North Atlantic Smlr - Half-year Report
16/09/2022 10:16
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RNS Number : 7707Z North Atlantic Smlr Co Inv Tst PLC 16 September 2022
North Atlantic Smaller Companies Investment Trust plc
Half-Yearly Report for the six months ended 31 July 2022
Registered in England and Wales number 1091347
objective of the company and financial highlights
North Atlantic Smaller Companies Investment Trust plc is a company
incorporated and registered in England and Wales.
The objective of the Company is to provide capital appreciation through
investment in a portfolio of smaller companies principally based in countries
bordering the North Atlantic Ocean.
31 July 31 January %
2022 2022 Change
(unaudited) (audited)
Net asset value ("NAV") per 5p Ordinary Share*:
Basic and diluted 4,980p 5,779p (13.8)
Basic and diluted adjusted# 5,112p 5,856p (12.7)
Mid-market price of the 5p Ordinary Shares 3,730p 4,330p (13.9)
Discount to net asset value 25.1% 25.1%
Discount to adjusted net asset value 27.0% 26.1%
Standard & Poor's 500 Composite Index† 3,394.11 3,360.50 1.0
Russell 2000 Index† 1,549.21 1,509.60 2.6
Ongoing charges (annualised) 1.3% 1.0%
* Includes current period.
# Adjusted to reflect Oryx International Growth Fund plc ("Oryx") under the
equity method of accounting, which is how the Company previously accounted for
its share of Oryx, prior to the adoption of IFRS 10. This is useful to the
shareholder as it shows the NAV based on valuing Oryx at NAV. See note 6.
† Sterling adjusted.
chief executive's review
During the six month period under review, the net asset value of the Company
fell 12.7% (with Oryx under the equity method of accounting). This compares
favourably with the fall in the UK small cap indices although worse than the
Sterling adjusted Standard and Poor composite index (increase of 1.0%).
The Company incurred a reduced revenue loss for the period of £462,000 (31
July 2021 (loss of £847,000)). I am hopeful that results for the year, as a
whole, will show a modest profit.
quoted portfolio
Healthcare stocks were very hard hit on both sides of the Atlantic so that the
value of our healthcare investments fell by circa 40% which reduced the NAV by
approximately £4.40 per share. Not surprisingly fund managers were also hard
hit as markets tumbled and this had the impact of reducing the net asset value
by a further £1.60 per share.
Finally, the share price of Gleeson fell following the imposition of taxes and
fines to resolve the cladding crisis and cost the Company a further £0.65 per
share.
Oryx and particularly Odyssean both outperformed their benchmarks falling by
11% on average which reduced the NAV by a £1.20 per share. The balance of the
portfolio rose modestly in value assisted by the strength of the United States
dollar which benefitted our large holdings in US Treasury Bills.
Over the course of calendar year 2022 the Company has invested approximately
£40 million into new equity positions with large new holdings being R&Q
Insurance (£9.9 million), TP ICAP (£9.0 million), Palace Capital (£7.2
million), Tate & Lyle (£6.3 million), Circle properties (£4.0 million)
and Conduit Holdings (£3.5 million). Taken as a whole these investments have
made a modest profit since purchase. A position in Clinigen was also bought
and sold during the period, realising a profit of approximately £1.0 million.
US portfolio
The relatively small US portfolio outperformed the market with Mountain
Commerce continuing to announce record earnings and increased its dividend
twice during the period.
unquoted portfolio
Trident Private Equity 3 has agreed the sale of its last investment (Utitec)
at an uplift to the July valuation with the proceeds expected to be received
mid October. It is also pleasing to see good progress in the investments held
in Harwood Private Equity IV and even better performance in Harwood Private
Equity V, where one investment has been sold at nearly three times cost in
less than a year and another is currently under offer at over three times cost
in less than two years. Most investments are either in line with or ahead of
budget with further sales expected over the next
12 months at good premiums to current valuations.
outlook
As at 31 July 2022, the Company had cash of £35 million (although this has
been reduced by £8.0 million following a recent cash call from Harwood
Private Equity V) and a further £102 million invested in short dated US
Treasury bills.
