Source - RNS
RNS Number : 8585J
North Atlantic Smlr Co Inv Tst PLC
14 September 2016
 

North Atlantic Smaller Companies Investment Trust plc

Half-Yearly Report for the six months ended 31 July 2016

Registered in England and Wales number 1091347

 



 

objective of the company and financial highlights

The objective of the Company is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.


31 July
2016

31 January
2016

% Change


(unaudited)

(audited)






Net asset value ("NAV") per 5p Ordinary Share*:




      Basic

 2,799p

 2,749p

1.8

      Diluted

 2,796p

 2,746p

1.8

      Basic adjusted#‡

 2,860p

 2,776p

3.0

      Diluted adjusted#‡

 2,857p

 2,773p

3.0

Mid-market price of the 5p Ordinary Shares

 2,494p

 2,280p

9.4

Discount to diluted net asset value

10.8%

17.0%


Discount to diluted adjusted net asset value

12.7%

17.8%


Standard & Poor's 500 Composite Index†

1,642.9

1,362.2

20.6

Russell 2000 Index†

922.1

726.9

26.9

FTSE Small Cap Index

4,217.7

3,952.2

6.7

US Dollar/Sterling exchange rate

1.3277

1.4185

(6.4)

 

*    Including retained revenue for the period.

#   Adjusted to reflect Oryx International Growth Fund plc ("Oryx") under the equity method of accounting, which is how the Company previously accounted for its share of Oryx, prior to the adoption of IFRS 10.

‡   Calculated using the adjusted Net Assets per note 5.

†   Sterling adjusted.

chief executive's review

During the six month period to 31 July 2016, the fully diluted adjusted net asset value (with Oryx under the equity method of accounting) rose by +3.0% as compared to a rise in the sterling adjusted Standard & Poor's 500 Composite Index of +20.6% and the FTSE Small Cap Index of +6.7%.

Performance against the Standard & Poor's Index was disappointing although the Company only has a very small portfolio of US listed stocks amounting to approximately 2% of assets.

Income for the period amounted to a loss of £1,530,000 (31 July 2015: loss of £688,000). Consistent with past policy the directors do not propose to pay a dividend (31 July 2015: nil).

quoted portfolio          

The biggest impact on the quoted portfolio was the fall in the price of MJ Gleeson Group which reduced the net asset value by £6.3m together with a more modest fall in the value of Goals Soccer Centres which cost a further £2.0m. In total these two holdings reduced the NAV by approximately 2%.

In the UK, Oryx performed broadly in line with the index with the net asset value rising by 6.2% over the period. AssetCo and EKF Diagnostics Holdings also performed well rising by 15% and 25% respectively. BBA Aviation rose 45% and Bioquell (adjusted for a share buyback) rose just over 20%.

In the US, the Company's modest position in AMBAC Financial Group performed well rising by nearly 30% over the period.

unquoted portfolio

The principal disappointment during the six month period was the need to write off two thirds of the investment in Team Rock following results that fell significantly short of the business plan. This was almost offset by Indoor Bowling Equity which continues to perform in excess of expectations.

outlook           

The Company has been very defensively positioned with cash or near cash of around 40% of the value of the investment portfolio. Fortunately, the majority of this was held in US Dollars so the Company has so far benefitted considerably from the weakness of Sterling following the BREXIT vote, and is well placed to take advantage of new opportunities.

We remain optimistic that the net asset value of the Company will continue to improve modestly over the balance of the year assisted by further realisations, particularly in the unquoted part of the portfolio.

