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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| The Schiehallion Fund Limited | LSE:MNTN | London | Ordinary Share | GG00BJ0CDD21 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.01 | 1.08% | 0.94 | 0.91 | 0.97 | 0.945 | 0.94 | 0.94 | 83,999 | 08:00:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -309.14M | -319.33M | -0.3104 | -3.03 | 967.09M |
From Apr 2022 to Apr 2024
TIDMMNTN TIDMMNTC
RNS Number : 6567V
Schiehallion Fund Limited (The)
06 April 2023
The Schiehallion Fund Limited
Legal Entity Identifier: 213800NQOLJA1JCWXQ56
Regulated Information Classification: Annual Financial and Audit Reports
Annual Report and Financial Statements
Further to the preliminary statement of audited annual results announced to the Stock Exchange on 27 March 2023, The Schiehallion Fund Limited ("Schiehallion" or "the Company") announces that the Company's Annual Report and Financial Statements for the year ended 31 January 2023, including the Notice of Annual General Meeting, has today been posted to shareholders and submitted electronically to the National Storage Mechanism where it will shortly be available for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism .
It is also available on the Schiehallion page of the Baillie Gifford website at: schiehallionfund.com (as is the preliminary statement of audited annual results announced by the Company on 27 March 2023).
The Company's Annual General Meeting (AGM) is being convened at 12 noon on Friday, 12 May, at the offices of at the offices of Alter Domus, North Suite, 1st Floor, Regency Court, Glategny Esplanade St Peter Port, Guernsey, Channel Islands, GY1 1WW.
The Board encourages all shareholders to submit proxy voting forms, appointing the chairperson of the AGM, as soon as possible and, in any event, by no later than 12 noon on 10 May 2023.
We would encourage shareholders to monitor the Company's website at schiehallionfund.com. Should shareholders have questions for the Board or the Managers or any queries as to how to vote, they are welcome as always to submit them by email to adgg-aafa-f@alterdomus.com or call Hannah Dunnell at Alter Domus (Guernsey) Limited on +44 (0) 1481 742 255.
Alter Domus (Guernsey) Limited may record your call.
If you or, if appointed, your proxy wish to attend the Annual General Meeting electronically you, or your proxy, will have the same right to attend, be counted in the quorum, participate in the business of the Annual General Meeting, speak and vote as if you, or your proxy, had attended the meeting in person. Details of how to attend the Annual General Meeting electronically can be obtained from Alter Domus (Guernsey) Limited on the contact details provided above.
Responsibility Statement of the Schiehallion Directors in respect of the Annual Report and Financial Statements
The Schiehallion Fund Limited Directors confirm that, to the best of their knowledge:
3/4 the Financial Statements set out in the Annual Report and Financial Statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
3/4 the Strategic Report set out in the Annual Report and Financial Statements includes a fair review of the development and performance of the business and the position of the issuer, together with a description of the principal risks and uncertainties they face.
The Directors consider the Annual Report and Financial Statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.
Principal and Emerging Risks relating to the Company
As explained on pages 33 and 34 of the Annual Report and Financial Statements , there is a process for identifying, evaluating and managing the risks, including emerging risks, faced by the Company on a regular basis. The Directors have carried out a robust assessment of the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. A description of these risks and how they are being managed or mitigated is set out in the table below.
The Board considers the ongoing coronavirus (Covid-19) pandemic to be a factor which continues to exacerbate existing risks, and its impact is considered within the relevant risks.
Hot Features
Premium
Impact How the risk is Current assessment of
managed risk
Investment and Strategic Risk
Liquidity The Company's investments By diversification Increasing:
of Investments are predominately of the portfolio, The Company has not
in private investee in accordance with seen any significant
companies or companies the Company's investment impact on underlying
which have recently limits and risk liquidity of investments
completed an IPO. diversification during the Covid-19
Such investments policies. pandemic and has continued
may not be liquid to see IPO activity
or may have restrictions during the current
on sale or transfer year.
of shares. This
may limit the Company's
ability to realise
investments at short
notice or at all.
