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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
SuperSeed Capital Limited | AQSE:WWW | Aquis Stock Exchange | Ordinary Share | GG00BL594H32 | Ordinary shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 85.00 | 80.00 | 90.00 | 85.00 | 85.00 | 85.00 | 0.00 | 07:01:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMWWW
RNS Number : 7517T
SuperSeed Capital Limited
17 November 2023
SUPERSEED CAPITAL LIMITED
("SuperSeed Capital" or the "Company")
CORRECTION TO INTERIM RESULTS FOR Q2 AND THE HALF YEARING 30 JUNE 2023
SuperSeed Capital, a company established as a venture capital fund of funds for early-stage AI/SaaS companies, presents amended and restated results for the Q2 and the six months ending 30 June 2023.
It has come to the Company's attention that the results for Q2 and for the half year ending 30 June 2023 were misstated. SuperSeed II LP ("the Fund") issued a drawdown notice close to the end of Q2 and, owing to an error, the corresponding higher valuation of the fund was accounted for in Q2 but the associated drawdown liability was not accounted for until completion of the drawdown in the following quarter. Accordingly, in the Q2 and half year figures published on 16 August 2023, the net asset value of the Fund was overstated.
The stated net asset value per share of the Company at 30 June 2023 of 1.184 p per share was overstated by 0.063p per share. The correct figure for the net asset value of the Company as at 30 June 2023 should have been 1.121p per share representing growth in net asset value per share of 15.2% over the first half of the year and 6.6% during Q2 compared with figures of 21.7% and 12.6% respectively as stated in August.
Detailed amended and restated financial statements for Q2 and for the half year ended 30 June 2023 are set out below.
Updated Q2 Financial highlights
-- NAV per share has grown by 15.2% in H1 2023 and, within this, Q2 was up by 6.6% on Q1 to GBP1.12.
-- IRR on portfolio investments since IPO has increased to 35%.
For more information, please contact:
SuperSeed Capital Limited +44(0) 203 405 3060 Mads Jensen, Investment Manager VSA Capital - AQSE Corporate Adviser and Broker +44(0) 203 005 5000 Corporate Finance: Simon Barton / Alex Cabral ----------------------------------------------- --------------------
About SuperSeed Capital
SuperSeed Capital invests in technology-led innovation, primarily through funds managed by SuperSeed Ventures LLP (the "Investment Manager"). The Company's principal investment to date is in SuperSeed II LP (the "Fund").
SuperSeed Capital Limited Condensed Statement of Comprehensive Income for the period 1 January 2023 to 30 June 2023 1 April 1 January 1 January 1 January 2023 2023 2023 2022 to to to to 30 June 31 March 30 June 30 June 2023 2023 2023 2022 GBP GBP GBP GBP Income Investment income 696 328 1,024 7 Realised gain on investments held at fair value through profit or loss - 33,052 33,052 - Unrealised gain on investments held at fair value through profit or loss 201,489 180,555 382,044 129,162 Other income 1 1 2 951 Total income 202,186 213,936 416,122 130,120 -------- ---------- ---------- ---------- Expenses Establishment costs - - - 153,028 Administration fees 7,613 7,611 15,224 12,432 Audit fees 5,734 5,671 11,405 10,414 Directors' fees 4,500 4,500 9,000 9,000 Legal & professional fees 16,142 12,183 28,325 14,036 Loan interest - 134 134 - Regulatory fees 3,836 5,351 9,187 7,315 Sundry expenses 295 703 998 830 Total expenses 38,120 36,153 74,273 207,055 -------- ---------- ---------- ---------- Total gain/(loss) and comprehensive income for the period 164,066 177,783 341,849 (76,935) ======== ========== ========== ========== Basic earnings per share 0.0692 0.0868 0.1463 (0.0452) Diluted earnings per share 0.0628 0.0698 0.1403 (0.0452) Operating profit/(loss) excluding establishment costs for the period 164,066 177,783 341,849 76,093 ======== ========== ========== ========== Basic operating profit excl. establishment costs per