 

C H B Mills

Chief Executive

14 September 2016



 

chief executive's review (continued)

top ten investments

as at 31 July 2016

Company


Fair value

% of net assets



£'000






US Treasury Bills

US Treasury Stock

101,243

25.1

MJ Gleeson Group plc

UK Listed

47,250

11.7

Oryx International Growth Fund Limited*†

UK Listed

42,638

10.5

Trident Private Equity Fund III LP

UK Unquoted

19,539

4.8

EKF Diagnostics Holdings plc

UK Quoted on AIM

14,063

3.5

AssetCo plc

UK Quoted on AIM

12,413

3.1

Industrial Properties Limited

UK Unquoted

11,473

2.8

Indoor Bowling Equity Limited

UK Unquoted

10,274

2.5

Performance Chemicals Company

US Unquoted

9,701

2.4

Harwood Private Equity IV LP

UK Unquoted

9,158

2.3



277,752

68.7

 

†   Incorporated in Guernsey.

*    Traded price under IFRS 10.

All investments are valued at fair value.



 

interim management report

investment objective  

The objective of North Atlantic Smaller Companies Investment Trust PLC ("the Company") is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.

material events           

The Board do not consider that there were any material events during the period ended 31 July 2016.

material transactions  

The Board do not consider that there were any material transactions during the period ended 31 July 2016.

risk profile

The principal risks and uncertainties for the remaining six months of the year continue to be as described in the Annual Report for the year ended 31 January 2016 on pages 16 and 17 and pages 66 to 74. The principal risks arising from the Company's financial instruments are market price risk, including currency risk, interest rate risk and other price risk, liquidity risk and credit/counterparty risk. The Directors review and agree policies with the Manager, Harwood Capital LLP, for managing these risks. The policies have remained substantially unchanged in the six months since the year end.

The Group does not have any significant exposure to credit risk arising from any one individual party. Credit risk is spread across a number of companies, each having an immaterial effect on the Group's cash flows, should a default occur. The Group assesses the credit worthiness of its debtors from time to time to ensure that they are neither past due or impaired.

To support its investment in unquoted companies, the Group may periodically agree to guarantee all or part of the borrowings of investee companies. Provision is made for any costs that may be incurred when the Directors consider it likely that the guarantee will crystallise.

The Group's exposure to market price risk comprises mainly movements in the value of the Group's investments. It should be noted that the prices of options tend to be more volatile than the prices of the underlying securities. The Manager assesses the exposure to market risk when making each investment decision and monitors the overall level of market risk on the whole of the investment portfolio on an ongoing basis.

The functional and presentational currency of the Group is Sterling, and therefore, the Group's principal exposure to foreign currency risk comprises investments priced in other currencies, principally US Dollars.

The Group invests in equities and other investments that are realisable.

related party transactions

These are listed in note 10 to the half yearly condensed financial statements on page 23.

By Order of the Board

 

Peregrine Moncreiffe

Chairman

14 September 2016



 

responsibility statement

The Directors confirm to the best of their knowledge that:

·      The condensed set of financial statements contained within this half yearly financial report have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' as adopted by the European Union and gives a true and fair view of the assets, liabilities, financial position and profit of the Group; and

·      The half yearly financial report includes a fair review of the information required by the FCA's Disclosure and Transparency Rule 4.2.7R being disclosure of important events that have occurred during the first six months of the financial year, their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the year; and

·      The half yearly financial report includes a fair review of the information required by the FCA's Disclosure and Transparency Rule 4.2.8R being disclosure of related party transactions during the first six months of the financial year, how they have materially affected the financial position of the Company during the period and any changes therein.

The half yearly financial report was approved by the Board on 14 September 2016 and the above responsibility statement was signed on its behalf by:

 

Peregrine Moncreiffe

Chairman

14 September 2016



 

condensed consolidated statement of comprehensive income


Six months ended
31 July 2016
(unaudited)

Six months ended
31 July 2015
(unaudited)

Year ended
31 January 2016
(audited)


Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000











Income

873

-

873

1,279

-

1,279

3,175

-

3,175

Net gains on investments at fair value

-

8,465

8,465

-

40,432

40,432

-

73,165

73,165

Currency exchange gains/(losses)

-

306

306

-

(70)