Assuming Utitec is sold by the end of October 2022, in line with expectations,
it is probable that the Company will restart its share buyback programme.
There is no question that the value is, once again, opening up in equity
markets and it is therefore expected that further new investments will be made
over the coming months. It will be important to emphasise industries which
will be unaffected by rising interest and inflation rates. We do expect the
market, as a whole, to weaken further but we would hope to outperform this
trend given our conservative balance sheet and the likelihood of further
uplifts from our private equity portfolio.
C H B Mills
Chief Executive
16 September 2022
top ten investments as at 31 July 2022
Fair % of
value net assets
£'000
US Treasury Bills US Treasury Stock 102,358 15.0
Oryx International Growth Fund Limited * UK Listed 89,207 13.1
EKF Diagnostics Holdings plc UK Quoted on AIM 35,808 5.3
Hargreaves Services Plc UK Quoted on AIM 34,715 5.1
Polar Capital Holdings plc UK Quoted on AIM 34,215 5.0
MJ Gleeson Group plc UK Listed 29,150 4.3
Odyssean Investment Trust Plc UK Listed 27,040 4.0
Harwood Private Equity Fund V LP UK Unquoted 24,178 3.6
Harwood Private Equity Fund IV LP UK Unquoted 23,974 3.5
Ten Entertainment Group plc UK Quoted on AIM 22,800 3.4
423,445 62.3
* Traded price under IFRS 10, incorporated in Guernsey.
All investments are valued at fair value.
interim management report
investment objective
The objective of North Atlantic Smaller Companies Investment Trust PLC is to
provide capital appreciation to its shareholders through investing in a
portfolio of smaller companies which are principally based in countries
bordering the North Atlantic Ocean.
material events
The decline in COVID testing has had a material impact on some of the
Company's investments, and the war in Russia has created inflation which has
impacted markets in the UK and elsewhere.
material transactions
There were no material transactions during the period.
risk profile
The principal risks and uncertainties for the remaining six months of the year
continue to be as described in the Annual Report for the year ended 31 January
2022. The principal risks arising from the Company's financial instruments are
market price risk, including currency risk, interest rate risk and other price
risk, liquidity risk and credit risk. The Directors review and agree policies
with the Manager, Harwood Capital LLP, for managing these risks. The policies
have remained substantially unchanged in the six months since the year end.
The Company does not have any significant exposure to credit risk arising from
any one individual party. Credit risk is spread across a number of
counterparties, each having an immaterial effect on the Company's cash flows,
should a default happen. The Company assesses the credit worthiness of its
debtors from time to time to ensure that they are neither past due or
impaired.
To support its investment in unquoted companies, the Company may periodically
agree to guarantee all or part of the borrowings of investee companies.
Provision is made for any costs that may be incurred when the Directors
consider it likely that the guarantee will crystallise.
The Company's exposure to market price risk comprises mainly movements in the
value of the Company's investments. It should be noted that the prices of
options tend to be more volatile than the prices of the underlying securities.
The Manager assesses the exposure to market risk when making each investment
decision and monitors the overall level of market risk on the whole of the
investment portfolio on an ongoing basis.
The functional and presentational currency of the Company is Sterling, and
therefore, the Company's principal exposure to foreign currency risk comprises
investments priced in other currencies, principally US Dollars.
The Company invests in equities and other investments that are realisable.
related party transactions
These are listed in note 9 to the half yearly condensed financial statements.
