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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Investment Company Plc | LSE:INV | London | Ordinary Share | GB0004658257 | ORD 50P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 0.31% | 320.00 | 312.00 | 328.00 | 320.00 | 319.00 | 319.00 | 1,824 | 13:18:23 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 1.18M | 739k | 0.4022 | 7.96 | 5.88M |
From Apr 2022 to Apr 2024
TIDMINV
RNS Number : 3618Q
Investment Company PLC
20 February 2023
The Investment Company plc
Half Year Report for the six months ended 31 December 2022
The Investment Company plc (the "Company") is pleased to announce its unaudited results for the six months ended 31 December 2022
Summary of Results
Hot Features
Premium
At 31 December At 30 June
2022
(unaudited) 2022
(unaudited) Change %
----------------------------- ---------------- -------------- ----------
Equity Shareholders' funds
(GBP) 16,932,578 16,048,191 5.51
Number of ordinary shares
in issue 4,772,049 4,772,049 -
Net asset value ("NAV") per
ordinary share 354.83p 336.30p 5.51
Ordinary share price (mid) 276.00p 294.00p (6.12)
Discount to NAV 22.22% 12.58% (9.64)
----------------------------- ---------------- -------------- ----------
6 months 6 months to
to
31 December 31 December
2022
(unaudited) 2021
(unaudited)
----------------------------- ---------------- -------------- ----------
Total return per ordinary
share * 18.53p 8.07p
Dividends paid per ordinary
share nil nil
* The total return per ordinary share is based on total income after taxation as detailed in the Condensed consolidated income statement and in note 3.
Chairman's Statement
Dear fellow shareholders,
During the six-months ended 31 December 2022, the Company's net assets increased from 336.3 pence per share to 354.8 pence per share, an increase of 18.5 pence per share or 5.5%. In the same period our share price fell by 18 pence, a decline of 6.1%, to end the year at a mid-price of 276 pence per share and a 22.2% discount to net asset value. Although we had a total return of GBP884,000 in the half year, this arises from capital gains rather than income and the Directors do not propose to pay an interim dividend.
On 4 November 2020 Shareholders approved a new investment objective to protect the purchasing power of our capital in real terms. Since then, the UK CPIH has increased by 14.8% and our net asset value per share, inclusive of dividends paid, increased by 16.0%. Even though the CPIH and related metrics provide an inaccurate and one-dimensional view of how inflation threatens our savings, we must measure our results somehow and consider our results with this broad view in mind. Two years is too short a time to evaluate the results of our approach, but it is ample time to consider whether the means we have employed are suitable for our objective.
Avoiding unwanted risks ensures neither prosperity or success, but there is no better way to protect ourselves from the unforeseen and the unknowable. In times of transition and upheaval, the risks we don't take will matter just as much as those we choose to embrace. With this in mind, we said goodbye in 2020 to our portfolio of preference shares, fixed-income securities and other income-oriented investments and sought to place our capital alongside business owners whose companies have a real and enduring demand for their products. These are businesses who earn an honest profit, keep clean accounts, prudent balance sheets, and a demonstrate a commitment - shown through years of good behaviour - to avoiding the kinds of risks that might put them out of business. What we didn't deploy was kept in the form of gold bullion. Being distrustful of financial products, and wary of cash in a world of negative rates and reckless money printing, we stuck to businesses we understand and the only kind of reserve asset that protects us from financial risks. Our gold holdings remain unconventional, but we think gold's 8.7% return in Sterling over the two-year period to 31 December 2022 has been adequate in light of the proliferation of risks.
Our objective and approach do not preclude more opportunistic investments, and there have been a few, but the way we protect the value of our savings is by participating in the long-term success and occasional setbacks of businesses which themselves are built to survive. Anything more than this - by trading around market sentiment, buying whatever 'grows' the fastest, or speculating on the next rate hike - may earn you a good return, but is fundamentally different from protecting your capital. So we did not participate in the speculative boom of 2021, but neither did we suffer it's deflation in 2022. We did not forecast today's decades-high inflation, and we make no forecasts for 2023 either. If we were prepared for rising prices and higher interest rates, that was because our approach drives us to the kinds of businesses and assets who are not easily threatened by poor financial conditions.
Investments
On 31 December 2022 we had 64.3% of net assets invested in 16 businesses operating in 13 different industries across Europe, North America, and beyond. A further 27.4% was invested in gold bullion held through three ETFs - the equivalent of about 96 one-kilo bars - and we held 8.3% in cash and other net current assets. During the half year we sold in aggregate shares worth GBP1.8 million realising a loss of GBP30,000 (-2%), and we purchased shares worth GBP0.9 million. There were no changes to our gold holdings during the half year.
