TIDMLEF
RNS Number : 7480W
Ludgate Environmental Fund Limited
31 January 2013
Ludgate Environmental Fund Limited ("LEF" or the "Company")
Interim Results for the six months ended 31 December 2012
CHAIRMAN'S STATEMENT
I am pleased to report to shareholders on the performance of
Ludgate Environmental Fund Limited in the six months to 31st
December 2012.
Finance
As at 31st December the net asset value of the Company was
GBP46,498,889 (2011: GBP45,268,844), equivalent to 82.7 (2011:
80.5) pence per share, increasing from GBP45,570,496 and 81.0 pence
respectively on 30th June 2012 and after the payment of an ordinary
dividend of GBP1,068,936 or 1.9 pence per share. The Company
enjoyed net income in the period of GBP1,997,329 (2011: loss of
GBP5,839,380) and held cash of GBP9,219,691. The Company subscribed
for GBP4,933,799 of new investments in existing assets (Terra Nova,
ECO Plastics, Ignis and Tamar), with a further GBP723,275 earmarked
to be invested into ECO Plastics during Q1 2013. This is consistent
with our policy of investing only where the expected gain to
shareholders over the remaining life of the Company is greater than
returning capital. While ensuring that the Company has sufficient
capital to maintain operations we shall return capital to
shareholders by dividend and the purchase of our own shares.
Strategy
After an extended period of consultation we were pleased that
shareholders strongly endorsed the Company's investment policy and
strategy at the annual general meeting in December, essentially to
manage for value over the remaining life of the Company. The terms
of the advisory agreement with Ludgate Investments Limited were
amended to ensure that they were economically encouraged to manage
and recommend the sale of assets in this period at premiums to NAV.
The rigorous fair value accounting of our assets, the active
participation of our nominated directors in the underlying
companies, and the broad sectoral experience, contact and goodwill
created by the Company and its advisers, give the board confidence
in achieving this. The continuing performance of the assets, the
investment adviser and nominated directors are monitored and
assessed by the board at least once a month.
Portfolio
Within the portfolio Lumicity, Tamar, Ignis Biomass, STX, NERR
and RAP have all performed at or ahead of our expectations at the
period end. ECO Plastics has been slower to deliver commercial
returns than foreseen though operations are now well established.
Terra Nova is fulfilling its technical expectations but has been
significantly constrained by working capital requirements and the
absence of expansion capital; in December shareholders agreed to
subscribe for an additional investment round. Micropelt has
similarly won fine technical recognition in mission critical
applications but has not yet achieved adequate sales and also
requires short term working capital support. All these positions
are being actively managed.
Outlook
European strategic markets continue to be subdued both in
numbers of completed transactions and their protracted execution;
the public markets are closed to assets in our portfolio by their
small size and stage of economic development. However corporate and
institutional interest in sustainable and efficient energy
technologies, as well as production, with associated durable
cashflow, is established. For this reason we expect that our
investee companies will find possible strategic acquirors already
active in their particular sector. We look to the active
involvement of our nominated directors and the investment adviser
to discover and develop these relationships to maximise value in
selling portfolio companies.
I wish to thank my fellow board members for their professional
curiosity, considerable engagement and formal commitment to the
Company, its advisers and shareholders over the last six
months.
For further information contact:
Ludgate Environmental Fund Limited +44 (0) 1534 609034
John Shakeshaft, Chairman
Ludgate Investments Limited +44 (0) 20 7621 5770
Bill Weil, Chief Investment Officer
PricewaterhouseCoopers LLP (Nomad) +44 (0) 20 7212 1798
Chris Clarke
Panmure Gordon (Broker) +44 (0) 20 7866 2713
Paul Fincham
BALANCE SHEET
AS AT 31 ST DECEMBER 2012
Unaudited Audited
interim annual
financial financial
statements statements
31st Dec 30th June
Notes 12 12
ASSETS
Non-current assets
Financial assets at fair value
through profit or loss 7,21 32,738,892 29,179,682 24,440,345
Loans receivable 10 3,000,000 - -
35,738,892 29,179,682
----------- -------------
Current assets
Derivatives at fair value through
profit or loss 7,8 114,676 143,167 36,114
Loans receivable 10 969,672 804,357 1,022,172
Trade and other receivables 11 585,104 537,434 359,989
Cash and cash equivalents 9 9,219,691 15,217,724 19,689,116
10,889,143 16,702,682
TOTAL ASSETS GBP 46,628,035 GBP 45,882,364 GBP 45,547,736
=========== ============= =============
LIABILITIES
Non-current liabilities
Retention of performance
fees 3,13 - 190,033 188,723
----------- ------------- -------------
Current liabilities
Trade and other payables 12 129,146 121,835 90,169
----------- ------------- -------------
TOTAL LIABILITIES 129,146 311,868 278,892
----------- ------------- -------------
NET ASSETS ATTRIBUTABLE TO
EQUITY SHAREHOLDERS 46,498,889 45,570,496 45,268,844
----------- ------------- -------------
TOTAL LIABILITIES AND NET ASSETS
ATTRIBUTABLE TO EQUITY SHAREHOLDERS GBP 46,628,035 GBP 45,882,364 GBP 45,547,736
=========== ============= =============
GBP GBP
Net asset value per ordinary share
outstanding 0.83 0.81 0.81
These interim financial statements were approved and authorised
for issue by the Board of Directors on the 30(th) day of January
2013 and were signed on its behalf by:
David Pirouet: Director:
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 1ST JULY 2012 TO 31ST DECEMBER 2012
Unaudited Audited Unaudited
interim annual interim
financial financial financial
statements statements statements
1st Jul 1st Jul 1st Jul
12 11 11
to to to
31st Dec 30th Jun 31st Dec
Notes 12 12 11
INCOME:
Deposit interest income 40,070 224,387 132,381
Income on financial assets
at fair value through profit
or loss 792,426 817,721 385,713
Other income 20,865 108,956 -
Gain on financial assets
and derivatives at fair value
through profit or loss 7,8 1,596,920 - -
Performance fee written back 3,13 190,033 - -
Reversal of provision 10 265,315 - -
Movement on foreign exchange 5,483 - -
2,911,112 1,151,064 518,094
----------- --------------- -------------
EXPENSES:
Loss on financial assets
and derivatives at fair value
through profit or loss 7,8 - 3,792,672 4,577,295
Legal fees 8,638 15,594 23,028
Professional fees 79,294 332,152 182,142
Adviser fees 18 450,922 1,047,557 580,738
Administration and accountancy
fees 78,405 161,259 122,709
Directors' fees and expenses 4 84,464 170,125 81,347
Provision for loans receivable - 265,315 -
Provision for interest receivable 176,119 65,137 -
Withholding tax 24,197 48,132 -
Audit fees 6,935 31,045 18,746
Miscellaneous fees 4,809 12,682 23,187
Movement on foreign exchange - 747,122 748,282
913,783 6,688,792 6,357,474
----------- --------------- -------------
TOTAL COMPREHENSIVE INCOME
/(LOSS) GBP 1,997,329 GBP ( 5,537,728) GBP ( 5,839,380)
=========== =============== =============
Gain/(loss) per ordinary
share 6 GBP 0.04 GBP ( 0.10) GBP ( 0.10)
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO EQUITY SHAREHOLDERS
FOR THE PERIOD 1ST JULY 2012 TO 31ST DECEMBER 2012
Change in
net Total net
Ordinary
shares assets
and assets attributable attributable
warrants to equity to equity
Notes issued shareholders shareholders
------ ----------- ---- -------------------- ---- --------------
FOR THE PERIOD ENDED
31ST DECEMBER 2012
Opening balance as at 1st
July 2012 57,566,436 GBP ( 11,995,940) GBP 45,570,496
Total comprehensive income - 1,997,329 1,997,329
Dividends paid to equity
shareholders 5 - ( 1,068,936) ( 1,068,936)
Closing balance as at 31st
December 2012 14 GBP 57,566,436 GBP ( 11,067,547) GBP 46,498,889
=========== ==================== ==============
FOR THE YEAR ENDED 30TH JUNE
2012
Opening balance as at 1st
July 2011 57,566,436 1,277,508 58,843,944
Total comprehensive loss - ( 5,537,728) ( 5,537,728)
Dividends paid to equity
shareholders 5 - ( 7,735,720) ( 7,735,720)
Closing balance as at 30th
June 2012 14 GBP 57,566,436 GBP ( 11,995,940) GBP 45,570,496
=========== ==================== ==============
STATEMENT OF CASH FLOWS
FOR THE PERIOD 1ST JULY 2012 TO 31ST DECEMBER 2012
Unaudited Audited Unaudited
interim annual interim
financial financial financial
statements statements statements
1st Jul 1st Jul 1st Jul
12 11 11
to to to
31st Dec 30th Jun 31st Dec
Notes 12 12 11
Cash flows from operating
activities 17 ( 775,139) ( 1,628,769) ( 917,497)
------------- -------------- -------------
Cash flows from investing
activities
Purchase of investments 7 ( 4,933,799) ( 17,650,196) (11,991,761)
Sale of investments 7 - 8,913,431 7,353,319
Interest and dividends
received 674,358 588,868 251,825
Loan finance provided 10 - ( 876,672) ( 876,672)
Loan finance repaid 10 100,000 552,388 552,388
( 4,159,441) ( 8,472,181) ( 4,710,901)
------------- -------------- -------------
Cash flows from financing
activities
Dividends paid to equity
shareholders 5 ( 1,068,936) ( 7,735,720) ( 7,735,720) ( 7,735,720)
Net decrease in cash and
cash equivalents ( 6,003,516) ( 17,836,670) (13,364,118)
Effects from changes in
exchange rates on cash
and cash equivalents 5,483 ( 747,122) ( 748,282)
Cash and cash equivalents
at beginning of the period/year 15,217,724 33,801,516 33,801,516
Cash and cash equivalents
at end of the period/year 9 GBP 9,219,691 GBP 15,217,724 19,689,116
============= ============== =============
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1ST JULY 2012 TO 31ST DECEMBER 2012
1. REPORTING ENTITY
The Company was registered as a public company on 7th June 2007
with registered number 97690 under the Companies (Jersey) Law 1991.
