TIDMSPPC
RNS Number : 5925W
St Peter Port Capital Limited
12 December 2019
St Peter Port Capital Limited
Interim Results for the Six Months Ended 30 September 2019 and
Notice of Extraordinary General Meeting ("EGM")
St Peter Port Capital Limited (the "Company" or "St Peter Port"
or "SPPC"), the AIM quoted investment company announces its interim
results for the six months ended 30 September 2019.
Highlights
-- Investments in 6 companies* at period end valued at GBP11.1m
-- NAV of 18.04p per share at 30 September 2019, up 4.8 per cent
since 31 March 2019, FX movements having contributed 1.2p
-- GBP518k in cash at 10 December 2019
-- An EGM will be held on 15 January, 2020 to vote on extending
the Company's life for a further year.
* companies in which the Fund made pre-IPO investments,
excluding those entirely written down
Lynn Bruce, Chairman of St Peter Port, said:
"We do see positive developments in our core companies, however
progress remains slow. Although we are working to create
opportunities to sell down St Peter Port's positions in the
companies, none of them have yet reached an inflexion point which
would allow us to conclude a sale at what St Peter Port considers
fair value."
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information:
St Peter Port Capital Limited
Lynn Bruce, Director - 01481 724 222
Grant Thornton UK LLP - Nominated Adviser
Philip Secrett / Jamie Barklem - 020 7383 5100
Shore Capital Stockbrokers Limited - Broker
Dru Danford - 020 7408 4090
CHAIRMAN'S STATEMENT
Introduction
I report upon the six months ended 30 September 2019.
Financial Results
The balance sheet shows investments of GBP11.1 million,
consisting of financial assets at fair value through profit or loss
of GBP11.1 million. Net assets were GBP11.6 million, giving a net
asset value of 18.04p per share. Net assets have increased by 4.8
per cent since 1 April 2019. The changes result primarily from
currency movements. At the balance sheet date, the Company held
GBP539,000 in cash. As at 10 December 2019, the Company held
GBP518,000 in cash.
Investment Report
Further to the Company's announcement on 2 September 2019, I am
pleased to confirm that the Company has now terminated its
discretionary investment management agreement with St Peter Port
Investment Management Limited and has become a self-managed fund.
Its wholly owned subsidiary, St Peter Port Capital Services
Limited, is now providing certain investment advisory and
monitoring services to the Company. The net effect of these changes
will reduce investment management costs by more than half from
their previous, already reduced, level.
The Company's portfolio comprises a potash mine development in
Brazil, an oil exploration project in the Caspian Sea, a vaccine
development company in the UK focused on a universal flu vaccine, a
nickel development project in Oregon, USA, a company engaged in the
development and manufacture of technology for screens which allows
viewers to watch in 3D without glasses and a large farmland owner
in Uruguay. As previously reported, the size of each holding as a
percentage of each portfolio company's share capital is small (less
than 2 per cent), other than in the case of the nickel development
project, in which the Company has an indirect controlling interest
and the vaccine development company, in which the Company has an
interest of approximately 7 per cent. Most of the portfolio
companies have their main activity outside of the UK and all the
holdings are currently in private companies, its remaining listed
positions having been sold down during previous financial
years.
The following table shows the breakdown by sector of the
portfolio (excluding investments fully written off) as at 30
September 2019:
Investments by Sector as at 30 September 2019
Sector Number Cost Value Percentage
GBPm GBPm (of value)
Ag. / Forestry 1 1.9 0.3 2.70%
Technology 2 1.7 1.6 14.41%
Oil and Gas 1 1.8 3.0 27.03%
Mining 2 3.7 6.2 55.86%
Total 6 9.1 11.1 100.0%
The table below shows the breakdown by region of the portfolio
(excluding investments fully written off) as at 30 September
2019:
Analysis by continent*
Cost (GBPm) Value (GBPm) % of value
Europe 1 0.7 0.3 2.7%
N. America 2 3.2 1.4 12.6%
Asia 1 1.8 3.1 27.9%
S. America 2 3.4 6.3 56.8%
Total: 6 9.1 11.1 100.0%
*This is based on area of company's principal activities, rather
than its place of incorporation. Stream TV has been included in
North America as this is where a significant element of its
administration and sales activities takes place, but it has R&D
in Europe and manufacturing in Asia.
