TIDMWWW
RNS Number : 7517T
SuperSeed Capital Limited
17 November 2023
SUPERSEED CAPITAL LIMITED
("SuperSeed Capital" or the "Company")
CORRECTION TO INTERIM RESULTS FOR Q2 AND THE HALF YEARING 30
JUNE 2023
SuperSeed Capital, a company established as a venture capital
fund of funds for early-stage AI/SaaS companies, presents amended
and restated results for the Q2 and the six months ending 30 June
2023.
It has come to the Company's attention that the results for Q2
and for the half year ending 30 June 2023 were misstated. SuperSeed
II LP ("the Fund") issued a drawdown notice close to the end of Q2
and, owing to an error, the corresponding higher valuation of the
fund was accounted for in Q2 but the associated drawdown liability
was not accounted for until completion of the drawdown in the
following quarter. Accordingly, in the Q2 and half year figures
published on 16 August 2023, the net asset value of the Fund was
overstated.
The stated net asset value per share of the Company at 30 June
2023 of 1.184 p per share was overstated by 0.063p per share. The
correct figure for the net asset value of the Company as at 30 June
2023 should have been 1.121p per share representing growth in net
asset value per share of 15.2% over the first half of the year and
6.6% during Q2 compared with figures of 21.7% and 12.6%
respectively as stated in August.
Detailed amended and restated financial statements for Q2 and
for the half year ended 30 June 2023 are set out below.
Updated Q2 Financial highlights
-- NAV per share has grown by 15.2% in H1 2023 and, within this,
Q2 was up by 6.6% on Q1 to GBP1.12.
-- IRR on portfolio investments since IPO has increased to 35%.
For more information, please contact:
SuperSeed Capital Limited +44(0) 203 405 3060
Mads Jensen, Investment Manager
VSA Capital - AQSE Corporate Adviser and
Broker +44(0) 203 005 5000
Corporate Finance: Simon Barton / Alex Cabral
----------------------------------------------- --------------------
About SuperSeed Capital
SuperSeed Capital invests in technology-led innovation,
primarily through funds managed by SuperSeed Ventures LLP (the
"Investment Manager"). The Company's principal investment to date
is in SuperSeed II LP (the "Fund").
SuperSeed Capital Limited
Condensed Statement of Comprehensive Income
for the period 1 January 2023 to 30 June 2023
1 April 1 January 1 January 1 January
2023 2023 2023 2022
to to to to
30 June 31 March 30 June 30 June
2023 2023 2023 2022
GBP GBP GBP GBP
Income
Investment income 696 328 1,024 7
Realised gain on investments
held at fair value through
profit or loss - 33,052 33,052 -
Unrealised gain on investments
held at fair value through
profit or loss 201,489 180,555 382,044 129,162
Other income 1 1 2 951
Total income 202,186 213,936 416,122 130,120
-------- ---------- ---------- ----------
Expenses
Establishment costs - - - 153,028
Administration fees 7,613 7,611 15,224 12,432
Audit fees 5,734 5,671 11,405 10,414
Directors' fees 4,500 4,500 9,000 9,000
Legal & professional fees 16,142 12,183 28,325 14,036
Loan interest - 134 134 -
Regulatory fees 3,836 5,351 9,187 7,315
Sundry expenses 295 703 998 830
Total expenses 38,120 36,153 74,273 207,055
-------- ---------- ---------- ----------
Total gain/(loss) and
comprehensive income for
the period 164,066 177,783 341,849 (76,935)
======== ========== ========== ==========
Basic earnings per share 0.0692 0.0868 0.1463 (0.0452)
Diluted earnings per share 0.0628 0.0698 0.1403 (0.0452)
Operating profit/(loss)
excluding establishment
costs for the period 164,066 177,783 341,849 76,093
======== ========== ========== ==========
Basic operating profit
excl. establishment costs
per share 0.0692 0.0868 0.1463 0.0447
Diluted operating profit
excl. establishment costs
per share 0.0628 0.0698 0.1403 0.0447
All the above items are derived from continuing
operations.