The Company joined the Alternative Investment Market ("AIM") on 2nd
August 2007. The registered office of the Company is Lime Grove
House, Green Street, St Helier, Jersey, JE1 2ST.
The Company will have a life of approximately eight years from
admission to AIM, expiring on 30th June 2015 (the "Proposed Wind-up
Date"). The Directors may, not less than three months prior to the
Proposed Wind-Up Date, propose a special resolution to extend the
life of the Company by four years. Further such resolutions may
then be proposed in the same manner not less than three months
prior to the expiry of each such four year period.
2. ACCOUNTING POLICIES
a) Basis of preparation
The unaudited interim financial information included in the
half-year report for the six months ended 31st December 2012, has
been prepared in accordance with International Accounting Standard
(IAS) 34 "Interim Financial Reporting". It does not include all of
the information required for full annual financial statements. The
half-year report should be read in conjunction with the annual
report and audited financial statements for the year ended 30th
June 2012, which have been prepared in accordance with
International Financial Reporting Standards ("IFRS"). The extra
column of comparatives for the half-year ended 31st December 2011
in the statement of financial position is an AIM requirement, and
notes to these accounts are not required. The more significant
policies are set out below:-
New Accounting Standards, amendments to existing Accounting
Standards and/or interpretations of existing Accounting Standards
(separately or together, "New Accounting Requirements") adopted
during the period
The Directors have assessed the impact, or potential impact, of
all New Accounting Requirements. In the opinion of the Directors,
there are no mandatory New Accounting Requirements applicable in
the current period that had any material effect on the reported
performance, financial position, or disclosures of the Company.
Consequently, no mandatory New Accounting Requirements are listed.
The Company has not adopted any New Accounting Requirements that
are not mandatory.
Non-mandatory New Accounting Requirements not yet adopted
The following applicable New Accounting Requirements have been
issued. However, these New Accounting Requirements are not yet
mandatory and have not yet been adopted by the Company. All other
non-mandatory New Accounting Requirements are either not yet
permitted to be adopted, or would have no material effect on the
reported performance, financial position, or disclosures of the
Company and consequently have neither been adopted, nor listed.
IFRS 9, "Financial Instruments"
IFRS 9 addresses the recognition, classification and measurement
of financial assets and financial liabilities. It is the IASB's
intention that IFRS 9 will replace IAS 39 in its entirety. The IASB
has adopted a phased approach to completion of the overall
standard. When the first phase was published in November 2009, IFRS
9 addressed only the classification and measurement of financial
assets. In October 2010, requirements for the classification and
measurement of financial liabilities were published. The phases
covering impairment methodology and hedge accounting are scheduled
for completion prior to the mandatory effective date.
IFRS 9 requires financial assets to be classified into two
measurement categories: (i) those measured at fair value; and, (ii)
those measured at amortised cost. The determination is made at
initial recognition. The classification depends on the entity's
business model for managing its financial instruments and the
contractual cash flow characteristics of the instrument. For
financial liabilities, the standard retains most of the IAS 39
requirements. The main change is that, in cases where the fair
value option is taken for financial liabilities, the part of a fair
value change due to changes in an entity's own credit risk is
recorded in other comprehensive income rather than the income
statement, unless this creates an accounting mismatch.
IFRS 9 is effective for accounting periods commencing on or
after 1st January 2015, but early adoption is permitted at any time
prior to this date. The Directors have not yet assessed the full
potential impact of IFRS 9, but intend to do so once the standard
is complete. The Company intends to adopt IFRS 9 no later than the
mandatory effective date.
IFRS 10, "Consolidated Financial Statements"
IFRS 10 was issued in May 2011 and is mandatory for accounting
periods commencing from 1st January 2013, but early adoption is
permitted at any time prior to this date. IFRS 10 builds on
existing principles by identifying the concept of control as the
determining factor in whether an entity should be included within
the consolidated financial statements of the parent company.
FRS 10 "Consolidated Financial Statements" (amendments)
IFRS 10 was amended on 31st October 2012 to introduce an
exception from the requirement to prepare consolidated financial
statements for "Investment Entities".
The amendment to IFRS 10 defines an Investment Entity is an
entity that: "(a) obtains funds from one or more investors for the
purpose of providing those investor(s) with investment management
services; (b) commits to its investor(s) that its business purpose
is to invest funds solely for returns from capital appreciation,
investment income or both; and (c) measures and evaluates the
performance of substantially all of its investments on a fair value
basis."
The amendment also provides examples of typical characteristics
of an Investment Entity. The characteristics are: holding more than
one investment; having more than one investor; having investors
that are not related parties of the entity; and having ownership
interests in the form of equity or similar interests. However, the
absence of one or more of these characteristics will not prevent an
entity from qualifying as an Investment Entity.
An entity will not be disqualified from being an Investment
Entity where it carries out any of the following activities:
provision of investment-related services to third parties and to
its investors, even when substantial; or, providing management
services and financial support to its investees, but only when
these do not represent separate substantial business activity and
are carried out with the objective of maximising the investment
return from its investees.
An Investment Entity is required to account for its subsidiaries
at fair value through profit or loss in accordance with IFRS 9,
'Financial instruments' (or IAS 39, 'Financial instruments:
recognition and measurement', where applicable). The only exception
is for subsidiaries that provide services to an Investment Entity
that are related to its investment activities, which should be
consolidated.
The exception from the consolidation requirements of IFRS 10
only applies to a parent of an Investment Entity if such parent is
itself an Investment Entity. If the parent is not itself an
Investment Entity, then such parent is required to consolidate all
of the entities that it controls, including the Investment Entity's
investees.
The revised standard is effective for accounting periods
commencing on or after 1st January 2014, but early adoption is
permitted at any time prior to this date.
At the same time as the amendment to IFRS 10 was issued, the
IASB issued corresponding amendments to IFRS 12 "Disclosures of
Interests in Other Entities" and IAS 27 "Separate Financial
Statements", which must be adopted concurrently with the amendment
to IFRS 10, if applicable.
IFRS 12, "Disclosure of Interest in Other Entities"
IFRS 12 was issued in May 2011 and is mandatory for accounting
periods commencing from 1st January 2013, but early adoption is
permitted at any time prior to this date. IFRS 12 is a new and
comprehensive standard on disclosure requirements for all forms of
interests in other entities, including joint arrangements,
associates, special purpose vehicles and other off balance sheet
vehicles.
IFRS 13, "Fair Value Measurement"
IFRS 13 was issued in May 2011 and aims to improve consistency
and reduce complexity by providing a precise definition of fair
value and a single source of fair value measurement and disclosure
requirements for use across IFRSs. The requirements do not extend
the use of fair value accounting, but provide guidance on how it
should be applied where its use is already required or permitted by
other standards within IFRSs.
IFRS 13 is effective for accounting periods commencing on or
after 1st January 2013, but early adoption is permitted at any time
prior to this date.
The Directors have made an assessment of the potential impact of
early adoption of all of the standards listed above, except for
IFRS 9, as stated above. In the Directors' opinion, early adoption
of any of these standards would have no material effect on the
reported performance, financial position, or disclosures of the
Company.
The Directors have made an assessment of the potential impact of
early adoption of all of the standards listed above. In the
Directors' opinion, early adoption of any of these standards would
have no material effect on the reported performance, financial
position, or disclosures of the Company.
b) Basis of measurement
These financial statements have been prepared on a historical
cost basis as modified by the revaluation of financial assets and
liabilities held at fair value through profit or loss. The policies
have been consistently applied to both periods presented.
Financial instruments at fair value through profit or loss and
derivatives at fair value though profit and loss are measured at
fair value and changes therein are recognised in the statement of
comprehensive income. Information about significant areas of
estimation, uncertainty and critical judgements in applying
accounting policies that have the most significant effect on the
amounts recognised within the financial statements are included in
note 2 (o) 'Determination of fair values'.
c) Functional and presentation currency
These financial statements are presented in sterling, which is
the Company's functional and presentation currency.
d) Use of estimates and judgements
The preparation of financial statements in accordance with IFRS
requires the Board to make judgements, estimates and assumptions
that affect the application of policies and the reported amounts of
assets and liabilities, income and expenses. These estimates and
associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period, or in the period of the revision and future
periods if the revision affects both current and future
periods.
e) Foreign currencies
Transactions in foreign currencies, other than sterling, are
translated at the foreign currency exchange rate ruling at the date
of the transaction. Monetary assets and liabilities denominated in
foreign currencies are translated to sterling
at the foreign currency closing exchange rate ruling at the
balance sheet date. Foreign currency exchange differences
arising on translation and realised gains and losses on
disposals or settlements of monetary assets and liabilities are
recognised in the statement of comprehensive income. Non-monetary
assets and liabilities denominated in foreign currencies that are
measured at fair value are translated to sterling at the foreign
currency exchange rates ruling at the dates that the values were
determined. Foreign currency differences arising on retranslation
are recognised in the statement of comprehensive income.
f) Financial instruments
Financial assets and financial liabilities are initially
recognised on the Company's balance sheet when the Company becomes
party to the contractual provisions of a given instrument.
