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BRH Braveheart Investment Group Plc

6.35
-0.65 (-9.29%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Braveheart Investment Group Plc LSE:BRH London Ordinary Share GB00B13XV322 ORD 2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.65 -9.29% 6.35 6.20 6.50 7.00 6.35 7.00 404,663 15:50:17
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Management Services 51k 1.59M 0.0249 2.55 4.05M

Braveheart Investment Group plc Half-year Report (2729M)

12/10/2016 7:00am

UK Regulatory


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RNS Number : 2729M

Braveheart Investment Group plc

12 October 2016

12 October 2016

Braveheart Investment Group plc

('Braveheart', the 'Company' or the 'Group')

Half-Yearly Report

Braveheart Investment Group plc today announces its interim results for the six months ending 30 September 2016.

Key points

   --     Revenue of GBP562,000 in the six months ended 30 September 2016 (2015: GBP610,000); 
   --     Profit of GBP475,000 in the six months ended 30 September 2016 (2015: loss of GBP1,039,000); 

-- Earnings per share of 1.67p in the six months ended 30 September 2016 (2015: loss per share 3.84p);

   --     Cash balances at 30 September of GBP1,334,000 (2015: GBP260,000); and 
   --     Commencement of new investment strategy. 

Further information:

 
 Braveheart Investment Group plc       Tel: +44 1738 
  Trevor Brown, CEO                     587555 
 Allenby Capital Limited (Nominated    Tel: +44 20 
  Adviser and Broker to Braveheart)     3328 5656 
  David Worlidge / James Thomas 
 

Chief Executive Officer's Statement

We are pleased to report to shareholders for the six months ended 30 September 2016.

Recent Investments

We reported to you in our last Annual Report on 22 June 2016 that we were looking to identify new private equity investments with good growth potential and where we had an existing knowledge of the companies. We are therefore delighted to be able to report that during the period under review, and as announced on the 4 July 2016, we commenced our new investment strategy with the capital reorganisation, investment in and appointment of a director nominated by Braveheart at Paraytec Limited ("Paraytec"), which resulted in Braveheart now owning 33 per cent. of Paraytec. In addition, and as announced on the 8 July 2016, we have undertaken a similar transaction with Kirkstall Limited ("Kirkstall") resulting in Braveheart now owning 28 per cent. of Kirkstall. We believe that the reconstruction, provision of a director and further investment in each of these companies will enable them to accelerate growth and maximize their potential.

Portfolio theory evolved as a tool to manage negative risk though diversification, which reduces the overall volatility of returns for the portfolio. However, your board believes that generating exceptional returns from the relatively limited resources available to Braveheart at this time requires a different strategy, which is to identify a small number of companies with excellent prospects and where Braveheart already has knowledge. Although concentrating our resources on a small number of projects exposes us to the risk of increased volatility of overall results, which could result in increased positive as well as negative returns, we firmly believe that our active management approach and depth of knowledge of the businesses materially skews the risk of returns towards a positive return outcome.

The investments in both Paraytec and Kirkstall are representative of this new investment strategy where we are investing into leading technologies with which we are already familiar and working closely with their boards. We believe that this style of strategic investing could result in significant returns over the next few years. For reporting purposes, we are going to separate out investments made under the new investment strategy and group them under the heading "The Strategic Portfolio".

Paraytec operational update

Paraytec is a scientific instrument company based in York. It has developed and patented its innovative ActiPix(TM) technology for optical imaging and absorbance measurements of fluid samples flowing in capillaries or fluid flow cuvettes. This technology enables researchers to measure the viscosity of drug formulations and the effective size of the active ingredients in these formulations. Paraytec's instruments can also be used to monitor how tablets, gels and creams, release their active ingredients into liquids, including biological media, as well as across membranes such as skin.