New Investments and Realisations
During the period, the Company neither made nor realised any
investments. The reported increase in the value of the investments
arose solely as a result of FX movements and may reverse in
subsequent periods.
Investment Report
Brazil Potash
Brazil Potash's management reports that during the recent BRICS
Summit in Brasília, Brazil, the company signed a binding
Engineering, Consulting and Construction ("EPC") contract with
CITIC Construction ("CITIC"). This contract includes a commitment
from CITIC to arrange a large part of funding required to construct
the mining development as a condition for being awarded the EPC
contract. CITIC's parent company, CITIC Ltd., has a market
capitalisation of US$290 billion and is one of the largest
state-owned enterprises in China.
We understand that CITIC's commitment includes arranging a
portion of the equity required and all of the debt. Further equity
will be required from third parties unrelated to CITIC.
The company reports that it has had and continues to have
discussions to raise the balance of the equity. If financing for
the project was to be completed, this would significantly advance
the possibility for us of an exit by way of an IPO or sale of the
company or by a sale of our position in Brazil Potash in the
secondary market.
Buried Hill
Buried Hill has a Production Sharing Agreement ("PSA") with the
government of Turkmenistan in relation to one of the largest oil
blocks under the Caspian Sea. However, the block lies beneath a
disputed border between Turkmenistan and Azerbaijan.
Following on from the signing of the Convention on the Legal
Status of the Caspian Sea last year, the first Caspian Economic
Summit was held in August 2019 in Turkmenistan, attended by the
President of Turkmenistan and Prime Ministers from the four other
Caspian littoral countries. The Buried Hill management team
attended and reported that relations between the states continue to
improve, they remain serious about developing regional ties,
particularly in energy, transport and security and there is growing
interest from parties further afield for them to do so,
particularly the European Union.
Buried Hill's ongoing focus has been on protecting its rights
under the Block III PSA whilst reviewing its ongoing costs to
maintain a sustainable level. The management have been working with
the Turkmenistan Government to stop the clock on the licence in
order to avoid significant costs associated with moving into the
next licence period; this includes taking appropriate legal
measures to protect its position.
Meanwhile, Buried Hill remains substantially funded (in relation
to this project) and your board is content to leave the valuation
as is.
iQur
We are in regular contact with iQur. The company reported some
time ago that it has shown that its influenza vaccine lead
candidate protects against lethal influenza infection in mice (with
experiments conducted at three different independent laboratories)
and is confident that its vaccine has true potential as a
"universal" flu vaccine on the basis of these tests. iQur continues
to seek funding to pursue a phase 1 clinical trial of its flu
vaccine, but the investment climate for small bio-tech companies in
recent months has been difficult. The company's CEO has told us
that the company has sufficient cash for its immediate needs and
that its small diagnostics business continues to generate some net
cash. However, it is now considering a small investment round as a
rights issue to tide it over and provide funding to renew its
principal patents.
Red Flat Nickel
Red Flat Nickel has continued to explore available options to
reverse the decision to have its claims withdrawn from mineral
extraction (effected in the final days of the previous
administration). To that end, Red Flat continues to engage with the
local Forest Service and make representations to senior political
figures both locally and in Washington DC. Meanwhile, it renewed
its mining claims over the summer to allow it to seek to establish
that it had Valid Existing Rights prior to the withdrawal, in an
effort to obtain compensation for the loss of its opportunity.
Mediatainment - Stream TV Networks
Stream TV's most recent shareholder update reported that it
continues to make progress. The company's strategic alliance with
Chinese panel manufacturing giant BOE is growing stronger as
evidenced by a formal visit by their Chief Technology Officer. A
team based in Silicon Valley has been added who are closer to the
market for recent commercialization / productization developments.
The company continues to meet customers on an engineering level to
achieve mutual clarity and it has expanded its approved and already
strong patent portfolio. The company has raised almost USD$25m
during the past 18 months (and an additional USD$4.6m in July 2019)
to support operations and accelerate development for the 8K chip
solutions.
