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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Blue Planet Investment Trust Plc | LSE:BLP | London | Ordinary Share | GB0005327076 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Blue Planet Investment Trust plc
Half Year Report and Accounts
For the six months ended 31 October 2022
Officers and Advisors
Directors
Investment Manager, Administrator and Secretary
Russell Frith (Non-Executive Chairman)
Blue Planet Investment Management Ltd
Victoria Killay (Non-Executive)
17 Grosvenor Crescent
Kenneth Murray (Non-Executive)
Edinburgh
EH12 5EL
Telephone No: 0131 466 66 66
E-mail:
info@blueplanet.eu
www.blueplanet.eu
Registered Office
Registrars
17 Grosvenor Crescent
Link Group
Edinburgh
10th Floor, Central Square
EH12 5EL
29 Wellington Street
Telephone No: 0131 466 6666
Leeds
E-mail: info@blueplanet.eu
LS1 4DL
www.blueplanet.eu Email:
shareholderenquiries@linkgroup.co.uk
www.linkgroup.eu
Shareholder
Helpline No: 0371 664 0300 (calls are charged at the standard geographic rate
and will vary by provider. Calls outside the UK will be charged
at
the applicable international rate. Lines are open 9am-5.30pm, Mon-Fri)
Statutory Auditors
Custodians
Johnston Carmichael LLP
Caceis Investor Services
7-11 Melville
Street
Broadwalk House, 5 Appold Street
Edinburgh EH3 7PE
London
EC2A 2AG
Bankers
Interactive Brokers (U.K.) Ltd
Lloyds Banking Group
Level 20 Heron Tower, 110 Bishopsgate
1st Floor
London EC2N 4AY
48 Chiswell Street
London EC1Y 4XX
Registered Number
SC192153
Blue Planet Investment Trust plc is a member of the Association of Investment
Companies.
Investment Policy
The investment policy of the Company is to invest in securities (including
equities, exchange traded funds, equity-related securities, bonds, and
derivatives) issued by companies, Governments and other types of issuers
located throughout the world.
Investment Objective
The investment objective of the Company is to provide shareholders with a
combination of capital growth and income.
The Company has not set maximum exposures for any type of issuer, geographical
regions or sectors. How the Company's investments are allocated will depend on
market conditions and the judgement of the Board as to what is in the best
interests of Shareholders. This is to provide it with the flexibility that is
necessary to deal with an ever-changing economic environment. It would,
however, normally be expected that most of the Company's investments will be in
equities, exchange traded funds, equity-related securities, preference shares,
bonds, bills and derivatives. However, the Company is not prohibited from
investing in other types of securities including unlisted investments and
property. No more than 15 per cent of the Company's portfolio may be invested
in any one investment at the time the investment is made. There is no
restriction on the amount that may be invested in any one country.
Financial Record including Key Performance Six months Six months Year
Indicators ended 31 ended 31 ended 30
October October April 2022
2022 2021 (audited)
(unaudited) (unaudited)
Total return per share (p)1 (4.04) (3.64) (20.23)
NAV total return per share (%)2 (25.8) (10.0) (56.4)
Share price total return (%) 3 (35.7) (13.6) (45.0)
Total return on Benchmark Index 4 (%) 1.2 5.8 n/a
Revenue return available for shareholders (244) (246) (517)
(£'000)
Revenue return per share (p)1 (0.49) (0.49) (1.05)
Capital return per share (p)1 (3.54) (3.15) (19.18)
Total assets less current liabilities 8,962 20,561 12,240
(excluding loans) (£'000)
Loans (£'000) (3,238) (4,635) (4,520)
Shareholders' funds (£'000) 5,724 15,926 7,720
Net asset value per share (p)5 11.57 32.19 15.60
Share price (p) - (Bid) 9.00 22.00 14.00
Share price discount to NAV (%)A 22.2 31.7 10.3
Gearing (%)A 15.4 27.7 57.8
Ongoing Charges (%)A 9.1 4.6 5.2
The Board assesses the Company's performance in meeting its objectives against
the above KPIs, they also believe the above KPIs are of most relevance to
shareholders in monitoring the performance of the Company and therefore the
return on their investment in the Company.
