income
Interest income
Sundry income 43 44 70
43 44 70
Total income 2,037 3,706 6,148
Income from investments
Listed UK 591 440 1,408
Listed overseas 86 58 105
Unlisted - MAM Funds 167 288 538
Unlisted 1,150 2,876 4,027
1,994 3,662 6,078
* Includes MAM dividend income of £1,150,000 (half year to 31 March 2021:
£2,876,000 and the year ended 30 September 2021: £4,027,000).
3. Taxation
The charge for the half year to 31 March 2022 is £13,000 (half year to 31
March 2021: £9,000; year ended 30 September 2021: £15,000). These amounts
represent irrecoverable withholding tax paid on overseas investment income.
The Company has an effective corporation tax rate of 0%. As investment gains
are exempt from tax owing to the Company's status as an approved Investment
Trust, and as there is currently an excess of management expenses over taxable
income, there is no charge for corporation tax.
4. Calculation of returns per ordinary share
Basic returns per ordinary share in each period are based on the return on
ordinary activities after taxation attributable to equity shareholders. Basic
return per ordinary share for the period is based on 52,999,278 shares (half
year ended 31 March 2021: 53,013,887 shares, and the year ended 30 September
2021: 53,013,842), being the weighted average number of shares in issue.
5. Business segments
For management purposes the Company is organised into one principal activity,
being investing activities, as described below:
Investing activities
The Company's investment objective is to maximise total shareholder return
whilst increasing dividends by more than the rate of inflation over the long
term. The Company operates as an investment trust company and its portfolio
contains investments in companies listed in a number of countries.
Geographical information about the portfolio is provided above.
6. Dividends
In accordance with IAS 10: Events After the Balance Sheet Date, interim
dividends are not accounted for until paid. The following table summarises the
amounts recognised as distributions to equity holders in the relevant period:
Half year ended 31 March Half year ended 31 March Year ended
2022
2021
30 September
£'000 £'000
2021
£'000
2021 Final dividend of 7.00p paid on
28 January 2022
3,710
2021 Interim dividend of 4.40p paid on
18 June 2021
2,333
2020 Final dividend of 7.00p paid on 3,711 3,711
26 January 2021
3,710 3,711 6,044
Distributable reserves of the Company comprise the Capital and Revenue
Reserves.
Dividends for the half year ended 31 March 2022 (and for the half year ended
31 March 2021 and the year ended 30 September 2021) have been solely made from
the Revenue Reserve.
7. Investments
All investments are designated upon initial recognition as held at fair value
through profit or loss, and are measured at subsequent reporting dates at fair
value, which is either the bid price or the last traded price for listed
securities, depending on the convention of the exchange on which the
investment is quoted. Investments in unit trusts or open ended investment
companies are valued at the closing price, the bid price or the single price
as appropriate, released by the relevant investment manager.
Fair values for unquoted investments, or investments for which the market is
inactive, are established by using various valuation techniques in accordance
with the International Private Equity and Venture Capital Valuation Guidelines
(IPEV). These may include recent arm's length market transactions, the current
fair value of another instrument which has substantially the same earnings
multiples, discounted cash flow analysis and option pricing models. Where
there is a valuation technique commonly used by market participants to price
the instrument and that technique has been demonstrated to provide reliable
estimates of prices obtained in actual market transactions, that technique is
utilised.
8. Fair Value Hierarchy
Except for the Company's 7.25% 2025 Debenture Stock, which is measured at
amortised cost under the effective interest rate method, financial assets and
liabilities of the Company (re investments) are carried in the Balance Sheet
at their fair value. Additionally the balance sheet amount is a reasonable
approximation of fair value (re amounts in respect of sales for future
settlement, dividends receivable, cash at bank, purchases for future
settlement and the lease liability). The fair value is the amount at which the
asset could be sold or the liability transferred in a current transaction
between market participants, other than a forced or liquidation sale.
The table below sets out fair value measurements of financial assets in
accordance with the IFRS 13 fair value hierarchy:
Half year ended 31 March 2022
Level 1 Level 2 Level 3 Total
Financial assets £'000 £'000 £'000 £'000
Financial assets held at fair value
through profit or loss
Equities and managed funds
Listed equity securities 65,507 65,507
Unlisted equity securities (Liontrust Funds) 82,477 82,477
Unlisted equity securities 42 42
65,507 82,477 42 148,026
Half year ended 31 March 2021
Level 1 Level 2 Level 3 Total
Financial assets £'000 £'000 £'000 £'000
Financial assets held at fair value
through profit or loss
Equities and managed funds
Listed equity securities 55,917 55,917
Unlisted equity securities (MAM Funds) 83,305 83,305
Unlisted equity securities 25,345 25,345
55,917 83,305 25,345 164,567
Year ended 30 September 2021
Level 1 Level 2 Level 3 Total
Financial assets £'000 £'000 £'000 £'000
Financial assets held at fair value
through profit or loss
Equities and managed funds
Listed equity securities 60,563 60,563
Unlisted equity securities (MAM Funds) 84,786 84,786
Unlisted equity securities 25,201 25,201
60,563 84,786 25,201 170,550
There have been no transfers during the period between Levels 1, 2 and 3.