Purchases and sales of financial instruments are recognised on
the trade date. Gains and losses are recognised from that date.
Financial assets cease to be recognised when the contractual
rights to cash flows from the assets expire or the Company
transfers the financial assets and substantially all of the risks
and rewards of ownership have been transferred. Financial
liabilities cease to be recognised when the liabilities are
extinguished.
Financial instruments comprise investments in equity and debt
securities, warrants, loans receivable, trade and other
receivables, cash and cash equivalents, trade and other payables
and performance fees retained.
Financial instruments are recognised initially at fair value.
Subsequent to initial recognition financial instruments are
measured as described below.
Financial assets at fair value through profit or loss
An instrument is classified at fair value through profit or loss
if it is held for trading or designated as such upon initial
recognition. The Company has designated its investment holdings as
at fair value through profit or loss as permitted by International
Accounting Standard 39 Financial Instruments: Recognition and
Measurement. These financial assets are designated on the basis
that they form part of a group of financial assets which are
managed and have their performance evaluated on a fair value basis.
Upon initial recognition attributable transaction costs are
recognised in the statement of comprehensive income when incurred.
Financial instruments at fair value through profit or loss are
measured at fair value, and changes therein are recognised in the
statement of comprehensive income.
Derivatives at fair value through profit or loss
The warrants held by the Company are classified as derivative
financial instruments held for trading. Therefore they are
recognised at fair value, with realised and unrealised gains and
losses being recognised in the statement of comprehensive income.
The derivatives are derecognised when the rights to receive cash
flows from it have expired or the Company has transferred
substantially all risks and rewards of ownership.
Loans and receivables
These assets are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. They
are initially recognised at fair value plus directly attributable
transaction costs and are subsequently
carried at amortised cost using the effective interest rate
method, less provision for impairment. Impairment provisions are
recognised when there is objective evidence that the Company will
be unable to collect all of the amounts due under the terms of the
receivable. The Company's loans and receivables comprise loans
receivable, trade and other receivables and cash and cash
equivalents.
Financial liabilities
All liabilities are classified as other financial liabilities
and are measured at amortised cost using the effective interest
rate method.
Cash and cash equivalents
Cash comprises fixed deposits, cash balances and call deposits
with banks. Cash equivalents are short-term highly-liquid
investments that are readily convertible to known amounts of cash,
are subject to an insignificant risk of changes in value, and are
held for the purpose of meeting short-term cash commitments rather
than for investment or other purposes.
Ordinary shares
Financial instruments issued by the Company are treated as
equity only to the extent that they do not meet the definition of a
financial liability.
The Ordinary Shares of the Company are treated as equity as they
entitled the shareholder to a pro rata share of the Company's net
assets in the event of the Company's liquidation.
g) Provisions
A provision is recognised if, as a result of a past event, the
Company has a legal or constructive obligation that can be reliably
estimated, and it is probable that an outflow of economic benefits
will be required to settle the obligation. Provisions are
determined by discounting the expected future cash flows at a
pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to that liability.
h) Revenue and expenses
Revenue is recognised to the extent that it is possible that
economic benefits will flow to the Company and the revenue can be
reliably measured. Expenses are accounted for on an accruals
basis.
i) Finance income and expenses
Finance income comprises interest income on funds invested
(including debt securities at fair value through profit or loss),
interest income and loan interest income. Interest income and loan
interest income are recognised as they accrue in the statement of
comprehensive income, using the effective interest rate method.
Dividend income is recognised in the statement of comprehensive
income on the date the Company's right to receive payments is
established which is usually the ex-dividend date.
Finance expenses comprise interest expense on borrowings and
unwinding of discounts on provisions.
Foreign currency gains and losses are reported in the statement
of comprehensive income on a net basis.
j) Earnings per share ("EPS") and net asset value ("NAV") per
share
The Company presents basic EPS and NAV data for its ordinary
shares. Basic EPS is calculated by dividing the comprehensive
income attributable to equity shareholders from operations by the
weighted average number of ordinary shares in issue during the
period. (For further details see note 6). NAV per equity share is
calculated by dividing net assets attributable to equity
shareholders by the number of equity shares outstanding at the
period/year end.
k) Transaction costs
Expenses incurred by the Company that are directly attributable
to the offering of new shares have been taken to statement of
changes in net assets attributable to equity shareholders.
l) Taxation
Profits arising in the Company are subject to Jersey Income Tax,
currently at the rate of 0%.
The Company is registered under the Reporting Fund regime
Regulation 51 of The Offshore Fund (Tax) Regulations 2009 in the
United Kingdom effective 1st July 2009.
m) Dividends payable
Dividends payable to ordinary shareholders are accounted for
when a legal obligation arises.
Dividends payable, if any, on ordinary shares are recognised in
the statement of changes in net assets attributable to equity
shareholders.
n) Offsetting
Financial assets and liabilities are offset and the net amount
is reported within assets and liabilities where there is a legally
enforceable right to set off the recognised amounts and there is an
intention to settle on a net basis, or realise the asset and settle
the liability simultaneously.
o) Determination of fair values
A number of the Company's accounting policies and disclosures
require the determination of fair values for the financial assets
and liabilities. Fair value is the amount for which an asset or
liability could be exchanged or settled between knowledgeable,
willing parties in an arms length transaction. Fair values have
been determined for disclosure purposes based on the following
methods. When applicable, further information about the assumptions
made in determining fair values is disclosed in the notes specific
to that asset or liability.
Financial assets for which quoted closing prices are available
from a third party in a liquid market are valued on the basis of
quoted bid prices. Where there are no available quoted prices the
fair values will be determined in accordance with International
Private Equity and Venture Capital Valuation Guidelines ("IPEVCV"
Guidelines) as amended from time to time.
As at the balance sheet date, the fair values of quoted equities
are based on quoted bid prices at the period/year end. Unquoted
equities and unquoted securities are valued using a variety of
methods as follows:
- Rapid Action Packaging Limited Ordinary Shares have been
valued based on a multiple of sales in line with market multiples.
This metric has been discounted to reflect the company's non-listed
status. The convertible unsecured loan stock is valued at cost.
- Hydrodec Group plc loan notes are valued at par.
- STX Services B.V. shares have been valued based on a multiple
of profit after tax for the year plus the free cash on the balance
sheet available for dividend.
- New Earth Recycling and Renewables (Infrastructure) Plc is
valued at the most recent published monthly valuation published by
the fund administrator.
- Terra Nova SAS shares are valued on a discounted cash flow
basis.
- ECO Plastics Limited holding is valued based on a multiple of
sales in line with market multiples less net debt excluding the
convertible unsecured loan stock. This metric has been discounted
to reflect the company's non-listed status. The resulting value has
then been passed through the company's cash waterfall, with the
CULS treated as if converted.
- Lumicity Limited shares are valued based on the current value
of its near-term pipeline plus its cash and debtors. The loan notes
are valued at par.
- Tamar Energy Limited shares are valued at cost.
- Ignis Biomas Limited shares, loan notes and convertible
unsecured loan stock are valued at cost.
- Micropelt GmbH convertible unsecured loan stock is valued at
cost less approximately 50%. Full provision has been made against
the accrued interest.
Investments are made in companies that may be subject to a high
degree of operating and financial risk. The values assigned to
investments are based upon available information and do not
necessarily represent amounts that might ultimately be realised.
Because of the inherent uncertainty of valuations, estimated
carrying values may differ significantly from the values that would
have been realised had a ready market for the investments existed,
and these differences could be material.
The fair value of financial liabilities is calculated based on
the present value of future principal and interest cash flows,
discounted at the market rate of interest at the balance sheet
date.
The fair value of derivatives at fair value through profit or
loss is derived using the Black Scholes Option Pricing Model.
p) Non-consolidation
The Directors do not believe that the Company has the power to
exercise control over the investments, except for Ignis Biomas
Limited, as set out in the provisions of paragraph 12 of
International Accounting Standard 27 (Consolidated Financial
Statements and Accounting for Investments in Subsidiaries), or
under the Standard Interpretations Committee pronouncement Number
12 (SIC 12 - Consolidation: Special Purpose Entities). The
Directors have arrived at this opinion because the Company in any
of its investments with the exception of Ignis Biomass Limited and
its wholly owned subsidiary Ignis Wick Limited:
- does not hold a controlling stake;
- does not have the power to govern the financial and operating
policies;
- does not have the power to remove the majority of the members
of the Board of Directors; and
- does not have the power to cast the majority of votes at
meetings of the Board of Directors.
Ignis Biomas Limited and Ignis Wick Limited were not
consolidated in these financial statements as the Directors
considered that these subsidiary companies are immaterial to the
Group as a whole. Therefore in the opinion of the Directors, the
Company has no material subsidiaries and consequently there is no
requirement to present consolidated financial statements.
q) Associates
Associates are all entities over which the Company has
significant influence but not control, generally accompanying a
shareholding of between 20% and 50% of the voting rights.
