PMGR Securities 2025 Plc Half-year Report
02 Agosto 2023 - 3:01AM
UK Regulatory
TIDMPMGZ
02 August 2023
PMGR Securities 2025 PLC (the `Company')
Legal Entity Identifier: 213800J2XR8QTJ8Y6565
PMGR Securities 2025 PLC's half report and accounts for the six months to 30
June 2023 is available
at https://www.globalrenewablestrust.com/documents/ (https://urldefense.proofpoin
t.com/v2/url?u=https
-3A__www.globalrenewablestrust.com_documents_&d=DwMFaQ&c=bZnDpUh0cTwskH9nIvyseq2t
J5dkOfcF56epRyP8Xxo&r=wQnexMsUGp0XsVLKr1B45v6qZ8Bu4EcisQIIBezJE74&m=TRPkhQfWOQskK
3-LXMIsamyMn9u7QBywtbvDuPudw6CmkQeiqEe6FL6F6NLQ2M8l&s=8TB0mc-YEt
-SQ9lFhisa7IBZZbwxZOs94cEJLQvm4g0&e=).
It has also been submitted in full unedited text to the Financial Conduct
Authority's National Storage Mechanism and is available for inspection
at data.fca.org.uk/#/nsm/nationalstoragemechanism in accordance with DTR
6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
PMGR SECURITIES 2025 PLC
Interim Report for the period from 1 January 2023 to 30 June 2023
PMGR Securities 2025 PLC (the "Company") announces its interim results for the
period ended 30 June 2023.
The Company's principal objective is to provide Zero Dividend Preference Shares
("ZDP Shares") with a predetermined final capital entitlement. It is recommended
that these accounts are read in conjunction with those of its parent, Premier
Miton Global Renewables Trust PLC, also issued today.
Interim Management Report
This interim management report is provided in accordance with the Disclosure
Guidance and Transparency Rules (DTR) 4.2.7 and 4.2.8.
Directors
The Directors who served in office during the six months under review are as
follows:
· Gillian Nott (Chair)
· Melville Trimble
· Victoria Muir
Principal Risks and Uncertainties
There have been no changes to the risks and uncertainties within the six months
under review to those reported in note 9 to the Financial Statements in the
Annual Report for the period ended 31 December 2022. There were no events or
otherwise during the period under review which had any significant effect on the
Company, its objective or purpose.
The Board acknowledges its ultimate responsibility for managing the risks
associated with the Company. The principal risks and uncertainties as identified
by the Board are:
· Market risk, comprising of price risk, currency risk and interest rate risk;
· Liquidity risk; and
· Credit risk.
Going Concern and Future Developments
The Directors consider that the Company will have sufficient funds, through
funding from its Parent Company, to meet its liabilities as they fall due. The
Company has an agreement with its Parent Company, whereby the Parent Company has
entered into an Undertaking Agreement pursuant to which the Parent Company has
undertaken to contribute (by way of gift, contribution or otherwise) such amount
as will result in the Company having sufficient assets to satisfy the then
current or, as the case may be, Final Capital Entitlement of the ZDP Shares on
the ZDP Repayment Date of 28 November 2025 or any earlier winding up of the
Company under the Articles. As with any company placing reliance on another
group entity for financial support, the Directors acknowledge that there can be
no certainty that the required support will be provided, however, at the date of
approval of these financial statements, the Directors have no reason to believe
that sufficient Parent Company support will not be provided.
Consequently, the Directors are confident that the Company will have sufficient
funds to continue to meet its liabilities as they fall due for at least 12
months from the date of approval of the financial statements and therefore have
prepared the financial statements on a going concern basis.
Directors' Responsibility Statement
The Directors are responsible for preparing the Interim Report, in accordance
with applicable law and regulations. The Directors confirm that, to the best of
their knowledge:
· The condensed set of Financial Statements within the Interim Report has been
prepared in accordance with IAS 34, "Interim Financial Reporting", as adopted by
the United Kingdom; and
· The Interim Management Report includes a fair review of the information
required by 4.2.7R (indication of important events during the first six months
of the year) and 4.2.8R (disclosure of related party transactions and changes
therein) of the FCA's Disclosure and Transparency Rules.
