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Share Name Share Symbol Market Type Share ISIN Share Description
Personal Assets Trust Plc LSE:PNL London Ordinary Share GB0006827546 ORD �12.50
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  250.00 0.55% 45,300.00 45,100.00 45,300.00 45,300.00 45,000.00 45,150.00 3,688 16:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 23.3 18.2 603.0 75.1 1,370

Personal Assets Trust PLC Half-year Report

20/11/2020 7:00am

UK Regulatory (RNS & others)


TIDMPNL

RNS Number : 9459F

Personal Assets Trust PLC

20 November 2020

   To:              RNS 
   From:         Personal Assets Trust plc 
   LEI:             213800Z7ABM7RLQ41516 
   Date:          20 November 2020 

Interim Report for the Six months ended 31 October 2020 (Unaudited)

Financial Summary

 
 --                               Personal Assets Trust ("PAT") is an investment trust run 
                                   expressly for private investors. 
 --                               The Company's investment policy is to protect and increase 
                                   (in that order) the value of shareholders' funds per share 
                                   over the long term. 
 --                               Over the six months to 31 October 2020 PAT's net asset value 
                                   per share ("NAV") rose by 2.9% to GBP438.67. PAT's share 
                                   price rose by GBP7.00 to GBP440.00 over the same period, 
                                   being a premium of 0.3% to the Company's NAV at that date. 
 --                               During the period, PAT continued to maintain a high level 
                                   of liquidity. 
                                                              % as at                      % as at 
                                                           31 October                     30 April 
                                                                 2020                         2020 
 
     US TIPS                                                     30.0                         31.3 
     UK T-Bills                                                  12.6                          9.1 
     Gold Bullion                                                 9.4                          9.9 
     Property                                                     0.2                          0.2 
     UK cash                                                      6.0                          4.9 
     Overseas cash                                                0.0                          0.0 
     Net current (liabilities) 
      / assets                                                  (0.4)                          0.1 
--------------------------------   ----------------------------------  --------------------------- 
 
       Total                                                     57.8                         55.5 
 
 --                               Over the six months PAT's shares continued to trade close 
                                   to NAV. We re-issued 43,546 Ordinary shares from Treasury 
                                   and issued 228,350 new Ordinary shares (adding GBP121.5 
                                   million of capital) at a small premium. 
 
 
 
 --   Dividends are paid in July, October, January and April of 
       each year. The first interim dividend of GBP1.40 per Ordinary 
       share was paid to shareholders on 17 July 2020 and the second 
       interim dividend of GBP1.40 was paid on 9 October 2020. 
       A third interim dividend of GBP1.40 per Ordinary share will 
       be paid to shareholders on 8 January 2021 and a fourth interim 
       dividend of GBP1.40 per Ordinary share is expected to be 
       paid in April 2021, making a total for the year of GBP5.60 
       per Ordinary share. 
 

Key Features

 
                                        As at         As at 
                                   31 October      30 April 
                                         2020          2020 
 
 Market Capitalisation            GBP1,317.8m   GBP1,179.1m 
 Shareholders' Funds              GBP1,313.8m   GBP1,161.0m 
 Shares Outstanding                 2,994,899     2,723,003 
 Liquidity (see fourth bullet 
  point above)                          57.8%         55.5% 
-------------------------------  ------------  ------------ 
 Share Price                        GBP440.00     GBP433.00 
 NAV per Share                      GBP438.67     GBP426.36 
 FTSE All-Share Index                3,151.27      3,262.51 
-------------------------------  ------------  ------------ 
 Premium to NAV                          0.3%          1.6% 
-------------------------------  ------------  ------------ 
 Earnings per Share                   GBP2.03   GBP5.86 (1) 
 Dividend per Share                   GBP2.80   GBP5.60 (1) 
 
 (1) Full Year. 
 

