TIDMAUGM 
 
Legal Entity Identifier: 213800OTQ44T555I8S71 
 
22 November 2021 
 
                             Augmentum Fintech plc 
 
                    (the "Company" or "Augmentum Fintech") 
 
          Interim results for the six months ended 30 September 2021 
 
Augmentum Fintech plc (LSE: AUGM), the UK's only publicly listed investment 
company focussing on the fintech sector, announces its unaudited interim 
results for the six months ended 30 September 2021. 
 
Financial highlights 
 
.     Net Asset Value increased to £267.3 million (31 March 2021: £183.2 
million).1 
 
.     NAV per share increased to 142.1 pence after performance fee (31 March 
2020: 130.4 pence). 
 
.     Unrealised IRR of 21.5% on investments since IPO. 
 
.     £55 million gross proceeds  raised in July 2021 through a significantly 
oversubscribed Placing, Open Offer, Offer for Subscription and Intermediaries 
Offer. 
 
.     £43.8 million of available cash as at 30 September 2021 (31 March 2021 £ 
25.7 million). 
 
Investment and portfolio highlights 
 
.     £44.5 million capital deployed the period: 
 
        o    £8.9 million of follow-on investments into five portfolio 
companies. 
 
        o    £35.6 million of investments into six new opportunities, including 
£10.2 million invested in US based crypto exchange Gemini. 
 
.     Disposal of holding in Dext for £10.5 million, delivering an IRR of 30.5% 
on the initial investment. 
 
.     Strong progress made in the portfolio companies: 
 
        o    Funding rounds totalling £210.0 million completed by Grover 
(April), Volt (June), Tide (July) and Monese (September). 
 
        o    Tide achieving more than 6.0%2 SME market share. 
 
        o    Interactive Investor (ii) reported 19% year-on-year revenue growth 
for H1 2021. 
 
        o    Grover announced a new USD1 billion debt finance facility. 
 
        o    Onfido reported a 100% year-on-year revenue growth for H1 2021. 
 
.     Post reporting period Zopa announced a £220 million funding round led by 
Softbank in which the Company is participating. 
 
.     The pipeline of investment opportunities under review by the Portfolio 
Manager significantly exceeds the available cash. 
 
Notes 
 
1. Increase in net asset value includes net proceeds of £53.6m from capital 
raise in Q3 2021. 
 
2. City AM 12 July 2021 
 
Neil England, Chairman of Augmentum Fintech plc commented: 
 
"I am pleased to report on another period of strong growth with a net increase 
of 9% in NAV per share after allowing for the performance fee. Reflecting the 
growth of Fintech across Europe, we made investments in a further three 
countries and appointed Conny Dorrestijn, a prominent member of the European 
fintech scene, to our board. Our £55 million fundraise in June was 
significantly oversubscribed, indicating endorsement of our investment thesis, 
and we thank shareholders for their support. 
 
The fintech market, which addresses both the incumbent players as well as new 
market segments, continues to offer a substantial opportunity for further 
growth and your Board remains confident that the long-term investor will be 
well rewarded." 
 
Tim Levene, CEO of Augmentum Fintech Management Limited commented: 
 
"Our portfolio has continued to prosper over the last six months. The results 
published today reflect the continued potential of tech-led businesses and the 
efforts of many across our portfolio who seized opportunities from the recent 
step-change in financial services digital adoption. We continue to see 
unprecedented levels of fintech investment activity across Europe but we remain 
mindful of the adage that not every good business is a good investment. Whilst 
there are many new investors who wish to build exposure to fintech at any cost, 
our long history and strong reputation in the sector will provide us access to 
opportunities that many others will struggle to see." 
 
Augmentum Fintech 
Tim Levene, Portfolio Manager                         +44 (0)20 3961 5420 
Nigel Szembel, Investor Relations                     +44 (0)7802 362088 
                                                      nigel@augmentum.vc 
 
Peel Hunt LLP                                         +44 (0)20 7418 8900 
Liz Yong, Luke Simpson, Huw Jeremy 
(Investment Banking) 
 
Singer Capital Markets                                +44 (0)20 7496 3000 
Harry Gooden, Robert Peel, James Moat 
(Investment Banking) 
 
Frostrow Capital LLP                                  +44 (0)20 3709 8733 
Paul Griggs, Company Secretary 
 
About Augmentum Fintech 
 
Augmentum invests in fast growing fintech businesses that are disrupting the 
financial services sector. Augmentum is the UK's only publicly listed 
investment company focusing on the fintech sector in the UK and wider Europe, 
having launched on the main market of the London Stock Exchange in 2018, giving 
businesses access to patient capital and support, unrestricted by conventional 
fund timelines and giving public markets investors access to a largely 
privately held investment sector during its main period of growth. 
 
--------------------------------------------------------------------------------------------------------------------------------------------- 
 
Augmentum Fintech plc 
 
Half Year Report for the six months ended 
30 September 2021 
 
. 
 
CHAIRMAN'S STATEMENT 
 
Introduction 
 
This report covers your Company's progress in the six months to 30 September 
2021 and its financial position as at that date. 
 
Investment Policy 
 
Your Company invests in early stage fintech businesses which have disruptive 
technologies and offer the prospect of high growth with scalable opportunities, 
a policy consistent with our objective to provide long term capital growth to 
shareholders. 
 
Performance and Transactions 
 
I am pleased to report that the investments continued to perform well in the 
half year to 30 September 2021, with an increase in the Group's NAV per share 
of 13.3% and an increase of 9.0% in the NAV per share after performance fee*. 
 
During the period under review new investments were made in Tesseract 
(Finland), Anyfin (Sweden), Cushon (UK), Epsor (France), and Gemini (US). The 
Company made its first disposal in the period, with the sale of Dext 
(previously Receiptbank) realising a 30.5% IRR* over an investment period of 
just 15 months. 
 
The Portfolio Manager's report, beginning on page 8, includes a detailed review 
of the portfolio and investment transactions in the period. 
 
Fundraising 
 
The Company's fundraise in July raised gross proceeds of £55 million and was 
significantly oversubscribed, endorsing our investment thesis. 40,590,406 new 
ordinary shares were issued at 135.5p per share by way of the initial placing, 
open offer, offer for subscription and intermediaries offer. The issue price 
represented a premium of 3.9% to the NAV per ordinary share as at 31 March 2021 
and a discount of 6.1% to the closing price per ordinary share on 11 June 2021 
(this being the last business day prior to the announcement of the issue 
price). The Portfolio Manager has developed an interesting pipeline of 
investments and the increase in the size of the Company will allow them to 
deploy resources into some of these opportunities. The enlarged size of the 
Company should deliver additional benefits in that the appeal of an investment 
company typically broadens as the company increases in size, it reduces the 
ongoing charge percentage and should improve market liquidity. There are now 
181,013,697 ordinary shares in issue. As at the date of this report the Company 
has invested £158.7 million since inception and holds £43.8 million of free 
cash. The pipeline of investment opportunities under review by the Portfolio 
Manager significantly exceeds the available cash. 
 
Portfolio Management 
 
Our investment team continues to work very hard evaluating a wide range of 
investment opportunities, reviewing and challenging financial and commercial 
metrics in order to identify those most likely to be successful. We are active 
investors with a team that works closely with the companies we invest in, 
typically taking either a board or an observer seat and working with management 
to guide strategy consistent with long term value creation. We have built a 
balanced portfolio across different fintech sectors and maturity stages and are 
focused on managing these investments and carefully growing the portfolio 
further. The investment team is also committed to a responsible investment 
approach through the lifecycle of the investments, from pre-screening to exit, 
believing that the integration of Environmental, Social and Governance ("ESG") 
factors within the investment analysis, diligence and operating practices is 
pivotal in mitigating risk and creating sustainable, profitable investments. 
More details on this were provided in the 2021 annual report. 
 
Performance Fee 
 
As reported in Note 18 of the 2021 Annual Report there is a mis-match between 
accounting standards that required the Company's subsidiary, Augmentum Fintech 
Management Limited ('AFML'), to recognise performance fees potentially payable 
to its employees based on current investment valuations but did not permit AFML 
to recognise the matching performance fee receivable from the Company until it 
was virtually certain to be paid. In order to ensure that this did not cause 
AFML to be in breach of its regulatory capital requirements the AFML scheme was 
terminated and the performance fee liability to employees as at 31 March 2021 
was reversed, resulting in a credit to the Group Income Statement of £6.5 
million. AFML continues to be entitled to a performance fee as before, but any 
performance fee paid by the Company to AFML will now be allocated to employees 
of AFML on a discretionary basis by the Management Engagement & Remuneration 
Committee of the Company. See Note 2 on page 25 for further details. 
 
In order to ensure that shareholders can understand the potential impact of the 
performance fee we will report a new NAV, 'NAV per share after performance 
fee', in our Annual and Interim Reports. The Board considers that the NAV per 
share after performance fee better reflects the current value of each share. 
See Note 5 and the Glossary on page 38 for further details of this alternative 
NAV. 
 
Board 
 
On 21 September 2021, the Board announced the appointment of a new 
non-executive Director, Conny Dorrestijn, effective on 1 November 2021. I am 
delighted to welcome Conny to Augmentum Fintech plc. She has been an active 
part of the European fintech scene for many years and has worked with a number 
of early stage fintech businesses. Conny's skills and experiences are 
complementary to those of the other Directors and we value the new perspective 
she will bring to Board discussions. Conny also joins the Audit, Valuations, 
Nominations and Management Engagement & Remuneration committees. 
 