Investments whose values are based on quoted market prices in active markets,
and are therefore classified as Level 1, include active listed equities. The
Company does not adjust the quoted price for these instruments in normal
market conditions (although it may invoke its fair value pricing policy in
times of market disruption - this was not the case for 31 March 2022, 31 March
2021 or 30 September 2021).
Financial instruments that trade in markets that are not considered to be
active but are valued based on quoted market prices, dealer quotations or
alternative pricing sources supported by observable inputs are classified as
Level 2. As Level 2 instruments include positions that are not traded in
active markets and/or are subject to transfer restrictions, valuations may be
adjusted to reflect illiquidity and/or non-transferability, which are
generally based on available market information (the MAM/ Liontrust funds are
priced daily, remain highly liquid and are not subject to any such
adjustments).
Instruments classified within Level 3 have significant unobservable inputs.
Level 3 instruments include private equity and corporate debt securities. As
observable prices are not available for these securities, the Company has used
valuation techniques to derive fair value. In respect of unquoted instruments,
or where the market for a financial instrument is not active, fair value is
established by using recognised valuation methodologies, in accordance with
IPEV Valuation Guidelines. New instruments are initially valued at cost, for a
limited period, being the price of the most recent investment in the investee.
This is in accordance with IPEV Guidelines as the cost of recent investments
will generally provide a good indication of fair value. Fair value is the
price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date.
The Company's current level 3 classified investments comprise certain
individually immaterial unlisted investments, which total in aggregate
£42,000. The investment in MAM was sold during the period and further details
are contained in note 10 and the Chief Executive's Report.
The table below sets out the movement in Level 3 instruments for the period:
31 March 2022
Total Equity investments
£'000
£'000
Opening balance 25,201 25,201
Total consideration re the sale of the investment in MAM (20,783) (20,783)
Total net loss for the period included in the Condensed (4,376) (4,376)
Statement of Comprehensive Income
42 42
The fair value of the Company's debenture stock is calculated using a standard
present value methodology and by reference to the market yields of a
comparable UK Treasury Bond instrument with a 2.50% risk premium being added.
Half year ended Half year ended Year ended
31 March 31 March 30 September
2022 2021 2021
Financial liabilities Book value Fair value Book value Fair Book value Fair value
£'000
£'000
£'000
£'000
£'000
value
£'000
20,609 22,600 20,582 24,208 20,595 23,617
£20.7m (2017: £20.7m) 7.25%
2025 debenture stock
Lease liability (including 235 235 282 282 268 268
current portion)
20,844 22,835 20,864 24,490 20,863 23,885
The above financial liabilities would be classified as Level 3 financial
instruments in the IFRS 13 Fair Value Hierarchy.
9. Principal financial risks
The principal risks which the Company faces include exposure to:
• Market risk
• Foreign currency risk
• Interest rate risk
• Other price risk
• Credit risk
• Liquidity risk
Further details of the Company's management of these risks and the exposure to
them are set out in Note 22 of the Company's Annual Report for the year ended
30 September 2021, as issued on 13 December 2021. There have been no changes
to the management of these risks since that date, although the Company's
exposure to liquidity and concentration risk has substantially reduced
following the sale of the investment in MAM.
10. Majedie Asset Management Limited (MAM)
On 7 December 2021 Liontrust Asset Management PLC (Liontrust) announced that
it had entered into a conditional agreement to purchase the entire share
capital of MAM, in which the Company had a 17.6% shareholding. The transaction
became unconditional on 25 March 2022 with completion in two parts, initially
on 1 April 2022 and a final completion which is expected to be finalised and
paid in June 2022.
The consideration for MAM shareholders is made up of shares in Liontrust and
cash.
Also before completion MAM shareholders will receive a 2021 year final
dividend and a special dividend. The 2021 year final dividend has been taken
to income (see note 2 above).
Additionally there is further deferred consideration of cash and Liontrust
shares which may potentially be due three years after completion that is
dependent on future investment performance and growth in assets under
management.