(70)

-

149

149











total income

873

8,771

9,644

1,279

40,362

41,641

3,175

73,314

76,489











Expenses










Investment management fee (note 10)

(2,005)

48

(1,957)

(1,672)

(937)

(2,609)

(3,344)

(2,076)

(5,420)

Other expenses

(389)

-

(389)

(281)

-

(281)

(702)

-

(702)

Share based remuneration

-

-

-

(7)

-

(7)

(7)

-

(7)











return before finance costs and taxation

(1,521)

8,819

7,298

(681)

39,425

38,744

(878)

71,238

70,360











Finance costs

-

-

-

-

-

-

-

-

-











return before taxation

(1,521)

8,819

7,298

(681)

39,425

38,744

(878)

71,238

70,360











Taxation

(9)

-

(9)

(7)

-

(7)

(12)

-

(12)











return for the period

(1,530)

8,819

7,289

(688)

39,425

38,737

(890)

71,238

70,348











return per ordinary share (note 4)










Basic



50.5p



266.4p



484.57p

Diluted



50.5p



266.2p



484.57p

 

The total column of the statement is the Statement of Comprehensive Income of the Group prepared in accordance with International Financial Reporting Standards ("IFRS"). The supplementary revenue and capital columns are presented for information purposes as recommended by the Statement of Recommended Practice ("SORP") issued by the Association of Investment Companies ("AIC").

All items in the above Statement derive from continuing operations. No operations were acquired or discontinued in the period.



 

condensed consolidated statement of changes in equity


Share
capital

Share
options
reserve

Share
premium
account

Capital
reserve

Capital
redemption
reserve

Revenue
reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000









six months ended 31 July 2016 (unaudited)








31 January 2016

722

55

1,301

402,447

148

(7,712)

396,961

Total comprehensive income for the period

-

-

-

8,819

-

(1,530)

7,289

Shares purchased for cancellation

-

-

-

(82)

-

-

(82)









31 July 2016

722

55

1,301

411,184

148

(9,242)

404,168









six months ended 31 July 2015 (unaudited)








31 January 2015

727

293

1,301

333,262

143

(6,822)

328,904

Total comprehensive income for the period

-

-

-

39,425

-

(688)

38,737

Share options discharge

-

(15)

-

(88)

-

-

(103)

Share options expenses

-

7

-

-

-

-

7









31 July 2015

727

285

1,301

372,599

143

(7,510)

367,545









year ended 31 January 2016 (audited)








31 January 2015

727

293

1,301

333,262

143

(6,822)

328,904

Total comprehensive income for the year

-

-

-

71,238

-

(890)

70,348

Share option discharge

-

(16)

-

(87)

-

-

(103)

Transfer between reserves

-

(229)

-

229

-

-

-

Shares purchased for cancellation

(5)

-

-

(2,195)

5

-

(2,195)

Share option expenses

-

7

-

-

-

-

7









31 January 2016

722

55

1,301

402,447

148

(7,712)

396,961

 



 

condensed consolidated balance sheet


As at

As at

As at


31 July 2016

31 July 2015

31 January 2016


(unaudited)

(unaudited)

(audited)


£'000

£'000

£'000





non current assets




Investments at fair value through profit or loss

367,596

314,656

367,838






367,596

314,656

367,838

current assets




Trade and other receivables

2,553

809

1,038

Cash and cash equivalents

34,461

53,489

30,839






37,014

54,298

31,877





total assets

404,610

368,954

399,715





current liabilities




Trade and other payables

(442)

(1,409)

(2,754)





total liabilities

(442)

(1,409)

(2,754)





total assets less current liabilities

404,168

367,545

396,961





net assets

404,168

367,545

396,961





represented by:




Share capital

722

727

722

Capital redemption reserve

55

143

55

Share premium account

1,301

1,301

1,301

Capital reserve

411,184

372,599

402,447

Share options reserve

148

285

148

Revenue reserve

(9,242)