The first sales of Paraytec's new ActiPix(TM) D200 system have recently been delivered and are generating a lot of interest from analytical laboratories, life science researchers in universities and the major pharmaceutical and biopharmaceutical companies. Paraytec also has two license deals: Malvern Instruments has already incorporated ActiPix(TM) technology into its own branded instruments and in November 2016, Sirius Analytical is expected to launch its licensed instrument at the AAPS exhibition in Colorado USA.

Kirkstall operational update

Kirkstall has developed Quasi Vivo(TM), a system of interconnected chambers for cell and tissue culture in laboratories. Its patented technology is used by researchers in academia and drug development companies to maintain living cells in a nutrient flow. The technology, often referred to as 'organ on a plate', provides a way to model the behaviour of multiple human organs interconnected by a flow system that mimics the flow of blood in the body. Introducing flow into cell culture has the benefit that the cells are more active and respond to stimuli (such as dosing with a drug or chemical) in a way that is more predictive of what is likely to happen in a clinical environment.

Kirkstall's products are already being used by researchers in the development of drugs, nutraceuticals, cosmetics and personal care products. By enabling the testing of drugs on living tissue, there is the potential to greatly reduce the need for expensive animal testing and improve the chances of success in human clinical trials. In the quarter ended 30 September 2016, sales of Quasi VivoTM exceeded management forecasts, particularly in the USA, where Kirkstall is represented by Triangular Research Labs (part of Lonza Group, one of the world's leading suppliers to the Pharma & Biotech and Specialty Ingredient markets).

Portfolio

In addition to our new strategic investments we also have investments in a further 12 companies that were made by Braveheart from 2002 until the summer of 2015 (the "Portfolio") and we also have a holding in an AIM listed company which we obtained when we acquired Ridings Holdings Ltd in January 2016. We commented in our Annual Report that we undertook a detailed review of the exit opportunities for each company in the Portfolio, with a view to ensuring that these investments were appropriately valued and to also ensure that wherever possible an exit from the investment would be sought. We were therefore pleased to announce on 16 September 2016, that the sale of our holdings in mLED Limited to a large US based technology company had completed. This sale generated GBP399,000 of consideration for the Group, with GBP76,000 held back in escrow, and resulted in a book profit to the Group of GBP303,000 of which GBP33,000 relates to a non-controlling interest.

As at 30 September 2016 the Portfolio had a valuation of GBP238,000 (30 September 2015: GBP362,000). We will continue to manage the Portfolio with a view to seeking exits wherever possible and appropriate.

Strathtay Ventures

We reported in our Annual Report for the year ended 31 March 2016 that we had taken the difficult decision to close our Strathtay Ventures private client business. We do not therefore intend to comment on this particular company in future reports to shareholders.

Viking Fund Managers

Viking's main fund management income comes from the Finance Yorkshire Equity Fund ("FYEF") contract, but it also provides specialist fund management services to other funds which are in 'run-out' mode. This specialised management work tends to generate enhanced fees in excess of standard fund management fees due to the intensive nature of this work. We are pleased to be able to report that Viking successfully invested the additional sums made available to the FYEF, and that we have also now successfully completed the investment phase of this fund on time. The emphasis for the FYEF is now on portfolio management rather than in seeking new investments. Viking is seeking to win the management contracts for further funds and we hope to report further on this in due course.

Financial Review

Revenue was GBP562,000 in the six months ended 30 September 2016 (2015: GBP610,000).

We have undertaken an interim review of the valuations of the Group's Investments and have recorded an unrealised gain on the revaluation of these investments of GBP32,000 (2015: unrealised loss of GBP724,000). As at 30 September 2016, the fair value of the Group's investment was GBP722,000 (31 March 2016: GBP468,000), which includes the fair value of the unquoted investments of the Portfolio of GBP238,000, the acquired quoted investment of GBP166,000 and the Strategic Portfolio of GBP318,000.