By Order of the Board
Sir Charles Wake
Chairman
16 September 2022
responsibility statement
The Directors confirm to the best of their knowledge that:
· The condensed set of financial statements contained within this
half yearly financial report have been prepared in accordance with
International Accounting Standard ("IAS") 34 'Interim Financial Reporting' in
conformity with the requirement of the Companies Act 2006 and gives a true and
fair view of the assets, liabilities, financial position and profit of the
Company; and
· The half yearly financial report includes a fair review of the
information required by the FCA's Dis-closure and Transparency Rule 4.2.7R
being disclosure of important events that have occurred during the first six
months of the financial year, their impact on the condensed set of financial
statements and a description of the principal risks and uncertainties for the
remaining six months of the year; and
· The half yearly financial report includes a fair review of the
information required by the Disclosure and Transparency Rule 4.2.8R being
disclosure of related party transactions during the first six months of the
financial year, how they have materially affected the financial position of
the Company during the period and any changes therein.
The half yearly financial report was approved by the Board on 16 September
2022 and the above responsibility statement was signed on its behalf by:
Sir Charles Wake
Chairman
16 September 2022
condensed statement of comprehensive income (unaudited)
Six months ended Six months ended Year ended
31 July
31 July
31 January
2022
2021
2022
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Income 4,311 - 4,311 3,735 - 3,735 10,899 - 10,899
Net (losses)/gains on investments at fair value - (112,555) (112,555) - 138,958 138,958 - 63,623 63,623
Currency exchange gains/(losses) - 3,805 3,805 - (140) (140) - (48) (48)
total income 4,311 (108,750) (104,439) 3,735 138,818 142,553 10,899 63,575 74,474
Expenses
Investment management fee (note 9) (3,976) - (3,976) (3,755) - (3,755) (7,510) (53) (7,563)
Other expenses (780) - (780) (842) - (842) (1,977) - (1,977)
return before taxation (445) (108,750) (109,195) (862) 138,818 137,956 1,412 63,522 64,934
Taxation (17) - (17) (12) - (12) (28) - (28)
return for the period (462) (108,750) (109,212) (874) 138,818 137,944 1,384 63,522 64,906
earnings per ordinary share (note 5)
Basic and diluted (799.4p) 974.2p 466.2p
The total column of the statement is the Statement of Comprehensive Income of
the Company prepared in accordance with International Financial Reporting
Standards ("IFRS") in conformity with the requirement of the Companies Act
2006.
The supplementary revenue and capital columns are presented for information
purposes as recommended by the Statement of Recommended Practice ("SORP")
issued by the Association of Investment Companies ("AIC").
All items in the above Statement derive from continuing operations. No
operations were acquired or discontinued in the period.
The accompanying notes are an integral part of these financial statements.
condensed statement of changes in equity (unaudited)
Share Share Capital Capital Revenue Total
capital
premium
reserve
redemption
reserve
£'000
£'000
account
£'000
reserve
£'000
£'000
£'000
six months ended 31 July 2022
31 January 2022 683 187 1,301 783,080 4,215 789,466
Total comprehensive income for the period - - - (108,750) (462) (109,212)
Shares purchased for cancellation - - - - - -
31 July 2022 683 187 1,301 674,330 3,753 680,254
six months ended 31 July 2021
31 January 2021 701 169 1,301 737,228 2,831 742,230
Total comprehensive income for the period - - - 138,818 (874) 137,944
Shares purchased for cancellation (1) 1 - (971) - (971)
31 July 2021 700 170 1,301 875,075 1,957 879,203
year ended 31 January 2022
31 January 2022 701 169 1,301 737,228 2,831 742,230
Total comprehensive income for the year - - - 63,522 1,384 64,906
Shares purchased for cancellation (18) 18 - (17,670) - (17,670)
31 January 2022 683 187 1,301 783,080 4,215 789,466
The accompanying notes are an integral part of these financial statements.
condensed balance sheet (unaudited)
As at As at As at
31 July
31 July
31 January
2022
2021
2022
£'000
£'000
£'000
non current assets
Investments at fair value through profit or loss 647,425 866,653 712,424
647,425 866,653 712,424
current assets
Trade and other receivables 2,927 2,721 1,548
Cash and cash equivalents 34,723 10,397 76,029
37,650 13,118 77,577
total assets 685,075 879,771 790,001
current liabilities
Trade and other payables (4,821) (568) (535)
total liabilities (4,821) (568) (535)
total assets less current liabilities 680,254 879,203 789,466
net assets 680,254 879,203 789,466
647,425 866,653 712,424
represented by:
Share capital 683 700 683
Capital redemption reserve 187 170 187
Share premium account 1,301 1,301 1,301
Capital reserve 674,330 875,075 783,080
Revenue reserve 3,753 1,957 4,215
total equity attributable to equity holders of the company 680,254 879,203 789,466
net asset value per ordinary share (note 6):
Basic and diluted 4,980p 3,972p 5,779p
The accompanying notes are an integral part of these financial statements.
