TIDMSPPC
RNS Number : 6945G
St Peter Port Capital Limited
08 November 2018
St Peter Port Capital Limited
Interim Results for the Six Months Ended 30 September 2018
St Peter Port Capital Limited (the "Company" or "St Peter Port"
or "SPPC"), the AIM quoted investment company announces its interim
results for the six months ended 30 September 2018.
Highlights
-- Investments in 6 companies* at period end valued at GBP12.9m
-- NAV of 21.60p per share at 30 September 2018, up 4.5 per cent since 31 March 2018
-- FX movements have contributed 1.5p, equivalent to
approximately 6.9 per cent of the NAV per share at the period
end
-- As at 30 September 2018, GBP66.3m realised since inception
-- GBP848k in cash and a liquid, listed floating rate note as at 6 November 2018
* companies in which the Fund made pre-IPO investments,
excluding those entirely written down
Lynn Bruce, Chairman of St Peter Port, said:
"We continue to believe that the portfolio offers potential for
capital gains from the current carrying values at which these
interests are held on St Peter Port's books. Nevertheless, these
interests continue to remain substantially illiquid at present. We
are therefore dependent on them achieving some form of investment
validation (such as a significant third party fundraising or a
significant commercial contract win) which in turn might stimulate
some secondary market demand or, to the extent there is some demand
in the secondary market, allow us to secure a better price."
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information:
St Peter Port Capital Limited
Lynn Bruce, Director - 01481 724 222
Investment Advisor to St Peter Port Capital Limited
Graham Shore - 020 7468 7922
LMN Capital Limited - Advisor to St Peter Port Investment
Management Limited
Jonathan Paisner - 020 7925 0010
Grant Thornton UK LLP - Nominated Adviser
Philip Secrett / Jamie Barklem - 020 7383 5100
Shore Capital Stockbrokers Limited - Broker
Dru Danford - 020 7408 4090
CHAIRMAN'S STATEMENT
Introduction
I report upon the six months ended 30 September 2018.
Investment Background
Although all portfolio companies have reported progress over the
last six months, they are little closer to creating liquidity
events for themselves, and the portfolio continues to be highly
illiquid as a result.
Financial Results
The balance sheet shows investments (excluding a floating rate
note) of GBP12.9 million, consisting of financial assets at fair
value through profit or loss of GBP12.9 million. Net assets were
GBP13.9 million, giving a net asset value of 21.60p per share. Net
assets have increased by 4.5 per cent since 1 April 2018. The
changes result primarily from currency movements.
New Investments
The Company made no new investments during the period.
Realisations
The Company realised investments generating GBP96,000 during the
period.
Dividends
As there were no net gains on realisations during the six months
being reported on, no dividend is proposed for the period. However,
the Board remains committed to paying dividends if large
realisations are achieved and to pay not less than half of the net
gains in each 6 months' reporting period.
Outlook
At the AGM held in July this year, shareholders voted to
continue the life of the Company for one more year and voted that
the Company not be wound up through a process of orderly
realisation for at least one more year.
We remain engaged with our portfolio companies and are pleased
with the progress they have made in the period under review, albeit
progress towards a liquidity event is not taking place as quickly
as we had hoped. We are also in touch with other market
participants and remain committed to trying to deliver value to our
shareholders, whether through the sale of our investment positions
or other alternatives.
Lynn Bruce Chairman
INVESTMENT MANAGER'S REPORT
St Peter Port's portfolio is diversified across a range of
sectors but with significant exposure to natural resources and
commodities, including a large farmland owner in Uruguay and a
potash mine development in Brazil. It also holds investments in two
technology companies.
Most of the portfolio companies have their main activity outside
of the UK and a significant proportion were sourced from brokers
whose main business is outside the UK. All St Peter Port's holdings
are in private companies, having sold down the last of its listed
positions during the last financial year and in the first few
months of this financial year.
The following table shows the breakdown by sector of the
portfolio (excluding investments fully written off) as at 30
September 2018:
Investments by Sector as at 30 September 2018
Sector Number Cost Value Percentage
GBPm GBPm (of value)
Ag. / Forestry 1 1.9 0.3 2.3%
Technology 2 1.7 3.2 24.8%
Oil and Gas 1 1.8 3.6 27.9%
Mining 2 3.7 5.8 45.0%
Total 6 9.1 12.9 100.0%
The table below shows the breakdown by region of the portfolio
(excluding investments fully written off) as at 30 September
2018:
Analysis by continent
Cost (GBPm) Value (GBPm) % of value
Europe 1 0.7 0.3 2.3%
N. America 2 3.2 3.1 24.0%
Asia 1 1.8 3.6 27.9%
S. America 2 3.4 5.9 45.8%
Total: 6 9.1 12.9 100.0%
Investments
During the period, the Company made no new investments.
