TIDMBRH
RNS Number : 4170E
Braveheart Investment Group plc
28 October 2022
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310 ("MAR"). With the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
28 October 2022
Braveheart Investment Group plc
("Braveheart" or the "Company" or the "Group")
Interim Results
Braveheart Investment Group plc (AIM: BRH), announces its
interim results for the six months ended 30 September 2022.
Highlights:
-- Income of GBP36,000 in the six months ended 30 September 2022 (H1 2021: GBP3,364,000);
-- Loss of GBP761,000 in the six months ended 30 September 2022 (H1 2021: GBP2,533,000);
-- Loss per share of 1.19p in the six months ended 30 September 2022 (H1 2021: 4.85p);
-- Investments into Aukett Swanke Group plc and PhaseFocus Holdings Limited
-- Funds raised in the period totalling GBP965,000 (before expenses)
Post Period End
-- Aukett Swanke Group plc shareholding increased to 19.37%
-- Autins Group plc shareholding increased to 12.91%
For further information:
Braveheart Investment Group plc Tel: 01738
587555
Trevor Brown, Chief Executive Officer
Viv Hallam, Executive Director
Allenby Capital Limited (Nominated Tel: 020
Adviser and Joint Broker) 3328 5656
David Worlidge / James Reeve / George
Payne
Peterhouse Capital Limited (Joint Tel: 020
Broker) 7469 0936
Duncan Vasey / Lucy Williams
Chief Executive Officer's Statement
We are pleased to report to shareholders the results for the six
months ended 30 September 2022. Progress has continued in all the
Group's activities and detailed operational summaries follow later
in this report.
Financial Review
The Directors have undertaken an unaudited interim review of the
valuations of the Group's investments and have concluded that, as
at 30 September 2022, the fair value of the Group's investments
were as follows:
-- Valuation of Portfolio Investments: GBP164,000 (31 March 2022: GBP164,000)*
-- Valuation of unconsolidated Strategic Investments:
GBP4,964,000 (31 March 2022: GBP4,552,000)**
* these are the historic investments made by Braveheart up to
2015
** these are the new investments made by Braveheart since
2015
Therefore, the total unaudited value of our unconsolidated
investment portfolio as at 30 September 2022 is GBP5,128,000 (31
March 2022: GBP4,716,000). This uplift is largely due to the
additional investments made into PhaseFocus Holdings Limited and
Aukett Swanke Group plc. As at 30 September 2021, the comparable
total valuation of our investments was GBP4,424,000.
The Group reports a loss after tax for the period under review
of GBP761,000 (2021: profit of GBP2,533,000). This equates to a
loss per share of 1.19 pence (September 2021: 4.85 pence).
The Directors believe that the Strategic Investments continue to
be the most likely drivers of growth in shareholder value over the
remainder of the current year and so have concentrated the
remainder of this CEO Statement on their operations and
prospects.
Strategic Investments Overview
Paraytec Limited (Braveheart owns 100% per cent of the
company)
Paraytec Limited ("Paraytec") develops high performance
specialist detectors for the analytical and life sciences
instrumentation markets. In addition, the Company has undertaken a
programme with the University of Sheffield to develop a rapid test
for identifying cancer and pathogens, including viruses.
The clinical study at the Sheffield Teaching Hospitals NHS
Foundation Trust, referred to in an announcement issued on 21 July
2022 commenced later than expected in September 2022 and
participant recruitment is ongoing. This study runs alongside the
Trust's existing NHS drive-through COVID-19 testing service for
staff. In the first phase, up to 100 participants, 50 of whom are
positive for COVID-19 and 50 who are negative, will provide swab
specimens for analysis by Paraytec's CX300 instrument. This data
will be compared to separate analyses by polymerase chain reaction
(PCR) and for some samples, culture for live SARS-CoV-2 virus in
the laboratory.
Although the market for COVID-19 tests has dramatically changed
in recent months, the Company believes that demonstration of
performance in a clinical setting will attract potential licensees
and acquirers to Paraytec's CX300 technology platform, not only for
point-of-care COVID-19 testing but for many other potential
applications.
As previously reported, the Paraytec team is progressing two
further applications for the CX300 instrument; a Proof of Concept
demonstration of a test for pathogens causing sepsis; and a method
to analyse the quality of Virus Like Particles which are used in
gene therapy medicine.