------------------- ----------------------------- ---------------------------- ----------------------------
Market, Economic, From time to time The Board oversees Increasing:
Political a large proportion this risk by considering This risk is seen
and Environmental of the total value at each meeting as increasing due
Risks of the Company's metrics which have to increased volatility
portfolio could contributed to performance as a result of the
be concentrated as well as discussion Russian invasion of
in a limited number with the Investment Ukraine,
of investee companies, Manager on specific increasing energy
which could be adversely conditions which prices and
affected by an unexpected the underlying investee inflation rates, as
change in their companies face. well as the
markets, by governmental This risk is also global reach of the
intervention or managed by the Company's increasing
by a reputational investment diversification political tension
issue. This could policy. between the
have a material US and China. The
impact on the overall Covid-19
value of the Company's pandemic continues
portfolio and consequential to have a
adverse effects lingering impact on
on the Company's the global
share price. economic environment.
------------------- ----------------------------- ---------------------------- ----------------------------
Impact How the risk is Current assessment of
managed risk
Investment and Strategic Risk (continued)
Valuation The Company invests The Investment Manager Increasing:
Risk in late-stage private has a robust valuation This risk is seen
businesses which methodology, which as increasing due to
are valued in accordance it applies consistently. the ongoing
with International The Board meet with invasion of Ukraine
Private Equity and the Investment Manager by Russia,
Venture Capital at special meetings increasing energy prices
Valuation ('IPEV') solely to consider and
Guidelines using the valuations for inflation rates and
appropriate valuation the Interim and the impact
methods. Such methods Annual Financial events these are having
include an element Statements. At these on
of judgement which meetings there is global markets. Reduced
may lead to a material an opportunity for valuations of public
misstatement of the Board to challenge listed
the valuation and the valuations and companies have had
consequently in to request further an impact
the Company's net information. by depressing the inputs
asset value. used
to value the Company's
private
listed investee companies.
---------------- ----------------------------- ------------------------------- -----------------------------
Investment Pursuing an investment The Board regularly Stable:
Strategy Risk strategy to fulfil reviews and monitors Controls are working
the Company's objective the Company's investment effectively with no
which the market policy and strategy, change during the current
perceives to be the investment portfolio year.
unattractive or and its performance,
inappropriate, or the level of discount/premium
ineffective implementation to net asset value
of the Company's at which the shares
investment strategy, trade and movements
may lead to lower in the share register.
returns for shareholders A strategy meeting
and a consequential is also held annually.
impact on share In addition, the
price. Investment Manager
keeps in close contact
with key shareholders
and provides regular
feedback to the
Board.
---------------- ----------------------------- ------------------------------- -----------------------------
Discount Risk The discount/premium The Board monitors Increasing:
at which the Company's the level of discount/premium The risk is increasing
shares trade relative at each Board meeting. as the Company's shares
to its net asset The Company has moved from a premium
value can change. authorities in place to a discount during
Such an imbalance to buy back or issue the year.
can diminish the shares, when deemed
attractiveness of to be in the best
the Company's shares interest of the
to existing investors Company and its
and lead to a lack shareholders.
of liquidity in
the Company's share
trading.
---------------- ----------------------------- ------------------------------- -----------------------------
Environmental, Failure by the Investment The Investment Manager Stable:
Social and Manager to identify has an application This risk is mitigated
Governance potential future process integrated by the Investment Manager's
(ESG) problems on ESG into the investment strong ESG stewardship
matters in an investee process, as well and engagement policies.
company could lead as upfront and ongoing
to the Company's due diligence which
shares being less the Investment Manager
attractive to investors undertakes on each
as well as potential investee company.
valuation issues This includes
in the underlying the risk inherent
investee company. in climate change.
---------------- ----------------------------- ------------------------------- -----------------------------
External Risks
Political Political changes Political developments Increasing:
and Associated in areas in which and other social This risk is increasing
Economic Risk the Company invests trends are closely as Governments and
or may invest may monitored by the consumers around the
have practical consequences Board and are regularly world
for the Company discussed at Board continue to assess
and impact financial meetings. the impact of
performance. the Russian invasion
of Ukraine,
including sanctions
applied in
response, increasing
energy
prices and inflation
rates and
intensifying of US-China
tensions.
The ongoing assessment
of the
longer term impacts
of Covid-19
on international policy
remains a
factor for consideration.