Investment Manager's Report

Over the half year to 31 October 2020 the net asset value per share ("NAV") of Personal Assets Trust ("PAT") rose by 2.9% while the FTSE All-Share Index ("FTSE") fell by 3.4%. This was a surprisingly stable six months for stock markets following the remarkable period of Covid-induced collapse and subsequent rally that occurred in February, March and April. This apparently dull performance for the half year belies continued material divergence between technology stocks, along with companies seen as beneficiaries from lockdowns, versus the remainder that lagged. This has been a tale of two stock markets, commonly described as a 'K'- shaped recovery, with the U.S. market's largest five companies; Apple, Microsoft, Amazon, Facebook and Alphabet (Google's parent) driving returns disproportionately. Despite the anticipated rebound in the economy, we expect the recovery to be gradual as businesses reopen. However, as the post-Covid economy reveals itself, it may look different from previous economic recoveries with trends such as working from home, digital payments and the transition to a low carbon economy likely to accelerate.

Portfolio activity was very modest during the half year following the high activity of February and March, when we raised the Trust's equity exposure materially. We sold the Trust's investment in Coca-Cola, held since 2009, during the period due to what we believed to be persistent headwinds to volume growth over the long term. Carbonated soft drinks face a number of challenges, not least the environmental scrutiny faced by their packaging and a secular shift in consumer preferences towards healthier alternatives. Added to this is the more immediate threat to its cash flows from Coke's out-of-home consumption. We have concerns over balance sheet strength, free cash flow generation and the valuation. We also sold the residual holding in AG Barr. We acquired a holding in Becton Dickinson. Becton is a wonderfully diversified portfolio of small-ticket, repeat purchase items that are indispensable to healthcare globally. The opportunity to improve outcomes by bringing digital capabilities to bear on Becton's portfolio is one that appears as yet underappreciated but which the new CEO understands and articulates well. Growth in sales is underpinned by Becton's unrivalled competitive position and the increasing demand for medical devices in both developed markets with aging populations and developing markets where the provision of healthcare is becoming more sophisticated. The shares were acquired at an attractive valuation following a prolonged period of dull performance.

Whilst the shift towards digital payments has been occurring for some time, there is evidence that this is now accelerating as ecommerce becomes ubiquitous and governments around the world are shaping regulation to drive the share of digital payments, which incur less cost and help reduce crime. During the pandemic, cash has also become a vector for virus transmission, causing more merchants to accept card and encourage contactless payments. There are also substantial opportunities in digitising payments between businesses (B2B) and other channels such as bill payments and government disbursements in addition to the core C2B (consumer to business) payments which make up the majority of the card networks' businesses today. During the period we added to the Trust's holdings in American Express and Visa, both beneficiaries of these dynamics that we expect to strengthen as the economy begins to reopen.

Asset prices have been supported by aggressive monetary and fiscal policies, which are endeavouring to replace the collapse in demand resulting from the pandemic. Interest rates have been nailed to the floor indefinitely, making yielding assets relatively more attractive. The prospect of interest rates in the UK following Japan and Europe into negative territory, supports our longstanding thesis of a shift to negative real rates. Zero-bound yields in fixed income are less appealing but index-linked bonds and gold should provide protection against a financially repressive future. This said, there is no guarantee that either asset class will provide an offset to equities during short-term bouts of volatility, as conventional bonds once did. Correlations have now increased across the board, as was apparent during the weakness in March, and we are entering an era in which it will become harder to generate low risk, absolute returns. This will not change the way we manage the portfolio to achieve the Trust's aim; to protect and grow capital (in that order) but shareholders should prepare for greater short-term volatility in both absolute and relative terms.

Sebastian Lyon, Investment Manager

Portfolio as at 31 October 2020

 
                                                           S/holders'    Valuation   Bought/(sold)   Gain/ (loss) 
                                                                Funds                    in period      in period 
                                                                        31 October 
                                                                              2020 
 Security              Country        Equity Sector                 %      GBP'000         GBP'000        GBP'000 
 