Phasefocus Holdings Limited (Braveheart owns 44.69%of the
company)
Phasefocus Holdings Limited ("Phasefocus"), a spin-out from the
University of Sheffield, has developed a series of patented
computational imaging and analysis techniques that have a wide
range of applications including live cell imaging, engineering
metrology and electron microscopy. The company's novel method for
high fidelity quantitative imaging and microscopy is known in the
scientific literature as "ptychography".
Phasefocus's flagship product, LivecyteTM, allows researchers
and biotechnology companies to characterise the dynamic behaviour
of live cells in ways previously not possible. Livecyte's
integration of the Phasefocus's patented label-free Quantitative
Phase Imaging technology with state-of-the-art automatic cell
tracking algorithms enables users to automatically characterize
growth, morphology and motility of large populations of cells in a
96-well plate assay format.
In September 2022, Phasefocus secured GBP370,000 of further
investment following a rights issue, in which Braveheart
participated. These funds will enable the Company to increase its
stock holding of critical components, to provide customers with
shorter lead times than are currently available due to global
supply-chain delays. In addition, the Company will increase its
marketing and direct sales activity in the EU and USA, where it
sees substantial potential to increase sales beyond those achieved
by its distributors.
Kirkstall Limited (Braveheart owns 80% of the company)
Kirkstall Limited ("Kirkstall") operates in the market known as
'organ-on-a-chip', where it has developed Quasi Vivo(TM), a system
of chambers for cell and tissue culture in laboratories. Its
patented technology is used by researchers in the growing New
Approach Methodologies ("NAMs"), which enable human-relevant drug
safety decisions to be made without the need for animal
testing.
On 10 and 11 November 2022, Kirkstall will organise its annual
conference, Advances in Cell and Tissue Culture ("ACTC 2022"), at
which 40 presenters from across the globe will present their latest
research in the development of non-animal micro-physiological in
vitro models https://theactc.com/ . This year the programme
includes several speakers from Singapore and Australia for the
first time.
Kirkstall's new Quasi Vivo(TM) product platform is in the final
stages of user testing prior to market launch in December 2022. Its
advanced fluid flow and compact design are considered highly
desired by both pharmaceutical and academic users.
Kirkstall's partnership in the EUR4m European project CyGenTig
is progressing well. The consortium is developing and testing new
techniques to produce engineered tissues by optogenetics, with the
aim to build replacement human organs by controlling individual
cell growth and differentiation.
Autins Group plc (Braveheart owns 12.91% of the company)
Post period, as announced on 20 October 2022, Braveheart
increased its holding in this company to 12.91%.
Autins Group specialises in solving acoustic and thermal
problems in the automotive industry and other specialist
applications. In particular, the company's leading product Neptune,
a non-woven microfibre web, is produced by a mixture of engineered
polyester fibre and melt-blown polypropylene. This material
outperforms traditional automotive insulation and is gaining
traction in office and flooring acoustics applications.
Aukett Swanke Group plc (Braveheart owns 19.37% of the
company)
Post period, as announced on 5 October 2022, Braveheart
increased its holding in this company to 19.37%.
Aukett Swanke is a professional services group that principally
provides architectural and interior design services in the primary
international market sectors of offices, residential, education,
industrial, hospitality and mixed use or 'hybrid' developments. It
has two principal UK subsidiaries, Aukett Swanke Limited and
Veretec Limited.
Velocity Composites plc (Braveheart owns 4.13% of the
company)
Velocity Composites is a leading supplier of advanced composite
material kits to the Aerospace sector. Velocity Composites' clients
include multi-national manufacturers of composite parts and
assemblies, who in turn deliver to the world's leading civil and
military aircraft manufacturers. The Airbus A320, A330, A350, A380,
Eurofighter Typhoon, F35 Joint Strike Fighter, Boeing 737, Boeing
787 and V22 Osprey are all constructed using parts manufactured
from Velocity's kits.
Fund raising
In April 2022, the Company raised GBP215,113, before expenses at
an issue price of 15p per share, and in September 2022, the Company
raised a further GBP750,000, before expenses, by way of a placing
and subscription at an issue price of 10.25p per share. These
fundraises were undertaken by the Company to enable it to be in
sufficient funds to be able to support its current investee
companies from a position of strength should the need arise for
further funds and to be able to make opportunistic new
investments.