During the half we sold most of our shares in British American Tobacco. We held the shares because we liked the pricing power inherent to the business, we thought they were mispriced, and the shares offered a material source of income in a time when there was little to be found. Rising interest rates - and the company's commitment to straining the balance sheet by pursuing share buybacks - have amplified these balance sheet risks beyond what we are willing to bear. Rising rates also create other opportunities to generate income without needing to take these kinds of risks.
The volatility and weakness of gold mining shares has been a disappointment to some, but a continued source of opportunism for us. During the half we sold all of our shares in Franco Nevada and used the proceeds to start a new position in Agnico-Eagle Mines, a Canadian gold miner whose portfolio includes many of Canada's largest and most profitable gold mines.
We also sold all our remaining shares in Strix and Kri Kri, and we added to Bakkafrost, Robertet and two of our Greek holdings. You can find a full list of holdings as at 31 December 2022 below.
We continue to hold our Lukoil shares at nil value as our ability to realise any value has become increasingly remote.
Income and expenses
Total income (which excludes realised and unrealised capital gains) for the first six months came to GBP104,000, while expenses and related taxes totalled GBP214,000. There were no extraordinary expenses in the period, and we believe current expenses are indicative of ongoing expenses for the Group. The increase in interest rates on cash and short-term securities over the past twelve months has made the prospect of interest income appreciable. Even at our small size, we expect investment income to largely - but not completely - offset expenses for the full year.
Outlook
The threats to our capital are more visible now than they were in 2020, as are the challenges of trying to excel as a small investment trust. We are also conscious of the illiquid nature of the Company's shares and the resulting challenges our Shareholders face in realising the true value of their holdings in the market. The Board is therefore actively considering credible opportunities to grow and increase the liquidity of the Company while also providing an immediate complete liquidity option for all Shareholders who wish to realise their shareholding.
Whilst such growth opportunities are currently being explored there can be no certainty that a proposal will be forthcoming that the Directors can recommend to Shareholders. Therefore, if the Board is not able to recommend an alternative proposal to Shareholders at or before the 2023 Annual General Meeting, expected to be held in October 2023, it is the Directors' current intention to propose that the Company be wound up and its capital returned to Shareholders.
I.R. Dighé
Chairman
17 February 2023
Enquiries
The Investment Company plc
Ian Dighé, Chairman +44 (0) 20 3934 6630
info@theinvestmentcompanyplc.co.uk
Singer Capital Markets - Corporate
Broker +44 (0)20 7496 3000
James Moat / Alex Emslie
ISCA Administration Services
Limited
Company Secretary +44 (0) 1392 487056
Investment Objective
At the Annual General Meeting on 4 November 2020, Shareholders voted to amend the Company's Investment Objective and Policy to that shown below.
The Company's investment objective is to protect the purchasing power of its capital in real terms, and to participate in enduring economic activities which lend themselves to genuine capital accumulation and wealth creation.
Investment Policy
The Company will seek to acquire and hold, with no predetermined investment time horizon, a collection of assets which, in the Directors' judgement, are well-suited to the avoidance of a permanent loss of capital. These assets will be comprised of minority participations in the equity, debt or convertible securities of quoted businesses which the Directors believe are led by responsible and like-minded managers and suitable for the long-term compounding of earnings. In addition, to protect its capital as well as to maintain liquidity for future investments, the Company will keep reserves in (a) liquid debt instruments such as cash in banks or securities issued by governments and/or (b) liquid, non-debt, tangible assets such as gold bullion, whether held indirectly or in physical form.
The Company has no predetermined maximum or minimum levels of exposure to asset classes, currencies or geographies, and has the ability to invest globally. These exposures will be monitored by the Board in order to ensure an adequate spreading of risks. No holding in an individual company or debt instrument will represent more than 15 per cent. by value of the Company's total assets at the time of acquisition (such restriction does not, however, apply to gold bullion or cash balances). The Company's holdings of gold bullion may be as high as 35 per cent. of total assets at the time of investment.
Given the Company's investment objective, asset mix and time horizon, the portfolio will not seek to track any benchmark or index. The Company will not invest more than 10 per cent. of its total assets in other listed closed-ended investment funds. The Company will not use derivative instruments for speculative purposes, nor will it use currency hedges to manage returns in any currency.