As the Company operates as a venture capital organisation it
uses the scope exemption of IAS 28 'Investment in Associates' and
designates upon initial recognition some investments that would
otherwise be equity accounted as investments at fair value through
profit or loss with subsequent changes in fair value recognised in
the statement of comprehensive income in the period of the
change.
r) Segmental reporting
An operating segment is a component of the Company that engages
in business activities from which it may earn revenues and incur
expenses. The Directors perform regular reviews of the operating
results of the Company and make decisions using financial
information at the entity level only. Accordingly, the Directors
believe that the Company has only one reportable operating
segment.
The Directors are responsible for ensuring that the Company
carries out business activities in line with the transaction
documents. They may delegate some or all of the day to day
management of the business, including the decisions to purchase and
sell securities, to other parties external to the Company. The
decisions of such parties are reviewed on a regular basis to ensure
compliance with the policies and legal responsibilities of the
Directors. Therefore, the Directors retain full responsibility as
to the major allocation decisions of the Company.
3. PERFORMANCE FEES RETAINED AND PAYABLE
Period ended Period ended
31st Dec 31st Dec
12 11
Performance fees GBP nil GBP nil
payable
============= =============
Performance fees are payable to the Adviser with reference to
the increase in adjusted net asset value per share over the course
of each performance period. The Adviser becomes entitled to receive
a performance fee if the following conditions are met:
a) The adjusted net asset value per share at the end of the
performance period exceeds the Performance Hurdle. The Performance
Hurdle is an amount equal to the placing price increased at a rate
of 8% per annum on a compounded basis up to the end of the relevant
performance period; and
b) The adjusted net asset value per share at the end of the
performance period exceeds the High Watermark. The High Watermark
is the highest previously recorded adjusted net asset value per
share at the end of a performance period for which a performance
fee was last earned.
If the above conditions are met the Adviser is entitled to
receive a fee equal to 20% of the amount by which the adjusted net
asset value exceeds the higher of (i) the performance hurdle and
(ii) the relevant High Watermark multiplied by the time-weighted
average number of shares in issue since the end of the last
performance period for which a performance fee was earned.
The conditions for payment of performance fees were not met for
the performance period ended 31st December 2012 and year ended 30th
June 2012.
20% of performance fees earned by the Adviser shall be retained
and deposited in a Reserve Account (see note 9). The Reserve Amount
shall only be released on the final calculation date when the
Administrator will calculate the Reserve Release Amount in
accordance with Schedule 1 of the Advisory Agreement.
On 21st December 2012, the Company entered into a new Investment
Advisory Agreement with the Adviser in which the performance fee
basis of calculation was reset from an effective date of 30th June
2012. In the addition to the above conditions, there is also
certain additional criteria which needs to be met by the Adviser
before any accrued performance fees are payable. Also, as a result
of entering into this new agreement, the balance of the performance
fee retention was released in favour of the Company.
4. DIRECTORS' REMUNERATION AND INTERESTS
Period Period ended
ended
31st Dec 31st Dec
12 11
Directors' fees 79,722 80,000
Directors' expenses 4,742 1,347
GBP 84,464 GBP 81,347
========= =============
The details of the Directors' remuneration is as follows:
Period Period
ended ended
31st Dec 31st Dec
12 11
J. Shakeshaft (Chairman) 30,000 30,000
D. Adamson - 12,500
M. Christensen 12,500 12,500
S. Hansen 12,500 12,500
D. Pirouet 12,500 12,500
R. Green 12,222 -
GBP 79,722 GBP 80,000
========= =========
As at the balance sheet date, the following Ordinary Shares and
Warrants of the Company were held by the Directors, the Directors
of the Adviser, the Investment Adviser and the Principals of the
Investment Adviser.
Ordinary Manager
31ST DECEMBER 2012 Shares Warrants Warrants
Directors
J. Shakeshaft 115,445 - -
M. Christensen 10,000 - -
Investment Adviser and related
principals
Ludgate Investments
Limited 664,000 - -
J.N.B. Curtis 15,000 - -
N. Pople 50,000 - -
C. Sebag-Montefiore - - -
B. Weil - - -
Ocean Capital Investment
BV * 5,839,757 - -
Ocean Capital Holding
II BV ** - - -
30TH JUNE 2012
Directors
J. Shakeshaft 115,445 12,500 -
M. Christensen 10,000 2,500
Investment Adviser
and related principals
Ludgate Investments
Limited 664,000 166,000 775,250
T. Cooke 50,000 12,500 25,000
J.N.B. Curtis 15,000 - -
N. Pople 50,000 12,500 95,000
C. Sebag-Montefiore - - 70,000
B. Weil - - 40,000
Ocean Capital Holding
II BV ** 5,839,757 - -
Principals of Ludgate Investments Limited include Directors and
senior management.
* Ocean Capital Investment BV is a company in which G. Voskamp
and J. Voskamp, both directors of Ludgate Investments Limited, each
have a 50% shareholding.
** Ocean Capital Holding II BV is a company in which G. Voskamp
and J. Voskamp, both directors of Ludgate Investments Limited, each
have 20% and 80% shareholdings, respectively.
5. DIVIDENDS
Period Period
ended ended
31st Dec 31st Dec
12 11
Interim dividend 1,068,936 984,546
Special dividend - 6,751,174
GBP 1,068,936 GBP 7,735,720
========== ==========
The Company paid an interim dividend of 1.9 pence per share at a
total cost of GBP1,068,936 on 10th August 2012 (for the six months
ended 31st December 2011: an interim dividend of 1.75 pence per
share was paid at a total cost of GBP984,546). No special dividend
of was paid during the period (for the six months ended 31st
December 2011: a special dividend of 12 pence per share was paid at
a total cost of GBP6,751,174).
6. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is
based on the following information:
Period Period
ended ended
31st Dec 31st Dec
12 11
Total comprehensive income/(loss) GBP 1,997,329 GBP (5,839,380)
=========== ============
Number Number
Weighted average number of equity shares
for the purposes of basic earnings per
share 56,259,784 56,259,784
Basic and diluted income/(loss) per
equity share GBP 0.04 GBP (0.10)
7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
As noted above the Company has designated its investment
holdings in cleantech companies at fair value through profit or
loss. Financial assets are initially recognised on the Company's
balance sheet at fair value when the Company becomes party to the
contractual provisions of a given instrument and changes thereafter
are recognised in the statement of comprehensive income.
31st Dec 30th June
Investments: 12 12
Opening cost of investments 38,209,522 28,460,639
Purchases/(disposals) during
the period/year:
Cost of Loan Notes converted into preference
shares 1,301,635 -
New investments acquired 4,933,799 17,650,196
Conversion to preference
shares ( 1,301,635) -
Conversion to loan ( 3,000,000) -
Investments sold - ( 7,901,313)
Closing cost of investments GBP 40,143,321 GBP 38,209,522
============= =============
31st Dec 30th June
12 12
Opening fair value
of investments 29,179,682 24,170,394
Purchases/(disposals) during
the period/year:
Cost of Loan Notes converted into preference
shares 1,301,635 -
New investments acquired 4,933,799 17,650,196
Conversion to preference
shares ( 1,301,635) -
Conversion to loan ( 3,000,000) -
Proceeds on disposal - ( 8,913,431)
Fair value movement 1,625,411 ( 3,727,477)
Closing fair value of investments GBP 32,738,892 GBP 29,179,682
=================== =============
Further details of the investments held can be found in note 21
to these financial statements.
IFRS 7 requires the Company to classify fair value measurements
using a three level fair value hierarchy that reflects the
significance of the inputs used in making the measurements. The
fair value hierarchy has the following 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
or indirectly.
Level 3 - Inputs for the asset or liability that are not based
on observable market data.
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 to comprise market data that is readily available,
regularly distributed or updated, reliable and verifiable, not
proprietary, and provided by independent sources that are actively
involved in the relevant market.
The following table analyses within the fair value hierarchy the
Company's financial assets measured at fair value at 31st December
2012 and 30th June 2012.
31st December 2012 Level Level Level 3 Total
1 2
GBP GBP GBP GBP
Financial assets
at fair value through
profit or loss 2,646,468 - 30,092,424 32,738,892
========== ====== =========== ===========
Derivatives at fair
value through profit
or loss - - 114,676 114,676
========== ====== =========== ===========
30th June 2012
Financial assets
at fair value through
profit or loss 2,295,944 3,034,200 23,849,538 29,179,682
========== ========== =========== ===========
Derivatives at fair
value through profit
or loss - - 143,167 143,167
========== ========== =========== ===========
Financial assets whose values are based on quoted market prices
in active markets, and therefore classified within Level 1, include
mainly actively listed equities. The Company does not adjust the
quoted market price for these.
Financial assets 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 within Level 2. Level 2 includes mainly
convertible bonds. As Level 2 bonds are not traded in an active
market, valuations are based on an option valuation method which
was carried out by an independent broker.
Financial assets classified within Level 3 have significant
unobservable inputs, as they trade infrequently. Level 3 includes
equities and convertible loan notes. As the observable prices are
not available for these equities and convertible loan notes, the
Company has used valuation methods as described in note 2 (o).