We commented in the Annual Report for the year ended 31 March 2016 that we had been working to reduce our operating costs so that they are less than the operating income and thus enable us to report an operating surplus for the full year. Our operating costs for the period under review were GBP435,000 (2015: GBP868,000), a reduction of 50%. We remain confident that our operating costs for the second half of the current year will be similar to those reported for the first half of the year and so having achieved an operating surplus in the first half we remain firmly on course to achieve an improved operating surplus for the full year thereby delivering one of our key full year targets.

We are delighted to be able to report that we have achieved a profit before tax for the period under review of GBP475,000 (2015: loss of GBP1.039 million). This equates to a profit of 1.67 pence per share and compares well with the loss of 6.23 pence per share that we reported for the full year to 31 March 2016.

The key movements in our cash resources over the period under review are accounted for by the operating profit of GBP129,000 that we have achieved for the period under review, the one exit achieved from the Portfolio which resulted in a cash inflow of GBP326,000 and the two new investments in our Strategic Portfolio which resulted in a cash outflow of GBP318,000. These principal movements of cash resulted in the Group having cash as at 30 September 2016 GBP1.334 million (31 March 2016: GBP1.263 million).

Outlook

The interim profit of GBP475,000 for the first six months of the current year represents the largest profit achieved since Braveheart's floatation in 2008 and marks the commencement of a new chapter for our shareholders. The Board believes that the Group's costs are now firmly under control at a much reduced level from historic levels and with a new entrepreneurial spirit in the Group, we expect that full year results will reflect our continuing progress.

Trevor E Brown

Chief Executive Officer

Condensed consolidated statement of comprehensive income

for the six months ended 30 September 2016

 
                                                                    Six months ended    Six months ended    Year ended 
                                                                        30 September        30 September      31 March 
                                                                                2016                2015          2016 
                                                                         (unaudited)         (unaudited)     (audited) 
                                                            Note             GBP'000             GBP'000       GBP'000 
---------------------------------------------------------  -----  ------------------  ------------------  ------------ 
 
 Revenue                                                                         562                 610         1,133 
 Change in fair value of investments                         4                    32               (724)       (1,026) 
 Movement on contingent consideration/liability                                    -                (57)          (57) 
 Gain on disposal of investment                                                  303                   -           138 
 Finance revenue                                                                  13                   -             7 
---------------------------------------------------------  -----  ------------------  ------------------  ------------ 
 Total income                                                                    910               (171)           195 
---------------------------------------------------------  -----  ------------------  ------------------  ------------ 
 
 Employee benefits expense                                                     (275)               (457)       (1,001) 
 Impairment of intangible assets                                                   -                   -         (372) 
 Other operating costs                                                         (158)               (400)         (502) 
 Finance costs                                                                   (2)                (11)          (14) 
---------------------------------------------------------  -----  ------------------  ------------------  ------------ 
 Total costs                                                                   (435)               (868)       (1,889) 
---------------------------------------------------------  -----  ------------------  ------------------  ------------ 
 
 Profit/(Loss) before tax                                                        475             (1,039)       (1,694) 
 
 Tax                                                                               -                   -             - 
 
 Profit/(Loss) for the period and total comprehensive 
  income for the period                                                          475             (1,039)       (1,694) 
 
 Profit/(Loss) attributable to: 
 Equity holders of the parent                                                    451             (1,039)       (1,686) 
 Non-controlling interest                                                         24                   -           (8) 
                                                                                 475             (1,039)       (1,694) 
---------------------------------------------------------  -----  ------------------  ------------------  ------------ 
 
 Basic earnings per share                                                      Pence               Pence         Pence 
 - basic and diluted                                                            1.67              (3.84)        (6.23) 
 
 