Realisations
The Company realised investments generating GBP96,000 during the
period.
Commentary on Other Significant Developments
Brazil Potash
The price of potash (MOP Brazil C&F) has now climbed to
above $350/tonne and management of Brazil Potash remain very
bullish about the company's long term prospects.
The company is currently engaged in two principal activities. It
continues to work on the original plan developed for the Bankable
Feasibility Study and report that further optimisation (including
in relation to shaft sinking and processing methodologies) could
have significant potential impact on the project's overall
economics. The company is also working to obtain the installation
licence (construction permit), so that it will be in a position to
start to construct the mine once finance has been obtained and to
this end is close to completing the substantial work required.
The company's management report that there is strong investor
interest and have told us that they hope to be able to announce
significant developments on this front shortly. Although they are
no closer to an exit by way of an IPO or sale of the company, any
significant investment in the company should help SPPC's efforts to
sell its position in Brazil Potash in the secondary market.
Mediatainment - Stream TV Networks
Stream TV reported to its shareholders that the agreement in
principle which had been announced at CES in Las Vegas with Chinese
panel manufacturing giant BOE at the beginning of the year has now
been signed by both sides and approved by the central government in
Beijing.
The company also reports continuing progress in the development
of its technology (in particular a 65" 8k Lite screen) as well as
making very positive inroads with content providers and gaming
companies.
Absent an IPO (which the company has told investors it would
like to pursue when it is in a position to do so) we believe that
the announcement of a significant fundraising or of a product
successfully coming to market will be the necessary pivot to
securing a sale of SPPC's position in Stream TV in the secondary
market.
Buried Hill
Buried Hill has a Production Sharing Agreement with the
government of Turkmenistan in relation to one of the largest oil
blocks under the Caspian Sea. However, the block lies beneath a
disputed border between Turkmenistan and Azerbaijan. Relations
between the two countries have improved significantly over the last
few years, and we believe that the relevant national agencies have
agreed the broad parameters of a resolution regarding the
border.
Over the summer, Turkmenistan, Azerbaijan, Russia, Iran and
Kazakhstan signed the Convention on the Legal Status of the Caspian
Sea. This convention sets out the rights and obligations of the
five littoral states, including establishing sovereign sectors of
the seabed and its resources.
This convention is a positive step, in that it sets the limits
for territorial waters and confirms that it is for the relevant
countries with opposing coastlines to agree amongst themselves the
respective delimitation or median lines, using standard
international principles (i.e. equidistance). However the
Convention did not finalise the baseline co-ordinates (i.e. the
starting points for the calculations). Agreeing these is a stated
priority for the five states and meetings to deal with this are
scheduled to start this month. As a result, the timetable for
agreeing the median line related to Buried Hill's block III is once
again unclear. It is possible, but not certain that the median line
will not be finalised until the base lines are agreed and it is not
known how long the base line agreement will take. What is clear
though is that all five countries are aligned in their desire to
agree them and ratify the Convention and that relations between the
states are as good as they have been for some time.
Buried Hill is substantially funded (in relation to this
project) by its co-venturer. Nevertheless, in light of the
continued delays to the project, it has felt it prudent to make
cutbacks in personnel and premises (including shrinking the board
from nine to six people), in order to conserve working capital.
St Peter Port discounted the value of its holding in Buried Hill
by 20 per cent at the year end to reflect the ongoing delays.
Although management are keen to market the company to investors,
they are not in a position to do so until the border question has
been formally resolved and the project is in a position to be
progressed. Even though there are compelling economic reasons for
Turkmenistan to push through the project (not least with oil at
multi-year highs), it is impossible to determine how long it may be
before the border issue is definitively resolved and the project
can begin in earnest.
Agriculture Investment Group (formerly Union Agriculture Group)
("AIG")
St Peter Port reduced the carrying value of its position in AIG
by 70 per cent at the last year end. Although AIG reported a net
asset value of over USD 4 per share (based principally on the
company's extensive land holdings), the board of St Peter Port was
concerned about the high levels of debt on the company's balance
sheet.
We understand that the company has managed to pay off the last
tranche of expensive debt and that whilst its debt-levels were
still too high, it was managing to sell off farms and gradually
de-gear. We were particularly pleased to note how sensitive
management were to (and wanted to protect) shareholder NAV and that
for this reason had no current plans to raise further equity
through a potentially NAV-dilutive share issue. We plan to spend
some time with management in Uruguay.
The company is focused on creating a manageable balance sheet
whilst also driving business. As a result, it has no current plans
to attempt a listing. Any realisation of this position at the
current time is therefore dependent on our finding a potential
buyer in the secondary market willing to pay a price that the board
of St Peter Port considers fair.
