REG - North Atlantic Smlr - Half-year Report
25/09/2024 07:00
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RNS Number : 5062F North Atlantic Smlr Co Inv Tst PLC 25 September 2024
North Atlantic Smaller Companies Investment Trust plc
Half-Yearly Report for the six months ended 31 July 2024
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 %
2024 2023 Change
(unaudited) (audited)
Net asset value ("NAV") per 5p Ordinary Share*:
Basic and diluted 5,551p 5,127p 8.3
Basic and diluted adjusted(#) 5,766p 5,391p 7.0
Mid-market price of the 5p Ordinary Shares 4,350p 3,690p 17.9
Discount to net asset value 21.6% 28.0%
Discount to adjusted net asset value 24.6% 31.6%
Standard & Poor's 500 Composite Index(†) 4,301.90 3,810.10 12.9
Russell 2000 Index(†) 1,756.20 1,531.20 14.7
Ongoing charges (annualised) 1.2% 1.2%
* Includes current period revenue.
(#) 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 months under review the net asset value adjusted for the
dividend payment rose by 8.3% compared to a rise in the sterling adjusted
Standard and Poor's index of 12.9%. Performance was adversely impacted by the
Trust's large cash holdings and the underperformance of the Private Equity
Portfolio although I expect that as a number of sales come through over the
next few months this will be reversed.
The Trust reported net income for the period of £8,076,000 (2023:
£4,615,000). Consistent with prior years no divided is being declared until
the outcome for the current year becomes clearer. However based on my current
expectations, it is anticipated that dividends in respect of the financial
year ending January 2025 will comfortably exceed that paid in respect of
fiscal 2024.
During the six month period the Trust purchased approximately 178,237 shares
for cancellation at a discount to NAV of approximately 30%. This policy which
is ongoing increased the NAV for all long term shareholders and helped to
modestly reduce the discount compared to the end of January 2024, net asset
value, at a time when many other trusts, particularly those with unquoted
holdings, have seen a significant widening.
quoted portfolio
Quoted markets performed well over the period, helped by a number of takeovers
which sadly did not benefit the Trust. Nevertheless, the performance of the
quoted portfolio as a whole was a rise broadly in line with the comparable UK
indices.
Stocks that performed notably well included Pinewood Technology at 50%,
Gleeson at +22%, Hargreaves Services at +21.5%, Paypoint +26%, Polar Capital
+33%, TP ICAP +17.5% and Restore +15.5% since purchase. On the other hand EKF
fell by 8% despite very encouraging results and Niox only rose 2% despite
excellent early growth. Frenkel Topping was also flat following concerns as to
how the FCA application of the Consumer Duty issues might adversely impact the
business.
unquoted portfolio
The UK Portfolio rose 2% during the period as there were no major
realisations. However, this is expected to change over the next few months
following a recent bid for Journey Group and the likely sale of another
substantial holding at good premium to the end of July valuation.
The United States portfolio which was relatively small at £28 million was
flat during the period. In reality there are only two investments, Crest Foods
which was acquired in February and is performing in line with expectations and
Performance Chemicals which is under offer at a modest premium to the July
valuation.
outlook
August saw very considerable turbulence in the financial markets, although
other than the fall in Polar Capital which reduced the NAV by 0.6%, the impact
on the balance of the portfolio was negligible. It is therefore frustrating to
see the share price fall by 7%.
I have had a chance to meet with all our major quoted holdings over the past
three weeks and in not a single case do I see cause for alarm and in some
cases such as Spire Health we will be adding to the holdings if we can find
attractive entry points. I am also hopeful that some of our indirect holdings
through Oryx and Odyssean will be subject to corporate activity in the coming
months.
Our unquoted portfolio is, I believe, well positioned to build value for
shareholders both in the short and long term and it would be disappointing if
it failed to deliver over £40 million of capital over the next eighteen
months at a good uplift from the current valuations.
In short I remain optimistic for the portfolio as a whole and shareholder
returns will hopefully be enhanced by a higher dividend and further share
buybacks over the course of the next twelve months.