In accordance with IFRS 3 the transaction has been accounted for as follows:
Half Year ended
31 March 2022
Consideration £'000 £'000
Liontrust Shares* 14,057
Cash & Liontrust shares - to be finalised and due in June 2022^ 255
Cash - Special Dividend 6,471
Total consideration recognised 20,783
Book cost 540
Realised gain on the Sale of MAM holding 20,243
* The consideration for the Liontrust shares is valued as per the reference
price included in the agreement. The value of these shares using the share
price of Liontrust shares as at 31 March 2022 is £8.2m.
^ The actual consideration will be known at final completion in June 2022 and
includes Liontrust shares valued using the reference price as per the
agreement. The consideration received will be amended once final figures are
derived. The value of the consideration due using the Liontrust share price as
at 31 March 2022 is £0.2m.
The additional deferred consideration aspect of the transaction has also been
analysed to determine how and what value should be assigned to it. It has been
determined that, at this time, no value should be assigned to the deferred
consideration, however this will be reviewed regularly as required under IFRS
3.
11. Net Asset Value
The net asset value per share has been calculated based on Equity
Shareholders' Funds and on 52,998,795 (31 March 2021: 53,013,887 and 30
September 2021: 53,005,887) ordinary shares, being the number of shares in
issue at the relevant period end.
12. Share capital
Half year ended Half year ended Year ended
31 March
31 March
30 September
2022
2021
2021
Opening balance 53,005,887 53,013,887 53,013,887
Shares purchased for cancellation (7,092) (8,000)
Closing balance 52,998,795 53,013,887 53,005,887
Share buybacks are debited against the Capital Reserve in accordance with the
Company's articles.
13. Reconciliation of Operating Profit to Operating Cash Flow
Half year ended Half year ended Year ended
31 March
31 March
30 September
2022
2021
2021
£'000
£'000
£'000
(12,208) 20,917 26,897
Net (loss)/gain before taxation
Adjustments for:
Losses/(gains) on investments 12,650 (18,808) (23,839)
Accumulation dividends (167) (76) (326)
Depreciation 31 34 66
Foreign exchange (losses)/gains (2) 2
Purchases of investments (13,936) (39,344) (47,536)
Sales of investments 23,671 38,787 46,496
10,041 1,508 1,760
Finance costs 766 766 1,532
10,807 2,274 3,292
Operating cash flows before movements in
working capital
(Decrease)/increase in trade and other payables (28) 18 42
(Increase)/decrease in trade and other receivables (96) (80) (106)
10,683 2,212 3,228
Net cash flow from operating activities before tax
Tax recovered 2 17 19
Tax on overseas dividends (23) (11) (24)
2,218
Net cash inflow from operating activities 10,662 3,223
14. Reconciliation of changes in liabilities arising from financing activities
1 October 2021 Cash flows Other Amortisation
£000
£000 (non cash) of expenses (non cash) 31 March
£000
£000 2022
£000
Long term borrowings
£20.7m 7.25% 2025 debenture stock 20,595 14 20,609
Lease Liability 203 (33) 170
Interest payable on debenture stock (750) 750
Interest payable on lease liability (2) 2
Total liabilities from financing 20,798 (785) 766 20,779
activities
1 October 2020 Cash flows Amortisation
£000 £000 of expenses (non cash)
£000
Other 31 March
(non cash) 2021
£000
£000
Long term borrowings
£20.7m 7.25% 2025 debenture stock 20,570 12 20,582
Lease Liability 250 (14) (9) 227
Interest payable on debenture stock (4) 4
Interest payable on lease liability (750) 750
Total liabilities from financing 20,820 (768) (9) 766 20,809
activities
1 October 2020 Cash flows Other Amortisation
£000 £000 (non cash) of expenses (non cash)
£000
£000 30 September
2021
£000
Long term borrowings
£20.7m 7.25% 2025 20,570 25 20,595
debenture stock
Lease liability 250 (25) (28) 6 203
Interest payable on (1,501) 1,501
lease liability
Total liabilities from 20,820 (1,526) (28) 1,532 20,798
financing activities
15. Related Party Transactions
Majedie Asset Management (MAM) & Liontrust Asset Management PLC
(Liontrust)
MAM was the Company's Investment Manager until 25 March 2022 (Liontrust
subsequently, following its acquisition of MAM) providing investment
management services under an Investment Agreement. The agreement provides for
MAM/Liontrust to manage the Company's investment assets on both a segregated
portfolio basis and also by investments into various collective investment
vehicles or funds. Details of the Investment Agreement are contained in the
material contracts section of the Directors' Report in the Company's Annual
Report for the year ended 30 September 2021. As Investment Manager,
MAM/Liontrust is entitled to receive investment management fees. In respect of
the Segregated Portfolio these are charged directly to the Company and are
shown as an expense in its accounts. Any management fees due in respect of the
investments made into any funds are charged in the fund and are therefore
included as part of the investment value of the relevant holding.