SPPC was given the opportunity to exchange its shares in
Mediatainment Inc., a holding company for Stream TV Networks Inc,
into a direct holding in Stream TV Networks Inc itself. As Stream
is the entity which is likely if successful to IPO or be sold, we
took advantage of this. The restructuring should put SPPC in a
better position to take advantage of any future realisation
opportunity.
If the company announces a significant fundraising or a product
successfully coming to market, this may enable a sale of SPPC's
position in Stream TV in the secondary market in advance of an IPO.
The company has told investors it would like to pursue an IPO when
it is in a position to do so.
Agriculture Investment Group (formerly Union Agriculture Group)
("AIG")
AIG is the largest agricultural company operating in Uruguay
with more than 100 farms across over 180,000 hectares, nearly 1% of
Uruguay's total land mass. Its revenue streams include land
leasing, producing dry crops and its trading activities with
Granosur. Its latest shareholder report notes that it has achieved
a positive EBITDA (USD$0.7 million) for the second consecutive
year. We understand that the company's debt reduction programme
continues to make progress and it remains focused on reducing
operational costs where possible.
We understand that the company has no current plans to attempt a
listing. Any realisation of this position at the current time is
therefore dependent on our finding a potential buyer in the
secondary market willing to pay a price that the board of St Peter
Port considers fair.
Written-down holding - possible uplift
St Peter Port has not written down any of its investments during
the period under review. We were notified some time ago by the
chairman of one of our portfolio companies that it had received an
offer for the company which, having been accepted, has now legally
exchanged. This position had previously been written down and the
proceeds would generate an uplift in the Company's net asset value
and cash holdings of some EUR700,000. However, the purchasers
undertook to complete the acquisition some weeks ago which has not
yet taken place. Whilst we are not aware of any intention to
rescind the contract, we have made no accrual for this potential
receipt in our accounts.
Liquidity Prospects
St Peter Port's holdings remain highly illiquid for the reasons
discussed above. We do see positive developments in our core
companies, however progress remains slow. Although we are working
to create opportunities to sell down St Peter Port's positions in
the companies, none of them have yet reached an inflexion point
which would allow us to conclude a sale at what St Peter Port
considers fair value.
Life of the Company
The Board undertook to provide a continuation vote by
shareholders each year. An EGM will be held on 15 January, 2020 to
enable shareholders to vote on continuing the life of the Company.
The background to the vote at the EGM and the reasons why the Board
recommend that shareholders vote in favour of the resolution being
proposed are given below.
Lynn Bruce
Chairman
for and on behalf of
St Peter Port Capital
Limited Life of the Company - Extraordinary General Meeting
The Board wishes to convene a general meeting to enable
shareholders to vote on continuing the life of the Company. The
Company was established with the provision that its life would be
reviewed every five years but, following the most recent five year
review in 2017, the Board promised to provide a continuation vote
by shareholders each year. The basis of the continuation vote as
set out in the Company's Articles is that if the shareholders vote
for its life to be brought to an end, the Board would seek to
dispose of the Company's holdings over the following year. After
that year a liquidator would be appointed to wind the Company up
within a further year.
Reduced costs
As announced on 2 September 2019, the Board has implemented
further measures to reduce costs, including changes in investment
management arrangements. The Company has become a self-managed fund
and has established a new, wholly owned subsidiary, St Peter Port
Capital Services Limited, to provide investment advisory and
monitoring services to the Board. The net effect of these changes
will reduce investment management costs by more than half from
their previous, already reduced, level. Other changes have been
agreed which will further reduce costs.
Current Status of the Company and Scope for Realisations
The financial position of the Company is set out in the
accompanying interim report to shareholders for the 6 months ended
30 September 2019.
The value in the portfolio of investments held by the Company
remains concentrated in a small number of minority holdings in
unquoted companies. As a minority investor, it is not open to the
Company to effect a rapid realisation of our interests other than
through a sale of our holdings on a minority unquoted basis to
another investor. This has proven very difficult to achieve on good
terms. The alternative is to wait for a liquidity event achieved by
the investee companies such as an IPO, trade sale or other similar
capital action. Although we have held these investments for many
years, we have not yet seen the hoped-for liquidity event in the
companies which we continue to hold.