condensed cash flow statement (unaudited)
Six months ended Six months ended Year ended
31 July
31 July
31 January
2022
2021
2022
£'000
£'000
£'000
cash flows from operating activities
Investment income received 2,961 3,201 11,053
Deposit interest received 16 - 1
Other income - 5 33
Investment Manager's fees and performance fees paid (4,025) (7,586) (11,342)
Transfer from subsidiary - - (10)
Other cash payments (600) (1,544) (2,310)
cash expended from (1,648) (5,924) (2,575)
operations (note 7)
Taxation paid (17) (12) (28)
net cash outflow from
operating activities (1,665) (5,936) (2,603)
cash flows from investing activities
Purchases of investments (230,835) (162,543) (412,316)
Sales of investments 186,930 146,174 475,022
net cash (outflow)/inflow from investing activities (43,905) (16,369) 62,706
cash flows from financing activities
Repurchase of Ordinary Shares for cancellation - (1,153) (17,852)
net cash outflow from financing activities - (1,153) (17,852)
(decrease)/increase in cash and cash equivalents for the period (45,570) (23,458) 42,251
cash and cash equivalents at the start of the period 76,029 33,918 33,918
Revaluation of foreign currency balances 4,264 (63) (140)
cash and cash equivalents at the end of the period 34,723 10,397 76,029
The accompanying notes are an integral part of these financial statements.
notes to the financial statements (unaudited)
1. a) basis of accounting
North Atlantic Smaller Companies Investment Trust plc is a company
incorporated and registered in England and Wales. The principal activity of
the Company is that of an investment trust company within the meaning of
Sections 1158/1159 of the Corporation Tax Act 2010.
The condensed financial statements of the Company have been prepared in
accordance with International Accounting Standard ("IAS") 34 - "Interim
Financial Reporting" in conformity with the requirement of the Companies Act
2006. The accounting policies and methods of computation followed in these
half-yearly condensed financial statements are consistent with the most recent
annual financial statements for the year ended 31 January 2022 included in the
Annual Report.
The financial statements have also been prepared in accordance with the AIC
SORP for the financial statements of investment trust companies and venture
capital trusts, except to any extent where it is not consistent with the
requirements of IFRS.
The financial information contained in this Half-Yearly Report does not
constitute statutory accounts as defined in the Companies Act 2006. The
financial information for the periods ended 31 July 2022 and 31 July 2021 have
not been audited or reviewed by the Company's Auditor. The figure and
financial information for the year ended 31 January 2022 are an extract from
the latest published audited financial statements, which have been filed with
the Registrar of Companies. The report of the Auditor on those financial
statements was unqualified and did not contain a statement under either
Section 498(2) or 498(3) of the Companies Act 2006.
b) functional currency
The functional currency of the Company is Pounds Sterling because this is the
primary economic currency in which the Company operates. The financial
statements are presented in Pounds Sterling rounded to the nearest thousand,
except where otherwise indicated.
c) significant accounting policies
The accounting policies applied are consistent with those of the Annual
Financial Report for the year ended 31 January 2022. Since the year end no new
standards have been adopted.
d) accounting developments
In the current period, the Company has applied a number of amendments to IFRS,
issued by the IASB mandatorily effective for an accounting period that begins
on or after 1 January 2022. These include annual improvements to IFRS, changes
in standards, legislative and regulatory amendments, changes in disclosure and
presentation requirements. The adoption of these has not had any material
impact on these condensed financial statements.