---------------- ----------------------------- ------------------------------- -----------------------------
Impact How the risk is Current assessment of
managed risk
External Risks (continued)
Legal and Failure to comply The Board receives Stable:
Regulatory with tax or regulatory regular updates All control procedures
Risk rules could lead from the Investment working effectively.
to suspension of Manager and Administrator There have been no
the Company's stock on Compliance and material regulatory
exchange listing, the Investment Manager's changes that have occurred
financial penalties monitoring programmes. during the year.
or a qualified audit External legal advice
report. Changes is sought on any
in tax legislation areas of concern.
may lead to the
Company being subject
to tax on capital
gains.
------------------- --------------------------- --------------------------- ------------------------------
Operational Risks
Performance In common with other The Audit Committee Decreasing:
and Reliance investment trusts receives reports All control procedures
on Third Party the Company has from the Investment working effectively.
Service Providers no direct employees Manager's Business Portfolio management
and relies entirely Risk Department and all regulatory
for its operations on their monitoring and administrative
on third party service programme of internal tasks have continued
providers. Failure controls. The Audit uninterrupted. This
of the Investment Committee also receives risk is decreasing
Manager's systems ISAE 3402 or equivalent due to the reduced
or those of another reports on the Investment impact of the Covid-19
service provider Manager and other pandemic.
could lead to an service providers.
inability to accurately These reports are
report or lead to reviewed by Baillie
a misappropriation Gifford's Business
of assets. Risk Department
and a summary of
the key points is
reported to the
Audit Committee
and any concerns
are investigated.
------------------- --------------------------- --------------------------- ------------------------------
Cyber Security Errors, fraud or The Audit Committee Increasing:
Threats control failures and the Board receive Increasing risk
by the Company's confirmation that due to recent indications
key service providers all service providers that
or loss of data have appropriate developments relating
through increasing Cyber/IT policies to the
cyber threats or to ensure that controls Russian invasion of
business continuity are in place including Ukraine
could damage the business continuity could lead to cyber
Company's reputation and disaster recovery attacks.
or investors interests arrangements. As a result of operational
or result in losses. changes
made during the height
of the
Covid-19 pandemic,
service
providers are using
a hybrid
approach of remote
and office
working, thereby creating
a
higher potential of
a Cyber
Security Threat, highlighted
by
a growing number of
attacks
on high profile companies.
------------------- --------------------------- --------------------------- ------------------------------
Key Professionals Loss of Key Professionals, The Board reviews Stable:
particularly in the Investment Manager's All procedures are
relation to the performance annually satisfactory.
Investment Manager as well as the resources
could impact the of the Investment
Company's ability Manager for attracting
to implement its and retaining talent.
investment strategy.
------------------- --------------------------- --------------------------- ------------------------------
Emerging Risks
As explained on pages 7 to 9 of the Annual Report and Financial Statements, the Board has regular discussions on principal risks and uncertainties, including any risks which are not an immediate threat but could arise in the longer term.
The Board considers that the key emerging risks arise from two areas:
- The global reach of the investment portfolio and its exposure to external and emerging threats such as the Russian invasion of Ukraine, US/China tensions, cyber risk and the decreasing but lasting risk of coronavirus. An escalation in tensions may lead to sanctions being imposed on China with the potential of adversely affecting the Company's Chinese investments. Rising inflation, increasing energy costs and increasing interest rates are likely to add pressures to the companies in the investment portfolio. These are mitigated by the Investment Manager's close links to the investee companies and their ability to ask questions on contingency plans. The Investment Manager believes the impact of such events may be to slow growth rather than to invalidate the investment rationale; and
- As investors place increased emphasis on Environmental, Social and Governance issues ('ESG'), any failure by the Investment Manager to identify potential future problems on ESG matters in an investee company could lead to the Company's shares being less attractive to investors as well as potential valuation issues in the underlying investee company. This is mitigated by the Investment Manager's strong ESG policies, which have been adopted by the Company, and which are fully integrated into the investment process as well as the extensive upfront and ongoing due diligence which the Investment Manager undertakes on each investee company. These include the risks inherent in climate change
Baillie Gifford & Co Limited
06 April 2023
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END
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(END) Dow Jones Newswires
April 06, 2023 06:27 ET (10:27 GMT)
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