 Equities 
 Microsoft             USA            Technology                  5.2       67,919               -          6,159 
 Alphabet              USA            Technology                  4.1       54,342               -          7,809 
 Unilever              UK             Food Producer               3.7       49,111               -          3,368 
 Nestlé           Switzerland    Food Producer               3.7       48,138               -          1,690 
 Philip Morris         USA            Tobacco                     2.8       37,530               -        (2,836) 
                                      Financial 
 Visa                  USA             Services                   2.8       36,813           3,134          (227) 
 Diageo                UK             Beverages                   2.5       32,799               -        (3,309) 
 Medtronic             USA            Healthcare                  2.4       32,407               -             79 
                                      Financial 
 American Express      USA             Services                   2.1       27,613           6,378          (575) 
 British American 
  Tobacco              UK             Tobacco                     2.1       27,319               -        (7,038) 
 Franco-Nevada         Canada         Mining                      2.1       27,170           3,806            186 
 Berkshire Hathaway    USA            Insurance                   2.0       26,698               -          1.268 
 Agilent Technology    USA            Healthcare                  2.0       26,244               -          5,992 
                                      Household 
 Procter & Gamble      USA             Products                   1.7       21,862               -          2,569 
 Becton Dickinson      USA            Pharmaceuticals             1.4       18,007          19,074        (1,067) 
 Colgate Palmolive     USA            Personal Products           1.1       14,147               -          1,208 
 Experian              UK             Industrial                  0.5        6,224           6,237           (13) 
 Coca-Cola             USA            Beverages                     -            -        (11,421)            450 
 A.G. Barr             UK             Beverages                     -            -         (4,400)          (534) 
 Total Equities                                                  42.2      554,343          22,808         15,179 
--------------------------------------------------------  -----------  -----------  --------------  ------------- 
 US TIPS               USA                                       30.0      393,610          30,785          (800) 
 UK T-Bills            UK                                        12.6      165,997          60,206          (110) 
 Gold Bullion                                                     9.4      123,766               -          8,675 
 Total Investments                                               94.2    1,237,716         113,799         22,944 
-----------------------------------  -------------------  -----------  -----------  --------------  ------------- 
 Property                                                         0.2        2,105             406              - 
 Subsidiary                                                         -            -         (2,793)          1,560 
--------------------------------------------------------  -----------  -----------  --------------  ------------- 
 Other Assets                                                    94.4    1,239,821         111,412         24,504 
-----------------------------------  -------------------  -----------  -----------  --------------  ------------- 
 UK cash                                                          6.0       79,181             n/a            n/a 
 Overseas cash                                                    0.0           11             n/a            n/a 
 Net current liabilities                                        (0.4)      (5,251)             n/a            n/a 
-----------------------------------  -------------------  -----------  -----------  --------------  ------------- 
 TOTAL PORTFOLIO                                                100.0    1,313,762             n/a            n/a 
-----------------------------------  -------------------  -----------  -----------  --------------  ------------- 
 

Geographic Analysis of Investments and Currency Exposure As At 31 October 2020

 
                            UK   USA   Canada   Switzerland   Total 
                             %     %        %             %       % 
 Equities                    9    27        2             4      42 
 Inflation-Linked 
  Securities                 -    30        -             -      30 
 T-Bills                    13     -        -             -      13 
 Gold Bullion                -     9        -             -       9 
 Cash                        6     -        -             -       6 
 Property                    0     -        -             -       0 
 Net current liabilities     0     -        -             -       0 
-------------------------  ---  ----  -------  ------------  ------ 
 Total                      28    66        2             4     100 
-------------------------  ---  ----  -------  ------------  ------ 
 Net currency exposure 
  %                         58    36        2             4     100 
 

Statement of Principal Risks and Uncertainties

The Board believes that the principal risks to shareholders, which it seeks to mitigate through continual review of its investments and through shareholder communication, are events or developments which can affect the general level of share prices and other financial assets, including, for instance, inflation or deflation, economic recessions and movements in interest rates and currencies. There remain uncertainties resulting from the COVID-19 pandemic that may impact the Company, including investment risks surrounding the companies within the portfolio. The Board continues to work with the Investment Manager, PATAC and its other advisers to manage these risks as far as possible in these uncertain times.

Other risks faced, and the way in which they are managed, are described in more detail under the heading Principal Risks and Risk Management within the Strategic Report in the Company's Annual Report for the year ended 30 April 2020.

The Company's principal risks and uncertainties have not changed since the date of the Annual Report and are not expected to change for the remaining six months of the Company's financial year.