The Company's gearing will not exceed 20 per cent. of net assets at the time of drawdown.
No material change will be made to the investment policy without the approval of Shareholders by ordinary resolution.
Portfolio Summary
Asset Exposure by Trading Currency
At 31 December 2022
% of net
Currency assets
---------------- --------
GBP 6%
EUR 41%
CAD 8%
CHF 5%
NOK 5%
USD 8%
Precious Metals 27%
--------
Total 100%
--------
Equity Participations - Regional Economic Exposure*
At 31 December 2022
% of equity
Region participations
-------------------- ---------------
Europe 48%
North America 35%
South America 5%
Asia, Africa, Other 12%
---------------
Total 100%
---------------
Equity Participations - By Sector
At 31 December 2022
% of equity
Sector participations
---------------- ---------------
Industrials 46%
Consumer Goods 30%
Basic Materials 17%
Oil & Gas 7%
---------------
Total 100%
---------------
*Director estimates. Regional Economic Exposure represents where in the world the underlying business activity of the equity participations takes place.
Portfolio and Asset s
At 31 December 2022
Fair Value % of
Security Country Holding GBP net assets
----------------------------- --------------- --------- ------------ ------------
Hal Trust Netherlands 12,769 1,358,766 8.0%
Tonnellerie François
Frères Group France 29,176 1,052,995 6.2%
Imperial Oil Canada 20,000 810,047 4.8%
Bakkafrost Faroe Islands 15,000 780,037 4.6%
Barrick Gold Canada 50,000 713,513 4.2%
Robertet France 957 710,303 4.2%
Cembre Italy 26,000 707,812 4.2%
Crete Plastics Greece 49,496 706,646 4.2%
Lucas Bols Netherlands 75,000 685,023 4.1%
Agnico Eagle Mines Canada 13,000 561,400 3.3%
Alamos Gold Canada 65,000 546,490 3.2%
Karelia Tobacco Greece 2,043 525,377 3.1%
Emmi Switzerland 700 493,428 2.9%
Nedap Netherlands 9,000 438,947 2.6%
Bucher Industries Switzerland 1,200 417,862 2.5%
British American Tobacco UK 10,000 328,151 1.9%
Legacy holdings Various 56,475 0.3%
------------ ------------
Total equity participations 10,893,272 64.3%
------------ ------------
Invesco Physical Gold ETC UK 15,000 2,190,755 13.0%
WisdomTree Physical Swiss
Gold ETC Switzerland 9,000 1,307,575 7.7%
WisdomTree Physical Gold ETC UK 8,000 1,137,237 6.7%
------------ ------------
Total gold 4,635,567 27.4%
------------ ------------
Euro cash 740,897 4.4%
Sterling cash 652,608 3.8%
Other assets net of other
liabilities 10,234 0.1%
------------ ------------
Total cash plus other net
current assets 1,403,739 8.3%
------------ ------------
Total net assets 16,932,578 100.0%
------------ ------------
Interim management report and Directors' responsibility statement
Interim management report
The important events that have occurred during the period under review and their impact on the financial statements are set out in the Chairman's Statement above.
In the view of the Board, the principal risks facing the Group are substantially unchanged since the date of the Report and Accounts for the year ended 30 June 2022 and continue to be as set out in that report. Risks faced by the Group include, but are not limited to, market risk (which comprises market price risk, interest rate risk and liquidity risk). Details of the Group's management of these risks and exposure to them is set out in the Group's Report and Accounts for the year ended 30 June 2022.
There have been no significant changes in the related party disclosures set out in the Annual Report.
Directors' responsibility statement
The Directors confirm that to the best of their knowledge:
-- the condensed set of financial statements has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; and
-- this Half-Yearly Financial Report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and 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
b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and any changes in the related party transactions that could do so.
This Half-Yearly Financial Report was approved by the Board of Directors on 17 February 2023 and the above responsibility statement was signed on its behalf by I. R. Dighe , Chairman.