The movement in Level 3 financial assets for the period ended
31st December 2012 and year ended 30th June 2012 by class of
financial assets were as follows:
Unquoted Unquoted
31st December 2012 Derivatives equities securities Total
Opening balance 143,167 17,947,020 5,902,518 23,992,705
Total (losses)/gains
(realised/unrealised)
included in the statement
of comprehensive
income ( 28,491) ( 2,286,813) 6,595,901 4,280,597
Purchases, sales,
issuances, and settlements
(net) - 3,523,087 ( 1,589,289) 1,933,798
Closing balance GBP 114,676 GBP 19,183,294 GBP 10,909,130 GBP 30,207,100
============ ============= ============= ===========
30th June 2012
Opening balance 208,362 16,226,571 2,295,333 18,730,266
Total losses (realised/unrealised)
included in the statement
of comprehensive
income ( 65,195) ( 4,359,238) ( 62,292) ( 4,486,725)
Purchases, sales,
issuances, and settlements
(net) - 6,079,687 3,669,477 9,749,164
Closing balance GBP 143,167 GBP 17,947,020 GBP 5,902,518 GBP 23,992,705
========== ============= ========== =============
For unquoted equities, if the multiple used or the recent market
transaction price used in the valuation had increased by 5%, this
would have resulted in an increase in value of GBP1,320,591 (for
the year ended 30th June 2012: GBP914,294). A decrease of 5% would
have resulted in a decrease in value of GBP1,320,591 (for the
year
ended 30th June 2012: GBP914,294).
Evidence or confirmation of title of financial assets at fair
value through profit or loss are held by the following parties:
31st Dec 30th Jun
12 12
Walker Crips Stockbrokers
Limited 2,321,533 2,011,812
State Street (Jersey)
Limited 30,092,424 26,883,738
Computer Share (Australia) 324,935 284,132
GBP 32,738,892 GBP 29,179,682
=========== ===========
8. DERIVATIVES AT FAIR VALUE THROUGH PROFIT OR LOSS
31st Dec 30th Jun
12 12
Rapid Action Packaging Limited - 2,250
warrants (30th June 2012: 2,250) GBP 114,676 GBP 143,167
========= =========
The warrants have been valued using the Black Scholes Option
Pricing Model.
9. CASH AND CASH EQUIVALENTS
31st Dec 30th Jun
12 12
Royal Bank of Scotland International -
current account GBP 305,589 263,893
Royal Bank of Scotland International -
current account EUR 255,697 17,928
Royal Bank of Scotland International -
current account AUD 1 1
Walker Crips Stockbrokers Limited 21,545 21,554
Barclays - reserve account - 189,668
Cash held on fixed term deposit:
Fixed term deposits held with Barclays
(GBP) 2,212,068 3,136,767
Fixed term deposits held with HSBC (GBP) - 5,087,913
Fixed term deposits held with ABN AMRO
(GBP) 190,963 -
Fixed term deposits held with Lloyds (GBP) 2,600,000 4,000,000
Fixed term deposits held with Royal Bank
of Scotland International (GBP) 3,633,828 2,500,000
GBP 9,219,691 GBP 15,217,724
========== ===========
The Company has permission to borrow sums equivalent to 25% of
the net asset value in accordance with its Articles of Association.
At the balance sheet date, no such facility had been entered into
(30th June 2012: GBPnil). The Board of the Company have taken care
to minimise the credit risk associated with cash and cash
equivalents. The cash held in fixed term deposits has been
diversified across a number of reputable financial
institutions.
The cash held on the Reserve Account represents 20% of the
performance fees earned by the Adviser to date. The balance on this
account can only be released on the final calculation date when the
Administrator will calculate the Reserve Release Amount in
accordance with Schedule 1 of the Advisory Agreement.
Cash and cash equivalents are held by the following banks and
brokers:
31st Dec 30th Jun
Bank/Broker 12 12
Walker Crips Stockbrokers Limited 21,545 21,554
Royal Bank of Scotland International 4,195,115 2,781,822
Barclays 2,212,068 3,326,435
Lloyds 2,600,000 4,000,000
ABN AMRO 190,963 -
HSBC - 5,087,913
GBP 9,219,691 GBP 15,217,724
========== ===========
10. LOANS RECEIVABLE
31st Dec 30th Jun
12 12
Lumicity Ltd 650,000 484,685
Ignis Wick Limited 319,672 319,672
Hydrodec 3,000,000 -
GBP 3,969,672 GBP 804,357
========== =========
Non- current 3,000,000 -
Current 969,672 804,357
On 28th September 2010, the Company entered into an Investment
Agreement with Lumicity Limited whereby the Company advanced an
unsecured and interest free loan of GBP298,000 which was converted
into 149,000 A Preference Shares on 18th August 2011.
On 18th August 2011, the Company purchased 125,000 additional
Lumicity A Preference Shares and GBP750,000 unsecured Series B Loan
Notes which bear interest of 10% (maximum of GBP3 million). On 21st
December 2012, a partial payment of GBP100,000 was received by the
Company. At 30th June 2012, a fair value provision of GBP265,315
was made against this loan, which accordingly had a fair value of
GBP484,685. The provision was reversed during the current
period.
The Company entered into a Loan Agreement with Ignis Wick
Limited to fund the development costs of the Wick project up to
GBP779,000. The loan is unsecured and bears interest at 8% p.a. As
at 31st December 2012, GBP319,672 (year ended 30th June 2012:
GBP319,672) has been drawn.
On 1st November 2012, the Hydrodec Group plc convertible bonds
expired. At this date, the bonds were converted into a 2 year loan
with interest of 8% per annum.
11. TRADE AND OTHER RECEIVABLES
31st Dec 30th Jun
12 12
Fixed deposit interest receivable 1,268 39,668
Investment income receivable 512,618 394,350
Prepayments and other receivables 71,218 103,416
GBP 585,104 GBP 537,434
========= =========
12. TRADE AND OTHER PAYABLES
31st Dec 30th Jun
12 12
Directors' fees and expenses payable 19,066 18,056
Professional fees payable 49,225 51,039
Audit fees payable 4,750 16,500
Administration and accounts payable 30,000 25,000
Payable to Terra
Nova 11,417 -
Other creditors 14,688 11,240
GBP 129,146 GBP 121,835
========= =========
All expenses are payable on presentation of an invoice.
13. PERFORMANCE FEE RETENTION
31st Dec 30th Jun
12 12
Retention of performance fees GBP - GBP 190,033
========== =========
For further details please refer to note 3. The above figures
include accrued interest as at period/year end.
14. STATED CAPITAL ACCOUNT
31st Dec 30th Jun
12 12
AUTHORISED:
Ordinary Shares of no par value each Unlimited Unlimited
The authorised stated capital of the Company comprises an
unlimited number of voting, Ordinary Shares which are neither
redeemable nor convertible and which have no par value.
No. of No. of
No. of investor manager
ordinary shares warrants warrants
Opening balance
at 1st July 2012 56,259,784 6,683,775 1,285,250
Expired warrants - ( 6,683,775) ( 1,285,250)
Closing balance at 31st 56,259,784 - -
December 2012
================ ============= =============
Opening balance
at 1st July 2011 56,259,784 6,683,775 1,285,250
Closing balance at
30th June 2012 56,259,784 6,683,775 1,285,250
================ ============= =============
Two Ordinary Shares of GBP1.00 each were issued on
incorporation. The initial public offering ("IPO") of Ordinary
Shares on 2nd August 2007 was priced at GBP1.00 per share.
Subscribers for the Ordinary Shares received one investor warrant
for every four Ordinary Shares subscribed. Each investor warrant
entitled the holder to subscribe for additional Ordinary Shares in
the Company at a subscription price of GBP1.50 until the final
subscription date of 31st October 2012.
A second placing of shares occurred on 22nd February 2008.
2,673,509 Ordinary Shares of no par value were issued at a price of
GBP1.12 per share. On 10th November 2008 a further issue of
16,557,807 Ordinary Shares were placed at a price of GBP1.09 per
share. On 5th August 2010 a further issue of 10,293,365 Ordinary
Shares were placed at a price of GBP0.97 per share. No warrants
were attached to these shares issued subsequent to the IPO. The
Ordinary Shares and investor warrants are listed and traded on AIM.
The manager warrants are not listed.
The Ordinary Shares carry the right to vote at general meetings,
dividends and the surplus assets of the Company on winding-up. All
holders of the Ordinary Shares have the same voting rights.
31st Dec 30th Jun
12 12
Stated Stated
Capital Capital
Opening balance and closing balance GBP 57,566,436 GBP 57,566,436
=========== ===========
31st 30th Jun
Dec 12
WARRANTS: 12
Investor Warrants:
Issue of warrants at IPO (1:4
exercisable for ordinary shares) Number - 6,683,775
Exercise price - GBP1.50 GBP1.50
Manager Warrants:
Issue of Manager Warrants
at IPO Number - 1,285,250
Exercise price - GBP1.75 GBP1.75
The Investor Warrants entitled the holder to subscribe for one
ordinary share in the Company at a price of GBP1.50 up to the Final
Subscription Date of 31st October 2012. Investors who subscribed
for Shares pursuant to the placing received one Investor Warrant
for every four shares acquired.
The Manager Warrants were issued in registered form and entitled
the holder to subscribe for one share at a price of GBP1.75 until
the Final Subscription Date of 31st October 2012.