MAM/Liontrust is also entitled to performance fees in respect of the
investment in the Tortoise fund. The fees crystallise annually on 31 December
and are calculated and charged against each individual investor. As such these
are also shown as an expense in the Company's accounts and are charged wholly
to capital. Details concerning the Company's investments in the period in the
funds are shown in the Chief Executive's Report above.
In addition to the above, the Company did have an investment in MAM itself but
this has now been sold following the acquisition of MAM by Liontrust. Mr JWM
Barlow was a non-executive director of MAM until 15 March 2022 but received no
remuneration for this role. Details concerning the sale of the Company's
investment in MAM are included in the Chief Executive's Report above and in
note 10.
The table below discloses the transactions and balances between the Company
and those entities:
Half year ended Half year ended Year ended
31 March 31 March 30 September 2021
2022 2021
Transactions during the period: £'000 £'000 £'000
Dividend income received from MAM 1,150 2,876 4,027
Consideration re the sale of the 20,783
Company's holding In MAM
Management fee income due to MAM/ 161 141 304
Liontrust (Segregated Portfolio only)
Balances outstanding at the period end:
Between the Company and MAM/ Liontrust (Segregated Portfolio investment 77 70 81
management fees)
Value of the Company's investment in Liontrust 8,207
Value of the Company's investment in MAM 25,310 25,161
Transactions between related party companies during the period were made on
terms equivalent to those that occur in arm's length transactions.
16. Financial Information
The financial information contained in this Half-Yearly Financial Report does
not constitute full statutory accounts as defined in section 434 of the
Companies Act 2006.
The information for the year ended 30 September 2021 has been extracted from
the latest published audited accounts. Those accounts have been filed with the
Registrar of Companies and included the report of the auditors which was
unqualified and did not contain a statement under section 498(2) or (3) of the
Companies Act 2006. Those statutory accounts were prepared in accordance with
International Accounting Standards in conformity with the requirements of the
Companies Act 2006.
Company Information
Board of Directors Depositary
CD Getley Chairman The Bank of New York Mellon
J M Lewis (International) Limited
J W M Barlow (Executive) 1 Canada Square
A M J Little London E14 5AL
R W Killingbeck
All Directors are non-executive unless indicated The Depositary acts as global custodian and may delegate safekeeping to one or
more global sub-custodians. The Depositary has delegated safe keeping of the
assets of the Company to The Bank of New York Mellon SA/NV and the Bank of New
York Mellon.
Registered Office
1 King's Arms Yard AIFM
London EC2R 7AF Majedie Investments PLC
Telephone: 020 7382 8170
E-mail: majedie@majedieinvestments.com Registrars
Registered number: 109305 England Computershare Investor Services PLC
The Pavilions
Company Secretary Bridgwater Road
Link Company Matters Limited Bristol BS99 6ZZ
6(th) Floor Telephone: 0370 707 1159
65 Gresham Street
London EC2V 7NQ Auditors
Ernst & Young LLP
Fund Manager 25 Churchill Place
Liontrust Investment Partners LLP Canary Wharf
2 Savoy Court London E14 5EY
London WC2R OEZ
Telephone: 020 7412 1700 Stockbrokers
E-mail: info@liontrust.co.uk J.P. Morgan Cazenove
25 Bank Street
London E14 5JP
Solicitor Website
Dickson Minto W.S. www.majedieinvestments.com
16 Charlotte Square
Edinburgh EH2 4DF
Financial Calendar
Year end 30 September
Annual results December
Half year results May
Annual General Meeting January
Dividends paid January and June
2022 Interim Dividend Timetable
The interim dividend for the period ended 31 March 2022 is 4.4p per share.
Ex-dividend date 1 June
Record date 6 June
Payment date 24 June
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 SEDFWLEESESIRecent news on Majedie Investments
See all newsREG - Majedie Invs.PLC - Investor Event
AnnouncementREG - Majedie Invs.PLC - Estimated Net Asset Value
AnnouncementREG - Majedie Invs.PLC - Total Voting Rights
AnnouncementREG - Majedie Invs.PLC - Dividend Declaration
AnnouncementREG - Majedie Invs.PLC - Director Declaration
Announcement