e) segmental reporting
The Directors are of the opinion that the Company is engaged in a single
segment of business, being investment business. The Company invests in smaller
companies principally based in countries bordering the North Atlantic Ocean.
f) going concern
The financial statements have been prepared on a going concern basis and on
the basis that approval as an investment trust company will continue to be
met. The Directors have made an assessment of the Company's ability to
continue as a going concern and are satisfied that the Company has the
resources to continue in business for the foreseeable future, being a period
of 12 months from the date when these financial statements were approved. The
longer-term economic effects of the pandemic are very difficult to predict but
in considering preparing the accounts on a going concern basis the Directors
noted the Company holds a portfolio of liquid investments whose value is a
multiple of liabilities. The Directors are of the view that the Company can
meet its obligations as and when they fall due. The cash and US treasury bills
available enables the Company to meet any funding requirements and finance
future additional investments. The Company is a closed-end fund, where assets
are not required to be liquidated to meet day-to-day redemptions.
2. investment management and performance fees
A Performance Fee is only payable if the investment portfolio, including Oryx
at the adjusted price, outperforms the Sterling adjusted Standard & Poor's
500 Composite Index at the end of each financial year and is limited to a
maximum payment of 0.5% of Shareholders' Funds, and is allocated 100% to
capital.
An amount would be included in these financial statements for the Performance
Fee that could be payable based on investment performance to 31 July 2022. At
that date, no Performance Fee, inclusive of VAT, has been accrued for in the
accounts (31 July 2021: £nil; 31 January 2022: £nil).
Further details of fees paid to the investment manager can be found in Note 9,
Related Party transactions.
3. taxation
The Company has an effective tax rate of 0%. The estimated effective tax rate
is 0% as investment gains are exempt from tax owing to the Company's status as
an Investment Trust and there is expected to be an excess of management
expenses over taxable income and thus there is no charge for corporation tax.
During the half year to 31 July 2022, the Company recognised a total charge of
£17,000 (half year to 31 July 2021: £12,000, year ended 31 January 2022:
£28,000), representing irrecoverable withholding tax paid on overseas
investment income.
4. dividends
For the year ended 31 January 2022, there was no final dividend proposed by
the Board (31 January 2021; nil).
5. earnings per ordinary share
Revenue Capital Total
Net Ordinary Per Net Ordinary Per Net Ordinary Per
return
Shares
Share
return
Shares
Share
return
Shares
Share
£'000
pence
£'000
pence
£'000
pence
six months ended 31 July 2022
Basic and diluted return per Share (462) 13,661,000 (3) (108,750) 13,661,000 (796) (109,212) 13,661,000 (799)
six
months ended 31 July 2021
Basic and diluted return per Share (874) 14,160,000 (6) 138,818 14,160,000 980 137,944 14,160,000 974
year ended 31 January 2022
Basic and diluted return per Share 1,384 13,921,018 10 63,522 13,921,018 456 64,906 13,921,018 466
Basic return per Ordinary Share has been calculated using the weighted average
number of Ordinary Shares in issue during the period.
6. net asset value per ordinary share
The basic net asset value per Ordinary Share is based on net assets of
£680,254,000 (31 July 2021: £879,203,000; 31 January 2022: £789,466,000)
and on 13,661,000 Ordinary Shares (31 July 2021: 14,000,000; 31 January 2022:
13,661,000) being the number of Ordinary Shares in issue at the period end.
During the period to 31 July 2022, no shares were bought back for
cancellation.
adjustment for Oryx
The Company has also reported an adjusted net asset value per share using
equity accounting, in accordance with its previous method of valuing its
investment in Oryx. The Company has chosen to report this net asset value per
share to show the difference derived if equity accounting were to be used.
Equity accounting permits the use of net asset value pricing for listed assets
which in the case of Oryx is higher than its fair value.