(7,510)

(7,712)





total equity attributable to equity holders of the company

404,168

367,545

396,961





net asset value per ordinary share (note 5):




Basic

2,799p

2,527p

2,749p

Diluted

2,796p

2,525p

2,746p

 



 

condensed consolidated cash flow statement


Six months ended

31 July 2016

(unaudited)

Six months ended

31 July 2015

(unaudited)

Year ended

31 January 2016

(unaudited)


£'000

£'000

£'000





cash flows from operating activities




Investment income received

950

861

1,750

Other income

38

425

562

Investment Manager's fees and Performance fees paid

(3,986)

(1,739)

(3,394)

Other cash payments

(1,045)

(321)

(687)





cash expended from operations (note 7)

(4,043)

(774)

(1,769)

Taxation paid

(9)

(7)

(12)





net cash outflow from operating activities

(4,052)

(781)

(1,781)





cash flows from investing activities




Purchases of investments

(223,729)

(186,975)

(370,401)

Sales of investments

231,382

233,790

397,598





net cash inflow from investing activities

7,653

46,815

27,197





cash flows from financing activities




Repurchase of ordinary shares for cancellation

(82)

-

(2,195)





net cash outflow from financing activities

(82)

-

(2,195)





increase in cash and cash equivalents for the period

3,519

46,034

23,221

cash and cash equivalents at the start of the period

30,839

7,598

7,598

Revaluation of foreign currency balances

103

(143)

20





cash and cash equivalents at the end of the period

34,461

53,489

30,839

 



 

notes

1. a) general information

North Atlantic Smaller Companies Investment Trust plc ("NASCIT") is a Company incorporated and domiciled in Great Britain and registered in England and Wales.

The Company operates as an investment trust company within the meaning of Section 833 of the Companies Act 2006 and has made a successful application under Regulation 5 of the Investment Trust (Approved Company) (Tax) Regulations 2011 for investment trust status to apply to all accounting periods starting on or after 1 February 2013. The Company is managed in such a way to ensure that it continues to meet the eligibility conditions contained in Section 1158 of the Corporation Tax Act 2010 and the ongoing requirements outlined in Chapter 3 of Part 2 of the regulations.

b) basis of preparation

The condensed consolidated interim financial statements for the six months ended 31 July 2016 have been prepared in accordance with IAS 34 "Interim Financial Reporting". They do not include all financial information required for full annual financial statements and have been prepared using the accounting policies adopted in the audited financial statements for the year ended 31 January 2016. Those financial statements were prepared in accordance with IFRS and with the SORP for Investment Companies and Venture Capital Trusts issued by the AIC in November 2014.

The condensed consolidated interim financial information includes the financial statements of the Company and its wholly owned Subsidiary, Consolidated Venture Finance Limited, for the six months ended 31 July 2016.

c) significant accounting policies

The accounting policies applied are consistent with those of the Annual Financial Report for the year ended 31 January 2016. Since the year end no new standards have been adopted.

d) segmental reporting

The Directors are of the opinion that the Group is engaged in a single segment of business, being investment business. The Group invests in smaller companies principally based in countries bordering the North Atlantic Ocean.

e) going concern

The Company has adequate financial resources and no significant investment commitments and as a consequence, the Directors believe that the Company is well placed to manage its business risks successfully. After making appropriate enquiries, the Directors have a reasonable expectation that the Company has adequate available financial resources to continue in operational existence for the foreseeable future and accordingly have concluded that it is appropriate to continue to adopt the going concern basis in preparing this half yearly financial report.

2. investment management and performance fees

A Performance Fee is only payable if the investment portfolio, including Oryx at the adjusted price, outperforms the Sterling adjusted Standard & Poor's 500 Composite Index at the end of each financial year and is limited to a maximum payment of 0.5% of Shareholders' Funds, and is allocated 100% to capital.

