Feb 10, 2017 - holding a Category 1 Global Business Licence issued by the Mauritian ... accepts full responsibility for
UNIVERSAL PARTNERS LIMITED (Incorporated in the Republic of Mauritius) (Registration number 138035 C1/GBL) SEM share code: UPL.N0000 JSE share code: UPL ISIN: MU0526N00007 (“Universal Partners” or “the Company”) _________________________________________________________________________________________ ABRIDGED UNAUDITED RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2016 _________________________________________________________________________________________ Universal Partners was incorporated in Mauritius on 25 April 2016 as a public company limited by shares and holding a Category 1 Global Business Licence issued by the Mauritian Financial Services Commission. The Company has a primary listing on the Official Market of the Stock Exchange of Mauritius Ltd (“SEM”) and a secondary listing on the Alternative Exchange of the JSE Limited (“JSE”) since August 2016. PRINCIPAL ACTIVITY The principal activity of the Company is to hold investments in high quality, cash generative businesses across Europe, with a particular focus on the United Kingdom. The Company’s primary objective is to achieve strong capital appreciation in Pounds Sterling over the mediumto long-term by investing in businesses that meet the investment criteria set out in the Company’s investment policy. BUSINESS REVIEW Since its listing on the SEM on 08 August 2016 and the JSE on 11 August 2016, the Company has been working closely with its investment advisor, ARGO Investment Managers (“ARGO”), to identify potential investments that meet its investment criteria. While a number of potential investments have been identified and are being evaluated, no investments were made during the quarter ended 31 December 2016. However, a termsheet has been signed for a potential investment and a due diligence exercise is currently being performed. For the period under review, revenue in the form of interest was earned from investing excess cash in interest bearing fixed deposits for periods ranging from 1 month to 6 months. The interest earned from these deposits amounted to GBP 105,654 for the quarter ended 31 December 2016. The invested funds will remain in shortterm fixed deposits, money market, and NCD instruments until such time as they are required for investments in accordance with the Company’s investment policy. Management fees for the quarter ended 31 December 2016 amounted to GBP 161,641, incurred in terms of the investment management agreement between the Company and ARGO. General and administrative expenses amounting to GBP 120,968 were incurred for the quarter ended 31 December 2016. NET ASSET VALUE (“NAV”) The NAV per share as at 31 December 2016 was GBP 0.99 (30 September 2016: GBP 0.99). LOSS PER SHARE The loss per share of GBP 0.0024 and GBP 0.0041 are based on the Company’s loss before tax of GBP 176,955 and GBP 298,424 for the quarter ended 31 December 2016 and six months period ended 31 December 2016 respectively, based on the number of shares in issue being 72,350,131.
DIVIDEND No dividend has been declared for the period under review. BASIS OF PREPARATION The abridged unaudited financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and in accordance with International Accounting Standard (IAS) 34 – Interim Financial Reporting, the listing rules of the SEM, the Mauritian Securities Act 2005 and the Listings Requirements of the JSE. The directors are not aware of any circumstances or matters arising subsequent to the period end that require any additional disclosure or adjustment to the financial statements. AUDITORS The results on pages 3 to 6 have not been subject to any external audit or review by the Company’s auditors, Grant Thornton. By order of the Board 10 February 2017 Intercontinental Trust Limited Company secretary
For further information please contact: South African corporate advisor and JSE sponsor Java Capital
+27 11 722 3050
SEM authorised representative and sponsor Perigeum Capital Ltd
+230 402 0890
Company Secretary Intercontinental Trust Limited
+230 403 0800
NOTES Copies of this report are available to the public at the registered office of the Company, Level 3 Alexander House, 35 Cybercity, Ebene 72201, Mauritius. Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule 8(2)(m) of the Securities (Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public upon request to the Company Secretary at the Registered Office of the Company at Level 3 Alexander House, 35 Cybercity, Ebene 72201, Mauritius. This announcement is issued pursuant to Listing Rule 12.20 and Section 88 of the Mauritian Securities Act 2005. The Board of Universal Partners accepts full responsibility for the accuracy of the information in this announcement.