Outlook 
 
As we continue to adapt to this changing world, the opportunity for fintech 
businesses remains considerable. It is inevitable that all financial 
institutions, whether incumbent or new, will be touched by technological 
developments. The Company is well positioned to capitalise on this, as the UK's 
only listed specialist fintech fund. We offer access to some of Europe's most 
exciting fintech businesses and our recent successful fundraise has allowed us 
to continue to grow our portfolio. 
 
We have an interesting and diverse set of investments and an experienced 
investment team. The fintech market offers substantial opportunities for 
further growth and as a consequence your Board remains confident that the long 
term investor will be well rewarded. 
 
Neil England 
 
Chairman 
 
19 November 2021 
 
*Alternative performance measure. See note 5 and Glossary on page 38 
 
. 
 
INVESTMENT OBJECTIVE AND POLICY 
 
Investment objective 
The Company's investment objective is to generate capital growth over the long 
term through investment in a focused portfolio of fast growing and/or high 
potential private financial services technology ("fintech") businesses based 
predominantly in the UK and wider Europe. 
 
Investment policy 
In order to achieve its investment objective, the Company invests in early or 
later stage investments in unquoted fintech businesses. The Company intends to 
realise value through exiting these investments over time. 
 
The Company seeks exposure to early stage businesses which are high growth, 
with scalable opportunities, and have disruptive technologies in the banking, 
insurance and wealth and asset management sectors as well as those that provide 
services to underpin the financial sector and other cross-industry 
propositions. 
 
Investments are expected to be mainly in the form of equity and equity-related 
instruments issued by portfolio companies, although investments may be made by 
way of convertible debt instruments. The Company intends to invest in unquoted 
companies and will ensure that the Company has suitable investor protection 
rights where appropriate. The Company may also invest in partnerships, limited 
liability partnerships and other legal forms of entity. The Company will not 
invest in publicly traded companies. However, portfolio companies may seek 
initial public offerings from time to time, in which case the Company may 
continue to hold such investments without restriction. 
 
The Company may acquire investments directly or by way of holdings in special 
purpose vehicles or intermediate holding entities (such as the Partnership*). 
 
The Management Team has historically taken a board or board observer position 
on investee companies and, where in the best interests of the Company, will do 
so in relation to future investee companies. 
 
The Company's portfolio is expected to be diversified across a number of 
geographical areas predominantly within the UK and wider Europe, and the 
Company will at all times invest and manage the portfolio in a manner 
consistent with spreading investment risk. 
 
The Management Team will actively manage the portfolio to maximise returns, 
including helping to scale the team, refining and driving key performance 
indicators, stimulating growth, and positively influencing future financing and 
exits. 
 
Investment restrictions 
The Company will invest and manage its assets with the object of spreading risk 
through the following investment restrictions: 
 
.    the value of no single investment (including related investments in group 
entities or related parties) will represent more than 15 per cent. of Net Asset 
Value; 
 
.    the aggregate value of seed stage investments will represent no more than 
1 per cent. of Net Asset Value; and 
 
.    at least 80 per cent. of Net Asset Value will be invested in businesses 
which are headquartered in or have their main centre of business in the UK or 
wider Europe. 
 
In addition, the Company will itself not invest more than 15 per cent. of its 
gross assets in other investment companies or investment trusts which are 
listed on the Official List of the FCA. 
 
Each of the restrictions above will be calculated at the time of investment and 
disregard the effect of the receipt of rights, bonuses, benefits in the nature 
of capital or by reason of any other action affecting every holder of that 
investment. The Company will not be required to dispose of any investment or to 
rebalance the portfolio as a result of a change in the respective valuations of 
its assets. 
 
Hedging and derivatives 
Save for investments made using equity-related instruments as described above, 
the Company will not employ derivatives of any kind for investment purposes. 
Derivatives may be used for currency hedging purposes. 
 
Borrowing policy 
The Company may, from time to time, use borrowings to manage its working 
capital requirements but shall not borrow for investment purposes. Borrowings 
will not exceed 10 per cent. of the Company's Net Asset Value, calculated at 
the time of borrowing. 
 
Cash management 
The Company may hold cash on deposit and may invest in cash equivalent 
investments, which may include short-term investments in money market type 
funds and tradeable debt securities. 
 
There is no restriction on the amount of cash or cash equivalent investments 
that the Company may hold or where it is held. The Board has agreed prudent 
cash management guidelines with the AIFM to ensure an appropriate risk/return 
profile is maintained. Cash and cash equivalents are held with approved 
counterparties, and in line with prudent cash management guidelines, agreed 
with the Board, AIFM and Portfolio Manager. 
 
It is expected that the Company will hold between 5 and 15 per cent. of its 
Gross Assets in cash or cash equivalent investments, for the purpose of making 
follow-on investments in accordance with the Company's investment policy and to 
manage the working capital requirements of the Company. 
 
Changes to the investment policy 
No material change will be made to the investment policy without the approval 
of Shareholders by ordinary resolution. Non-material changes to the investment 
policy may be approved by the Board. In the event of a breach of the investment 
policy set out above and the investment and gearing restrictions set out 
therein, the Management Team shall inform the AIFM and the Board upon becoming 
aware of the same and if the AIFM and/or the Board considers the breach to be 
material, notification will be made to a Regulatory Information Service. 
 
*    Please refer to the Glossary on page 38 
 
. 
 
PORTFOLIO 
 
as at 30 September 2021 
 
                                    Fair value                           Fair value 
                                            of            Net                    of 
                                    holding at   investments/ Investment holding at 
                                      31 March (realisations)     return         30      % of 
                                          2021          £'000      £'000  September portfolio 
                                         £'000                                 2021 
                                                                              £'000 
 
Interactive Investor^                   32,631           -         4,036     36,667     16.4% 
 
Tide                                    18,962          2,200      5,166     26,328     11.8% 
 
Grover                                  12,937            -        5,629     18,566      8.3% 
 
Onfido                                  14,851            -        1,904     16,755      7.5% 
 
Zopa^                                    9,501            -        5,725     15,226      6.8% 
 
Monese                                  10,341          1,167        628     12,136      5.4% 
 
BullionVault^                           11,465            -        (418)     11,047      4.9% 
 
Farewill                                10,591            -          -       10,591      4.7% 
 
Gemini**                                     -         10,243        -       10,243      4.6% 
 
Iwoca                                    7,971            -         (97)      7,874      3.5% 
 
Top 10 Investments                     129,250         13,610     22,573    165,433     73.9% 
 
Other Investments*                      34,877         20,354      3,244     58,475     26.1% 
 
Total Investments                      164,127         33,964     25,817    223,908    100.0% 
 
^       Held via Augmentum I LP 
 
*       There are fourteen other investments (31 March 2021: ten) held in the 
portfolio. see page 18 for further details. 
 
**     Held through Augmentum Gemini Ltd 
 
. 
 
PORTFOLIO MANAGER'S REVIEW 
 
Overview 
 
When I wrote to you this time last year the world was six months into the 
pandemic and our focus had been on ensuring that our portfolio companies were 
well equipped to deal with the uncertainty of the environment in which they 
found themselves. The pandemic is still with us, but it seems that the world is 
gradually learning to live with its impact and is adapting to the new normal. 
As a result of the nimbleness of tech led businesses and the efforts of the 
management teams, our portfolio has prospered over the last six months. 
 
Fintech as a sector continues to go from strength to strength with an 
increasing number of investors drawn to the sector. The presence of several, 
and significant, new investors to the sector has led to record levels of 
investment and makes it more important than ever that we hold our discipline on 
valuations and only deploy your money into opportunities where we fully buy 
into the investment case as well as the business case. 
 
One sector which has been particularly competitive is the digital currency and 
asset space. This is an area that in many ways is seeking to redefine the 
financial landscape and we have taken a number of positions to increase our 
exposure to it as you will note in the Investments section below. Our thesis on 
the space is to invest principally into the infrastructure that is being built 
to take the digital world into the mainstream rather than directly into the 
tokens themselves. 
 
Investments 
 
The reporting period has been a busy one for the portfolio with movements 
across no fewer than 13 companies. In total £44.5 million has been invested 
across six new additions and five follow on investments. We have also exited 
two investments in the period and one post period end. As well as the 
previously announced sale of our investment in Dext for £10.5 million, we also 
took the opportunity to exit from two of our smaller holdings, SRL Global, in 
August, and Seedrs, post period end in November, at their last reported 
valuations of £1.0 million and £2.4 million respectively, in order to focus on 
opportunities that allow us to deploy more material sums. 
 
New Investments 
 
We have invested a total of £35.6 million across the six new companies during 
the reporting period. 
 
As reported in our March results, we devoted significant effort in late 2020 to 
understanding the opportunities across the digital asset space, partnering with 
Parafi as our first proactive step in the first quarter of 2021. In June this 
year we completed our first direct investment in the space by leading 
Tesseract's US$25 million Series A funding round with a $10 million (£7.3 
million) investment alongside Sapphire Ventures, Leadblock Capital, Blackfin, 
DN Capital and Coinbase Ventures. Helsinki based Tesseract build the 
infrastructure to connect borrowers and (institutional) lenders in the digital 
asset space, helping to extend credit provision in what is currently an 
under-penetrated space. 
 
In September we closed our second investment in the Nordic region with a US$10 
million (£7.3 million) subscription in the $52 million Series B funding round 
of Anyfin alongside investors EQT, Northzone, Accel and GFC. Anyfin's purpose 
driven mission is to aggregate and refinance consumer credit at more affordable 
rates. This is made possible by more significant automation of the loan 
process, better underwriting decisions made through the availability of the 
refinanced credit performance history, and by broader access to both open 
banking data and publicly available data enrichment. The team, formed mainly of 
early Klarna executives, have driven significant growth across multiple markets 
and will use the proceeds of the round to drive broader international 
expansion. 
 