SuperSeed Capital Limited
Condensed Statement of Financial Position
as at 30 June 2023
30 June 2023 31 March 31 December
2023 2022
GBP GBP GBP
Non-current assets
Investments 2,542,337 2,189,288 1,799,616
Total non-current assets 2,542,337 2,189,288 1,799,616
------------- ---------- ------------
Current assets
Trade and other receivables 104,685 254,895 11,025
Cash and cash equivalents 20,546 64,006 235,089
Total current assets 125,231 318,901 246,114
------------- ---------- ------------
Total assets 2,667,568 2,508,189 2,045,730
============= ========== ============
Current liabilities
Trade and other payables 11,991 16,678 21,745
------------- ---------- ------------
Total current liabilities 11,991 16,678 21,745
------------- ---------- ------------
Total liabilities 11,991 16,678 21,745
============= ========== ============
Net assets 2,655,577 2,491,511 2,023,985
============= ========== ============
Equity
Share capital 2,369,743 2,369,743 2,080,000
Retained earnings 285,834 121,768 (56,015)
Total equity 2,655,577 2,491,511 2,023,985
------------- ---------- ------------
Net asset value per ordinary
share 1.1206 1.0514 0.9731
SuperSeed Capital Limited
Condensed Statement of Changes in Equity
for the period 1 January 2023 to 30 June 2023
Share Capital Retained Total
Earnings
GBP GBP GBP
Ordinary Shares issued on incorporation 1 - 1
Issue of Ordinary Shares 1,999,999 - 1,999,999
Total comprehensive loss for the
period - (119,977) (119,977)
Balance as at 30 June 2022 2,000,000 (119,977) 1,880,023
-------------- ---------- ----------
Share Capital Retained Total
Earnings
GBP GBP GBP
Balance as at 1 January 2023 2,080,000 (56,015) 2,023,985
Issue of Ordinary Shares 289,743 - 289,743
Total comprehensive profit for
the period - 341,849 341,849
Balance as at 30 June 2023 2,369,743 285,834 2,655,577
-------------- ---------- ----------
SuperSeed Capital Limited
Condensed Statement of Cash Flows
for the period 1 January 2023 to 30 June 2023
1 January 1 January 6 October
2023 2023 2021
to to to
30 June 31 March 30 June
2023 2023 2022
GBP GBP
Cash flows used in operating
activities
Net cash flow used in operating
activities (86,750) (43,290) (246,423)
Cash flows used in investing
activities
Net cash flow used in investing
activities (127,659) (127,659) (777,870)
Cash flows from financing
activities
Net cash flow from financing
activities (134) (134) 2,000,000
Net movement in cash and cash
equivalents during the period (214,543) (171,083) 975,707
Cash and cash equivalents
at the beginning of the period 235,089 235,089 -
Cash and cash equivalents at
the end of the period 20,546 64,006 975,707
========== ========== ==========
SuperSeed Capital Limited
Investment Analysis
for the period 1 January 2023 to 30 June 2023
30 June 31 December
2023 2022
GBP GBP
Cost 1,899,714 1,539,035
Cumulative movement in value 642,624 260,581
Fair value 2,542,337 1,799,616
========== ============
Investment fair value can be further analysed
as follows:
1 January 1 January 6 October
2023 2023 2021
to to to
30 June 31 March 31 December
2023 2023 2022
GBP GBP GBP
Cost
Cost at beginning of the period 1,539,035 1,539,035 -
Cost of investment - settled 666,579 515,017 1,539,035
Cost of investment - sold (305,901) (305,901) -
Total cost of investment 1,899,714 1,748,152 1,539,035
========== ========== ============
Fair value movement
Fair value adjustment at beginning
of the period 260,581 260,581 -
Revaluation of underlying
investments 382,043 156,750 260,581
SuperSeed II LP management - 23,805 -
fee and other net movements
in NAV
642,624 441,136 260,581
========== ========== ============
Fair value of investments 2,542,337 2,189,288 1,799,616
========== ========== ============
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END
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