1. Returns per share are calculated by taking the figure for "Return on
ordinary activities after taxation and total comprehensive income" for each
column as stated on the Income Statement and dividing by the weighted
average number of ordinary shares in issue during the period. (Note 3)
2. NAV total return per share is calculated as the percentage change in net
asset value per share in the period with dividend paid during the period
reinvested at the time of distribution.
3. Share price total return is calculated as the percentage change in share
price in the period with dividend paid during the period reinvested at the
time of distribution.
4. The Company's benchmark index is the NASDQ Composite index on a GBP basis.
The percentage change in value between each period end is shown above.
5. Net asset value per share is calculated as shareholders' funds divided by
the number of ordinary shares in issue at the period end.
6. Considered to be an Alternative Performance Measure.
The Investment Manager
Under the Alternative Investment Fund Management Directive legislation, the
Trust has elected to be its own AIF manager but has delegated the day to day
management of the investment portfolio and administration to Blue Planet
Investment Management Ltd. It is an independent firm that specialises in
advising and managing investment and family trusts. It has a great deal of
expertise in managing investments on a worldwide basis. It is regulated by the
Financial Conduct Authority.
Blue Planet Investment Management Ltd is the investment manager of the Company
and receives an annual fee of 1.50% per annum of the total assets of the
company which is paid monthly. Blue Planet Investment Management Ltd also
receives £196,000 per annum in respect of administration and secretarial
services. The investment management, administration and secretarial services
agreements may only be terminated on receipt of two years notice.
Website Information
Please take the time to visit our website:
www.blueplanet.eu
Subscribe to our monthly fact sheet service and download past monthly fact
sheets:
https://www.blueplanet.eu/monthly-factsheets
To download historical Annual and Interim reports:
https://www.blueplanet.eu/reportandaccounts
To view stock market RNS announcements:
https://www.blueplanet.eu/corporateinformation
Retail Distribution of Investment Company Shares
Blue Planet Investment Trust plc currently conducts its affairs so that the
shares issued by the Company can be recommended by Independent Financial
Advisers to ordinary retail investors in accordance with the Financial Conduct
Authority's rules in relation to non-mainstream investment products and intends
to continue to do so for the foreseeable future.
The shares are excluded from the Financial Conduct Authority's restrictions
which apply to non-mainstream investment products because they are shares in an
investment trust.
PRIIPS Key Information Documents
We are required by regulations to provide investors with a Key Information
Document ("KID") which includes performance projections which are the product
of prescribed calculations based on the Company's past performance. Whilst the
content and format of the KID cannot be amended under the applicable
regulations, the Board does not believe that these projections are an
appropriate or helpful way to assess the Company's future prospects.
Accordingly, the Board urges shareholders to also consider the more complete
information set out in the Annual Report and Accounts, together with the
Company's interim report and accounts, monthly fact sheets and net asset value
announcements, when considering an investment in the Company's shares. These
documents are published on the investment managers website at www.blueplanet.eu
Interim Management Report - Portfolio Information
As at 31 October 2022
Country Valuation (£) % of Portfolio
Equities
Repligen Corporation United States
543,550 6.2
Dynatrace Inc United States 6.1
528,097
Arista Networks Inc United States 6.0
521,812
PubMatic Inc United States 4.2
366,542
Taiwan Semiconductor ADR United States 4.0
345,189
DigitalOcean Holdings Inc United States 3.9
338,217
Revance Therapeutics Inc United States 3.8
330,691
STAAR Surgical Co United States 3.2
282,083
CareCloud Inc United States 2.8
245,615
Microsoft Corp United States 2.7
238,414
Palantir Technologies Inc United States 2.6
228,583
Moovly Media Inc Canada 2.5
221,621
Texas Instruments Inc United States 2.4
206,518
ASML Holding NV Netherlands 2.2
194,892
Keysight Technologies Inc United States 2.0
177,739
NVIDIA Corporation United States 2.0
170,640
United Microelectronics ADR United States 1.8
155,114
Alphabet Inc - A United States 1.7
146,366
Mogo Inc United States 1.7
145,213
Digital Turbine Inc United States 1.6