Warrants could only be exercised during the 28 days following
the date of publication of the Company's annual Audited Financial
Statements for any of the financial periods/years ended 30th June
2008 to 2011 inclusive and/or during the 28 days prior to the Final
Subscription Date of 31st October 2012.
The Warrants expired during the period and the holders did not
exercise the right to acquire additional shares in the Company.
15. SEGMENT INFORMATION
Geographical information
The Company's country of domicile is Jersey, Channel Islands.
All of the Company's revenues, excluding bank interest, are
generated from outside the Company's country of domicile.
Non-current assets
The Company has no non-current assets other than financial
instruments.
Sources of income
The Company's sources of net income were interest and dividends
from financial assets and deposits. The majority of the income
during the year was derived from investments in Hydrodec Group plc,
Rapid Action Packaging Limited, STX Services B.V., Lumicity
Limited, Ignis Biomass Limited and fixed term deposits.
16. FINANCIAL RISK MANAGEMENT
The Board of Directors is responsible for the establishment and
oversight of the Company's risk management framework. Policies are
established to identify and analyse the risks faced by the Company,
to set appropriate risk limits and controls and to monitor risks
and adherence to limits. These are reviewed regularly to reflect
changes in market conditions and the Company's activities.
The Company maintains positions in a variety of financial
instruments dictated by its investment management strategy. The
Company's investment portfolio comprises quoted and unquoted equity
investments, unquoted debt securities and cash which the Company
intends to hold for an indefinite period (subject to the life of
the Company). Asset allocation is determined by the Board who
manages the distribution of the assets to achieve the investment
objectives.
The Directors are aware that substantially all of the current
business of the Adviser is accounted for in the services provided
to the Company under the Advisory Agreement. In reviewing the
performance of the Adviser, the Directors have paid particular
attention to the risks to the Company of the reputation, financial
standing, compliance and operation of each. They are satisfied that
there are sufficient controls in place to ensure that officers of
the Adviser cannot exercise undue influence over financial
reporting and that it is a going concern.
The nature and extent of the financial instruments outstanding
at the balance sheet date and the risk management policies employed
by the Company are discussed below.
Market Risk
Market risk is the risk that changes in market prices, such as
foreign exchange rates, interest rates and equity prices, will
affect the Company's income and or the value of its holdings in
financial instruments. The Adviser is responsible for monitoring,
measuring and reporting market risk.
The Company's exposure to market risk comes mainly from
movements in the value of its investments.
The Company's strategy on the management of investment risk is
driven by the Company's investment objective. The Company's
investment objective is to deliver to investors a significant level
of capital growth in the medium to long-term by building a diverse
portfolio of investments in cleantech companies. The Company's
market risk is managed by the Adviser in accordance with the
policies and procedures in place.
The Company seeks to achieve its investment objective and
minimise investment risk through the identification of appropriate
technologies and companies within the cleantech sector using a
rigorous review and selection process; by adding value to companies
in the portfolio through active support at all stages of their
growth and by focusing on maximising returns for shareholders by
assisting companies in achieving an appropriate and timely
exit.
Potential investments are screened to ensure that investments
comply with the investment criteria, as described in the Admission
Document and described in the Investment Policy. A full review and
due diligence are undertaken before a potential investment can be
submitted for approval by the Screening Committee, Investment
Committee and the Adviser.
Monitoring of the portfolio is carried out on a quarterly basis
by the Adviser who reviews the investments against technology
developments, commercial progress, financial and trading results
including management accounts, management assessment, market
intelligence and anticipated planning and exit. Investment risk is
also reviewed at the time of any investment proposal, the
publication of the net asset values and any capital raising.
The Company's overall market positions are reviewed quarterly by
the Board of Directors. Details of the Company\'s investment
portfolio composition as at the balance sheet date are disclosed in
note 21 to these financial statements.
Interest Rate Risk
To the extent the Company incurs indebtedness, changes in
interest rates can affect the Company's net interest income, which
is the difference between the interest income earned on
interest-bearing assets and the interest expense incurred on
interest-bearing liabilities. Changes in the level of interest
rates can also affect, among other things, the Company's ability to
acquire loans and investments, the value of its investments and the
Company's ability to realise gains from the settlement of such
assets. Interest rate risk is mitigated by a policy of holding
diversified instruments with varied counterparties.
The majority of the Company's financial assets are fixed rate or
non-interest bearing and all of the Company's financial liabilities
are non-interest bearing. Therefore, the Directors believe that the
Company's exposure to interest rate risk is minimal. Any excess
cash and cash equivalents are invested in fixed term deposits with
maturities of 12 months or less. Investments in debt securities are
in fixed rate instruments and therefore the Company has limited
exposure to prevailing interest rates. Any adverse movement in
interest rates would negatively affect the return on cash deposits
over time. The amount of cash held on fixed term deposits is
expected to reduce over the forthcoming years in accordance with
the Company's stated investment objectives.
The Company's overall interest rate risk is reviewed by the
Board on at least a quarterly basis.
Interest Rate Profile: 31st December 2012
Effective
Interest charging interest
basis rate Amount
Financial assets:
Cash and cash equivalents Fixed 0.43% 9,219,691
Financial assets at fair value
though profit or loss:
Unquoted securities Fixed 8.00% 7,345,664
Unquoted securities Fixed 12.00% 3,563,466
Non-interest
Quoted equities bearing n/a 2,646,468
Non-interest
Unquoted equities bearing n/a 19,183,294
Derivatives at fair value Non-interest
through profit or loss bearing n/a 114,676
Loan receivable Fixed 8% 3,319,672
Loan receivable Fixed 10% 650,000
Non-interest
Trade and other receivables bearing n/a 585,104
GBP 46,628,035
===========
Financial liabilities:
Non-interest
Trade and other payables bearing n/a 129,146
GBP 129,146
===========
Interest Rate Profile: 30th June 2012
Effective
Interest charging interest
basis rate Amount
Financial assets:
Cash and cash equivalents Fixed 1.47% 15,217,724
Financial assets at fair value
though profit or loss:
Unquoted securities Fixed 8.00% 3,034,200
Unquoted securities Fixed 12.00% 4,653,164
Unquoted securities Fixed 6% 1,249,354
Non-interest
Quoted equities bearing n/a 2,295,944
Non-interest
Unquoted equities bearing n/a 17,947,020
Derivatives at fair value Non-interest
through profit or loss bearing n/a 143,167
Loan receivable Fixed 8.00% 319,672
Loan receivable Fixed 10.00% 484,685
Non-interest
Trade and other receivables bearing n/a 537,434
GBP 45,882,364
===========
Financial liabilities:
Non-interest
Trade and other payables bearing n/a 121,835
Retention of performance
fees Floating 0.19% 190,033
GBP 311,868
===========
Interest rate sensitivity
IFRS 7 Financial Instruments: Disclosures ("IFRS 7") requires a
sensitivity analysis for each type of risk to which the entity is
exposed at the balance sheet date, showing how the profit or loss
and equity would have been affected by changes in the relevant risk
variable that are reasonably possible.
As disclosed above, the majority of the Company's financial
assets and financial liabilities are non-interest bearing or fixed
rate. During the period, the Company's interest income from fixed
deposits was GBP40,070 (year ended 30th June 2012: GBP224,387) of
which GBP1,268 (as at 30th June 2012: GBP39,668) is outstanding at
the end of the period. Had interest rates been 50 basis points
higher throughout the period the Company would have increased its
profit by GBP46,098 (year ended 30th June 2012: decrease in loss by
GBP76,089), with a corresponding decrease had interest rates been
50 basis points lower (year ended 30th June 2012: decrease in
profit of GBP76,089).
Currency Risk
The Company may invest in financial instruments and enter into
transactions that are denominated in currencies other than its
functional currency, sterling. Consequently the Company is exposed
to risk that the exchange rate of its functional currency relative
to other foreign currencies may change in a manner that has an
adverse effect on the value of that portion of the Company's assets
and liabilities denominated in currencies other than sterling.
The Company's policy is to accept a limited amount of currency
risk within the portfolio. It does not hedge either the fair value
of its foreign currency investments nor the cashflows, if any,
arising from such investments. Any gain or loss, recognised as a
result of the Company's investment and valuation policies is
recognised in the statement of comprehensive income. When the
Company has entered into a definitive contract to purchase or sell
securities denominated in foreign currency it purchases forward
contracts; any ineffectiveness in this hedging would also be
recognised in the statement of comprehensive income. The Company's
overall currency risk and exposure is monitored on a quarterly
basis by the Board of Directors. The Directors intend to keep this
policy under quarterly review as the portfolio becomes more fully
invested. The Directors further consider that investment in
currencies is a separate asset class and not as such part of the
normal trading business of the Company.
As at the balance sheet date the Company had the following
currency risk exposure:
31st Dec 30th Jun
12 12
Financial assets at fair value through
profit or loss
Unquoted equities and securities denominated
in EUR 7,595,602 6,654,932
Quoted equities denominated in AUD 351,105 302,439
GBP 7,946,707 GBP 6,957,371
========== ==========
31st Dec 30th Jun
12 12
Cash and cash equivalents
Cash and cash equivalents denominated
in EUR 255,697 17,928
Cash and cash equivalents denominated
in AUD 1 1
GBP 255,698 GBP 17,929
========= =========
Trade and other receivables:
Trade receivables denominated in EUR GBP 105,744 GBP 113,807
========= =========
Trade and other payables:
Trade payables denominated in EUR GBP 14,684 GBP 3,259
========= =========
Currency sensitivity
As at 31st December 2012 if GBP had strengthened against the EUR
by 5%, with all other variables held constant, the profit for the
period as per the statement of comprehensive income would have
decreased and the net assets of the Company would have decreased by
GBP202,357 (year ended 30th June 2012: increase in loss and
decrease in net assets of GBP323,033). A 5% weakening of GBP
against the EUR would have resulted in a increase in the profit for
the period as per the statement of comprehensive income and an
increase in net assets of the Company of GBP223,657 (year ended
30th June 2012: decrease in loss and increase in net assets of
GBP357,036), with all other variables held constant.