Going Concern

The Directors acknowledge that the situation surrounding the COVID-19 pandemic continues to create risks and uncertainties which may impact the Company. Nevertheless, the Directors believe, in the light of the controls and review processes noted above and bearing in mind the nature of the Company's business and assets, which are considered readily realisable if required, that the Company has adequate resources to continue operating for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Related Party Transactions

Details of related party transactions are contained in the Annual Report for the year ended 30 April 2020. There have been no material changes in the nature and type of the related party transactions as stated within the Annual Report.

Directors' Responsibility Statement in Respect of the Interim Report

We confirm that to the best of our knowledge:

-- the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU;

-- the Investment Manager's Report include a fair review of the information required by the Disclosure Guidance and Transparency Rules ("DTR") 4.2.7R, 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;

-- the Statement of Principal Risks and Uncertainties is a fair review of the information required by DTR 4.2.7R; and

-- the condensed financial statements include a fair review of the information required by DTR 4.2.8R, 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 Company during the period, and any changes in the related party transactions described in the last Annual Report that could do so.

On behalf of the Board,

Iain Ferguson, Chairman

19 November 2020

For furt her information, contact:

Sebastian Lyon

Investment Manager

Tel: 0207 499 4030

Carron Dobson

PATAC Limited, Company Secretary

Tel: 0131 378 0500

Condensed Income Statement

For the six months ended 31 October 2020

 
                                               (Unaudited) 
                                            Six months ended 
                                             31 October 2020 
                                      Revenue    Capital 
                                       Return     Return      Total 
                                      GBP'000    GBP'000    GBP'000 
 
 Investment income                      8,263          -      8,263 
 Other operating income                     -          -          - 
 Gains on investments held at fair 
  value through profit or loss              -     22,944     22,944 
 Gain from discontinued operation           -      1,560      1,560 
 Foreign exchange gains                     -     11,433     11,433 
 
 Total income                           8,263     35,937     44,200 
 Expenses                             (2,390)    (2,517)    (4,907) 
 
 Return before taxation                 5,873     33,420     39,293 
 Taxation                                (79)          -       (79) 
 
 Return for the period                  5,794     33,420     39,214 
 
 Return per share                     GBP2.03   GBP11.69   GBP13.72 
 

The "Return for the Period" is also the "Total Comprehensive Income for the period", as defined in IAS1 (revised), and no separate Statement of Comprehensive Income has been presented.

The "Total" column of this statement represents the Company's Income Statement, prepared in accordance with International Financial Reporting Standards ("IFRSs").

The Revenue Return and Capital Return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.

All items in the above statement derive from continuing operations other than the sale of the Company's subsidiary which is included as "Gain from discontinued operation". Details of the sale can be found in note 7. There are no other discontinued operations. Therefore, the post transaction profit from discontinued operations is GBP1,560,000.

Condensed Income Statement

For the six months ended 31 October 2019

 
                                              (Unaudited) 
                                            Six months ended 
                                            31 October 2019 
                                      Revenue   Capital 
                                       Return    Return      Total 
                                      GBP'000   GBP'000    GBP'000 
 
 Investment income                     12,070         -     12,070 
 Other operating income                   107         -        107 
 Gains on investments held at fair 
  value through profit or loss              -    25,866     25,866 
 Foreign exchange losses                    -   (3,537)    (3,537) 
 
 Total income                          12,177    22,329     34,506 
 Expenses                             (2,031)   (2,176)    (4,207) 
 
 Return before taxation                10,146    20,153     30,299 
 Taxation                             (1,341)     1,025      (316) 
 
 Return for the period                  8,805    21,178     29,983 
 
 Return per share                     GBP2.87   GBP9.01   GBP11.88 
 

Condensed Income Statement

For the year ended 30 April 2020

 
                                                (Audited) 
                                               Year ended 
                                              30 April 2020 
                                         Revenue    Capital 
                                          Return     Return      Total 
                                         GBP'000    GBP'000    GBP'000 
 
 Investment income                        21,690          -     21,690 
 Other operating income                      162          -        162 
 Gains on investments held at 
  fair value through profit or 
  loss                                         -     69,319     69,319 
 Foreign exchange losses                       -   (16,260)   (16,260) 
 
 Total income                             21,852     53,059     74,911 
 Expenses                                (4,068)    (4,427)    (8,495) 
 