At 30 September 2022, the Company had unaudited cash and cash
equivalents of GBP2.02 million (30 September 2021: GBP3.46
million).
Outlook
The Board continues to work to enhance shareholder value within
our strategic investments, and also to invest in other businesses
where we consider there is good potential for medium term
growth.
Trevor Brown
Chief Executive Officer
27 October 2022
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September 2022
Six months ended Six months ended
Year ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
Continuing operations Note GBP GBP GBP
------------------------------------------------------ ----- ------------------- ------------------- -------------
Revenue 141,982 67,070 185,814
Change in fair value of investments 4 (105,781) 3,236,617 2,690,598
Profit on disposal of investments - 60,155 60,414
Total income 36,201 3,363,842 2,936,826
------------------------------------------------------ ----- ------------------- ------------------- -------------
Employee benefits expense (403,105) (195,899) (636,141)
Other operating costs (370,198) (360,516) (752,449)
Total operating costs (773,303) (556,415) (1,388,590)
------------------------------------------------------ ----- ------------------- ------------------- -------------
Finance income 4,170 3 138
Finance costs (1,178) (819) (2,349)
------------------------------------------------------ ----- ------------------- ------------------- -------------
Total costs (770,311) (557,231) (1,390,801)
(Loss)/ Profit before tax (734,110) 2,806,611 1,546,025
------------------------------------------------------ ----- ------------------- ------------------- -------------
Tax (27,376) (273,488) (104,048)
(Loss)/ Profit after tax for the period and total
comprehensive income for the period (761,486) 2,533,123 1,441,977
(Loss)/ Profit attributable to :
Equity holders of the parent 767,115 2,538,765 1,453,804
Non-controlling interest 5,629 (5,642) (11,827)
(761,486) 2,533,123 1,441,977
------------------------------------------------------ ----- ------------------- ------------------- -------------
Basic (loss)/earnings per share Pence Pence Pence
* Basic 2 (1.19) 4.85 3.10
* Diluted 2 (1.11) 4.75 2.82
The above condensed consolidated Statement of Comprehensive
Income should be read in conjunction with the accompanying
notes.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2022
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
------------------------------------------------ ----- ---------------------------------- ------------- ----------
ASSETS
Non-current assets
Property, plant and equipment 2,181 2,347 1,776
Intangible assets 27,963 30,649 26,103
Goodwill 3 205,775 205,775 205,775
Investments at fair value through profit or
loss 4 5,127,715 4,424,959 4,716,080
5,363,634 4,663,730 4,949,734
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Current assets
Inventory 80,934 93,720 90,113
Trade and other receivables 121,943 106,094 123,412
Cash and cash equivalents 2,018,440 3,460,760 1,893,931
------------------------------------------------ ----- ---------------------------------- ------------- ----------
2,221,317 3,660,574 2,107,456
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Total assets 7,584,951 8,324,304 7,057,190
------------------------------------------------ ----- ---------------------------------- ------------- ----------
LIABILITIES
Current liabilities
Trade and other payables (100,455) (409,197) (272,432)
Deferred income (18,026) (36,918) (7,025)
(118,481) (446,115) (279,457)
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Non-current liabilities
Deferred taxation (197,774) (273,488) (170,398)
(197,774) (273,488) (170,398)
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Total liabilities (316,255) (719,603) (449,855)
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Net assets 7,268,696 7,604,701 6,607,335
------------------------------------------------ ----- ---------------------------------- ------------- ----------
EQUITY
Called up share capital 5 1,274,469 1,044,807 1,044,807
Share premium 5,370,711 4,455,493 4,371,343
Share based payment reserve 503,652 131,905 309,835
Retained earnings 132,087 1,984,163 899,202
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Equity attributable to owners of the parent 7,280,919 7,616,368 6,625,187
Non-controlling interest (12,223) (11,667) (17,852)
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Total equity 7,268,696 7,604,701 6,607,335
------------------------------------------------ ----- ---------------------------------- ------------- ----------
The above condensed consolidated statement of financial position
should be read in conjunction with the accompanying notes
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2022
Six months ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP GBP GBP
---------------------------------------------------------------------- ----------------- ------------- ------------
Operating activities
(Loss)/ Profit before tax (734,110) 2,806,611 1,441,977