The values of Oryx, as at each period end, are as follows:
31 July 2022 £'000 31 July 2021 £'000 31 January 2022 £'000
Oryx at Fair value (traded price) 89,207 136,023 115,011
Oryx value using Equity Accounting 107,270 136,760 125,554
Increase in net assets using Equity Accounting 18,063 737 10,543
31 July 2022 31 July 2021 31 January 2022
Net asset value per Share
- Basic and diluted 4,980p 6,280p 5,779p
Net asset value per Share adjusted
- Basic and diluted 5,112p 6,285p 5,856p
7. reconciliation of total return before taxation to cash expended from operations
Six months Six months Year ended
ended ended 31 January 2022
31 July 2022 31 July 2021 £'000
£'000 £'000
Total return before taxation (109,195) 137,956 64,934
Losses/(gains) on investments 108,750 (138,818) (63,575)
(Increase)/decrease in debtors and accrued income (1,379) (569) 603
Increase/(decrease) in creditors and accruals 176 (4,493) (4,537)
Cash expended from operations (1,648) (5,924) (2,575)
8. investments
financial assets at fair value through profit or loss
This requires the Company to classify fair value measurements using a fair
value hierarchy that reflects the significance of the inputs used in making
the measurements. The fair value hierarchy consists of the following three
levels:
· Level 1 - Quoted prices (unadjusted) in active markets for
identical assets or liabilities.
· Level 2 - Inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices).
· Level 3 - Inputs for the asset or
liability that are not based on observable market data (unobservable inputs).
The level in the fair value hierarchy within which the fair value measurement
is categorised in its entirety is determined on the basis of the lowest level
input that is significant to the fair value measurement in its entirety.
For this purpose, the significance of an input is assessed against the fair
value measurement in its entirety. If a fair value measurement uses observable
inputs that require significant adjustment based on unobservable inputs, that
measurement is a Level 3 measurement. Assessing the significance of a
particular input to the fair value measurement in its entirety requires
judgement, considering factors specific to the asset or liability.
The determination of what constitutes 'observable' requires significant
judgement by the Company. The Company considers observable data from
investments actively traded in organised financial markets; fair value is
generally determined by reference to Stock Exchange quoted market bid prices
at the close of business on the Balance Sheet date, without adjustment for
transaction costs necessary to realise the asset.
The table below sets out fair value measurements as at the period end, by the
level in the fair value hierarchy into which the fair value measurement is
categorised.
six months ended 31 July 2022 Total Level 1 Level 2 Level 3
£'000
£'000
£'000
£'000
Equity investments at fair value 526,771 449,256 - 77,515
Fixed interest investments at fair value 120,654 102,358 - 18,296
Total 647,425 551,614 - 95,811
six months ended 31 July 2021 Total Level 1 Level 2 Level 3
£'000
£'000
£'000
£'000
Equity investments at fair value 774,174 678,567 - 95,607
Fixed interest investments at fair value 92,479 61,476 - 31,003
Total 866,653 740,043 - 126,610
year ended 31 January 2022 Total Level 1 Level 2 Level 3
£'000
£'000
£'000
£'000
Equity investments at fair value 624,786 552,008 - 72,778
Fixed interest investments at fair value 87,638 70,783 - 16,855
Total 712,424 622,791 - 89,633
reconciliation of level 3 movement - financial assets at 31 July 2022
Total Equity investments Fixed interest investments
£'000
£'000
£'000
Opening fair value at 31 January 2022 89,633 72,778 16,855
Purchases 2,891 2,891 -
Sales (3,816) (3,794) (22)
Total gains included in gains on investments in the statement of
comprehensive income:
- on assets sold (2,420) (2,420) -
- on assets held at the end of the period 9,523 8,060 1,463
Closing fair value 95,811 77,515 18,296
unquoted at directors' estimate of fair value
Unquoted investments are valued in accordance with the International Private
Equity and Venture Capital Valuation ("IPEV") Guidelines. Their valuation
incorporates all factors that market participants would consider in setting a
price. The primary valuation techniques employed to value the unquoted
investments are earnings multiples, recent transactions and net assets.
Valuations in local currency are translated into Sterling at the exchange rate
ruling on the Balance Sheet date.