Finally is it my intention that in addition to the shareholder annual general
meeting, there will be a meeting of shareholders towards the end of each
calendar year which will be announced through an RNS. I very much hope you
will be able to join us.
C H B Mills
Chief Executive
24 September 2024
top ten investments as at 31 July 2024
Fair % of
value net assets
£'000
Oryx International Growth Fund Limited* UK Quoted 106,249 14.4
US Treasury Bills US Treasury Stock 64,095 8.7
Polar Capital Holdings Plc UK Quoted on AIM 42,000 5.7
Hargreaves Services Plc UK Quoted on AIM 38,304 5.2
Harwood Private Equity Fund V LP UK Unquoted 34,388 4.7
MJ Gleeson Group Plc UK Quoted 30,952 4.2
Odyssean Investment Trust Plc UK Quoted 27,520 3.7
Conduit Holdings Limited UK Quoted 26,150 3.5
EKF Diagnostics Holdings Plc UK Quoted on AIM 26,112 3.5
Niox Group Plc UK Quoted on AIM 23,250 3.2
419,020 56.8
* Traded Price under IFRS10, 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
There were no material events during the period.
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
2024. 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
on page 23.
By Order of the Board
Sir Charles Wake
Chairman
24 September 2024
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 Disclosure 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 24 September
2024 and the above responsibility statement was signed on its behalf by:
Sir Charles Wake
Chairman
24 September 2024
condensed statement of comprehensive income (unaudited)
Six months ended Six months ended Year ended
31 July
31 July
31 January
2024
2023
2024
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Income 12,416 - 12,416 8,922 - 8,922 20,817 - 20,817
Net gains/ (losses) on investments at fair value - 55,123 55,123 - (27,643) (27,643) - (9,539) (9,539)
Currency exchange gains/(losses) - 81 81 - (669) (669) - (523) (523)
total income 12,416 55,204 67,620 8,922 (28,312) (19,390) 20,817 (10,062) 10,755
Expenses
Investment management fee (note 9) (3,629) - (3,629) (3,561) - (3,561) (7,122) - (7,122)
Other expenses (699) - (699) (731) - (731) (1,449) - (1,449)
return before taxation 8,088 55,204 63,292 4,630 (28,312) (23,682) 12,246 (10,062) 2,184
Taxation - - - - - - (6) - (6)
return before taxation 8,088 55,204 63,292 4,630 (28,312) (23,682) 12,240 (10,062) 2,178
Taxation (12) - (12) (15) - (15) (30) - (30)
return for the period 8,076 55,204 63,280 4,615 (28,312) (23,697) 12,210 (10,062) 2,148
earnings per ordinary share (note 5)
Basic and diluted 472.5p (174.9p) 15.90p
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 Capital Share Capital Revenue Total
capital
reserve
£'000
£'000 redemption premium reserve
£'000
£'000
£'000
reserve
£'000
six months ended 31 July 2024
31 January 2024 673 197 1,301 670,168 17,891 690,230
Total comprehensive income for the period - - - 55,204 8,076 63,280
Shares purchased for cancellation (9) 9 - (6,986) - (6,986)
Dividend - - - - (9,195) (9,195)
31 July 2024 664 206 1,301 718,386 16,772 737,329
six months ended 31 July 2023
31 January 2023 680 190 1,301 685,504 5,681 693,356
Total comprehensive (loss)/income for the period - - - (28,312) 4,615 (23,697)
Shares purchased for cancellation (4) 4 - (2,828) - (2,828)
31 July 2023 676 194 1,301 654,364 10,296 666,831
year ended 31 January 2024
31 January 2023 680 190 1,301 685,504 5,681 693,356
Total comprehensive income for the year - - - (10,062) 12,210 2,148
Shares purchased for cancellation (7) 7 - (5,274) - (5,274)
31 January 2024 673 197 1,301 670,168 17,891 690,230
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
2024
2023
2024
£'000
£'000
£'000
non current assets
Investments at fair value through profit or loss 700,544 635,150 612,425
700,544 635,150 612,425
current assets
Trade and other receivables 9,231 6,329 69,272
Cash and cash equivalents 28,149 27,699 9,203
37,380 34,028 78,475
total assets 737,924 669,178 690,900