Continuing the digital asset theme, and leveraging our market relationship with 
co-investors Parafi, we have been able to invest US$13.8 million (£10.2 
million) in the first private funding round, totalling $400 million, of Gemini, 
a leading US based crypto exchange. 
 
As a broad fintech focused fund we have considered a significant number of 
capital markets propositions since our launch in March 2018. In September we 
completed our first investment in the space by subscribing US$5 million (£3.7 
million) of a $17 million round, led by Deutsche Börse, in the Tel Aviv 
headquartered but largely French domiciled company WeMatch. Founded in 2017, 
WeMatch offers a dealer-to-dealer matching, negotiation and workflow tool for 
traders of structured financial products. The proposition brings electronic 
trading capabilities to banks and other buy side firms, an environment that is 
still dominated by manual offline transactions and records. 
 
As we disclosed in our March results, we also closed during the period a first 
?2.5 million (£2.2 million) investment into the French workplace savings 
platform Epsor, alongside Revaia Capital (formerly Gaia Capita) in a 
competitive ?20 million financing round, and in parallel led the series A round 
with a £5 million investment in the UK based pensions aggregator, Cushon. We 
believe the workplace pensions and savings opportunity across Europe remains 
significant, with much disruption still to come. 
 
The Existing Portfolio 
 
Follow on investments have been an important part of our investment mix over 
the reporting period, as our companies emerge from the challenges of 2020 and 
embrace the opportunities created by an increasingly digital world. In total we 
have invested £8.9 million in follow on investments into our existing 
portfolio. 
 
We first welcomed VOLT to the portfolio in December 2020 as announced in our 
March results. VOLT is the leading provider of account-to-account payments 
orchestration for international merchants and payment service providers. 
Broadly this means they are providing resilient payment networks using open 
banking rails as an alternative to traditional card rails. In June the company 
raised its Series A round totalling £14 million led by EQT, in which we 
contributed £4 million of fresh capital and converted our existing convertible 
loan note at a significant discount to the round price. The company is now 
building against its various opportunities in the space. 
 
We invested a further £1.2 million in Monese as part of a round led by new 
investor Investec, and supported by existing investors Paypal and Kinnevik. 
Monese is providing its banking infrastructure as a service to support 
Investec's new retail banking proposition. The business continues to develop 
its technology platform and product which is now available in 31 countries 
across Europe. 
 
Tide have continued to build and consolidate on their market leading 
opportunity with their SME banking platform and proposition. Now with more than 
6.0% market share of SME current accounts, the company is the leading 
challenger banking platform in the space with only the incumbent big 5 banks 
serving more customers in the UK. The company is now well advanced in executing 
against identified opportunities in India, its second target market. Against 
these successes Tide completed an £80m Series C funding round in July led by 
Apax Digital in which we invested £2.2 million and converted a £2 million 
convertible loan note. 
 
Since obtaining its banking license in June 2020, Zopa has successfully 
launched a fixed term savings product and a credit card to address identified 
gaps in the market. Demand for its savings account has been strong in the low 
interest rate environment. As at mid-year it already had over 100,000 customers 
for the credit card offering, seen a 3.5 times increase in volumes for 
auto-loans and was enjoying disbursals significantly ahead of budget levels. 
Since the period end, the company has recently agreed a £220 million new 
funding round led by SoftBank Vision Fund in which we have secured a meaningful 
investment allocation. 
 
We also made smaller investments of £1.0 million in Wayhome by way of a 
convertible loan note as they launch their unique home finance proposition and 
acquire their first properties, and a £0.5 million investment into Artesian 
(formerly Duedil) as part of the merger process between the two companies 
completed in September. 
 
There has also been particularly notable performance from a number of other 
companies in the portfolio: 
 
Interactive Investor (ii) has continued to build on the record client growth it 
experienced during the boom of 2020. The company reported 19% year-on-year 
revenue growth for the first half of 2021, driven primarily by continuing 
strong market activity offset by declining interest revenue. It also reported 
33% year-on-year growth in the number of new client additions - demonstrating 
that the momentum built during 2020 is being sustained. As at the end of June 
the company had more than 400,000 customers with Assets Under Management 
approaching £55 billion. 
 
Since the period end, the company has announced that it is in discussions with 
Abrdn regarding a potential acquisition of the company. However, it continues 
to explore a number of options, including an IPO. 
 
As we previously reported in our March results, Grover completed its Series B 
funding round in March, raising ?60 million to further develop the rental 
platform and expand into new geographies. It has since considerably 
strengthened its balance sheet, announcing a new US$1 billion debt finance 
facility in July positioning the company for significant onward growth. The 
company recently appointed a US executive to lead operations in the US and 
launched a pilot programme during September with strong early market 
indications. 
 
Onfido continues to build on the foundation it laid in its US$100 million 
financing round completed in April 2020. In the first half of 2021 it reported 
a 100% year-on-year increase in bookings and revenue driven by some leading 
marquee client signings. The business has continued to grow their share of 
bookings from existing clients, with strong tailwinds from trends in the 
digital asset space. 
 
Performance 
 
For the six months to 30 September 2021 we are reporting gains on investments 
of £25.8 million (2020: £2.7 million). Since IPO this represents an IRR of 
21.5% on the capital that we have deployed. 
 
Outlook 
 
As I wrote to you in June in the Annual Report, the level of investment 
activity in the European fintech sector is at unprecedented levels and we are 
seeing this in our dealflow pipeline where we continue to see growth in the 
number of opportunities and, in many instances, the valuation expectations 
attached to them. The quality of opportunities remains high with more and more 
talent drawn to the sector. Not every good business is a good investment 
though, and our conversion rate of meeting companies and ultimately investing 
is less than 0.5%. The bar must remain exceptionally high, and we believe our 
network and sector specialism can continue to differentiate us from a growing 
crowd of generalist investors, some of whom only offer price as their key 
differentiator. 
 
Our belief in the potential of the sector remains as strong as ever and that 
our portfolio is well placed to benefit not just from this surge of investment 
interest but also from the wave of adoption of fintech propositions by 
consumers and businesses globally. 
 
Tim Levene 
CEO 
Augmentum Fintech Management Limited 
 
19 November 2021 
 
. 
 
INVESTMENTS 
 
interactive investor 
 
interactive investor is the No.1 UK direct-to-consumer fixed fee investment 
platform, with around £55 billion of assets under administration and over 
400,000 customers across its general trading, ISA and SIPP accounts. The 
company offers execution-only trading and investing services in shares, funds, 
ETFs and investment trusts, all for a market-leading monthly subscription fee. 
 
interactive investor completed a £40 million acquisition of Alliance Trust 
Savings in 2019, bringing together the two largest UK fixed price platforms, 
and in 2020 completed the acquisition of Share plc. In March 2021 interactive 
investor announced the acquisition of the EQi D2C investment platform from 
Equinti for £48.5 million, resulting in the transfer-in of 59,000 customers in 
June. 
 
Source: ii 
 
                                                            31 March             30 Sept 
                                                                2021                2021 
                                                               £'000               £'000 
 
Cost                                                           3,843               3,843 
 
Value                                                         32,631              36,666 
 
% ownership (fully diluted)                                     3.8%                3.8% 
 
As per last filed audited accounts of the investee company for the year to 31 
December 2020: 
 
                                                                2020                2019 
                                                               £'000               £'000 
 
Turnover                                                     133,153              90,170 
 
Pre tax profits                                               41,692              13,933 
 
Net assets                                                   205,278             128,005 
 
Tide 
 
Tide's mission is to help SMEs save time and money in the running of their 
businesses. Customers are set up with an account number and sort code in as 
little as 5 minutes, and the company is building a comprehensive suite of 
digital banking services for businesses, including automated accounting, 
instant access to credit, card control and quick, mobile invoicing. Tide 
provides business current accounts and smart financial administration services 
to over 350,000 small-business owners through their mobile-first platform. 
 
In September 2019 Augmentum led Tide's £44.1m first round of Series B funding, 
alongside Japanese investment firm The SBI Group. Tide appointed Sir Donald 
Brydon as its first independent Non-Executive Chair in September 2020; 
Sir Donald brings extensive experience to the Board, previously chairing the 
London Stock Exchange, the Royal Mail and Sage. In the same month Tide also won 
a second major BCR grant in partnership with ClearBank. 
 
Source: Tide 
 
                                                            31 March             30 Sept 
                                                                2021                2021 
                                                               £'000               £'000 
 
Cost                                                          11,000              13,200 
 
Value                                                         18,962              26,328 
 
% ownership (fully diluted)*                                    5.9%                5.4% 
 
*    31 March 2021: £2.5m of investment in a convertible loan note. 
 
As per last filed audited accounts of the investee company for the year to 31 
December 2020: 
 
                                                                2020                2019 
                                                               £'000               £'000 
 
Turnover                                                      14,442               4,860 
 
Pre tax loss                                                (23,208)            (20,821) 
 
Net assets                                                    17,761              26,021 
 
Grover 
 
Grover brings the access economy to the consumer electronics market by offering 
a simple, monthly subscription model for technology products. Private and 
business customers have access to over 3,000 products including smartphones, 
laptops, virtual reality technology and wearables. The Grover service allows 
users to keep, switch, buy, or return products depending on their individual 
needs. The company has over one million registered users in Europe and 
announced its launch into the US market in September. 
 
In September 2019 Augmentum led a ?11 million funding round with a ?6 million 
convertible loan note ("CLN") investment. This coincided with Grover signing a 
new ?30 million debt facility with Varengold Bank, one of Germany's major 
fintech banking partners. In April 2021 Grover completed a ?60 million Series B 
funding round, with Augmentum participating and converting its CLN. The round 
was made up of ?45 million from equity investors and ?15 million in venture 
debt financing. 
 