In accordance with the SORP for investment trust companies, an amount would be included in these financial statements for the Performance Fee that could be payable based on investment performance to 31 July 2016.

At that date, no Performance Fee has been accrued for in the accounts (31 July 2015: £937,000; 31 January 2016: £2,016,000).

3. taxation

The Company has an effective tax rate of 0%. The estimated effective tax rate is 0% as investment gains are exempt from tax owing to the Company's status as an Investment Trust and there is expected to be an excess of management expenses over taxable income and thus there is no charge for corporation tax.

notes (continued)

4. return per ordinary share



Revenue



Capital



Total



*Net
return
£'000

Ordinary
Shares

Per
Share
pence

*Net
return
£'000

Ordinary
Shares

Per
Share
pence

*Net
return
£'000

Ordinary
Shares

Per
Share
pence











six months ended

31 July 2016

(unaudited)










Basic return

(1,530)

14,440,412

(10.6)

8,819

14,440,412

61.1

7,289

14,440,412

50.5

Share options**

-

-


-

-


-

-












Diluted return

(1,530)

14,440,412

(10.6)

8,819

14,440,412

61.1

7,289

14,440,412

50.5











six months ended

31 July 2015

(unaudited)










Basic return

(688)

14,542,035

(4.7)

39,425

14,542,035

271.1

38,737

14,542,035

266.4

Share options**

-

10,442


-

10,442


-

10,442












Diluted return

(688)

14,552,477

(4.7)

39,425

14,552,477

270.9

38,737

14,552,477

266.2











year ended

31 January 2016

(audited)










Basic return

(890)

14,517,651

(6.1)

71,238

14,517,651

490.7

70,348

14,517,651

484.6

Share options**

-

-


-

-


-

-












Diluted return

(890)

14,517,651

(6.1)

71,238

14,517,651

490.7

70,348

14,517,651

484.6

 

Basic return per Ordinary Share has been calculated using the weighted average number of Ordinary Shares in issue during the period.

*    Net return on ordinary activities attributable to Ordinary Shareholders.

**  Excess of total number of potential shares on Option Conversion over the number that could be issued at the average market price, as calculated in accordance with IAS 33: Earnings per share.

5. net asset value per ordinary share

The basic net asset value per Ordinary Share is based on net assets of £404,168,000 (31 July 2015: £367,545,000; 31 January 2016: £396,961,000) and on 14,438,520 Ordinary Shares (31 July 2015: 14,542,035; 31 January 2016: 14,442,035) being the number of Ordinary Shares in issue at the period end.

The diluted net asset value per Ordinary Share is calculated on the assumption that all 30,000 (31 July 2015: 30,000; 31 January 2016: 30,000) Share Options in-the-money were exercised at the prevailing exercise prices, giving a total of 14,468,520 issued Ordinary Shares (31 July 2015: 14,572,035; 31 January 2016: 14,472,035).

During the period, 3,515 Ordinary Shares were bought back for cancellation, at a total cost to the Company of £82,000.



 

notes (continued)

5. net asset value per ordinary share (continued)

adjustment for Oryx

On adoption of IFRS 10 during the year ended 31 January 2015, the Company changed its method of accounting for its investment in Oryx. It was previously priced using equity accounting to account for the Company's share of Oryx's net assets. It is now valued using fair value, derived from the share price which is materially different to the value derived from equity accounting.

The below table shows the effect on the net assets of the change in method.


31 July 2016
(unaudited)

31 July 2015
(unaudited)

31 January 2016
(audited)


£'000

£'000

£'000





Total equity attributable to equity holders of the Company

404,168

367,545

396,961

Increase in net assets if equity accounted*

8,740

5,898

3,980





Adjusted net assets

412,908

373,443

400,941

 

*    increase in net gains on investments at fair value/increase in value of investments at fair value through profit or loss.