 Return before taxation                   17,784     48,632     66,416 
 Taxation                                (2,433)      1,444      (989) 
 
 Return for the period                    15,351     50,076     65,427 
 
 Return per share                        GBP5.86   GBP19.13     GBP24.99 
 
 
 

Condensed Statement of Financial Position

As at 31 October 2020

 
                                   (Unaudited)   (Unaudited)     (Audited) 
                                    31 October    31 October      30 April 
                                          2020          2019          2020 
                                       GBP'000       GBP'000       GBP'000 
 
 Non-current assets 
 Investments held at fair value 
  through profit or loss             1,237,716     1,042,229     1,100,973 
 Property                                2,105         1,628         1,699 
 Net current assets                     73,941        58,681        58,294 
 
 Net assets                          1,313,762     1,102,538     1,160,966 
 
 Total equity                        1,313,762     1,102,538     1,160,966 
 
 Net asset value per Ordinary        GBP438.67     GBP415.16     GBP426.36 
  share 
 
 

Condensed Statement of Changes in Equity

For the six months ended 31 October 2020

 
 
                                  (Unaudited)   (Unaudited)   (Audited) 
                                   Six months    Six months        Year 
                                        ended         ended       ended 
                                   31 October    31 October    30 April 
                                         2020          2019        2020 
                                      GBP'000       GBP'000     GBP'000 
 
 
 Opening equity shareholders' 
 funds                              1,160,966       968,579     968,579 
 Return for the period                 39,214        29,983      65,427 
 Ordinary dividends paid              (7,963)       (7,018)    (14,639) 
 Issue of Ordinary shares             121,545       110,994     171,240 
 Share buybacks                             -             -    (29,641) 
 
 Closing equity shareholders' 
 funds                              1,313,762     1,102,538   1,160,966 
 
 

Condensed Cash Flow Statement

For the six months ended 31 October 2020

 
                                            (Unaudited)   (Unaudited)   (Audited) 
                                             Six months    Six months        Year 
                                                  ended         ended       ended 
                                             31 October    31 October    30 April 
                                                   2020          2019        2020 
                                                GBP'000       GBP'000     GBP'000 
 
 Net cash inflow from operating 
  activities                                      2,605         2,698       5,525 
 Net cash outflow from investing 
 activities                                    (92,380)      (94,851)    (97,794) 
 
 Net cash outflow before financing 
 activities                                    (89,775)      (92,153)    (92,269) 
 Net cash inflow from financing 
 activities                                     113,031       103,977     125,876 
 
 Net increase in cash and 
 cash equivalents                                23,256        11,824      33,607 
 Cash and cash equivalents at the 
  start of 
 the period                                      56,091        22,792      22,792 
 Effect of exchange rate changes                  (155)           154       (308) 
 
 Cash and cash equivalents at the 
  end of 
 the period                                      79,192        34,770      56,091 
 
 
 

1. The condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standard ('IFRS') IAS 34 'Interim Financial Reporting' and the accounting policies set out in the statutory accounts of the Company for the year ended 30 April 2020. The condensed consolidated financial statements do not include all of the information required for a complete set of IFRS financial statements and should be read in conjunction with the consolidated financial statements of the Company for the year ended 30 April 2020, which were prepared under full IFRS requirements.

2. The return per Ordinary share figure is based on the net profit for the six months of GBP39,214,000 (six months ended 31 October 2019: net profit of GBP29,983,000; year ended 30 April 2020: net profit of GBP65,427,000) and on 2,858,320 (six months ended 31 October 2019: 2,523,148; year ended 30 April 2020: 2,617,987) Ordinary shares, being the weighted average number of Ordinary shares in issue during the respective periods.

3. In respect of the year ending 30 April 2021 the Board has declared a first interim dividend of GBP1.40 per Ordinary share, which was paid on 17 July 2020 and a second interim dividend of GBP1.40 per Ordinary share, which was paid on 9 October 2020. A third interim dividend of GBP1.40 per Ordinary share will be paid to shareholders on 8 January 2021 and a fourth interim dividend of GBP1.40 per Ordinary share is expected to be paid in April 2021, making a total for the year of GBP5.60 per Ordinary share. In respect of the year ended 30 April 2020 the Board declared four interim dividends of GBP1.40 per Ordinary share. This gave a total dividend for the year ended 30 April 2020 of GBP5.60 per Ordinary share.