Source: Grover 
 
                                                            31 March             30 Sept 
                                                                2021                2021 
                                                               £'000               £'000 
 
Cost                                                           7,927               7,927 
 
Value                                                         12,937              18,565 
 
% ownership (fully diluted)                                     8.3%                8.3% 
 
As an unquoted German company, Grover is not required to publicly file audited 
accounts. 
 
Onfido 
 
Onfido is building the new identity standard for the internet. Its AI-based 
technology assesses whether a user's government-issued ID is genuine or 
fraudulent, and then compares it against their facial biometrics. Using 
computer vision and a number of other AI technologies, Onfido can verify 
against 4,500 different types of identity documents across 195 countries, using 
techniques like "facial liveness" to see patterns invisible to the human eye. 
 
Onfido was founded in 2012 and has offices in London, San Francisco, New York, 
Lisbon, Paris, New Delhi and Singapore. The company has attracted over 1,500 
customers in 60 countries worldwide, including industry leaders such as 
Remitly, Bitstamp and Revolut. These customers are choosing Onfido over others 
because of its ability to scale, speed in on-boarding new customers (15 seconds 
for flash verification), preventing fraud, and its advanced biometric 
technology. 
 
In November 2020 Onfido appointed Mike Tuchen as CEO, a highly experienced 
executive with a track record of scaling software businesses globally. 
 
Augmentum invested an additional £3.7 million in a convertible loan note in 
December 2019 as part of a £4.7 million round. This converted into equity when 
Onfido raised an additional £64.7 million in April 2020. 
 
Source: Onfido 
 
                                                            31 March             30 Sept 
                                                                2021                2021 
                                                               £'000               £'000 
 
Cost                                                           7,722               7,722 
 
Value                                                         14,851              16,755 
 
% ownership (fully diluted)                                     2.6%                2.6% 
 
As per last filed audited accounts of the investee company for the year to 31 
December 2020: 
 
                                                                2020                2019 
                                                               £'000               £'000 
 
Turnover                                                      45,408              27,561 
 
Pre tax loss                                                (34,712)            (26,488) 
 
Net assets/(liabilities)                                      68,508             (9,494) 
 
Zopa 
 
Zopa built the first peer-to-peer (P2P) lending company to give people access 
to simpler, better-value loans and investments. Silverstripe invested £140 
million in April 2020 following which Zopa was granted their full UK banking 
licence. 
 
Zopa's proprietary technology has contributed to their leading digital 
acquisition position. The company has lent over £5 billion in personal loans 
since inception and generated positive returns every year through the cycle. 
New products include a fixed term savings product protected by the Financial 
Services Compensation Scheme (FSCS), a credit card, a money management product 
and motor finance. Since commencing operations in June 2020, Zopa bank has 
attracted £675 million in deposits through its fixed savings accounts, and has 
issued 150,000 credit cards, becoming a top 10 credit card issuer in just over 
a year from launch. In 2021 Zopa was awarded Best Personal Loan Provider and 
Best Credit Card Provider by the British Bank Awards, and Best Online Savings 
Provider by the Moneynet Personal Finance Awards. 
 
Augmentum participated in a £20m funding round led by Silverstripe in March 
2021 and in October participated in a £220 million round led by SoftBank. 
 
Source: Zopa 
 
                                                            31 March             30 Sept 
                                                                2021                2021 
                                                               £'000               £'000 
 
Cost                                                          19,670              19,670 
 
Value                                                          9,501              15,226 
 
% ownership (fully diluted)                                     3.0%                3.0% 
 
As per last filed audited accounts of the investee company for the year to 31 
December 2020: 
 
                                                                2020                2019 
                                                               £'000               £'000 
 
Operating income                                              21,252              33,464 
 
Pre tax loss                                                (41,481)            (18,136) 
 
Net assets                                                   134,072              36,535 
 
Monese 
 
With Monese you can open a UK or European current account in minutes from your 
mobile, with a photo ID and a video selfie. Their core customers are amongst 
the hundreds of millions of people who live some part of their life in another 
country - whether it's for travel, work, business, study, family, or 
retirement. 
 
With its mobile-only dual UK and Euro IBAN current account, its portability 
across 31 countries, and both the app and its customer service available in 14 
languages, Monese allows people and businesses to bank like a local across the 
UK and Europe. Launched in 2015 Monese had more than 2 million registered users 
in 2020. 70% of incoming funds are from salary payments, indicating that 
customers are using Monese as their primary account. In October 2020 Mastercard 
and Monese announced a multi-year strategic partnership, with Monese becoming a 
principal Mastercard issuer. Monese's new BaaS platform, which arrived 
following deals by Monese with Mastercard and core banking provider Thought 
Machine, will be used by Investec for its private client transactional banking 
service and in the launch of a new business current account offering for 
private companies. Over time, Investec also expects BaaS will allow the bank to 
consolidate its retail savings products. 
 
Augmentum is invested alongside Kinnevik, PayPal and International Airlines 
Group. 
 
Source: Monese 
 
                                                            31 March             30 Sept 
                                                                2021                2021 
                                                               £'000               £'000 
 
Cost                                                          10,261              11,428 
 
Value                                                         10,341              12,136 
 
% ownership (fully diluted)*                                    7.5%                6.9% 
 
*    31 March 2021: £0.9m of investment in a convertible loan note. 
 
As per last filed audited accounts of the investee company for the year to 31 
December 2019: 
 
                                                                2019                2018 
                                                               £'000               £'000 
 
Turnover                                                      10,273               5,485 
 
Pre tax loss                                                (38,061)            (12,663) 
 
Net (liabilities)/assets                                    (17,398)              18,101 
 
BullionVault 
 
BullionVault is a physical gold and silver market for private investors online. 
It enables people across 175 countries to buy and sell professional-grade 
bullion at the very best prices online, with US$3.8 billion of assets under 
administration, over US$100 million worth of gold and silver traded monthly, 
and over 95,000 clients. 
 
Each user's property is stored at an unbeaten low cost in secure, specialist 
vaults in London, New York, Toronto, Singapore and Zurich. BullionVault's 
unique Daily Audit then proves the full allocation of client property every 
day. 
 
The company generates solid monthly profits from trading, commission and 
interest. It is cash generative, dividend paying, and well-placed for any 
cracks in the wider financial markets. 
 
Source: BullionVault 
 
                                                            31 March             30 Sept 
                                                                2021                2021 
                                                               £'000               £'000 
 
Cost                                                           8,400               8,400 
 
Value                                                         11,465              11,047 
 
% ownership (fully diluted)                                    11.1%               11.1% 
 
Dividends paid                                                   622                   - 
 
As per last filed audited accounts of the investee company for the year to 31 
October 2020: 
 
                                                                2020                2019 
                                                               £'000               £'000 
 
Turnover                                                      15,707               9,340 
 
Pre tax profits                                               10,703               5,197 
 
Net assets                                                    34,851              35,712 
 
Farewill 
 
In the next 10 years, £1 trillion of inheritance will pass between generations 
in the UK. Farewill is a digital, all-in-one financial and legal services 
platform for dealing with death and after-death services, including wills, 
probate and cremation. "The nation's favourite will writer" according to 
Trustpilot reviews, Farewill aims to be the first major consumer brand in death 
services. 
 
Farewill accounts for one out of every ten wills written, or a 10% market 
share, and has raised £340 million for charity in pledged income. 
 
Augmentum led Farewill's £7.5 million Series A fundraise, with a £4 million 
investment. Augmentum participated in Farewill's £20 million Series B, led by 
Highland Europe in July 2020. 
 
Source: Farewill 
 
                                                            31 March             30 Sept 
                                                                2021                2021 
                                                               £'000               £'000 
 
Cost                                                           6,573               6,573 
 
Value                                                         10,591              10,591 
 
% ownership (fully diluted)                                    14.1%               14.1% 
 
As per last filed audited accounts of the investee company for the year to 31 
July 2020 (Farewill is not required to file a statement of comprehensive 
income): 
 
                                                                2020                2019 
                                                               £'000               £'000 
 
Loss for year                                                (4,679)             (1,797) 
 
Net assets                                                    16,390               5,592 
 
Gemini 
 
Gemini enables individuals and institutions to safely and securely buy, sell 
and store cryptocurrencies. Gemini was founded in 2014 by Cameron and Tyler 
Winklevoss and has been built with a security and regulation first approach. 
Gemini operates as a New York trust company regulated by the New York State 
Department of Financial Services (NYSDFS) and was the first cryptocurrency 
exchange and custodian to secure SOC 1 Type 2 and SOC 2 Type 2 certification. 
Gemini entered the UK market in 2020 with an FCA Electronic Money Institution 
licence and is one of only ten companies to have achieved FCA Cryptoasset Firm 
Registration. 
 
                                                            31 March             30 Sept 
                                                                2021                2021 
                                                               £'000               £'000 
 
Cost                                                             N/a              10,243 
 
Value                                                            N/a              10,243 
 
% ownership (fully diluted)                                      N/a                 N/a 
 
No audited accounts have been filed for Gemini. 
 
Iwoca 
 
Founded in 2011, iwoca uses award-winning technology to disrupt small business 
lending across Europe. They offer short-term loans of up to £200,000 to SMEs 
across the UK, Germany and Poland. iwoca leverage online integrations with 
high-street banks, payment processors and sector-specific providers to look at 
thousands of data points for each business. These feed into a risk engine that 
enables the company to make a fair assessment of any business - from a retailer 
to a restaurant, a factory to a farm - and approve a credit facility within 
hours. The company has issued over £1 billion in funding to over 50,000 SMEs in 
total and has surpassed £100 million worth of lending through the Coronavirus 
Business Interruption Loan Scheme to businesses grappling with the fallout of 
the economic crisis caused by the coronavirus. Iwoca launched iwocaPay in June 
2020, an innovative business-to-business (B2B) 'buy now pay later' product to 
provide flexible payment terms to buyers while giving peace of mind to sellers. 
 