138,712
iShares Expanded Software ETF United States 1.3
115,824
CleanSpark Inc United States 1.2
104,773
Mirriad Advertising plc United Kingdom 1.2
101,754
Netflix Inc United States 1.2
100,543
AcuityAds Holdings Inc Canada 1.1
92,029
Matterport Inc United States 1.0
91,872
Isoray Inc United States 0.7
61,455
Teradyne Inc United States 0.7
59,794
S4 Capital Plc United Kingdom 0.6
54,101
ASM International NV Netherlands 0.5
40,684
Telford Offshore Holdings Ltd Cayman Islands - 0.0
6,348,437 72.9
Debt Securities
Telford Offshore 12% Perpetual Cayman Islands - 0.0
Total Investments 6,348,437 72.9
Cash 2,355,677 27.1
Total 8,704,114 100.0
Interim Management Report
Performance
The year to 30th April 2022 was a difficult one and the first six months of the
current financial year have not been any easier for the Trust, nor for
investors in general. The benchmark index, the Nasdaq Composite Index, fell 30%
in the first 10 months of 2022, its worst start to a year since 2008 and 4th
worst since the index was created in 1971. Over the same period the S&P 500
Index fell 19%, its worst start to a year since the 2008 financial crisis and
9th worst performance since the index was created in 1928. Blue Planet
Investment Trust's net asset value fell 25.8% in the six months to 31 October
2022. Drilling down into our performance, our investments produced a total
return of -16.9%. The balance was attributable to adverse FX movements and the
expenses of running the Trust.
The cause of these steep declines in asset prices has been monetary tightening
by central banks. Rampant inflation has forced them to raise interest rates to
a degree, and with a speed, that is unprecedented. The reason this has been so
damaging is because of the inverse relationship that exists between the cost of
capital (essentially interest rates) and the value of assets. As the cost of
capital (interest rates) rises, the value of assets fall. As the cost of
capital (interest rates) falls, the value of assets rises.
In March 2020, the US Federal Reserve reduced the Fed Funds Rate to be in the
range of 0.00% to 0.25% and held it there for two years. Over this period, the
cost of capital was essentially zero and the valuations of assets rose sharply.
Inflation then, quite predictably, took off and in March 2022, the Fed began to
hike rates to quash it. By the 2nd of November 2022, the Fed Funds Rate had
increased to be in the range of 3.75% and 4.00%, an incredible 16-fold increase
in the cost of capital in just over six months. Over the same period 2-year
bond yields rose from 0.15% to 4.5%. and 10-year money went from 0.5% to 4.00%.
This unprecedented and reckless increase in the cost of capital crushed asset
prices and has led to mayhem in financial markets. Property markets, which are
much slower to react to changes in the cost of capital, have yet to fully
reflect the impact of these events and are likely to be the next domino to
fall. During the "pandemic" the interest rate on two-year fixed rate mortgages
in the UK was about 1.5%. Now it is 5.5% to 6%. As fixed rate mortgages fall
due for refinancing the impact on the property market is going to be
significant.
Investors have suffered enormous losses because of these wild swings in
monetary policy. In fact, the largest in history. According to Bank of America
over $46 trillion has been wiped off the value of shares and bonds in the last
year alone. This has, quite understandably, severely damaged investor
confidence and it will take some time for it to be rebuilt and for markets to
recover fully.
The good news, to the extent that there is any, is that since the half-year
end, the outlook has improved. Inflation peaked in June and has been falling
steadily ever since. The bad news is that the same officials are still in
charge at the Fed and other central banks. Instead of pausing or reducing
interest rates in response to this, they have continued to aggressively
increase them, and they are now far higher than is necessary to bring down
inflation and risk doing serious and unnecessary economic damage. Having
created the inflation in the first place by expanding the money supply at a
rate that was bound to be inflationary, they have now overdone the tightening
to an extent that is bound to cause a recession.
Nevertheless, a peak in central bank rates may now be in sight and as inflation
falls so too does the need for high interest rates and eventually central banks
will have to start reducing them. When that happens, we are likely to see a
more substantial and sustained recovery in share and bond prices. In the
meantime., we may have to contend with a recession brought about by their
overtightening. We can only hope that it will be mild and short-lived.