However, the companies in the core portfolio continue to
progress. In addition, the potential remains for the value of one
or more of the companies already written down to revive. Although
extending the life of the Company will necessarily incur additional
running costs, the Board considers that the scope for materially
better realisation terms from the core portfolio (and perhaps from
other holdings as well) should justify the continued life of the
Company for at least an extra year. The alternative of liquidation
in the short term is unlikely to achieve good value.
Proposal for the Extraordinary General Meeting
The Board proposes the extension of the life of the Company for
a further year. The Company will send shareholders a notice next
week convening an extraordinary general meeting (the "EGM") to
enable shareholders to vote on continuing the life of the Company
for at least one more year (the "Notice"). The EGM of the Company
will be held at 3rd Floor, 1 Le Truchot, St Peter Port, Guernsey,
GY1 1WD on Wednesday, 15 January, 2020 10 a.m. On posting of the
Notice, this will be notified and electronic copies will be
available on the Company's website www.stpeterportcapital.com.
The wording of the resolution to be put is as follows:
a. the life of the Company be continued;
b. for at least one more year, the Company not be wound up by
the directors through a process of orderly realisation by the
Company of its investments and cessation of further investment.
Should shareholders approve the resolution, the life of the
Company will continue. If shareholders do no approve it, the Board
will seek to dispose of the Company's assets quickly on the basis
that a liquidator must be appointed a year later.
If the life of the Company is extended, the Board proposes to
put forward a similar resolution at its next Annual General Meeting
in 2020. Thus a vote to continue the Company is effectively a vote
to allow a further year of activity, after which the life will
again be voted upon.
Given the lower costs of continued operation and the better
prospects for realisation if the Company is not seen to be a forced
seller of its holdings, the Board strongly recommends to
shareholders that they support the continuation resolution.
CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER
2019
As at As at As at
30 September 31 March 30 September
2019 2019 2018
Notes (unaudited) (audited) (unaudited)
Assets GBP '000 GBP '000 GBP '000
Current assets
Financial assets at
fair value through
profit or loss 4(a) 11,107 10,382 13,843
Loans and other receivables 11 11 94
Cash and cash equivalents 539 756 107
---------------- ------------ ----------------
Total assets 11,657 11,149 14,044
---------------- ------------ ----------------
Liabilities
Current liabilities
Trade and other payables 74 96 175
---------------- ------------ ----------------
Total liabilities 74 96 175
---------------- ------------ ----------------
Net assets 11,583 11,053 13,869
================ ============ ================
Equity
Capital and reserves
attributable to equity
holders of the company
Special reserve - - -
Revenue reserve 11,583 11,053 13,869
---------------- ------------ ----------------
Total Equity 11,583 11,053 13,869
================ ============ ================
Net asset value per
ordinary share (pence
per share) 7 18.04 17.21 21.60
These financial statements are unaudited and are not the
Company's statutory financial statements.
CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTH
PERIODED 30 SEPTEMBER 2019
Period Year Period
ended ended ended
30 31 30
September March September
2019 2019 2018
Notes (unaudited) (audited) (unaudited)
GBP '000 GBP '000 GBP '000
Income
Net changes in fair value
of financial assets at fair
value through profit or loss 4(b) 725 (1,682) 879
Foreign exchange gain 1 - -
Interest income 2 1 -
Other income - 7 5
------------- ----------- -------------
Net investment profit / (loss) 728 (1,674) 884
Administrative expenses (198) (541) (283)
------------- ----------- -------------
Net profit / (loss) from
operations 530 (2,215) 601
------------- ----------- -------------
Profit / (loss) for the period
/ year attributable to shareholders
of the Company 530 (2,215) 601
============= =========== =============
Basic and diluted profit
/ (loss) per Ordinary share
(pence per share) 5 0.83 (3.45) 0.94
These financial statements are unaudited and are not the
Company's statutory financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTH
PERIOD
ED 30 SEPTEMBER 2019
Period ended 30 September 2019
Revenue Total
Reserve Equity
GBP '000 GBP '000
Balance brought forward 11,053 11,053
Profit for the period 530 530
Balance at 30 September 2019 11,583 11,583
========== ==========
Year ended 31 March 2019
Revenue Total
Reserve Equity
GBP '000 GBP '000
Balance brought forward 13,268 13,268
Loss for the period (2,215) (2,215)
Balance at 31 March 2019 11,053 11,053
========== ==========
Period ended 30 September 2018
Revenue Total
Reserve Equity
GBP '000 GBP '000
Balance brought forward 13,268 13,268
Profit for the period 601 601
Balance at 30 September 2018 13,869 13,869
========== ==========
These financial statements are unaudited and are not the
Company's statutory financial statements.