31 July 2016
(unaudited)

31 July 2015
(unaudited)

31 January 2016
(audited)


£'000

£'000

£'000





Net asset value




- Basic

2,799p

2,527p

2,749p

- Diluted

2,796p

2,525p

2,746p





Net asset value adjusted




- Basic

2,860p

2,568p

2,776p

- Diluted

2,857p

2,566p

2,773p

 

6. share based remuneration

As at 31 July 2016 and as at the date of this report, there were a total of 30,000 options in issue with an estimated fair value of £0.4m (31 July 2015: 30,000; 31 January 2016: 30,000). 10,000 options are under the 2011 options scheme and 20,000 options are under the 2012 option scheme.

7. reconciliation of return before finance costs and taxation to cash expended from operations


Six months ended

31 July 2016
(unaudited)

Six months ended

31 July 2015
(unaudited)

Year ended

31 January 2016
(audited)


£'000

£'000

£'000





Return before finance costs and taxation

7,298

38,744

70,360

Gains on investments

(8,771)

(40,362)

(73,314)

Share options discharge

-

(103)

(103)

Share based remuneration

-

7

7

Dividends and interest reinvested

-

-

(721)

Increase in debtors and accrued income

(258)

(186)

(470)

(Decrease)/increase in creditors and accruals

(2,312)

1,126

2,472





Cash expended from operations

(4,043)

(774)

(1,769)



 

notes (continued)

8. investments

financial assets at fair value through profit or loss

The Company adopted the amendment to IFRS 13, effective 1 January 2009. This requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy consists of the following three levels:

•    Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume on an ongoing basis such that quoted prices reflect prices at which an orderly transaction would take place between market participants at the measurement date. Quoted prices provided by external pricing services, brokers and vendors are included in Level 1, if they reflect actual and regularly occurring market transactions on an arms length basis.

•    Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

•    Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Company's main unobservable inputs are earnings multiples, recent transactions and net asset basis. The market value would be sensitive to movements in these unobservable inputs. Movements in these inputs, individually or in aggregate could have a significant effect on the market value. The effect of such a change or a reasonable possible alternative would be difficult to quantify as such data is not available.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes 'observable' requires significant judgement by the Company. The Company considers observable data from investments actively traded in organised financial markets, fair value is generally determined by reference to Stock Exchange quoted market bid prices at the close of business on the Balance Sheet date, without adjustment for transaction costs necessary to realise the asset.

The table below sets out fair value measurements of financial assets in accordance with the IFRS 13 fair value hierarchy system:

group










six months ended 31 July 2016 (unaudited)

Total

Level 1

Level 2

Level 3


£'000

£'000

£'000

£'000






Equity investments

235,045

166,624

-

68,421

Fixed interest investments

132,551

101,243

-

31,308






Total

367,596

267,867

-

99,729

 



 

notes (continued)

8. investments (continued)

financial assets at fair value through profit or loss (continued)

 

six months ended 31 July 2015 (unaudited)

Total

Level 1

Level 2

Level 3


£'000

£'000

£'000

£'000






Equity investments

227,352

153,087

2,050

72,215

Fixed interest investments

87,304

65,643

-

21,661






Total

314,656

218,730

2,050

93,876

 

year ended 31 January 2016 (audited)

Total

Level 1

Level 2

Level 3


£'000

£'000

£'000

£'000






Equity investments

246,621

168,009

-

78,612

Fixed interest investments

121,217

100,326

-

20,891






Total

367,838

268,335

-

99,503

 

level 3 financial assets at fair value through profit or loss

A reconciliation of fair value measurements in Level 3 is set out below:

group




at 31 July 2016





Total

Equity
investments

Fixed interest
investments


£'000

£'000

£'000





Opening balance at 31 January 2016

99,503

78,612

20,891





Purchases

16,267

3,896

12,371

Sales

(11,858)

(8,858)

(3,000)





Total gains/(losses) included in gains on investments in the

statement of comprehensive income:

- on assets sold

107

107

-

- on assets held at the end of the period

(4,290)

(5,336)

1,046





Closing balance

99,729

68,421

31,308

 

9. principal risk profile

The principal risks which the Company faces include exposure to:

(i)    market price risk, including currency risk, interest rate risk and other price risk;

(ii)    liquidity risk; and

(iii)   credit risk.