In terms of our portfolio, our exposures have remained relatively unchanged. We
have continued to focus on the long-term potential of our investments whilst
managing down risk in the portfolio, replacing higher risk investments with
lower risk ones as we navigate through these difficult times.
The United States continued to be our largest country exposure at 88.9% of the
portfolio with the balance invested in Canada (4.9%), Netherlands (3.7%) and
the United Kingdom (2.5%). Information Technology remains our largest sector
exposure at 57.6% of the portfolio whilst Health Care is our second largest
exposure at 23.1%. Communication Services represented 17.1% and Financials
2.3%. Breaking the sectors down into sub-sectors, Software (22.8%) and
Semiconductors (18.5%) are our two largest exposures. The remaining industry
exposures are Communications 9.8%, Life Sciences Tools 8.6%, Health Care
Technology 8.3%, Media 8.2%, Interactive Media 7.2%, IT Services 5.3%,
Pharmaceuticals 5.2%, Electronic Equipment 2.8%, Consumer Finance 2.3% and
Biotechnology 1.0%.
In terms of performance, our best month during the period was July when our NAV
rose 15.2%. This was preceded by our worst month which was June (-17.6%). We
experienced extraordinary levels of volatility throughout the period as markets
descended into chaos as inflation skyrocketed and central banks became ever
more reckless, hiking the cost of borrowing well beyond what is necessary to
suppress it. Our best performing investments during the period were Moovly
Media (+124%), Revance Therapeutics (+48%), STAAR Surgical (+34%), Keysight
Technologies Inc (+26%), Netflix (+25%) and Repligen (+21%). Conversely, the
investments that lost most value were Mirriad Advertising (-79%), Mogo (-56%),
Digital Turbine (-50%) and S4 Capital (-45%).
GICS Industry Classification % of Portfolio
Software 22.8%
Semiconductors 18.5%
Communications 9.8%
Life Sciences Tools 8.6%
Health Care Technology 8.3%
Media 8.2%
Interactive Media 7.2%
IT Services 5.3%
Pharmaceuticals 5.2%
Electronic Equipment 2.8%
Consumer Finance 2.3%
Biotechnology 1.0%
100.0
Proposal for the Winding-Up of the Company
Recent falls in asset prices combined with inflation and regulatory changes
have pushed the Trust's Ongoing Charges to over 9%. This has rendered it
commercially uncompetitive and unable to achieve its objectives. The Board,
having considered various options for the continuation of the Company, have
concluded that it would be in the best interests of Shareholders for the Trust
to be wound up. Consequently, they have resolved to recommend to Shareholders
that a members' voluntary liquidation of the Company be undertaken ("the
Proposal"). If the Proposal becomes effective, it will, subject to the terms
and conditions set out in the Circular, which is included with this report and
available at: www.blueplanet.eu, provide Shareholders with a full cash exit
less costs. The Board believes this is in the best interests of shareholders
and recommends that you vote in favour of it.
Full information is provided in the Circular, including the Notice of General
Meeting, to be held at Quakers Meeting House, 7 Victoria Terrace, Edinburgh,
EH1 2JL on 21 February 2023.
Income and Dividends
In accordance with established policy no interim dividend has been declared for
the first half of the year.
Gearing and Capital Allocation
At the end of the six-month period to 31st October 2022 the Trust had gearing,
net of cash, equal to 15.4% of NAV and its portfolio was allocated as follows:
72.9% was invested in equities and 27.1% in cash.
Principal risks and going concern
Your Company is, and will continue to be, exposed to a number of risks which
are detailed in full in the Strategic Report on page 5 of the Annual Report and
have not changed up to the date of this report. The key market risk arises from
the uncertainty regarding the future price performance of the listed securities
held by your Company and can be affected by any number of unforeseen external
events such as the global pandemic and the war in Ukraine. If gearing is
employed this risk is magnified.
The prices of the individual listed securities in the portfolio are monitored
on a daily basis and the Board, which meets quarterly, imposes borrowing limits
to ensure gearing levels are appropriate to market conditions.
When gearing is employed the potential impact of changes in interest rates is
taken into consideration. All investments are listed on recognised exchanges,
traded in active markets and readily realisable, with the exception of holdings
in Telford Offshore Holdings Ltd, which are unlisted. See note 5 for the
valuation basis of these 2 holdings.