CONDENSED STATEMENT OF CASH FLOWS FOR THE SIX MONTH PERIODED
30 SEPTEMBER 2019
Period ended Year ended Period ended
30 31 30
September March September
2019 2019 2018
(unaudited) (audited) (unaudited)
GBP '000 GBP '000 GBP '000
Cash flows from operating activities
Interest and investment income
received 2 1 -
Operating expenses paid (220) (676) (341)
---------- ---------- ----------
Net cash used in operating activities (218) (675) (341)
---------- ---------- ----------
Cash flows from investing activities
Sale of investments - 1,096 196
Repayment / (advance) of subsidiary
loans - 34 (49)
---------- ---------- ----------
Cash inflow from investing activities - 1,130 147
---------- ---------- ----------
Cash (outflow) / inflow for the
period / year (218) 455 (194)
Foreign exchange gain 1 - -
Opening cash and cash equivalents 756 301 301
---------- ---------- ----------
Closing cash and cash equivalents 539 756 107
========== ========== ==========
These financial statements are unaudited and are not the
Company's statutory financial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIODED 30 SEPTEMBER 2019
1. General information
St Peter Port Capital Limited ("the company") is a Guernsey
authorised, closed ended investment company regulated by the
Guernsey Financial Services Commission and governed by the
Companies (Guernsey) Law, 2008.
The company continued to hold 100 per cent. ownership of St
Peter Port Capital (RFN) Limited, 100 per cent. ownership of SPPC
Securities Holdings Limited and 80 per cent. of the ordinary share
capital in Red Flat Nickel Corp. (an Investee Company). St Peter
Port Capital (RFN) Limited is registered in Guernsey, and SPPC
Securities Holdings Limited is registered in Ireland. Red Flat
Nickel Corp. is registered in the USA. During the period, the
company has established a new wholly owned subsidiary, St Peter
Port Capital Services Limited, which will provide certain
investment advisory and monitoring services to the company. The
existing investment manager, St Peter Port Investment Management
Limited, agreed to terminate its mandate with immediate effect from
1 September 2019 without any early termination charges.
The Company has adopted the Investment Entities amendments to
IFRS 10 and as such is not consolidating these subsidiaries in
these financial statements as the company is considered by the
directors to be an investment entity.
St Peter Port Capital Limited's investment strategy was
primarily to invest in unquoted companies which are close to a
liquidity event. The funds invested by St Peter Port Capital
Limited were intended to provide the working capital to facilitate
such an event.
The universe for investment has principally comprised companies
across a broad range of sectors and geography expecting to achieve
a liquidity event in a reasonable period after the company's
investment. However, as a result of economic conditions, it has
also included companies which were already publicly quoted but
where the equity value has been heavily eroded by the prevailing
market malaise.
This condensed interim financial information for the six months
ended 30 September 2019 and the financial statements for the year
ended 31 March 2019 have been prepared on a going concern basis.
The address of the registered office is 3(rd) Floor, 1 Le Truchot,
St Peter Port, Guernsey, GY1 1WD.
The company's website is www.stpeterportcapital.com.
The company is admitted to trading on the AIM market of London
Stock Exchange.
This condensed interim financial information has not been
reviewed or audited by an independent auditor.