As at 31st December 2012 if GBP had strengthened against the AUD
by 5%, with all other variables held constant, the profit for the
period as per the statement of comprehensive income would have
decreased and the net assets of the Company would have decreased by
GBP16,719 (year ended 30th June 2012: increase in loss and decrease
in net assets of GBP14,402). A 5% weakening of GBP against the AUD
would have resulted in a increase in the profit for the period as
per the statement of comprehensive income and an increase in the
net assets of the Company of GBP18,479 (year ended 30th June 2012:
decrease in loss and increase in net assets of GBP15,918), with all
other variables held constant.
The movement in foreign exchange, excluding foreign exchange
movements on financial assets at fair value through profit or loss
which are reflected in the statement of comprehensive income as
part of losses or gains on financial assets at fair value through
profit or loss, for the period ended 31st December 2012 was a
profit of GBP5,483 (year ended 30th June 2012: loss of GBP747,122).
This movement has been largely caused by the variance in the
EUR:GBP exchange rate during the year on deposits held in EUR. The
EUR:GBP exchange rate moved from 1.236 as at 1st July 2012 to 1.233
as at 31st December 2012.
Other price risk
Market price risk is the risk that the value of an instrument
will fluctuate as a result of changes in market prices (other than
those arising due to currency risk or interest rate risk) whether
caused by factors specific to an individual investment, its issuer
or all factors affecting all instruments traded in the market. As
the majority of the Company's financial instruments are held at
fair value with changes in fair value being recognised in the
statement of comprehensive income, all changes in market conditions
will directly affect the profit for the period and the Company's
net assets. Price risk is monitored and reviewed by the Directors
on a quarterly basis, at any valuation event and at each investment
committee meeting, whichever is the more frequent.
Risk is mitigated in a thematic portfolio diversified by
securities, assets, geography and industrial sector. No single
investment can account for more than 15% of ungeared NAV at the
time of investment. No single investment held for short term
trading can be more than GBP750,000. The following table breaks
down the investment assets held by the Company:
31st Dec 30th Jun
12 12
percentage percentage
Financial assets at fair value through of net of net
profit or loss assets assets
Equity investments:
Quoted 5.69% 5.04%
Unquoted 41.26% 39.38%
Debt investments:
Unquoted 23.46% 19.61%
Market price risk sensitivity
7.01% of the Company's investment assets are listed on European
stock exchanges (year ended 30th June 2012: 6.83%). 1.07% of the
Company's investments are listed on the Australian stock exchange
(year ended 30th June 2012: 1.04%). A 10% increase in stock prices
as at 31st December 2012 would have increased the profit for the
period and would have increased the net assets of the Company by
GBP264,647 (year ended 30th June 2012: decreased the loss and
increase the net assets by GBP229,594). An equal change in the
opposite direction would increase the loss and decrease the net
assets of the Company by an equal but opposite amount.
Credit Risk
Credit risk is the risk that a counterparty to a financial
instrument will fail to discharge an obligation or commitment that
it has entered into with the Company. The carrying amount of
financial assets best represents the maximum exposure at the
balance sheet date. At the reporting date the Company's financial
assets exposed to credit risk amounted to the following:
31st Dec 30th Jun
12 12
Preference share holdings 2,813,649 301,677
Unquoted securities 5,413,466 8,936,718
Loans receivable 3,969,672 804,357
Trade and other receivables 585,104 537,434
Cash and cash equivalents 9,219,691 15,217,724
Total financial assets exposed to credit
risk GBP 22,001,582 GBP 25,797,910
=========== ===========
The Company and its Adviser seek to mitigate credit risk by
actively monitoring the underlying credit quality of the Company's
investment holdings. As noted above, monitoring of the portfolio is
carried out on a quarterly basis by the Adviser who will review the
investments against milestones of technology developments,
commercial progress, financial and trading results including
management accounts, management assessment, market intelligence and
anticipated planning and exit. Any indications of credit risk will
be reported to the Board who will also review the portfolio and the
related credit risk at least on a quarterly basis. The Company
holds no hedges or insurance against counterparty risk. The
Directors believe that the purchase of credit insurance would
expose the Company to an unapproved asset class of derivatives.
The Company holds fixed term deposits of varying maturities with
a number of banks each with a minimum long term credit rating from
Standard and Poors, Moody's, or Fitch of AA- through a pooled
account. This service is entitled "Cash2". All transactions are in
the name of State Street (Jersey) Limited Client Nominee, operated
by State Street (Jersey) Limited. The Company is the beneficial
owner of these deposits. There is no additional payment, liquidity,
or settlement risk associated with the pooling.
The Company analyses the credit concentration based on the
counterparty, industry and geographical location of the financial
assets that the Company holds. The Company's financial assets
exposed to credit risk were concentrated in the following
industries:
31st Dec 30th Jun
12 12
Cleantech industries 66.47% 41.01%
Banks/financial services 33.53% 58.99%
All of the Company's financial assets exposed to credit risk
which were held at the balance sheet date are European.
Concentration Risk
The Company may be exposed at any given time to a degree of
concentration risk. To the extent that the Company's investments
are concentrated in any one sub-sector of the cleantech sector,
country or asset class downturns affecting the source of
concentration may result in total or partial loss on such
investments, which will reduce the Company's net asset value. The
Directors consider the sector a diversified asset class and that
effective hedging could be achieved by replication in purchasing
differentiated securities but that the cost of these transactions
would negate the value of the protection. The Company's investments
are concentrated as follows:
31st Dec 30th Jun
12 12
Investment in cleantech industries 100.00% 100.00%
Geographical area - Holland 11.28% 10.03%
Geographical area - France 8.59% 5.32%
Geographical area - UK 75.73% 76.14%
Geographical area - Australia 1.07% 1.04%
Geographical area - Germany 3.33% 7.47%
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to
meet its financial obligations as they fall due.
The Company may face liquidity risks. Most of the investments in
which the Company invests are relatively illiquid i.e. private
companies which require a long-term capital commitment. A
substantial amount of the Company's funds are concentrated in a
limited number of investments subject to legal and other
restrictions on resale, transfer, pledge or other disposition or
that are less liquid than publicly traded securities. The
illiquidity of these investments may make it difficult to sell
investments if the need arises or the Investment Adviser determines
that such a sale would be in the Company's interests.
The Directors monitor liquidity risk at least quarterly and
perform going concern tests before the semi-annual publication of
the financial statements. As an operating practice the Company is
expected to hold at least sufficient working capital for a year's
continuous operation on a rolling basis. The Company also holds
sums equivalent to three months' forward operating expenses in call
accounts. The Directors review this policy regularly. The Company
also has permission to borrow sums equivalent to 25% of NAV in
accordance with the terms of its Articles of Association.
Maturity profile
The tables below show the maturity of the current borrowings
under the facilities, rather than the maturity over the whole life
of the facilities and the expected maturity of the securities,
rather than the legal maturity date.
31st Dec 12 30th Jun 12
Within One to Within One to five
one year five years one year years
------------ -------------- ------------ --------------
GBP GBP GBP GBP
Financial assets:
Cash and cash equivalents 9,219,691 - 15,217,724 -
Financial assets at
fair value through profit
or loss - 32,738,892 - 29,179,682
Derivatives at fair
value through profit
or loss 114,676 - 143,167 -
Loans receivable 3,969,672 - 804,357 -
Trade and other receivables 585,104 - 537,434 -
13,889,143 32,738,892 16,702,682 29,179,682
============ ============== ============ ==============
Financial liabilities:
Trade and other payables 129,146 - 121,835 -
Retention of performance
fee - - - 190,033
129,146 - 121,835 190,033
============ ============== ============ ==============
Financial instruments by category
Amounts recognised in balance sheet according
to IAS 39
Fair value
recognised
Carrying Amortised in
Category in accordance amount Cost profit or Fair value
with IAS 39 loss
GBP GBP GBP GBP
At 31st December 2012:
Loans and receivables 13,774,467 13,774,467 - - 13,774,467
Fair value through
profit or loss 32,853,568 - 32,853,568 32,853,568
Other liabilities 129,146 129,146 - - 129,146
At 30th June 2012:
Loans and receivables 16,559,515 16,559,515 - 16,559,515
Fair value through
profit or loss 29,322,849 - 29,322,849 29,322,849
Other liabilities 311,868 311,868 - 311,868
Disclosure of material income, expenses, gains and losses
resulting from financial assets and financial liabilities:
Fair value Financial
Loans and through liabilities
at
receivables profit or amortised
loss cost
GBP GBP GBP
-------------- ------------- ----------------------
31st December
2012:
Gain on financial assets
and derivatives at fair
value through profit or
loss 1,596,920 -
Investment income 40,070 792,426 -
Foreign exchange 5,483 - -
gain
45,553 2,389,346 -
============== ============= ======================
31st December
2011:
Loss on financial assets
and derivatives at fair
value through profit or
loss - ( 4,540,739) -
Interest income 132,381 385,713 -
Foreign exchange ( 748,282) - -
loss
( 615,901) ( 4,155,026) -
============== ============= ======================
Capital Management
The Company is an investment company listed on AIM in London.