ABRIDGED UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 As at 31 December 2016 (Unaudited) GBP
As at 30 September 2016 (Unaudited) GBP
Assets Current assets Cash and cash equivalents
71,593,482
72,081,768
Total assets
71,593,482
72,081,768
71,847,164 (298,424) 71,548,740
71,847,164 (121,469) 71,725,695
Equity and Liabilities Equity Stated capital Accumulated loss Total equity Current liabilities Trade and other payables
44,742
356,073
Total liabilities
44,742
356,073
71,593,482
72,081,768
Total equity and liabilities
ABRIDGED UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2016 Six months ended
Quarter ended 31 December 2016
30 September 2016
31 December 2016
(Unaudited) GBP
(Unaudited) GBP
(Unaudited) GBP
105,654 105,654
48,984 48,984
154,638 154,638
Expenditure Management fees Set up costs General and administrative expenses
(161,641) (120,968)
(83,193) (5,749) (77,794)
(244,834) (5,749) (198,762)
Operating loss
(176,955)
(117,752)
(294,707)
-
(3,717)
(3,717)
(176,955) (176,955)
(121,469) (121,469)
(298,424) (298,424)
-
-
-
Revenue Interest on bank deposits Total revenue
Loss from financial assets at fair value through profit and loss Loss before tax Tax expense Loss for the period Other comprehensive income Items that will not be reclassified subsequently to profit and loss Items that will be reclassified subsequently to profit and loss Other comprehensive income for the period, net of tax Total comprehensive income for the period Basic and headline loss per share (pence)*
-
-
-
-
-
-
(176,955)
(121,469)
(298,424)
0.24
0.17
0.41
* The loss per share for the quarter ended 31 December 2016 and six months period ended 31 December 2016 are based on loss before tax of GBP 176,955 and GBP 298,424 for the Company respectively and the number of shares in issue of 72,350,131 (30 September 2016: Based on loss before tax of GBP 121,469 and the number of shares in issue of 72,350,131). There were no dilutive shares in issue. There were no reconciling items between the basic and headline loss per share.
ABRIDGED UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2016
Stated Capital
Loss for the period
Total
GBP
GBP
GBP
100
-
100
Issue of shares Share issue costs
72,350,031 (502,967)
-
72,350,031 (502,967)
Transactions with shareholder
71,847,064
-
71,847,064
-
(121,469)
(121,469)
-
-
-
At 25 April 2016 *
Loss for the period Other comprehensive income for the period Total comprehensive income for the period
-
(121,469)
(121,469)
At 30 September 2016
71,847,164
(121,469)
71,725,695
At 1 October 2016
71,847,164
(121,469)
71,725,695
-
(176,955)
(176,955)
-
-
-
-
(176,955)
(176,955)
71,847,164
(298,424)
71,548,740
Loss for the period Other comprehensive income for the period Total comprehensive income for the period At 31 December 2016
* At 25 April 2016, the Company issued 100 shares at GBP 1 each.
ABRIDGED UNAUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2016
Six months ended
Quarter ended 31 December 2016 (Unaudited) GBP
30 September 2016 (Unaudited) GBP
31 December 2016 (Unaudited) GBP
(176,955)
(121,469)
(298,424)
36,167
3,717 10,691
3,717 46,858
(311,331)
356,073
44,742
(452,119)
249,012
-
(200,000) 196,283 (3,717)
(200,000) 196,283 (3,717)
Financing activities Proceeds from issue of shares Share issue costs
-
72,350,131 (502,967)
72,350,131 (502,967)
Net cash flows generated from financing activities
-
71,847,164
71,847,164
Net change in cash and cash equivalents
(452,119)
72,092,459
71,640,340
72,081,768 (36,167)
(10,691)
(46,858)
71,593,482
72,081,768
71,593,482
Operating activities Loss before tax Adjustments for: Loss from financial assets at fair value through profit and loss Net foreign exchange loss Changes in working capital: (Decrease) / increase in trade and other payables* Net cash flows generated from operating activities Investing activities Acquisition of investments Proceeds of disposal of investments Net cash flows used in investing activities
Cash and cash equivalents at the beginning of the period Exchange rate differences Cash and cash equivalents at the end of the period * Final settlement of listing expenses
(203,107)