2. Accounting policies - basis of preparation
2.1 Standards and Interpretations effective in the current
period
The company adopted the below new or revised standards and
interpretations in the current period.
IFRS 16 "Leases" - On adoption of IFRS 16 for the first period
commencing 1 April 2019, the Directors do not consider IFRS 16 to
have a material impact on the financial position or performance of
the company.
IAS 12 "Income Taxes" - The date from which the amendments apply
to the company is 1 April 2019 and the amendments are not expected
to have any material impact on the company's financial position,
performance or disclosures in its financial statements.
2.2 Accounting Standards and Interpretations issued but not yet
effective
The following new standards have been issued by the IASB however
are not yet effective for the current financial period. The company
will comply with the new standards and amendments from the
effective date and has elected not to early adopt any new standards
at this stage.
IAS 1 Presentation of Financial Statements' (effective for
periods commencing on or after 1 April 2020). Disclosure
Initiative: The amendments clarify and align the definition of
'material' and provide guidance to help improve consistency in the
application of that concept whenever it is used in IFRS
Standards.
IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors' (effective for periods commencing on or after 1 April
2020). Disclosure Initiative: The amendments clarify and align the
definition of 'material' and provide guidance to help improve
consistency in the application of that concept whenever it is used
in IFRS Standards.
There are no other standards, interpretations or amendments to
existing standards that are not yet effective that would be
expected to have a significant impact on the company.
3. Segmental information
The directors are of the opinion that the company is engaged in
a single segment of business, being investment into growth
companies which are seeking to achieve an initial public offering
("IPO") within a reasonably short time horizon.
The company mainly operates in the following sectors:
Financial assets
30 30 31 31 30 30
September September March March September September
2019 2019 2019 2019 2018 2018
GBP'000 % GBP'000 % GBP'000 %
Oil & Gas 3,014 27.13 2,842 27.37 3,553 25.67
Mining 6,173 55.58 5,819 56.05 5,821 42.05
Technology 1,579 14.22 1,508 14.53 3,246 23.45
Agriculture
/ Forestry 341 3.07 213 2.05 322 2.33
Other - 0.00 - 0.00 901 6.51
------------- -------- -----------
11,107 10,382 13,843
------------- -------- -----------
4. Financial assets at fair value through profit or loss
a) Designated at fair value through profit or loss
Financial assets
30 30 31 31 30 30
September September March March September September
2019 2019 2019 2019 2018 2018
Historic Market Historic Market Historic Market
Cost value cost value cost value
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Listed equity
securities 3,169 - 3,169 - - -
Unlisted equity
securities 33,733 10,904 33,733 10,190 35,785 12,750
Listed debt
securities - - - - 903 901
Unlisted debt
securities 2,931 203 2,931 192 3,006 192
Total financial
assets at fair
value through
profit or loss 39,833 11,107 39,833 10,382 39,694 13,843
========== ========== ======== ======== ========== ============
b) Net gains / (losses) on financial assets at fair value
through profit or loss
30 30
September 31 September
2019 March 2019 2018
GBP '000 GBP '000 GBP '000
Realised and unrealized gains /
(losses) on financial assets at
fair value through profit or loss 725 (1,648) 913
Realised and unrealized losses
on subsidiary loans - (34) (34)
---------- ----------- ----------
Net changes in fair value of financial
assets at fair value through profit
or loss 725 (1,682) 879
========== =========== ==========
c) Fair value of financial instruments
The company has classified its financial assets and liabilities
designated at fair value through the profit or loss and the fair
value of derivative financial instruments using a fair value
hierarchy that reflects the significance of the inputs used in
making the fair value measurements. The hierarchy has the following
levels:
Level 1 - quoted prices (unadjusted) in active markets for
identical assets or liabilities;
Level 2 - inputs other than quoted prices included within level
1 that are observable for the assets or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3 - inputs for the asset or liability that are not based
on observable market data (i.e. unobservable inputs).
The following table analyses within the fair value hierarchy the
company's financial assets and liabilities (by class) measured at
fair value.