Condensed consolidated income statement
For the six months ended 31 December 2022 (unaudited)
6 months to 31 6 months to 31 Year ended 30 June
December 2022 December 2021 2022
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes GBP GBP GBP GBP GBP GBP GBP GBP GBP
--------- ------- --------- --------- ------- --------- --------- --------- ---------
Gains/(losses)
on investments
at fair
value through
profit or
loss - 971,706 971,706 - 414,942 414,942 - (227,992) (227,992)
Exchange
gain/(loss)
on capital
items - 22,642 22,642 - (3,515) (3,515) - 2,583 2,583
Investment
income 2 104,010 - 104,010 161,894 - 161,894 371,956 - 371,956
Expenses (201,786) - (201,786) (175,482) - (175,482) (355,618) - (355,618)
--------- ------- --------- --------- ------- --------- --------- --------- ---------
(Loss)/return
before taxation (97,776) 994,348 896,572 (13,588) 411,427 397,839 16,338 (225,409) (209,071)
Taxation (12,185) - (12,185) (12,935) - (12,935) (39,554) - (39,554)
--------- ------- --------- --------- ------- --------- --------- --------- ---------
Total (loss)/
income after
taxation (109,961) 994,348 884,387 (26,523) 411,427 384,904 (23,216) (225,409) (248,625)
--------- ------- --------- --------- ------- --------- --------- --------- ---------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Return
on total
income after
taxation
per 50p
ordinary
share -
basic &
diluted 3 (2.30) 20.83 18.53 (0.55) 8.62 8.07 (0.49) (4.72) (5.21)
--------- ------- --------- --------- ------- --------- --------- --------- ---------
The total column of this statement is the Income Statement of the Group prepared in accordance with International Accounting Standards in conformity with the Companies Act 2006. The supplementary revenue and capital columns are prepared in accordance with the Statement of Recommended Practice ("AIC SORP") issued in July 2022 by the Association of Investment Companies.
The Group did not have any income or expenses that was not included in total income for the period. Accordingly, total income is also total comprehensive income for the period, as defined by IAS 1 (revised) and no separate Statement of Comprehensive Income has been presented.
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.
The notes form part of these condensed financial statements.
Condensed consolidated statement of changes in equity
For the six months ended 31 December 2022 (unaudited)
Capital
Share Share redemption Capital Revenue
capital premium reserve reserve reserve Total
GBP GBP GBP GBP GBP GBP
------------------ --------------- ------------------ --------- ----------- ----------
Balance at 1 July
2022 2,386,025 4,453,903 2,408,820 8,185,191 (1,385,748) 16,048,191
Total comprehensive
income
Net return for
the period - - - 994,348 (109,961) 884,387
Transactions with
Shareholders recorded
directly to equity
Ordinary dividends
- (note 4) - - - - - -
------------------ --------------- ------------------ --------- ----------- ----------
Balance at 31
December 2022 2,386,025 4,453,903 2,408,820 9,179,539 (1,495,709) 16,932,578
------------------ --------------- ------------------ --------- ----------- ----------
Balance at 1 July
2021 2,386,025 4,453,903 2,408,820 8,410,600 (1,377,544) 16,281,804
Total comprehensive
income
Net return for
the period - - - 411,427 (26,523) 384,904
Transactions with
Shareholders recorded
directly to equity
Ordinary dividends
- (note 4) - - - - - -
------------------ --------------- ------------------ --------- ----------- ----------
Balance at 31
December 2021 2,386,025 4,453,903 2,408,820 8,822,027 (1,404,067) 16,666,708
------------------ --------------- ------------------ --------- ----------- ----------
Balance at 1 July
2021 2,386,025 4,453,903 2,408,820 8,410,600 (1,377,544) 16,281,804
Total comprehensive
income
Net loss for the
year - - - (225,409) (23,216) (248,625)
Transactions with
Shareholders recorded
directly to equity
Ordinary dividends
- (note 4) - - - - 15,012 15,012
------------------ --------------- ------------------ --------- ----------- ----------
Balance at 30
June 2022 2,386,025 4,453,903 2,408,820 8,185,191 (1,385,748) 16,048,191
------------------ --------------- ------------------ --------- ----------- ----------
The notes form part of these condensed financial statements.
Condensed consolidated balance sheet
At 31 December 2022 (unaudited)
31 December 31 December 30 June
2022 2021 2022
Notes GBP GBP GBP
----------- ----------- -----------
Non-current assets
Investments held at fair value through
profit or loss 7 15,528,839 16,349,261 15,445,243
Current assets
Trade and other receivables 93,101 51,961 30,358
Cash and cash equivalents 1,393,505 363,908 678,592
----------- ----------- -----------
1,486,606 415,869 708,950
----------- ----------- -----------
Current liabilities
Trade and other payables (82,867) (98,422) (106,002)
----------- ----------- -----------
(82,867) (98,422) (106,002)
----------- ----------- -----------
Net current assets 1,403,739 317,447 602,948
----------- ----------- -----------
Net assets 16,932,578 16,666,708 16,048,191
----------- ----------- -----------
Capital and reserves
Ordinary share capital 5 2,386,025 2,386,025 2,386,025
Share premium 4,453,903 4,453,903 4,453,903
Capital redemption reserve 2,408,820 2,408,820 2,408,820
Capital reserve 9,179,539 8,822,027 8,185,191
Revenue reserve (1,495,709) (1,404,067) (1,385,748)
----------- ----------- -----------
Shareholders' funds 16,932,578 16,666,708 16,048,191
----------- ----------- -----------
NAV per ordinary share of 50p 6 354.83p 349.26p 336.30p
----------- ----------- -----------
The notes form part of these condensed financial statements.