current liabilities
Trade and other payables (595) (2,347) (670)
total liabilities (595) (2,347) (670)
total assets less current liabilities 737,329 666,831 690,230
net assets 737,329 666,831 690,230
represented by:
Share capital 664 676 673
Capital redemption reserve 206 194 197
Share premium account 1,301 1,301 1,301
Capital reserve 718,386 654,364 670,168
Revenue reserve 16,772 10,296 17,891
total equity attributable to equity holders of the company 737,329 666,831 690,230
net asset value per ordinary share (note 6):
Basic and diluted 5,551p 4,929p 5,127p
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
2024
2023
2024
£'000
£'000
£'000
cash flows from operating activities
Investment income received 7,173 6,752 17,362
Deposit interest received 719 96 765
Investment Manager's fees and performance fees paid (3,636) (3,517) (7,078)
Other cash payments (870) (876) (1,581)
cash received/(expended) from operations (note 7) 3,386 2,455 9,468
Taxation paid (12) (15) (30)
net cash inflow from operating activities 3,374 (2,440) 9,438
cash flows from investing activities
Purchases of investments (158,833) (204,318) (424,801)
Sales of investments 190,162 227,331 424,503
net cash inflow/(outflow) from investing activities 31,329 23,013 (298)
cash flows from financing activities
Dividend paid (9,195) (2,992) (2,992)
Repurchase of Ordinary Shares for cancellation (6,985) (2,828) (5,274)
net cash outflow from financing activities (16,180) (5,820) (8,266)
increase/(decrease) in cash and cash equivalents for the period 18,523 19,633 874
cash and cash equivalents at the start of the period 9,203 9,010 9,010
Revaluation of foreign currency balances 423 (944) (681)
cash and cash equivalents at the end of the period 28,149 27,699 9,203
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 2024 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 2024 and 31 July 2023 have
not been audited or reviewed by the Company's Auditor. The figure and
financial information for the year ended 31 January 2024 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 2024. 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 2024. 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
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 2024. At
that date, no Performance Fee, inclusive of VAT, has been accrued for in the
accounts (31 July 2023: £nil; 31 January 2024: £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 2024, the Company recognised a total charge of
£12,000 (half year to 31 July 2023: £15,000, year ended 31 January 2024:
£30,000), representing irrecoverable withholding tax paid on overseas
investment income.
4. dividends
For the year ended 31 January 2024, the Board declared an interim dividend of
68.5p per Ordinary share (31 January 2023: 22p) which was paid on 28 March
2024. For the year end 31 January 2024, no final dividend was proposed (31
January 2023; 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 2024
Basic and diluted return per Share 8,076 13,392,121 60 55,204 13,392,121 412 63,280 13,392,121 473
six months ended 31 July 2023
Basic and diluted return per Share 4,615 13,546,346 34 (28,312) 13,546,346 (210) (23,697) 13,546,346 (175)
year ended 31 January 2024
Basic and diluted return per Share 12,210 13,508,610 90 (10,062) 13,508,610 (75) 2,148 13,508,610 16
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
£737,329,000 (31 July 2023: £666,831,000; 31 January 2024: £690,230,000)
and on 13,283,338 Ordinary Shares (31 July 2023: 13,527,634; 31 January 2024:
13,461,575) being the number of Ordinary Shares in issue at the period end.
During the period to 31 July 2024, there were 178,237 shares bought back for
cancellation at a cost, including stamp duty of £6,986,000 (31 July 2023:
74,434 shares bought back for cancellation at a cost, including stamp duty of
£2,828,000; 31 January 2024: 140,493 shares at a cost, including stamp duty
of £5,274,000).