Further details of the Company's management of these risks and exposure to them is set out in Note 14 of the Company's Annual Report for the year ended 31 January 2016, as issued on 12 May 2016. There have been no changes to the management of or exposure to these risks since that date.



 

notes (continued)

10. related party transactions

There have been no changes to the related party arrangements or transactions as reported in the Statutory Annual Financial Report for the year ended 31 January 2016.

The Manager, Harwood Capital LLP, is regarded as a related party of the Company. The amounts payable to the Manager and Growth Financial Services Limited in respect of investment management for the six months to 31 July 2016 are as follows:


Six months
ended
31 July
2016
(unaudited)

Six months
ended
31 July
2015
(unaudited)

Year
ended
30 January
2016
(audited)


£'000

£'000

£'000





Annual fee

2,005

1,672

3,344

Performance fee

-

930

2,016

Irrecoverable VAT thereon

(48)*

7

60






1,957

2,609

5,420

 

*    Adjusted to VAT based on actual amount of VAT recovered in VAT return.

Shareholders should also note any payments made under share based remuneration as disclosed in note 6 to these financial statements.

11. financial information

The financial information contained in this half yearly report does not constitute full Statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the periods ended 31 July 2016 and 31 July 2015 is not a financial year and has not been audited. The information for the financial year ended 31 January 2016 has been extracted from the latest published Financial Statements, which have been delivered to the Registrar of Companies. The Report of the Auditors on those Financial Statements contained no qualification or statement under Section 498 of the Companies Act 2006.



 

shareholder information

financial calendar                                         

Announcement of results and annual report         May

Annual General Meeting                                    June

Half Yearly figures announced                            September

Half Yearly Report posted                                  September

share price                                                    

The Company's mid-market share price is quoted daily in the Financial Times appearing under "Investment Companies".

It also appears on:

SEAQ Ordinary Shares:                                    NAS

Trustnet:                                                          www.trustnet.ltd.uk

net asset value                                              

The latest net asset value of the Company can be found on the Harwood Capital LLP website: www.harwoodcapital.co.uk 

share dealing                                                

Investors wishing to purchase more Ordinary Shares or dispose of all or part of their holding may do so through a stockbroker. Many banks also offer this service.

The Company's registrars are Capita Asset Services. In the event of any queries regarding your holding of shares, please contact the registrars on: 0871 664 0300, or by email on [email protected]

Changes of name or address must be notified to the registrars in writing at:

Capita Asset Services

The Registry

34 Beckenham Road

Beckenham

Kent BR3 4TU



 

shareholder information (continued)

Directors

Peregrine Moncreiffe (Chairman)

Christopher Mills (Chief Executive)

Kristian Siem

Lord Howard of Rising

Enrique Foster Gittes

Manager

Harwood Capital LLP

(Authorised and regulated by the Financial Conduct Authority)

6 Stratton Street

Mayfair

London W1J 8LD

Telephone: 020 7640 3200

Financial Adviser and Stockbroker

Winterflood Investment Trusts

The Atrium Building

Cannon Bridge

25 Dowgate Hill

London EC4R 2GA

Registered Office

6 Stratton Street

Mayfair

London W1J 8LD

Telephone: 020 7640 3200

Registrars

Capita Asset Services

34 Beckenham Road

Beckenham

Kent BR3 4TU

Auditors

KPMG LLP

15 Canada Square

London E14 5GL

Company Secretary

Derringtons Limited

Hyde Park House

5 Manfred Road

London SW15 2RS


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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