4. At 31 October 2020 there were 2,994,899 Ordinary shares in issue (31 October 2019: 2,655,663; 30 April 2020: 2,723,003). During the six months ended 31 October 2020 the Company re-issued 43,546 Ordinary shares from Treasury and issued 228,350 new Ordinary shares.

5. The Board has considered the requirements of IFRS 8 'Operating Segments'. The Board is of the view that the Company is engaged in a single segment of business, being that of investing in equity shares, fixed interest securities and other investments, and that therefore the Company has only a single operating segment.

6. The Company held the following categories of financial instruments as at 31 October 2020:

 
                          Level 1    Level 2    Level 3       Total 
                          GBP'000    GBP'000    GBP'000     GBP'000 
 Investments            1,237,716          -          -   1,237,716 
 Current liabilities            -      (346)          -       (346) 
---------------------  ----------  ---------  ---------  ---------- 
 Total                  1,237,716      (346)          -   1,237,370 
---------------------  ----------  ---------  ---------  ---------- 
 

The above table provides an analysis of investments based on the fair value hierarchy described below and which reflects the reliability and significance of the information used to measure their fair value. The levels are determined by the lowest (that is, the least reliable or least independently observable) level of impact that is significant to the fair value measurement for the individual investment in its entirety as follows:

Level 1 reflects financial instruments quoted in an active market.

Level 2 reflects financial instruments the fair value of which is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique the variables of which include only data from observable markets. The Company's forward currency contract has been included in this level as fair value is achieved using the foreign exchange spot rate and forward points which vary depending on the duration of the contract.

Level 3 reflects financial instruments the fair value of which is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable market transactions in the same instrument and not based on available observable market data.

The Company's subsidiary was sold on 30 September 2020.

There were no transfers of investments between levels in the period ended 31 October 2020.

The following table summarises the Company's Level 1 investments that were accounted for at fair value in the period to 31 October 2020.

 
                                       (Level 1) 
                                         GBP'000 
Opening book cost                        884,917 
Opening fair value adjustment            216,056 
=====================================  ========= 
Opening valuation                      1,100,973 
Movement in the period: 
Purchases at cost                        285,662 
Effective yield adjustment                   452 
Sales - proceeds                       (172,315) 
         - gains on sales                  4,664 
Increase in fair value adjustment         18,280 
=====================================  ========= 
Closing valuation at 31 October 2020   1,237,716 
=====================================  ========= 
Closing book cost                      1,003,380 
Closing fair value adjustment            234,336 
=====================================  ========= 
Closing valuation at 31 October 2020   1,237,716 
=====================================  ========= 
 

Other aspects of the Company's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 30 April 2020.

The fair value of the Company's financial assets and liabilities as at 31 October 2020 was not materially different from their carrying values in the financial statements.

7. The Company's subsidiary was sold on 30 September 2020. Details of the sale are as follows:-

 
                                       GBP'000 
 Total disposal consideration            2.943 
 Costs of disposal                       (149) 
------------------------------------  -------- 
 Net consideration                     2,794 * 
 Carrying amount of net assets sold    (1,234) 
------------------------------------  -------- 
 Gain on sale before taxation            1,560 
 Taxation                                    - 
------------------------------------  -------- 
 Gain on sale after taxation             1,560 
 

*The net consideration has been included in the Company's Condensed Cash Flow Statement under "Net cash outflow from investing activities".

8. These are not full statutory accounts in terms of Section 434 of the Companies Act 2006 and are unaudited. Statutory accounts for the year ended 30 April 2020, which received an unqualified audit report and which did not contain a statement under Section 498 of the Companies Act 2006, have been lodged with the Registrar of Companies. No full statutory accounts in respect of any period after 30 April 2020 have been reported on by the Company's auditors or delivered to the Registrar of Companies.

9. A copy of the Interim Report is available on the Company's website at www.patplc.co.uk . A new website for the Company is expected to be launched shortly. Shareholder are encouraged to visit the website for further information on the Company.

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