Condensed consolidated statement of comprehensive income

for the six months ended 30 September 2016

 
                                                            30 September   30 September    31 March 
                                                                    2016           2015        2016 
                                                             (unaudited)    (unaudited)   (audited) 
                                                     Note        GBP'000        GBP'000     GBP'000 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 ASSETS 
 Non-current assets 
 Goodwill                                             3              380            580         380 
 Investments at fair value through profit or loss     4              722          1,762         468 
 Investment in limited liability partnership                           -              5           - 
 Other receivables                                                   366             91         293 
--------------------------------------------------  -----  -------------  -------------  ---------- 
                                                                   1,468          2,438       1,141 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 
 Current assets 
 Trade and other receivables                                         186            274         211 
 Cash and cash equivalents                                         1,334            260       1,263 
--------------------------------------------------  -----  -------------  -------------  ---------- 
                                                                   1,520            534       1,474 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 
 Total assets                                                      2,988          2,972       2,615 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 
 LIABILITIES 
 Current liabilities 
 Trade and other payables                                          (422)          (273)       (544) 
 Contingent consideration/liability                                (217)          (262)       (217) 
 Deferred income                                                    (66)           (37)        (47) 
                                                                   (705)          (572)       (808) 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 
 Non-current liabilities 
 Borrowings                                                         (43)           (43)        (43) 
 Other payables                                                     (59)              -        (59) 
--------------------------------------------------  -----  -------------  -------------  ---------- 
                                                                   (102)           (43)       (102) 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 
 Total liabilities                                                 (807)          (615)       (910) 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 
 Net assets                                                        2,181          2,357       1,705 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 
 EQUITY 
 Called up share capital                                             541            541         541 
 Share premium                                                     1,564          1,564       1,564 
 Merger reserve                                                      524            524         524 
 Retained earnings                                                 (436)          (244)       (888) 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 Equity attributable to owners of the parent                       2,193          2,385       1,741 
 Non-controlling interest                                           (12)           (28)        (36) 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 Total equity                                                      2,181          2,357       1,705 
--------------------------------------------------  -----  -------------  -------------  ---------- 
 

Condensed consolidated statement of cASH FLOWS

for the six months ended 30 September 2016

 
                                                                    Six months ended    Six months ended    Year ended 
                                                                        30 September        30 September      31 March 
                                                                                2016                2015          2016 
                                                                         (unaudited)         (unaudited)     (audited) 
                                                                             GBP'000             GBP'000       GBP'000 
----------------------------------------------------------------  ------------------  ------------------  ------------ 
 Operating activities 
 Profit/(Loss) before tax                                                        475             (1,039)       (1,694) 
 
 Adjustments to reconcile profit/(loss) before tax to net cash 
 flows from operating activities 
 Share-based payments expense                                                      1                   8            11 
 Impairment losses                                                                 -                 172           372 
 (Increase)/Decrease in the fair value movements of investments                 (32)                 724         1,026 
 Gain on disposal of equity investments                                        (303)                   -          (55) 
 Gain on disposal of LLP                                                           -                   -          (83) 
 Interest income                                                                (13)                   -           (7) 
 Increase in trade and other receivables                                        (48)                (26)         (107) 
 (Decrease)/Increase in trade and other payables                               (103)                (73)             1 
----------------------------------------------------------------  ------------------  ------------------  ------------ 
 Net cash flow from operating activities                                        (23)               (234)         (536) 
----------------------------------------------------------------  ------------------  ------------------  ------------ 
 
 Investing activities 
 Proceeds from sale of equity investments                                        399                   -         1,075 
 Proceeds from sale of LLP                                                         -                   -            89 
 Increase in investments                                                       (318)                (17)          (17) 
 Repayment of loan notes                                                           -                   9           147 
 Acquisition of subsidiary, net of cash acquired                                   -                   -           (4) 
 Interest received                                                                13                   -             7 
----------------------------------------------------------------  ------------------  ------------------  ------------ 
 Net cash flow from investing activities                                          94                 (8)         1,297 
----------------------------------------------------------------  ------------------  ------------------  ------------ 
 