For and on behalf of the Board.
Gillian Nott OBE
Chairman
1 August 2023
Income Statement
For the six months to 30 June 2023
(Unaudited) (Unaudited) (Audited)
Six months Six months 31 December 2022
to 30 to 30
June 2023 June 2022
£'000 £'000 £'000
Finance 385 367 750
income
Finance (385) (367) (750)
costs*
Result - - -
before
taxation
Taxation - - -
Result for - - -
the period
All items derive from continuing operations; the Company does not have any other
recognised gains or losses.
*These costs relate to the provision for compound growth entitlement of the Zero
Dividend Preference Shares.
Balance Sheet
As at 30 June 2023
(Unaudited) (Unaudited) (Audited)
As at 30 June 2023 As at 30 June As at 31
2022 December
2022
£'000 £000 £000
Current
assets
Amount due 50 50 50
from Parent
Company
Non-current
assets
Amount due 16,125 15,357 15,740
from Parent
Company
Total assets 16,175 15,407 15,790
Creditors:
amounts
falling
due after
more than one
year
Other (16,125) (15,357) (15,740)
financial
liabilities
Net assets 50 50 50
Equity
Attributable
to
Ordinary
Shareholders
Share Capital 50 50 50
Revenue - - -
Reserve
Total Equity 50 50
Attributable 50
to Ordinary
Shareholders
Cashflow Statement
For the six months to 30 June 2023
The Company does not have its own bank account therefore a cashflow statement
has not been prepared.
Statement of Changes in Equity
(Unaudited)
For the six months to 30 June 2023
Ordinary Share Capital Revenue Reserves Total
£000 £000 £000
Balance at 1 January 2023 50 - 50
Result for the period - - -
Balance at 30 June 2023 50 - 50
(Unaudited)
For the six months to 30 June 2022
Ordinary Share Capital Revenue Reserves Total
£000 £000 £000
Balance at 1 January 2022 50 - 50
Result for the period - - -
Balance at 30 June 2022 50 - 50
(Audited)
For the year ended 31 December 2022
Ordinary Share Capital Revenue Reserves Total
£000 £000 £000
Balance at 31 December 2021 - - -
Issue of Ordinary shares 50 - 50
Result for the period - - -
Balance at 31 December 2022 50 - 50
Notes to the Financial Statements
For the period from 1 January 2023 to 30 June 2023
1. General Information
PMGR Securities 2025 PLC (the "Company") was incorporated in England and Wales
on 21 October 2020 and is a wholly-owned subsidiary of Premier Miton Global
Renewables Trust PLC (the "Parent") which is an investment trust registered in
England and Wales. The Company commenced operation on 2 November 2020 as part of
the reconstruction of the Parent when it issued 14,217,339 New Zero Dividend
Preference Shares.
The financial statements are prepared from 1 January 2023 to 30 June 2023.
2. Accounting Policies
2.1 Basis of preparation
The Interim Financial Statements have been prepared in accordance with
International Accounting Standard ("IAS") 34 Interim Financial Reporting and in
accordance with the Statement of Recommended Practice ("SORP") for investment
trusts issued by the Association of Investment Companies ("AIC") in November
2014 (and updated in July 2022), where the SORP is not inconsistent with IFRS.
The Company's accounting policies have not varied from those described in the
financial statements for the year ended 31 December 2022.
The financial information contained in this Interim Report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006 and have
not been audited.
The functional currency of the Company is Sterling as this is the currency of
the primary economic environment in which the Company operates. Accordingly, the
Financial Statements are presented in Sterling rounded to the nearest thousand
pounds.
2.2 Presentation of Statement
In order to better reflect the activities of the Company as an investment trust
company, and in accordance with guidance issued by the AIC, supplementary
information which analyses the Income Statement between items of a revenue and
capital nature has been presented alongside the Income Statement.