Condensed consolidated cash flow statement
For the six months ended 31 December 2022 (unaudited)
31 December 31 December 30 June
2022 2021 2022
GBP GBP GBP
----------- ----------- -----------
Cash flows used in operating activities
Income received from investments 105,195 131,236 342,923
Interest received - 38 38
Overseas taxation paid (13,843) (747) (29,350)
Investment management fees paid - (1,678) (1,678)
Other cash payments (229,231) (200,847) (347,995)
----------- ----------- -----------
Net cash used in operating activities (137,879) (71,998) (36,062)
----------- ----------- -----------
Cash flows generated from /(used
in) investing activities
Purchase of investments (921,273) (2,775,667) (3,580,745)
Sale of investments 1,752,246 2,674,274 3,748,933
----------- ----------- -----------
Net cash generated from/(used in)
investing activities 830,973 (101,393) 168,188
----------- ----------- -----------
Net increase/(decrease) in cash
and cash equivalents 693,094 (173,391) 132,126
----------- ----------- -----------
Reconciliation of net cash flow
to movement in net cash
Increase/(decrease) in cash 693,094 (173,391) 132,126
Exchange rate movements 21,819 (3,501) 5,666
----------- ----------- -----------
Increase/(decrease) in net cash 714,913 (176,892) 137,792
Net cash at start of period 678,592 540,800 540,800
----------- ----------- -----------
Net cash at end of period 1,393,505 363,908 678,592
----------- ----------- -----------
Analysis of net cash
Cash and cash equivalents 1,393,505 363,908 678,592
----------- ----------- -----------
1,393,505 363,908 678,592
----------- ----------- -----------
Condensed notes to the consolidated financial statements
At 31 December 2022 (unaudited)
1. Significant accounting policies
Basis of Preparation
The condensed consolidated financial statements, which comprise the unaudited results of the Company and its wholly owned subsidiaries, Abport Limited and New Centurion Trust Limited, together referred to as the "Group", have been prepared in accordance with United Kingdom adopted International Accounting Standards and in accordance with the requirements of the Companies Act 2006. The financial statements have been prepared in accordance with the AIC SORP, except to any extent where it is not consistent with the requirements of International Accounting Standards. The accounting policies are as set out in the Report and Accounts for the year ended 30 June 2022.
The half-year financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting".
The financial information contained in this half year financial report does not constitute statutory accounts as defined by the Companies Act 2006. The financial information for the periods ended 31 December 2022 and 31 December 2021 have not been audited or reviewed by the Company's Auditor. The figures and financial information for the year ended 30 June 2022 are an extract from the latest published audited statements, and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and include a report of the Auditor, which was unqualified and did not contain a statement under either Section 498(2) or 498(3) of the Companies Act 2006.
Going Concern
The Directors have made an assessment of the Group's ability to continue as a going concern. This has included consideration of portfolio liquidity, the Group's financial position in respect of its cash flows and investment commitments (of which there are none of significance), the working arrangements of the key service providers, the continued eligibility to be approved as an investment trust company, the impact of the conflict in Ukraine, and the current economic environment. In addition, the Directors are not aware of any material uncertainties that may cast significant doubt upon the Group's ability to continue as a going concern.
The Directors are satisfied that the Group has the resources to continue in business for the foreseeable future being a period of at least 12 months from the date that these financial statements were approved. Therefore, the financial statements have been prepared on the going concern basis.
Segmental Reporting
The Directors are of the opinion that the Group is engaged in a single segment of business, being investment business.