The Fund is exposed to currency risk, due to the range of currencies in which
investments are held. A substantial proportion of the Company's assets are held
in assets denominated in foreign currencies and movements in these currencies
can significantly affect the Sterling value of the Company's foreign
denominated income and assets. The fund manager tracks currency movements on a
regular basis and hedging is considered on a case-by-case basis.
The Company has no cyber systems of its own; instead, it outsources the
provision of services to third party providers who themselves, like any
company, are exposed to cyber risk. This risk is monitored by a regular review
of service providers by the Company Secretary who reports directly to the Board
of Directors.
Where investments are made in emerging markets there is a risk of higher
volatility in the price performance of these equities and their associated
currencies. Political risk and adverse economic circumstances are more likely
to arise, putting the value of the investment at a higher risk. The
registration and settlement arrangements in emerging markets may be less
developed than in more mature markets so operational risks of investing are
higher.
The Company's business model and strategy, together with the risk factors
likely to affect its future position are set out in the Strategic Report on
page 9 of the Annual Report and Accounts. The Directors consider that the
Company has adequate financial resources in the form of readily realisable
listed securities, including cash and credit facilities to continue in
operational existence for the foreseeable future. For this reason, they
continue to use the going concern basis in preparing the accounts. However, if
the members vote in favour of the resolutions set out in the Circular then the
Company will be wound up and additional costs will be incurred as set out in
the Circular.
Related party transactions
There have been no changes to related party transactions which were disclosed
in the Directors Report on page 28 of the Annual Report.
Borrowings, Gearing and Liquidity
The Fund ended the period with gearing net of cash of 15.4%. The Company
financed its gearing by means of credit facilities with Interactive Brokers
Incorporated.
Under the Company's Articles of Association, the maximum gearing the Company
may deploy is 75% of NAV. The Company may borrow in Sterling and other
currencies.
Generally, gearing beneficially affects the Company's NAV when the value of its
investments is rising, but adversely affects it when the value of investments
is falling.
Blue Planet Services and Price Information Sources
Shareholders can view the Company's share price and additional information
about the Fund on the website of Blue Planet Investment Management Ltd
(www.blueplanet.eu) and the London Stock Exchange (www.londonstockexchange.com
). To find the Company's share price on the London Stock Exchange website go to
the Home page and type "BLP" in the "Price Search" field.
Russell Frith
Chairman
30th January 2023
Balance Sheet
At 31 October At 31 October At 30 April
2022 2021 2022
£ £ £
(unaudited) (unaudited) (audited)
Fixed assets (note 5)
Equity investments 6,348,438 20,224,157 11,958,519
Non - equity investments - 171,536 -
6,348,438 20,395,693 11,958,519
Current assets
Debtors 341,776 30,898 338,316
Cash at bank and in hand 2,355,677 223,636 58,894
Creditors: amounts falling due (3,321,799) (4,724,596) (4,635,236)
within one year (note 6)
Net current liabilities (624,346) (4,470,062) (4,238,026)
Net assets 5,724,092 15,925,631 7,720,493
Capital and reserves
Called-up share capital 497,820 497,820 497,820
Share premium account 18,426,406 18,426,406 18,426,406
Other reserves
Capital reserve - realised (17,160,136) (12,305,773) (14,459,593)
Capital reserve - investment (5,104,716) (272,277) (6,052,615)
holding losses
Capital redemption reserve 8,167,389 8,167,389 8,167,389
Revenue reserve 897,329 1,412,066 1,141,086
Shareholders' funds 5,724,092 15,925,631 7,720,493
Net asset value per ordinary share 11.57p 32.19p 15.60p
(note 3)
Statement of Directors' responsibilities
The Directors confirm that this set of condensed financial statements has been
prepared in accordance with FRS 104 "Interim Financial Reporting" and that the
interim management report herein includes a fair review of the information
required by DTR 4.2.7R and DTR 4.2.8R.