Included within the Statement of Comprehensive Income as at 31 July 2022, is a
gain of £9,523,000 relative to the movement in the fair value of the unquoted
investments valued using IPEV valuation techniques.
the valuation techniques applied are based on the following assumptions:
Unquoted investments are usually valued by reference to the valuation
multiples of similar listed companies or from transactions of similar
businesses. Where appropriate discounts are then applied to those comparable
multiples to reflect differences in size and liquidity. These enterprise
values are then adjusted for net debt to arrive at an equity valuation. Where
companies are in compliance with their loan note terms these loans are
generally held at par plus accrued interest (where applicable) unless the
enterprise value suggests that the debt cannot be recovered.
9. related party transactions
There have been no changes to the related party arrangements or transactions
as reported in the Statutory Annual Financial Report for the year ended 31
January 2022.
The Administrator, Harwood Capital LLP, is regarded as a related party of the
Company. The amounts due to Harwood Capital LLP and Growth Financial Services
Limited in respect of investment management for the period were as follows:
Six months ended Six months ended Year ended
31 July 2022 31 July 2021 31 January 2022
£'000 £'000 £'000
Fees due to Harwood Capital LLP 2,376 2,253 4,506
Fees due to GFS 1,600 1,502 3,004
Performance fee - - -
Irrecoverable VAT thereon - - -
Irrecoverable VAT thereon - PYA - - 53
3,976 3,755 7,563
At 31 July 2022, £376,000 was payable to Harwood Capital in respect of
outstanding management fees (31 July 2021: £376,000, 31 January 2022:
£376,000). At 31 July 2022, there was no fee payable to GFS in respect of
outstanding performance fees (31 July 2021: £nil, 31 January 2022: £nil) net
of VAT.
Fees paid to Directors, for the six months ended 31 July 2022 amounted to
£79,000 (six months ended 31 July 2021: £65,000; year ended 31 January 2022:
£144,000).
At 31 July 2022, £13,000 was payable to Directors in respect of outstanding
fees (31 July 2021: £11,000, 31 January 2022 £13,000).
shareholder information
financial calendar
Announcement of results and annual report May
Annual General Meeting June
Half Yearly figures announced September
Half Yearly Report posted September
share price
The Company's mid-market share price is quoted daily in the Financial Times
appearing under "Investment Companies".
It also appears on:
SEAQ Ordinary Shares: NAS
Trustnet: www.trustnet.com
net asset value
The latest net asset value of the Company can be found on the Company's
website: www.nascit.co.uk
share dealing
Investors wishing to purchase more Ordinary Shares or dispose of all or part
of their holding may do so through a stockbroker. Many banks also offer this
service.
The Company's registrars are Link Group. In the event of any queries regarding
your holding of shares, please contact the registrars on: 0871 664 0300, or by
email on enquiries@linkgroup.co.uk
Changes of name or address must be notified to the registrars in writing at:
Link Group
10(th) Floor
Central Square
29 Wellington Street
Leeds LS1 4DL
Directors
Sir Charles Wake (Chairman)
Christopher Mills (Chief Executive)
Lord Howard of Rising
G Walter Loewenbaum
Peregrine Moncreiffe
Administrator
Harwood Capital LLP
(Authorised and regulated by the Financial Conduct Authority)
6 Stratton Street
Mayfair
London W1J 8LD
Telephone: 020 7640 3200
Financial Adviser and Stockbroker
Winterflood Investment Trusts
The Atrium Building
Cannon Bridge
25 Dowgate Hill
London EC4R 2GA
Registered Office
6 Stratton Street
Mayfair
London W1J 8LD
Telephone: 020 7640 3200
Registrars
Link Group
10(th) Floor
Central Square
29 Wellington Street
Leeds LS1 4DL
Auditors
RSM UK Audit LLP
25 Farringdon Street
London EC4A 4AB
Company Secretary
Kin Company Secretarial Limited
Hyde Park House
5 Manfred Road
London SW15 2RS
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