Smaller holdings
Following Global Atomic's merger with a Toronto Stock
Exchange-listed company - Silvermet, Inc., St Peter Port started to
sell down its position in the newly-listed company during the
second half of the last financial year. SPPC sold the remainder of
its position in Global Atomic during the first half of this
financial year (generating GBP96,000 in proceeds).
Red Flat Nickel renewed its mining claims over the summer,
notwithstanding the fact that the land over which it owns its
claims has been withdrawn from mineral extraction since January
2016. The reason for this is to allow Red Flat to seek to establish
that it had Valid Existing Rights prior to the withdrawal, in an
effort to obtain compensation for the loss of its opportunity. Red
Flat is engaging with the local Forest Service, but continues to be
opposed by local senators and some members of congress.
We are in regular contact with iQur. The company reports that it
has shown that its influenza vaccine lead candidate protects
against lethal influenza infection in mice (with experiments
conducted at three different independent laboratories) and is
confident that its vaccine has true potential as a "universal" flu
vaccine on the basis of these tests. iQur continues to seek funding
to pursue a phase 1 clinical trial of its flu vaccine. The
company's CEO has told us that several potential investment leads
are currently being pursued.
Write-downs
St Peter Port has not written down any of its investments during
the period under review. Celadon, a company which St Peter Port has
previously written down to zero, recently reported to its
shareholders that it had signed a deal to sell its main asset for a
significant sum. However, this sale is conditional on, amongst
other things, the proposed purchaser obtaining finance over the
next twelve months. We will continue to monitor events and, should
a deal be completed, St Peter Port may have to adjust its NAV.
Liquidity Prospects
St Peter Port's holdings remain highly illiquid for the reasons
discussed above. We do see positive developments in all our
companies, although progress remains slow. Although we are working
to create opportunities to sell down St Peter Port's positions in
the companies, none of them have yet reached an inflexion point
which would allow us to conclude a sale of any particular position
at what St Peter Port considers good value.
Graham Shore Jonathan Paisner
For and on behalf of St Peter Port Limited For and on behalf of LMN Capital
Investment Management Advisor to St Peter Port Investment
Investment Manager Management Limited
Condensed Statement of Financial Position as at 30 September
2018
As at As at As at
30 September 31 March 30 September
2018 2018 2017
Notes (unaudited) (audited) (unaudited)
Assets GBP '000 GBP '000 GBP '000
Current assets
Financial assets at
fair value through
profit or loss 4 13,843 13,126 15,721
Loans and other receivables 94 45 50
Cash and cash equivalents 107 301 545
---------------- ------------ ----------------
Total assets 14,044 13,472 16,316
---------------- ------------ ----------------
Liabilities
Current liabilities
Trade and other payables 175 204 67
---------------- ------------ ----------------
Total liabilities 175 204 67
---------------- ------------ ----------------
Net assets 13,869 13,268 16,249
================ ============ ================
Equity
Capital and reserves
attributable to equity
holders of the company
Special reserve - - 66,361
Revenue reserve 13,869 13,268 (50,112)
---------------- ------------ ----------------
Total Equity 13,869 13,268 16,249
================ ============ ================
Net asset value per
ordinary share (pence
per share) 7 21.60 20.66 25.30
These financial statements are unaudited and are not the
Company's statutory financial statements.
Condensed Statement of Comprehensive Income
for the six month period ended 30 September 2018
Period Year Period
ended ended ended
30 31 30
September March September
2018 2018 2017
Notes (unaudited) (unaudited) (unaudited)
GBP '000 GBP '000 GBP '000
Income
Net changes in fair value
of financial assets at fair
value through profit or loss 4(b) 879 (4,357) (1,824)
Interest income - 7 6
Other income 5 7 -
------------- ------------- -------------
Net investment profit / (loss) 884 (4,343) (1,818)
Administrative expenses (283) (888) (432)
------------- ------------- -------------
Net profit / (loss) from
operations 601 (5,231) (2,250)
------------- ------------- -------------
Profit / (loss) for the period
/ year attributable to shareholders
of the Company 601 (5,231) (2,250)
============= ============= =============
Basic and diluted profit
/ (loss) per Ordinary share
(pence per share) 5 0.94 (8.15) (3.50)
These financial statements are unaudited and are not the
Company's statutory financial statements.
Condensed Statement of Changes in Equity
for the six month period ended 30 September 2018
Period ended 30 September 2018
Special Revenue Total
Reserve Reserve Equity
GBP '000 GBP '000 GBP '000
Balance brought forward - 13,268 13,268
Profit for the period - 601 601
Balance at 30 September 2018 - 13,869 13,869
=========== ========== ==========
Year ended 31 March 2018
Special Revenue Total
Reserve Reserve Equity
GBP '000 GBP '000 GBP '000
Balance brought forward 66,361 (47,380) 18,981
Transfer to revenue reserves (66,361) 66,361 -
Loss for the period - (5,231) (5,231)
Dividend paid - (482) (482)
Balance at 31 March 2018 - 13,268 13,268
========== ========== ==========
Period ended 30 September 2017
Special Revenue Total
Reserve Reserve Equity
GBP '000 GBP '000 GBP '000
Balance brought forward 66,361 (47,380) 18,981
Loss for the period - (2,250) (2,250)
Dividend paid - (482) (482)
Balance at 30 September 2017 66,361 (50,112) 16,249
========== ========== ==========
These financial statements are unaudited and are not the
Company's statutory financial statements.