Adjustments to reconcile profit before tax to net cash flows from
operating activities
Decrease/ (Increase) in the fair value movements of investments 105,781 (3,236,617) (2,690,598)
Share based payment 193,817 - 177,930
Profit on disposal of equity investments - (60,155) (60,414)
Fees taken from investment proceeds - 84,150 -
Movement in liabilities due to Viking fund 104 33,565 41,265
Taxation - - 170,398
Depreciation and amortisation 6,557 6,111 12,919
Interest income (4,170) (3) (138)
Decrease in inventory 9,179 4,721 8,328
Decrease / (Increase) in trade and other receivables 1,469 (322) (17,640)
(Decrease) / Increase in trade and other payables (160,976) (186,807) (353,465)
---------------------------------------------------------------------- ----------------- ------------- ------------
Net cash flow used in operating activities (582,349) (548,746) (1,269,438)
---------------------------------------------------------------------- ----------------- ------------- ------------
Investing activities
Proceeds from sale of investments - 74,865 245,871
Amount paid to BBB - - (170,887)
Acquisition of investments (218,853) (622,769) (1,467,469)
Acquisition of intangible assets (7,845) (7,987) (9,834)
Acquisition of tangible assets (977) (802) (646)
Interest received 4,170 3 138
---------------------------------------------------------------------- ----------------- ------------- ------------
Net cash flow used in investing activities (223,505) (556,690) (1,402,827)
---------------------------------------------------------------------- ----------------- ------------- ------------
Financing activities
Warrants and share options exercised - 7,480 7,480
Funds raised, net of share issue costs 930,363 2,415,850 2,415,850
Net cash flow from financing activities 930,363 2,423,330 2,423,330
Net increase / (decrease) in cash and cash equivalents 124,509 1,317,894 (248,935)
Cash and cash equivalents at the start of the period 1,893,931 2,142,866 2,142,866
---------------------------------------------------------------------- ----------------- ------------- ------------
Cash and cash equivalents at the end of the period 2,018,440 3,460,760 1,893,931
---------------------------------------------------------------------- ----------------- ------------- ------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2022
Attributable to owners of the Parent
-------------------------------------------------------------
Share
based
Share Share payment Retained Non-controlling Total
Capital Premium Reserve Earnings Total Interest Equity
GBP GBP GBP GBP GBP GBP GBP
----------------------- ---------- ---------- --------- ------------ ------------ ---------------- ------------
At 31 March 2021
(audited) 766,148 2,226,671 137,200 (559,897) 2,570,122 (6,025) 2,564,097
----------------------- ---------- ---------- --------- ------------ ------------ ---------------- ------------
Total comprehensive
income for the
period - - - 2,538,765 2,538,765 (5,642) 2,533,123
Transactions
with owners recorded
directly in equity:
Allotment of shares 278,659 2,228,822 - - 2,507,481 - 2,507,481
Transfer to retained
earnings - - (5,295) 5,295 - - -
At 30 September
2021 (unaudited) 1,044,807 4,455,493 131,905 1,984,163 7,616,368 (11,667) 7,604,701
----------------------- ---------- ---------- --------- ------------ ------------ ---------------- ------------
Total comprehensive
income for the
period - - - (1,084,961) (1,084,961) (6,185) (1,091,146)
----------------------- ---------- ---------- --------- ------------ ------------ ---------------- ------------
Transactions
with owners recorded
directly in equity:
----------------------- ---------- ---------- --------- ------------ ------------ ---------------- ------------
Cost of shares
issued - (84,150) - - (84,150) - (84,150)
Share based payments - - 177,930 - 177,930 - 177,930
At 31 March 2022
(audited) 1,044,807 4,371,343 309,835 899,202 6,625,187 (17,852) 6,607,335
----------------------- ---------- ---------- --------- ------------ ------------ ---------------- ------------
Total comprehensive
income for the
period - - - (767,115) (767,115) 5,629 (761,486)
Transactions
with owners recorded
directly in equity:
Allotment of shares 229,662 1,034,118 - - 1,263,780 - 1,263,780
Cost of shares
issued - (34,750) - - (34,750) - (34,750)
Share based payments - - 193,817 - 193,817 - 193,817
At 30 September
2022 (unaudited) 1,274,469 5,370,711 503,652 132,087 7,280,919 (12,223) 7,268,696
----------------------- ---------- ---------- --------- ------------ ------------ ---------------- ------------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 Basis of preparation
The financial information presented in this half-yearly report
constitutes the condensed consolidated financial statements (the
interim financial statements) of Braveheart Investment Group plc
("Braveheart" or "the Company"), a company incorporated in the
United Kingdom and registered in Scotland, and its subsidiaries
(together, "the Group") for the six months ended 30 September 2022.