2.3 Use of estimates
The preparation of Financial Statements requires the Company to make estimates
and assumptions that affect the items reported in the Balance Sheet and
Statement of Comprehensive Income and the disclosure of contingent assets and
liabilities at the date of the Financial Statements. Although these estimates
are based on the Board's best knowledge of current facts, circumstances and, to
some extent, future events and actions, the Company's actual results may
ultimately differ from those estimates, possibly by a significant amount.
2.4 Segmental reporting
The chief operating decision maker has been identified as the Board of the
Company. The Board reviews the Company's internal management accounts in order
to analyse performance. The Directors are of the opinion that the Company is
engaged in one segment of business, being the issue of Zero Dividend Preference
shares to fund the operation of the Parent Company. As such, no additional
segmental reporting disclosure has been prepared.
3. Administrative Expenses
The Company's administrative expenses are met by its Parent Company.
4. Amounts due from Parent Company
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 2023 30 June 2022 31 December 2022
£000 £000 £000
Current assets
Amount due in respect of 13 13 13
called up issued share
capital
Amount due in respect of 37 37 37
issued share capital
Total current assets 50 50 50
Non-current assets
Amount due from Parent 16,125 15,357 15,740
company in respect of ZDPs
Total non-current assets 16,125 15,357 15,740
Funds raised through the ZDP 2025 share issue after the deduction of issue costs
totaled £14.2m. These funds have been transferred to the Parent Company under an
Undertaking Agreement pursuant to which the Parent Company agrees to contribute
to the Company such amount as will result in the Company having sufficient
assets to satisfy the then current or, as the case may be, the final capital
entitlement of the ZDP shares (scheduled repayment date of 28 November 2025).
The Directors believe the carrying amount due from the Parent Company
approximates its fair value.
5. Other Financial Liabilities
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 2023 30 June 2022 31 December 2022
£000 £000 £000
14,217,339 Zero Dividend 16,125 15,357 15,740
Preference Shares of
£0.01
The accrued capital entitlement of each Zero Dividend Preference Share was
113.42p as at 30 June 2023 (30 June 2022: 108.02p; 31 December 2022: 110.71p).
6. Zero Dividend Preference Shares
30 June 2023 30 June 2022 31 December 2022
Number of Shares Number of Shares Number of Shares
Balance at 14,217,339 14,217,339 14,217,339
start of period
Shares issued - - -
during the
period
Balance at end 14,217,339 14,217,339 14,217,339
of period
The Company issued 14,217,339 Zero Dividend Preference Shares ("ZDP shares") at
100 pence per share on 30 November 2020. The ZDP shares have an entitlement to
receive a fixed cash amount on 28 November 2025, being the maturity date, of
127.61 pence per share, but do not receive any dividends or income
distributions.
The ZDP shares do not carry the right to vote at general meetings of the
Company, although they carry the right to vote as a class on certain proposals
which would be likely to materially affect their position. The ZDP shares also
carry the right to vote, as a class, on certain matters that relate to the
activities of the Group.
The fair value of the ZDP shares at 30 June 2023, based on the quoted bid price
at that date, was £15,283,639 (30 June 2022: £15,141,466; 31 December 2022:
£15,283,639). The fair value of the ZDP shares is classified as level 2 under
the hierarchy of fair value measurements.
7. Share capital
The Company has one class of share which carries no right to fixed income. The
authorised and issued share capital of the Company is 50,000 ordinary shares
issued at £1 which have been 25% called.
8. Related Parties
The Directors are all directors of the Parent and received no remuneration for
their services to the Company during the period. The amount due from the Parent
Company was £16,125,000 (30 June 2022: £15,357,000; 31 December 2022:
£15,740,000).
This information was brought to you by Cision http://news.cision.com
END
(END) Dow Jones Newswires
August 02, 2023 02:01 ET (06:01 GMT)
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