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 2024 £'000 31 July 2023 £'000 31 January 2024 £'000
Oryx at Fair value (traded price) 106,249 81,494 83,706
Oryx value using Equity Accounting 134,831 114,534 119,254
Increase in net assets using Equity Accounting 28,582 33,040 35,548
31 July 2024 31 July 2023 31 January 2024
Net asset value per Share
- Basic and diluted 5,551p 4,929p 5,127p
Net asset value per Share adjusted
- Basic and diluted 5,766p 5,174p 5,391p
7. reconciliation of total return before taxation to cash expended from operations
Six months Six months Year ended
ended ended 31 January 2024
31 July 2024 31 July 2023 £'000
£'000 £'000
Total return before taxation 63,292 (23,682) 2,178
(Gains)/losses on investments and currency (55,204) 28,312 10,062
Income reinvested (133) - (549)
Increase in trade and other receivables (4,493) (2,074) (2,186)
Decrease in trade and other payables (76) (101) (37)
Cash expended from operations 3,386 2,455 9,468
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 2024 Total Level 1 Level 2 Level 3
£'000
£'000
£'000
£'000
Equity investments 596,202 478,796 - 117,406
Fixed interest investments 104,342 64,095 - 40,247
Total 700,544 542,891 - 157,653
six months ended 31 July 2023 Total Level 1 Level 2 Level 3
£'000
£'000
£'000
£'000
Equity investments 524,318 412,203 - 112,115
Fixed interest investments 110,832 80,612 - 30,220
Total 635,150 492,815 - 142,335
year ended 31 January 2024 Total Level 1 Level 2 Level 3
£'000
£'000
£'000
£'000
Equity investments 519,988 414,074 - 105,914
Fixed interest investments 92,437 60,757 - 31,680
Total 612,425 474,831 - 137,594
reconciliation of level 3 movement - financial assets at 31 July 2024
Total Equity investments Fixed interest investments
£'000
£'000
£'000
Opening fair value at 31 January 2024 137,594 105,914 31,680
Purchases 27,923 18,191 9,732
Sales (5,890) (5,145) (745)
Total gains included in gains on investments in the statement of comprehensive
income:
- on assets sold (71) (20) (51)
- on assets held at the end of the period (1,903) (1,534) (369)
Closing fair value 157,653 117,406 40,247
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 the net asset
basis. 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 2024, is a
loss of £1,903,000 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 the 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 2024.
The Administrator, Harwood Capital LLP, is regarded as a related party of the
Company. The amounts incurred by Harwood Capital LLP and Growth Financial
Services Limited in respect of investment management for the period are as
follows:
Six months ended Six months ended Year ended
31 July 2024 31 July 2023 31 January 2024
£'000 £'000 £'000
Fees due to Harwood Capital LLP 2,177 2,137 4,273
Fees due to GFS 1,452 1,424 2,849
Performance fee - - -
3,629 3,561 7,122
At 31 July 2024, £363,000 was payable to Harwood Capital in respect of
outstanding management fees (31 July 2023: £356,000, 31 January 2024:
£356,000). At 31 July 2024, there was no fee payable to GFS in respect of
outstanding performance fees (31 July 2023: £nil, 31 January 2024: £nil) net
of VAT.
Fees paid to Directors, for the six months ended 31 July 2024 amounted to
£109,000 (six months ended 31 July 2023: £97,000; year ended 31 January
2024: £206,000).
At 31 July 2024, £18,000 was payable to Directors in respect of outstanding
fees (31 July 2023: £18,000, 31 January 2024 £18,000).
During the half year to 31 July 2024, £85,000 was transferred to the
Company's 100% owned subsidiary Consolidated Venture Finance Limited ("CVF").
During the same period CVF bought two investments from the Company at a cost
of £84,000.
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
Central Square
29 Wellington Street
Leeds LS1 4DL
Directors
Sir Charles Wake (Chairman)
Christopher Mills (Chief Executive)
Professor Fiona Gilbert
Lord Howard of Rising
G Walter Loewenbaum
Peregrine Moncreiffe
Julian Fagge
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
Riverbank House
2 Swan Lane
London EC4R 3GA
Registered Office
6 Stratton Street
Mayfair
London W1J 8LD
Telephone: 020 7640 3200
Registrars
Link Group
Central Square
29 Wellington Street
Leeds LS1 4DL
Auditors
RSM UK Audit LLP
25 Farringdon Street
London EC4A 4AB
Company Secretary
SGH Company Secretaries Limited
60 Gracechurch Street
London EC3V 0HR
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