share 0.0692 0.0868 0.1463 0.0447 Diluted operating profit excl. establishment costs per share 0.0628 0.0698 0.1403 0.0447 All the above items are derived from continuing operations. SuperSeed Capital Limited Condensed Statement of Financial Position as at 30 June 2023 30 June 2023 31 March 31 December 2023 2022 GBP GBP GBP Non-current assets Investments 2,542,337 2,189,288 1,799,616 Total non-current assets 2,542,337 2,189,288 1,799,616 ------------- ---------- ------------ Current assets Trade and other receivables 104,685 254,895 11,025 Cash and cash equivalents 20,546 64,006 235,089 Total current assets 125,231 318,901 246,114 ------------- ---------- ------------ Total assets 2,667,568 2,508,189 2,045,730 ============= ========== ============ Current liabilities Trade and other payables 11,991 16,678 21,745 ------------- ---------- ------------ Total current liabilities 11,991 16,678 21,745 ------------- ---------- ------------ Total liabilities 11,991 16,678 21,745 ============= ========== ============ Net assets 2,655,577 2,491,511 2,023,985 ============= ========== ============ Equity Share capital 2,369,743 2,369,743 2,080,000 Retained earnings 285,834 121,768 (56,015) Total equity 2,655,577 2,491,511 2,023,985 ------------- ---------- ------------ Net asset value per ordinary share 1.1206 1.0514 0.9731 SuperSeed Capital Limited Condensed Statement of Changes in Equity for the period 1 January 2023 to 30 June 2023 Share Capital Retained Total Earnings GBP GBP GBP Ordinary Shares issued on incorporation 1 - 1 Issue of Ordinary Shares 1,999,999 - 1,999,999 Total comprehensive loss for the period - (119,977) (119,977) Balance as at 30 June 2022 2,000,000 (119,977) 1,880,023 -------------- ---------- ---------- Share Capital Retained Total Earnings GBP GBP GBP Balance as at 1 January 2023 2,080,000 (56,015) 2,023,985 Issue of Ordinary Shares 289,743 - 289,743 Total comprehensive profit for the period - 341,849 341,849 Balance as at 30 June 2023 2,369,743 285,834 2,655,577 -------------- ---------- ---------- SuperSeed Capital Limited Condensed Statement of Cash Flows for the period 1 January 2023 to 30 June 2023 1 January 1 January 6 October 2023 2023 2021 to to to 30 June 31 March 30 June 2023 2023 2022 GBP GBP Cash flows used in operating activities Net cash flow used in operating activities (86,750) (43,290) (246,423) Cash flows used in investing activities Net cash flow used in investing activities (127,659) (127,659) (777,870) Cash flows from financing activities Net cash flow from financing activities (134) (134) 2,000,000 Net movement in cash and cash
equivalents during the period (214,543) (171,083) 975,707 Cash and cash equivalents at the beginning of the period 235,089 235,089 - Cash and cash equivalents at the end of the period 20,546 64,006 975,707 ========== ========== ========== SuperSeed Capital Limited Investment Analysis for the period 1 January 2023 to 30 June 2023 30 June 31 December 2023 2022 GBP GBP Cost 1,899,714 1,539,035 Cumulative movement in value 642,624 260,581 Fair value 2,542,337 1,799,616 ========== ============ Investment fair value can be further analysed as follows: 1 January 1 January 6 October 2023 2023 2021 to to to 30 June 31 March 31 December 2023 2023 2022 GBP GBP GBP Cost Cost at beginning of the period 1,539,035 1,539,035 - Cost of investment - settled 666,579 515,017 1,539,035 Cost of investment - sold (305,901) (305,901) - Total cost of investment 1,899,714 1,748,152 1,539,035 ========== ========== ============ Fair value movement Fair value adjustment at beginning of the period 260,581 260,581 - Revaluation of underlying investments 382,043 156,750 260,581 SuperSeed II LP management - 23,805 - fee and other net movements in NAV 642,624 441,136 260,581 ========== ========== ============ Fair value of investments 2,542,337 2,189,288 1,799,616 ========== ========== ============
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November 17, 2023 10:00 ET (15:00 GMT)
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