The interim financial statements should be read in conjunction with
the Annual Report and Accounts for the year ended 31 March 2022 and
have been prepared in accordance with UK-adopted international
accounting standards in accordance with the requirements of the
Companies Act 2006. The financial information in this half-yearly
report, which was approved by the Board and authorised for issue on
26 October 2022 is unaudited.
The interim financial statements do not constitute statutory
accounts for the purpose of sections 434 and 435 of the Companies
Act 2006. The comparative financial information presented herein
for the year ended 31 March 2022 has been extracted from the
Group's Annual Report and Accounts for the year ended 31 March 2022
which have been delivered to the Registrar of Companies. The
Group's independent auditor's report on those accounts was
unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their
report and did not contain a statement under section 498(2) or
498(3) of the Companies Act 2006.
The preparation of the half-yearly report requires management to
make judgements, estimates and assumptions that affect the policies
and the reported amounts of assets and liabilities, income and
expenses. The estimates and associated assumptions are based on
historical experience and other factors that are believed to be
reasonable under the circumstances, the results of which form the
basis of making judgements about carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. In preparing this
half-yearly report, the significant judgements made by management
in applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those applied to the
audited consolidated financial statements for the year ended 31
March 2022.
The interim financial statements have been prepared using the
same accounting policies as those applied by the Group in its
audited consolidated financial statements for the year ended 31
March 2022 and which will form the basis of the 2023 Annual Report
and Accounts. The interim financial statements have been prepared
on the same basis as the financial statements for year ended 31
March 2022 which is on the assumption that the Company is a going
concern.
Going Concern
The Directors have reviewed the Group's and the Company's
budgets and plans, taking account of reasonably possible changes in
trading performance and have a reasonable expectation that the
Group and the Company have adequate resources to continue in
operational existence for the foreseeable future and that it is
therefore appropriate to continue to adopt the going concern basis
in preparing the financial statements.
a) New and amended standards adopted by the Group
A number of new or amended standards became applicable for the
current reporting period. These new/amended standards do not have a
material impact on the Group, and the Group did not have to change
its accounting policies or make retrospective adjustments as a
result of adopting these standards.
b) New accounting policies adopted by the Group
There were no new accounting policies adopted by the Group
during the period, nor any amendments to existing accounting
policies.
2 (Loss)/Earnings per share
The basic (loss)/earnings per share has been calculated by
dividing the (loss)/ profit for the period attributable to equity
holders of the parent by the weighted average number of ordinary
shares in issue during the period.
The calculation of (loss)/ earnings per share is based on the
following profit and number of shares in issue:
Six months ended Six months ended Year ended
30 Sept 2022 30 Sept 2021 31 Mar 2022
(unaudited) (unaudited) (audited)
GBP GBP GBP
-------------------------------------------------------------- ----------------- ----------------- ------------
(Loss)/ Profit for the period attributable to equity holders
of the parent (761,486) 2,533,123 1,441,977
-------------------------------------------------------------- ----------------- ----------------- ------------
Weighted average number of ordinary shares in issue:
* For basic earnings per ordinary share 54,450,921 52,240,340 46,870,999
* Potentially dilutive ordinary shares 4,596,000 1,096,000 4,596,000
-------------------------------------------------------------- ----------------- ----------------- ------------
* For diluted earnings per ordinary share 59,046,921 53,336,340 51,466,999
-------------------------------------------------------------- ----------------- ----------------- ------------
Dilutive earnings per share adjusts for share options granted
where the exercise price is less than the average price of the
ordinary shares during the period. At the end of the current period
there were 4,596,000 potentially dilutive ordinary shares.
3 Goodwill
Paraytec Kirkstall Total
GBP GBP GBP
---------------------------------- --------- ---------- --------
At 1 April 2021 (audited) 205,775 - 205,775
At 30 September 2021 (unaudited) 205,775 - 205,775
At 31 March 2022 (audited) 205,775 - 205,775
At 30 September 2022 (unaudited) 205,775 - 205,775
---------------------------------- --------- ---------- --------
The income approach was not deemed a reliable method for valuing
the goodwill of Paraytec and Kirkstall. Therefore, the market value
method was used in order to ascertain the value of goodwill at the
period end.