Source: Iwoca 
 
                                                            31 March             30 Sept 
                                                                2021                2021 
                                                               £'000               £'000 
 
Cost                                                           7,852               7,852 
 
Value                                                          7,971               7,874 
 
% ownership (fully diluted)*                                    2.5%                2.5% 
 
*    £0.4 million (31 March 2021: £0.4 million) of investment is in a 
convertible loan note. 
 
As per last filed audited accounts of the investee company for the year to 31 
December 2020: 
 
                                                                2020                2019 
                                                               £'000               £'000 
 
Turnover                                                      56,822              68,587 
 
Pre tax loss                                                 (3,240)             (1,427) 
 
Net assets                                                    44,783              43,051 
 
Anyfin 
 
Anyfin (www.anyfin.com) was founded in 2017 by former executives of Klarna, 
Spotify and iZettle, and leverages technology to allow credit-worthy consumers 
the opportunity to improve their financial wellbeing by consolidating and 
refinancing existing credit agreements with improved interest rates, as well as 
offering smart budgeting tools. Anyfin is currently available in Sweden, 
Finland and Germany. 
 
Augmentum invested £7.2 million in Anyfin in September 2021. 
 
Tesseract 
 
Tesseract (www.tesseractinvestment.com) is a forerunner in the dynamic digital 
asset sector, providing digital lending solutions to market makers and other 
institutional market participants via regulated custody and exchange platforms. 
Tesseract was founded in 2017, is regulated by the Finnish Financial 
Supervisory Authority ("FIN-FSA"), and was one of the first companies in the EU 
to obtain a 5AMLD (Fifth Anti-Money Laundering Directive) virtual asset service 
provider ("VASP") licence. It is the only VASP with an express authorisation 
from the FIN-FSA to deploy client assets into decentralized finance or "DeFi". 
 
Taking no principal position, Tesseract provides an enabling crypto 
infrastructure to connect digital asset lenders with digital asset borrowers. 
This brings enhanced capital efficiency with commensurate cost reduction to 
trading, in a space that is currently significantly under-leveraged relative to 
traditional capital markets. 
 
Augmentum invested £7.3 million in Tesseract in June 2021. 
 
Volt 
 
Volt is a provider of account-to-account payments connectivity for 
international merchants and payment service providers (PSPs). An application of 
Open Banking, Account-to-account payments - where funds are moved directly from 
one bank account to another rather than via payment rails - deliver benefits to 
both consumers and merchants. This helps merchants shorten their cash cycle, 
increase conversion and lower their costs. Volt has connectivity to over 3,500 
banks, 27 geographies, 9 currencies and 5 networks. 
 
Augmentum invested £0.5 million in Volt in December 2020 and a further £4 
million in June 2021. 
 
Habito 
 
Habito is transforming the United Kingdom's £1.3 trillion mortgage market by 
taking the stress, arduous paperwork, hidden costs and confusing process out of 
financing a home. 
 
Since launching in April 2016, Habito has helped nearly 400,000 better 
understand their mortgage needs and submitted almost £6 billion of mortgages. 
Habito launched their own buy-to-let mortgages in July 2019 and in March 2021 
launched a 40-year fixed-rate mortgage 'Habito One', the UK's longest-ever 
fixed rate mortgage. 
 
In August 2019, Augmentum led Habito's £35 million Series C funding round with 
a £5 million investment. 
 
Cushon 
 
Cushon (www.cushon.co.uk) provides workplace pensions and payroll-linked ISAs 
to more than 200,000 members across 8,000 UK employers. Cushon has overall 
assets under management of £740 million and is authorised by The Pensions 
Regulator to operate a master trust pension scheme. In January 2021, Cushon 
became the first UK pension provider to launch a fully carbon neutral 'Net Zero 
Now' pension product. 
 
Augmentum invested £5 million in Cushon in June 2021. 
 
ParaFi Capital 
 
ParaFi Capital is an investor in decentralised finance protocols that address 
tangible use cases of the technology and demonstrate signs of product-market 
fit. The ParaFi investment has drawn on their domain expertise developed in 
both traditional finance and crypto to identify and invest in leading protocols 
such as Compound (lending and interest accrual), Aave (asset borrowing), 
Uniswap (automated liquidity provision), and Synthetix (synthetic asset 
trading), MakerDAO (stablecoins). ParaFi also supports its protocols as a 
liquidity provider and governance participant. 
 
Augmentum invested £2.8 million in ParaFi in the first quarter of 2021. 
Co-investors include Bain Capital Ventures and Galaxy Digital. 
 
Intellis 
 
Intellis is an automated forex trading platform governed by AI. 
 
Augmentum exercised its option to invest a further ?1 million in March 2020 and 
a further ?1 million in March 2021. 
 
WeMatch 
 
Wematch (https://wematch.live) is a capital markets trading platform that helps 
financial institutions transition liquidity to an orderly electronic service, 
improving productivity and de-risking the process of voice broking. Their 
solution helps traders find liquidity, negotiate, trade, optimise and manage 
the lifecycle of their portfolios of assets and trade structures. Wematch is 
focused on structured products such as securities financing, OTC equity 
derivatives and OTC cleared interest rates derivatives. 
 
Wematch is headquartered in Tel Aviv and has offices in London and Paris. Its 
software is used by 40 banks, 17 fund managers and more than 1.000 traders 
across Europe, and since 2020 the US. 
 
Augmentum invested £3.7 million in September 2021. 
 
Wayhome 
 
Wayhome (previously Unmortgage) offers a unique part-own part-rent model of 
home ownership, requiring as little as 5% deposit with customers paying a 
market rent on the portion of the home that Wayhome owns, with the ability to 
increase the equity in the property as their financial circumstances allow. 
 
Wayhome opens up owner-occupied residential property as an asset class for 
pension funds, who will earn inflation-linked rent on the portion not owned by 
the occupier. 
 
Augmentum added £1 million to its existing £2.5 million investment in Wayhome 
by way of a convertible loan note in June 2021. 
 
previse 
 
Previse allows suppliers to be paid instantly. Previse's artificial 
intelligence ("AI") analyses the data from the invoices that sellers send to 
their large corporate customers. Predictive analytics identify the few 
problematic invoices, enabling the rest to be paid instantly. Previse charges 
the suppliers a small fee for the convenience, and shares the profit with the 
corporate buyer and the funder. Previse precisely quantifies dilution risk so 
that funders can underwrite pre-approval payables at scale. The company 
processes over 100,000 invoices a day. 
 
Augmentum invested £250,000 in a convertible loan note in August 2019. This 
converted into equity as part of the company's US$11 million funding round in 
March 2020, alongside Reefknot Investments and Mastercard, as well as existing 
investors Bessemer Venture Partners and Hambro Perks. Previse was awarded a £ 
2.5 million Banking Competition Remedies' Capability and Innovation Fund grant 
in August 2020. 
 
Artesian 
 
Artesian was founded with a goal to change the way B2B sellers communicate with 
their customers. They have built a powerful sales intelligence service using 
the latest in Artificial Intelligence and Natural Language Processing to 
automate many of the time consuming, repetitive tasks that cause the most pain 
for commercial people. 
 
The Company originally invested in DueDil, which merged with Artesian in July 
2021. Combining DueDil's Business Information Graph (B.I.G.)T and Premium APIs, 
and Artesian's powerful web application and advanced rules engine  delivers an 
easy to deploy solution for banks, insurers and FinTechs to engage, onboard and 
grow the right business customers. 
 
Seedrs 
 
Seedrs is the leading online platform for investing in the equity of startups 
and other growth companies in Europe, and has been named the most active 
investor in private companies in the UK. 
 
Seedrs allows all types of investors to invest in businesses they believe in 
and share in their success, and allows all types of growth-focused businesses 
to raise capital and business community in the process. The Seedrs Secondary 
Market (launched in June 2017) enables investors to buy and sell shares from 
each other, and has served over 11,000 buyers and sellers, with £12.9 million 
traded. £1.1 billion has been invested into pitches to date with over 1,324 
total deals funded. 
 
Epsor 
 
Epsor (https://epsor.fr) is a Paris based provider of employee and retirement 
savings plans delivered through an open ecosystem, giving access to a broad 
range of asset management products accessible through its intuitive digital 
platform. Epsor serves more than 40,000 savers and over 400 companies in 
France. 
 
Augmentum invested £2.2 million in Epsor in June 2021. 
 
WhiskyInvestDirect 
 
Founded in 2015, WhiskyInvestDirect, was a subsidiary of BullionVault and is 
the online market for buying and selling Scotch whisky as it matures in barrel. 
This is an asset class that has a long track record of growth, yet has 
previously been opaque and inaccessible. 
 
The Company has over 3,500 bulk-stockholding clients holding the equivalent of 
29 million bottles of whisky stored in barrels. The business seeks to change 
the way some of the three billion litres of maturing Scottish whisky is owned, 
stored and financed, giving self-directed investors an opportunity to profit 
from whisky ownership, with the ability to trade 24/7. 
 
. 
 