2. Income
6 months 6 months
to to Year ended
31 December 31 December 30 June
2022 2021 2022
GBP GBP GBP
------------ ------------ ----------
Income from investments:
UK dividends 37,048 103,326 122,508
Unfranked dividend income 66,962 67,344 258,224
UK fixed interest - (8,814) (8,814)
------------ ------------ ----------
104,010 161,856 371,918
Other income
Bank deposit and other interest - 38 38
Total income 104,010 161,894 371,956
------------ ------------ ----------
3. Return per Ordinary Share
Returns per share are based on the weighted average number of shares in issue during the period. Normal and diluted returns per share are the same as there are no dilutive elements on share capital.
6 months to 6 months to Year ended
31 December 2022 31 December 2021 30 June 2022
Net return Pence Net return Pence Net return Pence
GBP per share GBP per share GBP per share
---------- ---------- ---------- ---------- ----------- ----------
Return after taxation
attributable to
ordinary Shareholders
Revenue (109,961) (2.30) (26,523) (0.55) (23,216) (0.49)
Capital 994,348 20.83 411,427 8.62 (225,409) (4.72)
---------- ---------- ---------- ---------- ----------- ----------
Total comprehensive
income 884,387 18.53 384,904 8.07 (248,625) (5.21)
---------- ---------- ---------- ---------- ----------- ----------
Weighted average
number of ordinary
shares 4,772,049 4,772,049 4,772,049
---------- ---------- ---------- ---------- ----------- ----------
4. Dividends per Ordinary Share
Amounts recognised as distributions to equity holders in the period.
6 months 6 months
to 31 to 31 Year ended
December December 30 June
2022 2021 2021
GBP GBP GBP
---------- ---------- ----------
Ordinary shares
Unclaimed dividends in respect of
prior periods clawed back after
12 years - - (15,012)
---------- --------- ----------
Total - - (15,012)
---------- --------- ----------
5. Ordinary Share Capital
31 December 2022 31 December 2021 30 June 2022
Number GBP Number GBP Number GBP
--------- --------- --------- --------- --------- ---------
Ordinary shares
of 50p each 4,772,049 2,386,025 4,772,049 2,386,025 4,772,049 2,386,025
--------- --------- --------- --------- --------- ---------
The Company does not hold any shares in treasury as at 31 December 2022 (31 December 2021: Nil and 30 June 2022: Nil).
6. Net Asset Value per Ordinary Share
The NAV per ordinary share is calculated as follows:
31 December 31 December
2022 2021 30 June 2022
GBP GBP GBP
----------- ----------- ------------
Net assets 16,932,578 16,666,708 16,048,191
----------- ----------- ------------
Ordinary shares in issue 4,772,049 4,772,049 4,772,049
----------- ----------- ------------
NAV per ordinary share 354.83p 349.26p 336.30p
----------- ----------- ------------
7. Fair Value Hierarchy
The fair value is the amount at which an asset could be sold in an ordinary transaction between market participants at the measurement date, other than a forced or liquidation sale. The Group measures fair values using the following hierarchy that reflects the significance of the inputs used in making the measurements.
Categorisation 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 asset as follows:
Level 1 - valued using quoted prices, unadjusted in active markets for identical assets and liabilities.
Level 2 - valued by reference to valuation techniques using observable inputs for the asset or liability other than quoted prices included in Level 1.
Level 3 - valued by reference to valuation techniques using inputs that are not based on observable market data for the asset or liability.
The table below sets out fair value measurement of financial instruments as at 31 December 2022, by the level in the fair value hierarchy into which the fair value measurement is categorised.
Level Level Level
1 2 3 Total
GBP GBP GBP GBP
---------- ----- ------ ----------
At 31 December 2022
Investments held at fair value
through profit or loss 15,472,364 - 56,475 15,528,839
---------- ----- ------ ----------
At 31 December 2021
Investments held at fair value
through profit or loss 16,282,652 - 66,609 16,349,261
---------- ----- ------ ----------
At 30 June 2022
Investments held at fair value
through profit or loss 15,384,091 - 61,152 15,445,243
---------- ----- ------ ----------
Reconciliation of Level 3 investments
The following table summarises Level 3 investments that were accounted for at fair value.
31 December 31 December 30 June
2022 2021 2022
GBP GBP GBP
----------- ----------- ---------
Opening balance 61,152 594,320 594,320
Sales proceeds* - (573,939) (573,939)
Gains on investments (4,677) 46,228 40,771
Closing balance 56,475 66,609 61,152
----------- ----------- ---------
* No Level 3 investments were sold in the period.
8. Related party transactions
During the first six months of the financial year, no transactions with related parties have taken place which have materially affected the financial position or performance of the Group.
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of this announcement.
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END
IR SFAFAUEDSEIE
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