4 Investments at fair value through profit or loss
Level 1 Level 2 Level 3
----------------- --------------- -------------------------------- -------------------------------- ----------
Equity Equity Debt Equity Debt
investments in investments in investments in investments in investments in
quoted unquoted unquoted unquoted unquoted
companies companies companies companies companies Total
GBP GBP GBP GBP GBP GBP
----------------- --------------- --------------- --------------- --------------- --------------- ----------
At 31 March 2021
(audited) - - - 613,847 - 613,847
Additions at
cost 575,834 - - 46,935 - 622,769
Disposals - - - (48,274) - (48,274)
Change in Fair
Value 43,385 - - 3,193,232 - 3,236,617
At 30 September
2021
(unaudited) 619,219 - - 3,805,740 - 4,424,959
----------------- --------------- --------------- --------------- --------------- --------------- ----------
Additions at
cost 844,700 - - - - 844,700
Disposals - - - - - -
Amount owed to
creditors - - - (7,560) - (7,560)
Change in Fair
Value (330,065) - - (215,954) - (546,019)
----------------- --------------- --------------- --------------- --------------- --------------- ----------
At 31 March 2022
(audited) 1,133,854 - - 3,582,226 - 4,716,080
Additions at
cost 333,553 - - 183,968 - 517,521
Disposals - - - - - -
Change in Fair
Value (105,737) - - (149) - (105,886)
At 30 September
2022
(unaudited) 1,361,670 - - 3,766,045 - 5,127,715
----------------- --------------- --------------- --------------- --------------- --------------- ----------
4 Investments at fair value through profit or loss (continued)
The Group classifies its investments using a fair value
hierarchy. Classification within the hierarchy has been determined
on the basis of the lowest level input that is significant to the
fair value measurement of the relevant investment as follows:
-- Level 1 - valued using quoted prices in active markets for identical assets;
-- Level 2 - valued by reference to valuation techniques using
observable inputs other than quoted prices included within Level 1;
and
-- Level 3 - valued by reference to valuation techniques using
inputs that are not based on observable market data.
The fair values of quoted investments are based on bid prices in
an active market at the reporting date. All unquoted investments
have been classified as Level 3 within the fair value hierarchy,
their respective valuations having been calculated using a number
of valuation techniques and assumptions, notwithstanding that the
basis of the valuation methodology used most commonly by the Group
is 'price of most recent investment'. The use of reasonably
possible alternative assumptions has a material effect on the fair
valuation of PhaseFocus Holdings Limited in the period, as
PhaseFocus Holdings Limited has been valued based a recent offer
price which was made to the company for shares. This was in excess
of the last round share price and so this offer price has been used
as the basis for valuation. The impact on the fair value of
investments if the discount rate and provision shift by 1% is
GBP51,277 (2021: GBP44,250).
5 Share capital
30 Sept 30 Sept 31 Mar 2022
2022 2021
(unaudited) (unaudited) (audited)
Authorised GBP GBP GBP
68,674,431 ordinary shares of 2 pence
each
(30 September 2021: 53,630,431,
31 March 2022: 72,240,340) 1,373,489 1,072,609 1,444,807
--------------------------------------- ------------ ------------ ------------
Allotted, called up and fully paid
63,723,489 ordinary shares of 2 pence
each
(30 September 2021: 52,240,340,
31 March 2022: 52,240,340) 1,274,469 1,044,807 1,044,807
--------------------------------------- ------------ ------------ ------------
On 12 April 2022, the Company raised GBP215,113 (before expenses
of GBP14,735) through a placing of 1,434,091 new ordinary shares of
2 pence each in the Company at a price of 15 pence per share. On 27
September 2022, the Company raised an additional GBP750,000 (before
expenses of GBP20,015) through a placing of 7,317,073 new ordinary
shares of 2 pence each in the Company at a price of 10.25 pence per
share.
The Company has one class of ordinary shares. All shares carry
equal voting rights, equal rights to income and distribution of
assets on liquidation or otherwise, and no right to fixed
income.
6 Availability of Interim Results
Shareholder communications
A copy of this report is available on request from the Company's
registered office: 1 George Square, Glasgow, G2 1AL. A copy has
also been posted on the Company's website:
www.braveheartinvestmentgroup.co.uk.
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