On behalf of the Board
Russell Frith
Chairman
30th January 2023
Statement of Changes in Equity
For the six months ended 31 October 2022 (unaudited)
Share Capital Capital Revenue
Called-up premium reserve-realised reserve- Capital reserve Shareholders'
Share (£) (£) investment Redemption (£) funds
capital holding reserve (£)
(£) losses (£)
(£)
Shareholders' funds at 497,820 18,426,406 (14,459,593) 8,167,389 1,141,086 7,720,493
1 May 2022 (6,052,615)
Return on ordinary - - (2,700,543) 947,899 - (243,757) (1,996,401)
activities after
taxation
Shareholders' funds at 497,820 18,426,406 (17,160,136) 897,329 5,724,092
31 October 2021 (5,104,716) 8,167,389
For the six months ended 31 October 2021 (unaudited)
Share Capital Capital Revenue Shareholders'
Called-up premium reserve-realised reserve- Capital reserve funds
Share (£) (£) investment Redemption (£) (£)
capital holding reserve
(£) losses (£)
(£)
497,820 18,426,406 (11,655,673) 8,167,389 1,914,863
Shareholders' funds at 1 634,057 17,984,862
May 2021
Return on ordinary - - (650,100) (906,334) - (245,528) (1,801,962)
activities after taxation
- - - - - (257,269) (257,269)
Dividend paid during the
period
Shareholders' funds at 31 497,820 18,426,406 (12,305,773) (272,277) 1,412,066 15,925,631
October 2021 8,167,389
For the year ended 30 April 2022 (audited)
Share Capital Capital Revenue Shareholders'
Called-up premium reserve-realised reserve- Capital reserve funds
Share (£) (£) investment Redemption (£) (£)
capital holding reserve
(£) losses (£)
(£)
Shareholders' funds at 1
May 2021 497,820 18,426,406 (11,655,673) 634,057 8,167,389 1,914,863 17,984,862
Return on ordinary - -
activities after taxation (2,803,920) -
(6,686,672) (516,508) (10,007,100)
- - - - - (257,269)
Dividend paid during the (257,269)
period
Shareholders' funds at 30 497,820 18,426,406 (14,459,593) (6,052,615) 8,167,389 1,141,086 7,720,493
April 2022
Income Statement
For the six months ended 31 October 2022 For the six months ended 31 October 2021 For the year ended 30 April 2022
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£
£ £ £ £ £ £ £ £
Capital losses on investment
Net losses - (1,290,559) (1,290,559) - (1,374,481) (1,374,481) - (8,841,674) (8,841,674)
Exchange losses - (386,896) (386,896) - (65,113) (65,113) - (431,586) (431,586)
Net capital losses on investment - (1,677,455) (1,677,455) - (1,439,594) (1,439,594) - (9,273,260) (9,273,260)
Income from investments 24,338 - 24,338 22,763 - 22,763 45,596 - 45,596
Bank interest receivable 31 - 31 - - - - - -
Gross revenue and capital losses 24,369 (1,677,455) (1,653,086) 22,763 (1,439,594) (1,416,831) 45,596 (9,273,260) (9,227,664)
Administrative expenses (252,125) (48,234) (300,359) (260,674) (106,065) (366,739) (530,760) (191,233) (721,993)
(227,756) (1,725,689) (1,953,445) (237,911) (1,545,659) (1,783,570) (485,164) (9,464,493) (9,949,657)
Net return before interest payable
and taxation
Interest payable (11,552) (26,955) (38,507) (4,618) (10,775) (15,393) (11,186) (26,099) (37,285)
(239,308) (1,752,644) (1,991,952) (242,529) (1,556,434) (1,798,963) (496,350) (9,490,592) (9,986,942)
Return on ordinary activities
before taxation
Taxation on ordinary activities (4,449) - (4,449) (2,999) - (2,999) (20,158) - (20,158)
Return on ordinary activities after (243,757) (1,752,644) (1,996,401) (245,528) (1,556,434) (1,801,962) (516,508) (9,490,592) (10,007,100)
taxation and total comprehensive
income
Return per ordinary share (note 3) (0.49)p (3.54)p (4.04)p (0.49)p (3.15)p (3.64)p (1.05)p (19.18)p (20.23)p
The Total column of the income statement represents the profit & loss account
of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
There were no recognised gains and losses other than those disclosed above.
Accordingly, a statement of total recognised gains and losses is not required.