CONDENSED CONSOLIDATED INCOME STATEMENT 
 
For the six months ended 30 September 2020 
 
                                        Six months ended        Six months ended 
                                        30 September 2021       30 September 2020 
 
                               Notes Revenue Capital   Total Revenue Capital   Total 
                                       £'000   £'000   £'000   £'000   £'000   £'000 
 
Gains on investments held at               -  25,817  25,817       -   2,686   2,686 
fair value 
 
Investment income                          -       -       -       7       -       7 
 
AIFM and Performance Fees          2   (229)   6,508   6,279   (153)   2,367   2,214 
 
Other expenses                       (1,559)    (50) (1,609) (1,190)    (20) (1,210) 
 
(Loss)/return before                 (1,788)  32,275  30,487 (1,336)   5,033   3,697 
taxation 
 
Taxation                                   -       -       -       -       -       - 
 
(Loss)/return attributable           (1,788)  32,275  30,487 (1,336)   5,033   3,697 
to equity shareholders of 
the parent company 
 
Earnings per share                 3   (1.1)    20.3    19.2   (1.1)     4.3     3.2 
 
The total column of this statement represents the Group's Consolidated Income 
Statement, prepared in accordance with IFRS as adopted by the UK. 
 
The revenue return and capital return columns are supplementary to this and are 
prepared under guidance published by the Association of Investment Companies. 
 
The Group does not have any other comprehensive income and hence the total 
return, as disclosed above, is the same as the Group's total comprehensive 
income. 
 
All items in the above statement derive from continuing operations. 
 
All returns are attributable to the equity holders of Augmentum Fintech plc, 
the parent company. There are no non-controlling interests. 
 
. 
 
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
For the six months ended 30 September 2021 
 
                                             Six months ended 30 September 2021 
 
                                    Ordinary    Share             Other 
                                       share  premium  Special  capital  Revenue 
                                     capital  account  reserve  reserve  reserve   Total 
                                       £'000    £'000    £'000    £'000    £'000   £'000 
 
Opening shareholders funds             1,405   52,151   92,101   44,876  (7,371) 183,162 
 
Issue of shares following placing        405   54,595        -        -        -  55,000 
and offer for subscription 
 
Costs of placing and offer for             -  (1,363)        -        -        - (1,363) 
subscription 
 
Return/(loss) for the period               -        -        -   32,275  (1,788)  30,487 
 
At 30 September 2021                   1,810  105,383   92,101   77,151  (9,159) 267,286 
 
 
 
                                             Six months ended 30 September 2020 
 
                                    Ordinary    Share             Other 
                                       share  premium  Special  capital  Revenue 
                                     capital  account  reserve  reserve  reserve   Total 
                                       £'000    £'000    £'000    £'000    £'000   £'000 
 
Opening shareholders funds             1,171   24,760   92,033   22,328  (4,499) 135,793 
 
Purchase of own shares into                -        -     (51)        -        -    (51) 
Treasury 
 
Return/(loss) for the period               -        -        -    5,033  (1,336)   3,697 
 
At 30 September 2020                   1,171   24,760   91,982   27,361  (5,835) 139,439 
 
. 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
as at 30 September 2021 
 
                                                      Note   30 September      31 March 
                                                                     2021          2021 
                                                                    £'000         £'000 
 
Non current assets 
 
Investments held at fair value                           7        223,908       164,127 
 
Property, plant & equipment                                             7             6 
 
Current assets 
 
Right of use asset                                                     78           145 
 
Other receivables                                                      51            47 
 
Cash and cash equivalents                                          57,836        27,433 
 
Total assets                                                      281,880       191,758 
 
Current liabilities 
 
Other payables                                                   (14,513)       (1,940) 
 
Lease liability                                                      (81)         (148) 
 
Provisions                                                              -       (6,508) 
 
Total assets less current liabilities                             267,286       183,162 
 
Net assets                                                        267,286       183,162 
 
Capital and reserves 
 
Called up share capital                                  4          1,810         1,405 
 
Share premium account                                    4        105,383        52,151 
 
Special reserve                                                    92,101        92,101 
 
Retained earnings: 
 
Capital reserves                                                   77,151        44,876 
 
Revenue reserve                                                   (9,159)       (7,371) 
 
Total equity                                                      267,286       183,162 
 
Net asset value per share (pence)                        5         147.7p        130.4p 
 
Net asset value per share after performance fee          5         142.1p        130.4p 
(pence) 
 
. 
 
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 
 
For the six months ended 30 September 2021 
 
                                                                Six months    Six months 
                                                                     ended         ended 
                                                              30 September  30 September 
                                                                      2021          2020 
                                                                     £'000         £'000 
 
Cash flows from operating activities 
 
Purchases of investments                                          (32,276)       (5,121) 
 
Sales of investments                                                10,536             - 
 
Acquisition of property, plant and equipment                           (4) 
 
Interest received                                                        -            67 
 
Operating expenses paid                                            (1,490)       (1,260) 
 
Net cash outflow from operating activities                        (23,234)       (6,314) 
 
Cash flow from financing activities 
 
Issue of shares following placing and offer for                     55,000             - 
subscription 
 
Costs of placing and offer for subscription                        (1,363)             - 
 
Purchase of own shares into Treasury                                     -          (51) 
 
Net cash inflow/(outflow) from financing                            53,637          (51) 
 
Increase/(decrease) in cash and cash equivalents                    30,403       (6,365) 
 
Cash and cash equivalents at the beginning of the period            27,433        15,111 
 
Cash and cash equivalents at the end of the period                  57,836         8,746 
 
. 
 
NOTES TO THE FINANCIAL STATEMENTS 
 
For the six months ended 30 September 2021 
 
1.a General information 
 
Augmentum Fintech plc is a company limited by shares, incorporated and 
domiciled in the UK. Its registered office and principal place of business is 
at 25 Southampton Buildings, London WC2A 1AL, UK. Its shares are listed on the 
London Stock Exchange. 
 
These condensed interim financial statements were approved for issue on 19 
November 2021. These condensed interim financial statements do not comprise 
statutory accounts within the meaning of section 434 of the Companies Act 2006. 
Statutory accounts for the year ended 31 March 2021 were approved by the board 
of directors on 11 June 2021 and delivered to the Registrar of Companies. 
 
The report of the auditors on those accounts was unqualified, did not contain 
an emphasis of matter paragraph and did not contain any statement under section 
498 of the Companies Act 2006. 
 
The financial statements have been reviewed, not audited. 
 
1.b Basis of preparation 
 
This condensed consolidated interim financial report for the half-year 
reporting period ended 30 September 2021 has been prepared in accordance with 
the Disclosure Guidance and Transparency Rules of the Financial Conduct 
Authority and Accounting Standard IAS 34, 'Interim Financial Reporting', as 
adopted in the UK. 
 
The accounting policies adopted are consistent with those of the previous 
financial year and corresponding interim reporting period, except for the 
adoption of new and amended standards as set out below. 
 
1.c New and amended standards adopted by the group 
 
No new or amended standards became applicable for the current reporting period 
that have an impact on the Group or Company. 
 
1.d Going Concern 
 
The Directors believe that it is appropriate to adopt the going concern basis 
in preparing these condensed consolidated financial statements, as the Board 
considers the Group has sufficient liquid financial resources to continue in 
business for the foreseeable future. 
 
1.e Segmental Analysis 
 
The Group operates a single business segment for reporting purposes and is 
managed as a single investment company. Reporting is provided to the Board of 
Directors on an aggregated basis. The investments are all located in the UK and 
continental Europe. 
 
1.f Related Party Transactions 
 
There have been no changes to the nature of the related party arrangements or 
transactions during the period to those reported in the Annual Report for the 
year ended 31 March 2021. 
 
1.g Events after the reporting period 
 
There have been no significant events since the end of the reporting period 
requiring disclosure. 
 
2 AIFM and Performance Fees 
 
                                            Six months                    Six months 
                                                 ended                         ended 
                                                    30                  30 September 
                          Revenue  Capital   September  Revenue Capital         2020 
                            £'000    £'000        2021    £'000   £'000        £'000 
                                                 £'000 
 
AIFM fees                     229        -         229      153       -          153 
 
Performance fee                 -  (6,508)    (6,508)^        - (2,367)     (2,367)* 
 
                              229  (6,508)     (6,279)      153 (2,367)      (2,214) 
 
^    As set out in the Annual Report the performance fee arrangements were set 
up to provide a long term employee benefit plan to incentivise employees of 
AFML and align them with shareholders through participation in the realised 
investment profits of the Group. During the six months to 30 September 2021 the 
existing plan for AFML staff was terminated and the performance fee liability 
to AFML employees accrued as at 31 March 2021 of £6,805,000 was reversed. AFML 
continues to be entitled to a performance fee as before, but any performance 
fee paid by the Company to AFML will now be allocated to employees of AFML on a 
discretionary basis by the Management Engagement & Remuneration Committee of 
the Company. Non-executive Directors of the Company are not eligible to 
participate in any allocation of the performance fee. 
 
*    Under the terms of the performance fee arrangements in place as at 30 
September 2020 employees were entitled to payments if the Group realised an 
aggregate annualised 10% return on investments (the 'hurdle'). Based on the 
investment valuations as at 30 September 2020 the hurdle had not been met, on 
an unrealised basis, and the performance fee liability that had been accrued as 
at 31 March 2020 of £2,367,000 was reversed. 
 
A performance fee is payable by the Company to AFML when the Company has 
realised an aggregate annualised 10% return on investments (the 'hurdle') in 
each basket of investments. Based on the investment valuations and the hurdle 
level as at 30 September 2021 the hurdle has been met, on an unrealised basis, 
and as such a performance fee of £10,066,000 has been accrued by the Company as 
at 30 September 2021, equivalent to 5.6 pence per share. This accrual is 
reversed on consolidation and not included in the Group Statement of Financial 
Position. 
 
The performance fee is only payable by the Company to AFML if the hurdle is met 
on a realised basis. See page 22 and Note 19.9 of the 2021 Annual Report, where 
it is referred to as carried interest, for further details. As noted above any 
allocation of the performance fee by AFML to its employees is made on a 
discretionary basis. 
 