 Net increase/(decrease) in cash and cash equivalents                             71               (242)           761 
 Cash and cash equivalents at the start of the period                          1,263                 502           502 
----------------------------------------------------------------  ------------------  ------------------  ------------ 
 Cash and cash equivalents at the end of the period                            1,334                 260         1,263 
----------------------------------------------------------------  ------------------  ------------------  ------------ 
 
 

Condensed consolidated statement of changes in equity

for the six months ended 30 September 2016

 
                                                    Attributable to owners of 
                                                                   the Parent 
                        ----------------------------------------------------- 
                            Share      Share     Merger    Retained             Non-controlling     Total 
                          Capital    Premium    Reserve    Earnings     Total          Interest    Equity 
                          GBP'000    GBP'000    GBP'000     GBP'000   GBP'000           GBP'000   GBP'000 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 At 1 April 
  2015 (audited)              541      1,564        524         787     3,416              (28)     3,388 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 Share-based 
  payments                      -          -          -           8         8                 -         8 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 Transactions 
  with owners                   -          -          -           8         8                 -         8 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 Loss and total 
  comprehensive 
  income for 
  the period                    -          -          -     (1,039)   (1,039)                 -   (1,039) 
 At 30 September 
  2015 (unaudited)            541      1,564        524       (244)     2,385              (28)     2,357 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 Share-based 
  payments                      -          -          -           3         3                 -         3 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 Transactions 
  with owners                   -          -          -           3         3                 -         3 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 Loss and total 
  comprehensive 
  income for 
  the period                    -          -          -       (647)     (647)               (8)     (655) 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 At 1 April 
  2016 (audited)              541      1,564        524       (888)     1,741              (36)     1,705 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 Share-based 
  payments                      -          -          -           1         1                 -         1 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 Transactions 
  with owners                   -          -          -           1         1                 -         1 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 Profit and 
  total comprehensive 
  income for 
  the period                    -          -          -         451       451                24       475 
 At 30 September 
  2016 (unaudited)            541      1,564        524       (436)     2,193              (12)     2,181 
----------------------  ---------  ---------  ---------  ----------  --------  ----------------  -------- 
 

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 2016. The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Annual Report and Accounts for the year ended 31 March 2016 which have been prepared in accordance with International Financial Reporting Standards as adopted for use in the EU. The financial information in this half-yearly report, which was approved by the Board and authorised for issue on 12 October 2016 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 2016 has been extracted from the Group's Annual Report and Accounts for the year ended 31 March 2016 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 2016.

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 2016 and which will form the basis of the 2017 Annual Report. The interim financial statements have been prepared on the same basis as the financial statements for year ended 31 March 2016 which is on the assumption that the company is a going concern.

   2          Earnings per share 

The basic earnings per share has been calculated by dividing the profit/(loss) 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 earnings per share is based on the following profit/(loss) and number of shares in issue:

 
 
                                                                 Six months ended   Six months ended    Year ended 
                                                                     30 Sept 2016       30 Sept 2015   31 Mar 2016 
                                                                      (unaudited)        (unaudited)     (audited) 
                                                                          GBP'000            GBP'000       GBP'000 
--------------------------------------------------------------  -----------------  -----------------  ------------ 
 
 Profit/(loss) for the period attributable to equity holders 
  of the parent                                                               451            (1,039)       (1,686) 
--------------------------------------------------------------  -----------------  -----------------  ------------ 
 
 Weighted average number of ordinary shares in issue: 
 
   *    For basic loss per ordinary share                              27,055,491         27,055,491    27,055,491 
 
   *    For diluted loss per ordinary share                            27,055,491         27,055,491    27,055,491 
--------------------------------------------------------------  -----------------  -----------------  ------------ 
 
 

There were no potentially dilutive ordinary shares at the period end as the average share price of the ordinary shares was less than the average exercise price of the share options.