Notes
1. The financial statements for the six months to 31st October 2022 have
been prepared on the basis of the accounting policies set out in the Company's
Annual Report and Accounts as at 30th April 2022 and in accordance with FRS 104
"Interim Financial Reporting" and applicable to UK law and accounting
standards.
2. All expenses are charged to the revenue account with the exception of
management fees and interest charges on borrowings, 70% of which, less the
appropriate tax relief, is charged to capital. Investment Management and
Administrators fees totalled £166,906 in the period (Full year to 30 April 2022
- £469,271)
3. The return per ordinary share is based upon the following figures:
31 October 31 October 30 April
2022 2021 2022
(unaudited) (unaudited) (audited)
Revenue return £(243,757) £(245,529)
£(516,508)
Capital return £ £
(1,752,644) (1,556,434) £(9,490,592)
Weighted average number of ordinary shares 49,474,863 49,474,863
in issue during the period 49,474,863
The net asset value per ordinary share is calculated on 49,474,863 ordinary
shares in issue at the end of the period after deducting treasury shares.
4. No interim dividend is proposed.
5. The carrying value of investments is equivalent to their fair value
and all investments are measured at fair value through profit or loss, are
quoted in active markets and classified as level one, with the exception of
Telford Offshore Holding Ltd Perpetual an unquoted bond, and Telford Offshore
Holdings Ltd ordinary shares, which management have judged to be valued at nil.
6. The Company has credit facilities with Interactive Brokers
Incorporated. Loans are secured against the investments held in custody
accounts. As at 31st October 2022 the prevailing rate of interest on the
facility with Interactive Brokers Incorporated was 3.5%. At 31 October 2022,
the amount outstanding with this facility was £3,238,235 (31st October 2021 - £
4,635,069)
7. The total number of shares held in treasury is 307,125. These shares
have no voting rights, do not rank for dividend and are excluded from the
calculation of net asset value and return per ordinary share. At 31st October
2022, the Company had the authority to purchase a further 7,467,000 of its own
shares. A resolution to renew this authority will be proposed at the Annual
General Meeting in 2023.
8. The figures and financial information for the year ended 30th April
2022 are extracted from the latest published accounts of the Company and do not
constitute statutory accounts for the period as defined in section 434 of the
Companies Act 2006. Those accounts have been delivered to the Registrar of
Companies and include the report of the auditors which was unqualified and did
not contain a statement either under section 498(2) or 498(3) of the Companies
Act 2006. The half yearly Report and Accounts have not been audited or reviewed
by the Company's Auditors.
Alternative Performance Measures
Alternative performance measures are numerical measures of the Company's
current, historical or future performance, financial position or cash flows,
other than financial measures defined or specified in the applicable financial
framework. The Company's applicable financial framework includes FRS 102 and
the AIC SORP. The Directors assess the Company's performance against a range of
criteria which are viewed as particularly relevant for closed-end investment
companies.
Discount to Net Asset Value per Ordinary Share
Discount to Net Asset Value per Ordinary Share is calculated as the difference
between net asset value per share and share price, divided by net asset value
per share.
31st October 2022 30th April 2022
NAV per ordinary a 11.57p 15.60p
share
Share price (BID) b 9.00p 14.00p
Discount (a - b) / a 22.2% 10.3%
Net gearing
Net gearing measures the total borrowings less cash and cash equivalents
divided by shareholders funds, expressed as a percentage.
31st October 2022 30th April 2022
Borrowings (£'000) a 3,238 4,520
Cash (£'000) b 2,356 59
Shareholders' funds c 5,724 7,720
(£'000)
Net gearing (a - b) / c 15.4% 57.8%
Ongoing charges
The ongoing charges ratio has been prepared in accordance with the AIC
recommended methodology. Estimated annual administrative expenses, less
non-recurring expenses, is divided by average shareholders' funds during the
year.
31st October 2022 30th April 2022
Estimated annual 589 722
administrative expenses (£
'000)
Less: non-recurring expenses (6) (9)
(£'000)
Ongoing charges (£'000) 583 713
Average net assets (£'000) 6,433 13,628
Ongoing charges ratio 9.1% 5.2%
END
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January 30, 2023 05:14 ET (10:14 GMT)
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