3 Return per share 
 
The return per share figures are based on the following figures: 
 
                                                              Six months   Six months 
                                                                   ended        ended 
                                                            30 September 30 September 
                                                                    2021         2001 
                                                                   £'000        £'000 
 
Net revenue loss                                                 (1,788)      (1,336) 
 
Net capital return                                                32,275        5,033 
 
Net total return                                                  30,487        3,697 
 
Weighted average number of ordinary shares in issue          159,054,953  116,860,757 
 
 
 
                                                                   Pence        Pence 
 
Revenue loss per share                                             (1.1)        (1.1) 
 
Capital earnings per share                                          20.3          4.3 
 
Total earnings per share                                            19.2          3.2 
 
4 Share capital 
 
On 13 July 2021 40,590,406 ordinary shares were issued. The nominal value of 
the shares issued was £405,000 and the total gross cash consideration received 
was £55,000,000. This consideration has been offered against the costs of 
issue, which totalled £1,363,000. 
 
5 Net asset value per share 
 
The net asset value per share is based on the Group net assets attributable to 
the equity shareholders of £267,286,000 and 181,013,697 shares being the number 
of shares in issue at the period end. 
 
The net asset value per share after performance fee* is based on the Group net 
assets attributable to the equity shareholders of £267,286,000, less the 
performance fee accrual made by the Company of £10,066,000, and 181,013,697 
shares being the number of shares in issue at the period end. 
 
* Alternative Performance Measure 
 
6 Subsidiary undertakings 
 
The Company has an investment in the issued ordinary share capital of its 
wholly owned subsidiary undertaking, Augmentum Fintech Management Limited, 
which is registered in England and Wales, operates in the United Kingdom and is 
regulated by the Financial Conduct Authority. 
 
7 Financial Instruments 
 
The principal risks which the Company faces from its financial instruments are: 
 
.       Market Price Risk 
 
.       Liquidity Risk; and 
 
.       Credit Risk 
 
Market Price Risk 
 
Market price risk arises mainly from uncertainty about future prices of 
financial instruments in the Group's portfolio. It represents the potential 
loss the Group might suffer through holding market positions in the face of 
price movements, mitigated by stock diversification. 
 
The Group is exposed to the risk of the change in value of its unlisted equity 
and non-equity investments. For unlisted equity and non-equity investments the 
market risk is principally deemed to be represented by the assumptions used in 
the valuation methodology as set out in the accounting policy. 
 
Liquidity Risk 
 
The Group's assets comprise unlisted equity and non-equity investments. Whilst 
unlisted equity is illiquid, short-term flexibility is achieved through cash 
and cash equivalents. 
 
Credit Risk 
 
The Group's exposure to credit risk principally arises from cash and cash 
equivalents. Only highly rated banks (with credit ratings above A3, based on 
Moodys ratings or the equivalent from another ratings agency) are used for cash 
deposits and the level of cash is reviewed on a regular basis. 
 
Further details of the Company's management of these risks can be found in note 
13 of the Company's 2021 Annual Report. 
 
There have been no changes to the management of or the exposure to credit risk 
since the date of the Annual Report. 
 
Fair Value Hierarchy 
 
Fair value is the amount for which an asset could be exchanged, or a liability 
settled between knowledgeable willing parties in an arm's length transaction. 
 
The Group complies with IFRS 13 in respect of disclosures about the degree of 
reliability of fair value measurements. This requires the Group to classify, 
for disclosure purposes, fair value measurements using a fair value hierarchy 
that reflects the significance of the inputs used in making the measurements. 
 
The levels of fair value measurement bases are defined as follows: 
 
Level 1: fair values measured using quoted prices (unadjusted) in active 
markets for identical assets or liabilities. 
 
Level 2: fair values measured using valuation techniques for all inputs 
significant to the measurement other than quoted prices included within Level 1 
that are observable for the asset or liability, either directly (i.e. as 
prices) or indirectly (i.e. derived from prices). 
 
Level 3: fair values measured using valuation techniques for which any 
significant input to the valuation is not based on observable market data 
(unobservable inputs). 
 
The determination of what constitutes 'observable' requires significant 
judgement by the Directors. 
 
The Group considers observable data to be market data that is readily 
available, regularly distributed or updated, reliable and verifiable, not 
proprietary and provided by independent sources that are actively involved in 
the relevant market. 
 
All investments were classified as Level 3 investments as at, and throughout 
the period to, 30 September 2021. Details of movements in, and changes in value 
of the, Level 3 investments are included on the next page. 
 
All investments were valued in accordance with accounting policy set out in 
note 19.4 of the Company's Annual Report for the year ended 31 March 2021. 
 
When using the price of a recent transaction in the valuations the Company 
looks to 're-calibrate' this price at each valuation point by reviewing 
progress within the investment, comparing against the initial investment 
thesis, assessing if there are any significant events or milestones that would 
indicate the value of the investment has changed and considering whether a 
market-based methodology (ie. using multiples from comparable public companies) 
or a discounted cashflow forecast would be more appropriate. 
 
The main inputs into the calibration exercise, and for the valuation models 
using multiples, are revenue, EBITDA and P/E multiples (based on the most 
recent revenue, EBITDA or earnings achieved and equivalent corresponding 
revenue, EBITDA or earnings multiples of comparable public companies), quality 
of earnings assessments and comparability difference adjustments. Revenue 
multiples are often used, rather than EBITDA or earnings, due to the nature of 
the Group's investments, being in fast-growing, small financial services 
companies which are not normally expected to achieve profitability or scale for 
a number of years. Where an investment has achieved scale and profitability the 
Group would normally then expect to switch to using an EBITDA or earnings 
multiple methodology. 
 
In the calibration exercise and in determining the valuation for the Group's 
equity instruments, comparable trading multiples are used. In accordance with 
the Group's policy, appropriate comparable public companies based on industry, 
size, developmental stage, revenue generation and strategy are determined and a 
trading multiple for each comparable company identified is then calculated. The 
multiple is calculated by dividing the enterprise value of the comparable group 
by its revenue, EBITDA or earnings. The trading multiple is then adjusted for 
considerations such as illiquidity, marketability and other differences, 
advantages and disadvantages between the Group's portfolio company and the 
comparable public companies based on company specific facts and circumstances. 
 
The main input into the PWERM ('Probability Weighed Expected Return 
Methodology') was the probability of conversion. This method was used for the 
convertible loan notes held by the Company. 
 
Total gains and losses on assets measured at Level 3 are recognised as part of 
Gains on Investments in the Consolidated Income Statement, and no other 
comprehensive income has been recognised on these assets. The total unrealised 
return for the period was £25,817,000 (period ended 30 September 2020: £ 
2,686,000). 
 
The table below presents those investments in portfolio companies whose fair 
values are recognised in whole or in part using valuation techniques based on 
assumptions that are not supported by prices or other inputs from observable 
current market transactions in the same instrument and the effect of changing 
one or more of those assumptions behind the valuation techniques adopted based 
on reasonable possible alternative assumptions. 
 
                    Fair Value     Fair                       Reasonably    Change in 
                  30 September    Value                         possible    valuation 
Valuation                 2021 31 March   Unobservable Inputs      shift  +/(-) £'000 
Technique                £'000     2021                       in input + 
                                  £'000                               /- 
 
Multiple                64,881   75,461   Multiple                   10%       6,116/ 
methodology                                                                   (6,116) 
 
                                          Illiquidity                30% (4,178)/4178 
                                          adjustment 
 
CPORT*                 150,209   69,536   Transaction price          10%      14,163/ 
                                                                             (14,163) 
 
PWERM**                  1,726    4,503   Probability of             25%    112/(112) 
                                          conversion 
 
NAV                      4,739    4,091   Discount to NAV            30%      (1,421) 
 
Sales Price              2,353   10,536   N/a 
 
*       Calibrated price of recent transaction. 
 
**     Probability weighted expected return methodology. 
 
The following table presents the movement of investments measured at fair 
value, based on fair value measurement levels. 
 
                                                                          Level 3 
 
                                                               Six months     Year to 
                                                                       to    31 March 
                                                             30 September        2021 
                                                                     2021       £'000 
                                                                    £'000 
 
Opening balance                                                   164,127     123,132 
 
Purchases                                                          44,500      14,268 
 
Sales                                                            (10,536)           - 
 
Gains on investments held at fair value                            25,817      26,727 
 
Closing balance as at 30 September                                223,908     164,127 
 
. 
 
INDEPENT REVIEW REPORT TO AUGMENTUM FINTECH PLC 
 
Introduction 
 
We have been engaged by the Company to review the condensed set of financial 
statements in the half-yearly financial report for the six months ended 30 
September 2021 which comprises the Condensed Consolidated Income Statement, 
Consolidated Statement of changes in Equity, Condensed Consolidated Statement 
of Financial Position, Condensed Consolidated Statement of Cash Flows and the 
related notes. 
 
We have read the other information contained in the half-yearly financial 
report and considered whether it contains any apparent misstatements or 
material inconsistencies with the information in the condensed set of financial 
statements. 
 
Directors' responsibilities 
 
The half-yearly financial report is the responsibility of and has been approved 
by the directors. The directors are responsible for preparing the half-yearly 
financial report in accordance with the Disclosure Guidance and Transparency 
Rules of the United Kingdom's Financial Conduct Authority. 
 
As disclosed in note 1, the annual financial statements of the group are 
prepared in accordance with International Financial Reporting Standards (IFRSs) 
as adopted in the UK. The condensed set of financial statements included in 
this half-yearly financial report has been prepared in accordance with 
International Accounting Standard 34, "Interim Financial Reporting", as adopted 
in the UK. 
 