As at 30 September 2019 Level 1 Level 2 Level 3 Total
GBP '000 GBP '000 GBP '000 GBP '000
Financial investments designated
at fair value through profit or
loss
Unlisted equity securities and debt - - 11,107 11,107
------------ ------------ ------------ --------------
Assets measured at fair value - - 11,107 11,107
============ ============ ============ ==============
As at 31 March 2019 Level 1 Level 2 Level 3 Total
GBP '000 GBP '000 GBP '000 GBP '000
Financial investments designated
at fair value through profit or
loss
Unlisted equity securities and debt - - 10,382 10,382
------------ ------------ ------------ --------------
Assets measured at fair value - - 10,382 10,382
============ ============ ============ ==============
As at 30 September 2018 Level 1 Level 2 Level 3 Total
GBP '000 GBP '000 GBP '000 GBP '000
Financial investments designated
at fair value through profit or
loss
Listed debt 901 - - 901
Unlisted equity securities and
debt - - 12,942 12,942
------------ ------------ ------------ ------------
Assets measured at fair value 901 - 12,942 13,843
============ ============ ============ ============
There were no transfers between level 1 and level 2 during the
current or prior year.
The fair valuation of any level 3 investment requires the
exercise of professional skill and judgement and naturally the fair
values derived will have an element of estimation uncertainty as
well as a likely range of potential valuation outcomes. The
directors have not explicitly factored in any potential tax which
may crystallise on disposal of the investments as it is expected
that sales would be structured in such a way as to avoid such
taxes. The directors are of the view (concurred with by the
Investment Manager) that there are specific unquoted investments
which present particular valuation challenges due to their
individual stages of development and underlying circumstances and
therefore there is inherently more estimation and judgement
required in determining the fair values.
The majority of the level 3 investment valuations are based on
fund raising activity. This price will generally be used as the
estimate of fair value after considering the background of the
underlying investment, changes in market conditions and investment
specific factors. Other methodologies may be used at any time if
this is deemed to provide a more accurate assessment of the fair
value of the investment.
5. Profit / (loss) per ordinary share
The calculation of basic profit per ordinary share is based on
the net profit from continuing operations for the period of
GBP530,000 (31 March 2019 loss: GBP2,215,000, 30 September 2018
profit: GBP601,000) and on 64,221,501 shares being the weighted
average number of shares in issue during each period.
6. Share capital
30 30
September 31 September
2019 March 2019 2018
GBP '000 GBP '000 GBP '000
10,000 Founder shares of GBP0.01
each authorised, issued and fully
paid - - -
========== =========== ==========
Ordinary Shares
There are an unlimited number of ordinary shares of nil par
value authorised. At the end of each reporting period 30 September
2019, 31 March 2019 and 30 September 2018, 64,221,501 were in issue
and fully paid, not including the treasury shares as detailed
below. The ordinary shares do not carry any right to fixed
income.
Treasury reserves
The Company had 2,250,000 ordinary shares held in treasury at 30
September 2019, 31 March 2019 and 30 September 2018.
7. Net asset value per share
The net asset value per ordinary share is based on the net asset
value at the end of the reporting period and on 64,221,501 ordinary
shares at each reporting date.
8. Related party transactions
Related party transactions are described in the 2019 Annual
Report and Accounts on page 32.
The new subsidiary, St Peter Port Capital Services Limited
referred to in note 1, will recompense a subsidiary of Shore
Capital Group Limited for the provision of personnel providing
administrative services to the Company under a contract for
GBP60,000 per annum.
There were no other related party transactions during the period
ended 30 September 2019.
9. Subsequent events
There were no significant events subsequent to the period
end.
10. Further information
Electronic copies of the Company's interim results for the
period to 30 September 2019 and the Notice are available on the
Company's website: www.stpeterportcapital.com and from the offices
of Maitland Administration (Guernsey) Limited, 3rd Floor, 1 Le
Truchot, St Peter Port, Guernsey, GY1 1WD. The interim results and
the Notice will be sent to shareholders by post.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR UAOARKNAUAUA
(END) Dow Jones Newswires
December 12, 2019 02:01 ET (07:01 GMT)
St Peter Port Capital (LSE:SPPC)
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