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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| North Atlantic Smaller Companies Investment Trust Plc | LSE:NAS | London | Ordinary Share | GB0006439003 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -10.00 | -0.26% | 3,890.00 | 3,850.00 | 3,890.00 | 3,920.00 | 3,860.00 | 3,920.00 | 12,655 | 16:20:14 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | -81.43M | -91.04M | -6.6597 | -5.84 | 531.76M |
From Apr 2019 to Apr 2024
TIDMNAS
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.
Hot Features
Premium
31 July 31 January
2016 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 GBP1,530,000 (31 July 2015: loss of GBP688,000). 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 GBP6.3m together with a more modest fall in the value of Goals Soccer Centres which cost a further GBP2.0m. 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
GBP'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 Six months ended Year ended
31 July 2016 31 July 2015 31 January 2016
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 Share Capital
Share options premium Capital redemption Revenue
capital reserve account reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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)
GBP'000 GBP'000 GBP'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 Six months ended Year ended
31 July 2016 31 July 2015 31 January 2016
(unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'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: GBP937,000; 31 January 2016: GBP2,016,000).
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 Per *Net Per *Net Per
return Ordinary Share return Ordinary Share return Ordinary Share
GBP'000 Shares pence GBP'000 Shares pence GBP'000 Shares 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 GBP404,168,000 (31 July 2015: GBP367,545,000; 31 January 2016: GBP396,961,000) 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 GBP82,000.
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 31 July 2015 31 January 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'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 31 July 2015 31 January 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'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 GBP0.4m (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 Six months ended Year ended
31 July 2016 31 July 2015 31 January 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'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
GBP'000 GBP'000 GBP'000 GBP'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
GBP'000 GBP'000 GBP'000 GBP'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
GBP'000 GBP'000 GBP'000 GBP'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
Equity Fixed interest
Total investments investments
GBP'000 GBP'000 GBP'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 Six months Year
ended ended ended
31 July 31 July 30 January
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'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 shareholderenquiries@capita.co.uk
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
IR XZLFFQKFXBBQ
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September 14, 2016 09:40 ET (13:40 GMT)
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