Our responsibility 
 
Our responsibility is to express to the Company a conclusion on the condensed 
set of financial statements in the half-yearly financial report based on our 
review. 
 
Scope of review 
 
We conducted our review in accordance with International Standard on Review 
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information 
Performed by the Independent Auditor of the Entity", issued by the Financial 
Reporting Council for use in the United Kingdom. A review of interim financial 
information consists of making enquiries, primarily of persons responsible for 
financial and accounting matters, and applying analytical and other review 
procedures. A review is substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing (UK) and consequently does 
not enable us to obtain assurance that we would become aware of all significant 
matters that might be identified in an audit. Accordingly, we do not express an 
audit opinion. 
 
Conclusion 
 
Based on our review, nothing has come to our attention that causes us to 
believe that the condensed set of financial statements in the half-yearly 
financial report for the six months ended 30 September 2021 is not prepared, in 
all material respects, in accordance with International Accounting Standard 34, 
as adopted in the UK, and the Disclosure Guidance and Transparency Rules of the 
United Kingdom's Financial Conduct Authority. 
 
Use of our report 
 
Our report has been prepared in accordance with the terms of our engagement to 
assist the Company in meeting its responsibilities in respect of half-yearly 
financial reporting in accordance with the Disclosure Guidance and Transparency 
Rules of the United Kingdom's Financial Conduct Authority and for no other 
purpose. No person is entitled to rely on this report unless such a person is a 
person entitled to rely upon this report by virtue of and for the purpose of 
our terms of engagement or has been expressly authorised to do so by our prior 
written consent. Save as above, we do not accept responsibility for this report 
to any other person or for any other purpose and we hereby expressly disclaim 
any and all such liability. 
 
BDO LLP 
Chartered Accountants 
London, UK 
19 November 2021 
 
BDO LLP is a limited liability partnership registered in England and Wales 
(with registered number OC305127). 
 
. 
 
INTERIM MANAGEMENT REPORT 
 
Principal Risks and Uncertainties 
 
A review of the half year and the outlook for the Company can be found in the 
Chairman's Statement and in the Portfolio Manager's Review. The principal risks 
and uncertainties faced by the Company fall into the following broad 
categories: macroeconomic risks, Strategy implementation risks; investment 
risks; portfolio diversification risk, cash risk, credit risk, valuations risk, 
operational risk and key person risk. Information on these risks is given in 
the Annual Report for the year ended 31 March 2021. 
 
The Board believes that the Company's principal risks and uncertainties have 
not changed materially since the date of that report and are not expected to 
change materially for the remaining six months of the Company's financial year. 
 
Related Party Transactions 
 
During the first six months of the current financial year, no transactions with 
related parties have taken place which have materially affected the financial 
position or the performance of the Group. 
 
Going Concern 
 
The Directors believe, having considered the Company's investment objective, 
risk management policies, capital management policies and procedures, and the 
nature of the portfolio and the expenditure projections, that the Group has 
adequate resources, an appropriate financial structure and suitable management 
arrangements in place to continue in operational existence for the foreseeable 
future. 
 
Directors' Responsibilities 
 
The Board of Directors confirms that, to the best of its knowledge: 
 
(i)       the condensed set of financial statements have been prepared in 
accordance with the Accounting Standards Board's 2007 Statement on Half-Yearly 
Reports; and 
 
(ii)      the condensed set of financial statements, which has been prepared in 
accordance with the applicable accounting standards, gives a true and fair view 
of the assets, liabilities, financial position and profit or loss of the issuer 
and the undertakings included in the consolidation; and 
 
(iii)     the interim management report includes a fair review of the 
information required by 4.2.7R and 4.2.8R of the UK Listing Authority 
Disclosure Guidance and Transparency Rules. In order to provide these 
confirmations, and in preparing these financial statements, the Directors are 
required to: 
 
.     select suitable accounting policies and then apply them consistently; 
 
.     make judgements and accounting estimates that are reasonable and prudent; 
 
.     state whether applicable IFRS have been followed, subject to any material 
departures disclosed and explained in the financial statements; and 
 
.     prepare the financial statements on the going concern basis unless it is 
inappropriate to presume that the Company will continue in business; 
 
and the Directors confirm that they have done so. 
 
On behalf of the Board of Directors 
 
Neil England 
Chairman 
 
19 November 2021 
 
. 
 
GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES 
 
Within the Strategic Report and Business Review, certain financial measures 
common to investment trusts are shown. Where relevant, these are prepared in 
accordance with guidance from the AIC, and this glossary provides additional 
information in relation to them. 
 
Alternative Investment Fund Managers Directive ("AIFMD") 
Agreed by the European Parliament and the Council of the European Union and 
transposed into UK legislation, the AIFMD classifies certain investment 
vehicles, including investment companies, as Alternative Investment Funds 
("AIFs") and requires them to appoint an Alternative Investment Fund Manager 
("AIFM") and depositary to manage and oversee the operations of the investment 
vehicle. The Board of the Company retains responsibility for strategy, 
operations and compliance and the Directors retain a fiduciary duty to 
shareholders. 
 
Alternative Performance Measures ("APMs") 
The measures the Board of Directors uses to assess the Company's performance 
that are not defined under the International Financial Reporting Standards but 
which are viewed as particularly relevant for investment trusts. Definitions of 
the terms used and the basis of calculation are set out in this Glossary and 
the APMs are indicated with an asterisk(*). 
 
Convertible Loan Note 
A convertible loan note is a loan which bears interest and is repayable but may 
convert into shares under certain circumstances. 
 
Discount or Premium 
A description of the difference between the share price and the net asset value 
per share. The size of the discount or premium is calculated by subtracting the 
share price from the net asset value per share and is usually expressed as a 
percentage (%) of the net asset value per share. If the share price is higher 
than the net asset value per share the result is a premium. If the share price 
is lower than the net asset value per share, the shares are trading at a 
discount. 
 
Initial Public Offering ("IPO") 
An IPO is a type of public offering in which shares of a company are sold to 
institutional investors and usually also retail (individual) investors. Through 
this process, colloquially known as floating, or going public, a privately held 
company is transformed into a public company. 
 
Internal Rate of Return ("IRR") 
Is the annualised return on an investment calculated from the cash flows 
arising from that investment taking account of the timing of each cash flow. It 
is derived by computing the discount rate at which the present value of all 
subsequent cash flows arising from an investment are equal to the original 
amount invested. 
 
Performance fee - Company 
 
AFML is entitled to a performance fee (previously referred to as carried 
interest) in respect of the performance of the Company's investments. 
 
Each performance fee operates in respect of investments made during a 24 month 
period and related follow-on investments made for a further 36 month period, 
save that the first performance fee shall be in respect of investments acquired 
using 80% of the net proceeds of the Company's IPO* in March 2018 (including 
the Initial Portfolio), and related follow-on investments. 
 
Subject to certain exceptions, AFML will receive, in aggregate, 15% of the net 
realised cash profits from the sale of investments made over the relevant 
period once the Company has received an aggregate annualised 10% realised 
return on investments (the 'hurdle') made during the relevant period. AFML's 
return is subject to a "catch-up" provision in its favour. 
 
The performance fee is paid in cash as soon as practicable after the end of 
each relevant period, save that at the discretion of the Board payments of the 
performance fee may be made in circumstances where the relevant basket of 
investments has been realised in part, subject to claw-back arrangements in the 
event that payments have been made in excess of AMFL's entitlement to any 
performance fees as calculated following the relevant period. 
 
The performance fee payable by the Company to AFML is accrued in the Company's 
financial statements and eliminated on consolidation in the Group financial 
statements. 
 
Performance Fee - AFML 
 
The performance fee arrangements (previously referred to as carried interest 
arrangements) within AFML were set up with the aim of incentivising employees 
of AFML and aligning them with shareholders through participation in the 
realised investment profits of the Group. 
 
As set out in Note 2 these arrangements were terminated during the period and 
any performance fee received by AFML will be allocated to its employees on a 
discretionary basis by the Management Engagement & Remuneration Committee of 
the Company. 
 
NAV per share Total Return* 
The theoretical total return on the NAV per share, reflecting the change in NAV 
during the period assuming that any dividends paid to shareholders were 
reinvested at NAV at the time the shares were quoted ex-dividend. This is a way 
of measuring investment management performance of investment trusts which is 
not affected by movements in the share price discount/premium. 
 
Net Asset Value ("NAV") 
The value of the Group's assets, principally investments made in other 
companies and cash being held, minus any liabilities. The NAV per share is also 
described as 'shareholders' funds' per share. The NAV is often expressed in 
pence per share after being divided by the number of shares in issue. The NAV 
per share is unlikely to be the same as the share price, which is the price at 
which the Company's shares can be bought or sold by an investor. The share 
price is determined by the relationship between the demand and supply of the 
shares. 
 
Net Asset Value ("NAV") per share after performance fee 
 
The NAV of the Group as calculated above less the performance fee accrual made 
by the Company divided by the number of issued shares. 
 
Partnership 
Augmentum I LP, a limited partnership registered in Jersey and a wholly-owned 
subsidiary of the Company. 
 
Total Shareholder Return* 
The theoretical total return per share reflecting the change in share price 
during the period and assuming that any dividends paid were reinvested at the 
share price at the time the shares were quoted ex-dividend. 
 
Unquoted investment 
Investments in unquoted securities such as shares and debentures which are not 
quoted or traded on a stock market. 
 
. 
 
The half year report will shortly be available for inspection on the Company's 
website (https://augmentum.vc) and the National Storage Mechanism website ( 
https://data.fca.org.uk/#/nsm/nationalstoragemechanism). 
 
- END - 
 
 
 
END 
 
 

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