Capital can only be increased either by the issue of new shares at
net asset value or by borrowing up to the permitted limit of 25% of
NAV. Capital can only be reduced by the repurchase and cancellation
of shares or the payment of special dividends both of which require
shareholder resolution. The Company seeks to provide long term
capital return in accordance with its stated investment policy from
a diversified portfolio of securities of cleantech companies. The
Company does not hold or intend to hold any derivatives other than
those which may be embedded in or between the assets in the
portfolio.
The Company will at all times maintain sufficient liquidity to
cover at least twelve months' anticipated operating expenses. The
Directors will also assure themselves that the NAV of the Company
is sufficient for the cost effective management of the portfolio
and the Company's objectives.
17. CASH GENERATED FROM OPERATIONS
Period Period ended
ended
31st Dec 31st Dec 31st Dec
12 11 12
Total comprehensive income/(loss) 1,997,329 ( 5,839,380)
Adjustments for:
(Gain)/loss on financial assets and
derivatives at fair value through profit
or loss ( 1,596,920) 4,540,739
Movement on foreign exchange: cash
and cash equivalents ( 5,483) 748,282
Interest and dividends on investments ( 792,426) ( 385,713)
Reversal of provision against loan
receivable ( 265,315) -
Provision against loan receivable - 47,500
Decrease in trade and other receivables 70,398 10,197
Increase/(decrease) in trade and other
payables 7,311 ( 40,461)
(Decrease)/increase in retention of
performance fees ( 190,033) 1,339
CASH FLOW FROM OPERATIONS GBP ( 775,139) GBP ( 917,497)
============= =============
31st Dec 30th Jun
NON-CASH MOVEMENTS 12 12
Conversion of Loan Notes to Preference
Shares 1,301,635 -
Conversion of Loan Notes to Loan 3,000,000 -
GBP 4,301,635 GBP -
============= =============
18. RELATED PARTY DISCLOSURE
Directors' remuneration and expenses payable for the period
ended 31st December 2012 are disclosed in note 4 and note 12.
The terms and conditions of any transactions with key management
personnel and their related parties are no more favourable than
those available, or which might reasonably be expected to be
available, on similar transactions to non-key management personnel
related entities on an arm's length basis.
Under the Investment Advisory Agreement up until 21st December
2012, the Adviser is entitled to receive a management fee from the
Company at a rate of 2% per annum of the Company's net asset
value.
During the period the Adviser's fee was GBP450,922 (period ended
31st December 2011: GBP578,069). No accrued Adviser's fees were
outstanding as at the period end (year ended 30th June 2012: GBP
nil). During the period the Adviser's expenses were GBPnil (period
ended 31st December 2011: GBP2,669).
No placing fees were paid to LIL by the Company during the
period (period ended 31st December 2011: GBP nil). Such fees are
charged on normal commercial terms.
Under the terms of the Investment Adviser's Agreement the
Adviser is also entitled to a performance fee which is payable in
arrears in respect of each annual period ending 30th June. The
first calculation period began on the admission date and ended on
30th June 2008. The performance fee is dependent on the Company's
performance and amounted to GBPnil for the period ended 31st
December 2012 (period ended 31st December 2011: GBP nil). Further
details are disclosed in note 3.
On 21st December 2012, the Company entered into a new Investment
Advisory Agreement with the Adviser in which it is entitled to
receive a management fee from the Company at a rate of 2% of the
Company's net asset value for each quarter end plus any
distributions made to shareholders since 30th June 2012 which is
payable quarterly in advance. In addition the Adviser is entitled
to retain any fees received from providing directors to certain
portfolio companies.
From time to time members of the LIL group may provide corporate
financial services to the Company and investee companies. The
Directors ensure that such services are pre-approved, provided on
an arm's length basis and at market terms and that any possible
conflicts of interest are disclosed.
In the period ended 31st December 2012, LIL provided directors
fee services to certain portfolio companies. The total paid by
portfolio companies for various corporate services to LIL for the
period ended 31st December 2012 was GBP53,427 (period ended 31st
December 2011: GBP36,460). Out of this sum, LIL reimbursed the
Company GBPnil (year ended 30th June 2012: GBP89,793).
19. IMMEDIATE HOLDING COMPANY AND ULTIMATE CONTROLLING PARTY
In the opinion of the Directors there is no single ultimate
controlling party since the criteria contained within the
definition of "control" in IAS 24 - Related Party Disclosures are
not satisfied by any one party.
20. SHAREHOLDERS' INTERESTS
As at the Balance Sheet Date, the registered holdings of the
Company of at least 3% of the total share capital as far as the
Board is aware comprised:
AS AT 31ST DECEMBER
2012 Ordinary Percentage
shares
held shareholding
Morstan Nominees Limited 8,019,271 14.25%
BNY Mellon Nominees Limited 7,568,308 13.45%
HSBC Global Custody Nominee (UK) Limited
(786698) 5,839,757 10.38%
Flintshire County Council 5,791,288 10.29%
Harewood Nominees Limited 5,220,999 9.28%
Quintain Estates and Development
PLC 4,000,000 7.11%
Chase Nominees Limited 3,809,939 6.77%
HSBC Global Custody Nominee (UK) Limited
(771096) 3,669,094 6.52%
State Street Nominees Limited 2,159,000 3.84%
AS AT 30TH JUNE 2012 Ordinary Percentage
shares
held shareholding
Morstan Nominees Limited 8,019,271 14.25%
BNY Mellon Nominees Limited 7,568,308 13.45%
HSBC Global Custody Nominee (UK) Limited
(786698) 5,839,757 10.38%
Flintshire County Council 5,791,288 10.29%
Harewood Nominees Limited 5,220,999 9.28%
Quintain Estates and Development PLC 4,000,000 7.11%
Chase Nominees Limited 3,809,939 6.77%
HSBC Global Custody Nominee (UK) Limited
(771096) 3,669,094 6.52%
BNY (OCS) Nominees Limited 2,159,000 3.84%
21. INVESTMENTS 31st Dec 31st Dec 30th Jun 30th Jun
12 12 12 12
Cost Fair value Cost Fair value
Quoted equity securities:
Hydrodec Group plc Ordinary
Shares 3,498,417 1,663,263 3,498,417 1,455,355
Renewable Energy Generation
Ordinary shares 720,241 437,100 720,241 423,150
Phoslock Water Solutions
Limited Ordinary shares 443,713 351,105 443,713 302,439
Hightex Group plc Ordinary
Shares 730,000 195,000 730,000 115,000
Total quoted equities: 5,392,371 2,646,468 5,392,371 2,295,944
----------- ----------- ----------- -----------
Unquoted equities:
STX Services B.V. Ordinary
Shares 917,068 3,693,143 917,068 2,925,393
Rapid Action Packaging
Limited Ordinary Shares 5,035,903 5,137,440 5,035,903 5,129,548
Emergya Wind Technologies
B.V. Preference Shares 4,471,385 - 4,471,385 -
Terra Nova SAS Preference
Shares 5,291,670 2,813,649 2,688,582 301,677
New Earth Recycling &
Renewables (Infrastructure)
plc 2,941,344 3,471,179 2,941,344 3,165,924
Lumicity Limited Class
A Preference Shares 548,000 897,610 548,000 -
ECO Plastics Limited
Ordinary Shares 5,000,059 - * 5,000,059 4,174,198
Tamar Energy Limited
Ordinary Shares 2,170,000 2,170,000 1,750,000 1,750,000
Ignis Biomas Limited
Ordinary Shares 1,000,000 1,000,000 500,000 500,000
Micropelt Ordinary Shares - 273 - 280
Total unquoted equities: 27,375,429 19,183,294 23,852,341 17,947,020
----------- ----------- ----------- -----------
Unquoted securities:
Hydrodec Group plc 8%
Convertible Bonds - - 3,000,000 3,034,200
Rapid Action Packaging
Limited 12% Convertible
Loan Notes 2,474,656 2,474,656 2,474,656 2,474,656
Micropelt GmbH 12% CULS 2,188,519 1,088,810 2,188,519 2,178,508
Ignis Biomas Limited
Unsecured Convertible
Notes 2017 1,850,000 1,850,000 - -
ECO Plastics Limited
Loan Notes 862,346 5,495,664 * - -
Terra Nova SAS 6% Convertible
Loan Notes - - 1,301,635 1,249,354
Total unquoted securities: 7,375,521 10,909,130 8,964,810 8,936,718
----------- ----------- ----------- -----------
Total investments: GBP 40,143,321 GBP 32,738,892 GBP 38,209,522 GBP 29,179,682
=========== =========== =========== ===========
*For ECO Plastics Limited, the shares and loan notes were valued
on the basis of a calculated fair enterprise value and the
resulting figure was allocated based on the economic ownership of
the shares and the loan notes.
22. COMMITMENTS
As at the Balance Sheet Date, the Company had outstanding
commitments of GBP5,553,275 million to make further investments
into Tamar and ECO Plastics, of which GBPnil million has
subsequently been drawn down.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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