   3          Goodwill 
 
                                           VFM      Neon     Total 
                                       GBP'000   GBP'000   GBP'000 
----------------------------------   ---------  --------  -------- 
 At 1 April 2015 (audited)                 372       380       752 
 Impairment                              (172)         -     (172) 
 At 30 September 2015 (unaudited)          200       380       580 
 Impairment                              (200)         -     (200) 
 At 1 April 2016 (audited)                   -       380       380 
 At 30 September 2016 (unaudited)            -       380       380 
-----------------------------------   --------  --------  -------- 
 
 

The Group assessed the recoverable amount of the above goodwill with Neon's cash generating units and determined that goodwill was not impaired.

   4          Investments at fair value through profit or loss 
 
                               Level 1              Level 2                          Level 3 
----------------------  --------------  -------------------------------  -------------------------------  -------- 
                                Equity          Equity             Debt          Equity             Debt 
                           investments     investments   investments in     investments   investments in 
                             in quoted     in unquoted         unquoted     in unquoted         unquoted 
                             companies       companies        companies       companies        companies     Total 
                               GBP'000         GBP'000          GBP'000         GBP'000          GBP'000   GBP'000 
----------------------  --------------  --------------  ---------------  --------------  ---------------  -------- 
 At 1 April 2015 
  (audited)                          -               -                -           2,318              160     2,478 
 Repayments                          -               -                -               -              (9)       (9) 
 Additions at cost                   -               -                -               -               17        17 
 Change in Fair Value                -               -                -           (714)             (10)     (724) 
----------------------  --------------  --------------  ---------------  --------------  ---------------  -------- 
 At 30 September 2015 
 (unaudited)                         -               -                -           1,604              158     1,762 
 Disposals/Repayments                                                           (1,015)            (143)   (1,158) 
 Acquired                          166               -                -               -                -       166 
 Change in Fair Value                -               -                -           (287)             (15)     (302) 
----------------------  --------------  --------------  ---------------  --------------  ---------------  -------- 
 At 1 April 2016 
  (audited)                        166               -                -             302                -       468 
 Disposals                           -               -                -            (96)                -      (96) 
 Additions at cost                   -               -                -             288               30       318 
 Change in Fair Value                -               -                -              32                -        32 
----------------------  --------------  --------------  ---------------  --------------  ---------------  -------- 
 At 30 September 2016 
 (unaudited)                       166               -                -             526               30       722 
----------------------  --------------  --------------  ---------------  --------------  ---------------  -------- 
 
 

The accounting policies in regards to valuations in these half-yearly results are the same as those applied by the Group in its audited consolidated financial statements for the year ended 31 March 2016 and which will form the basis of the 2017 Annual Report and Accounts. Investments are designated as fair value through profit or loss and are initially recognised at fair value and any gains or losses arising from subsequent changes in fair value are presented in profit or loss in the statement of comprehensive income in the period in which they arise.

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.

Investments at fair value through profit or loss (continued)

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 no material effect on the fair valuation of the related investments. The impact on the fair value of investments if the discount rate and provision shift by 1% is GBP1,789 (2015: GBP11,508).

   5          Share capital 
 
                                         30 Sept       30 Sept      31 Mar 
                                            2016          2015        2016 
                                     (unaudited)   (unaudited)   (audited) 
 Authorised                                  GBP           GBP         GBP 
 33,645,000 ordinary shares of 
  2 pence each 
  (30 September 2015: 33,645,000, 
  31 March 2016: 33,645,000)             672,900       672,900     672,900 
----------------------------------  ------------  ------------  ---------- 
 
 Allotted, called up and fully 
  paid 
 27,055,491 ordinary shares of 
  2 pence each 
  (30 September 2015: 27,055,491, 
  31 March 2016: 27,055,491)             541,109       541,109     541,109 
----------------------------------  ------------  ------------  ---------- 
 

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: 2 Dundee Road, Perth, PH2 7DW. A copy has also been posted on the Company's website: www.braveheartinvestmentgroup.co.uk.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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