Condensed Statement of Cash Flows
for the six month period ended 30 September 2018
Period ended Year ended Period ended
30 31 30
September March September
2018 2018 2017
(unaudited) (audited) (unaudited)
GBP '000 GBP '000 GBP '000
Cash flows from operating activities
Interest and investment income
received - 7 6
Operating expenses paid (341) (795) (467)
---------- ---------- ----------
Net cash used in operating activities (341) (788) (461)
---------- ---------- ----------
Cash flows from investing activities
Sale of investments 196 17 -
(Advance) / repayment of subsidiary
loans (49) 66 -
---------- ---------- ----------
Cash inflow from investing activities 147 83 -
---------- ---------- ----------
Cash flows from financing activities
Dividend paid - (482) (482)
---------- ---------- ----------
Cash outflow from financing activities - (482) (482)
---------- ---------- ----------
Cash outflow for the period /
year (194) (1,187) (943)
Opening cash and cash equivalents 301 1,488 1,488
---------- ---------- ----------
Closing cash and cash equivalents 107 301 545
========== ========== ==========
These financial statements are unaudited and are not the
Company's statutory financial statements.
Notes to the Financial Statements
for the six month period ended 30 September 2018
1. General information
St Peter Port Capital Limited ("the company") is a Guernsey
authorised, closed ended investment company regulated by the
Guernsey Financial Services Commission and governed by the
Companies (Guernsey) Law, 2008.
The company continued to hold 100 per cent. ownership of St
Peter Port Capital (RFN) Limited, 100 per cent. ownership of SPPC
Securities Holdings Limited, 100 per cent. ownership of Cerro
Chorcha Limited and 80 per cent. of the ordinary share capital in
Red Flat Nickel Corp. (an Investee Company). Cerro Chorcha Limited
and St Peter Port Capital (RFN) Limited are registered in Guernsey,
and SPPC Securities Holdings Limited is registered in Ireland. Red
Flat Nickel Corp. is registered in the USA.
The Company has adopted the Investment Entities amendments to
IFRS 10 and as such is not consolidating these subsidiaries in
these financial statements as the company is considered by the
directors to be an investment entity.
St Peter Port Capital Limited's investment strategy was
primarily to invest in unquoted companies which are close to a
liquidity event. The funds invested by St Peter Port Capital
Limited were intended to provide the working capital to facilitate
such an event.
The universe for investment has principally comprised companies
across a broad range of sectors and geography expecting to achieve
a liquidity event in a reasonable period after the company's
investment. However, as a result of economic conditions, it has
also included companies which were already publicly quoted but
where the equity value has been heavily eroded by the prevailing
market malaise.
This condensed interim financial information for the six months
ended 30 September 2018 and the financial statements for the year
ended 31 March 2018 have been prepared on a going concern basis.
The address of the registered office is 3(rd) Floor, 1 Le Truchot,
St Peter Port, Guernsey, GY1 1WD.
The company's website is www.stpeterportcapital.gg.
The company is admitted to trading on the AIM market of London
Stock Exchange.
This condensed interim financial information has not been
reviewed or audited by an independent auditor.
2. Accounting policies - basis of preparation
2.1 Standards and Interpretations effective in the current
period
The company adopted the below new or revised standards and
interpretations in the current period.
IFRS 9 "Financial Instruments" - On adoption of IFRS 9 for the
first period commencing 1 April 2018, the Directors do not consider
IFRS 9 will have a material impact on the financial position or
performance of the company.
IFRS 15 "Revenue from Contracts with Customers" - The date from
which the new standard applies to the company is 1 April 2018 and
the new standard is not expected to have any material impact on the
company's financial position, performance or disclosures in its
financial statements.
2.2 Accounting Standards and Interpretations issued but not yet
effective
The following new standards have been issued by the IASB however
are not yet effective for the current financial period. The company
will comply with the new standards and amendments from the
effective date and has elected not to early adopt any new standards
at this stage.
IFRS 16 "Leases" was issued in January 2016 and becomes
effective for periods beginning on or after 1 January 2019. It is
not anticipated that the new standard will have any impact on the
company's financial position, performance or disclosure in the
financial statements.
IAS 12 "Income Taxes" was issued in October 2015 and becomes
effective for periods beginning on or after 1 January 2019. It is
not anticipated that the new standard will have any material impact
on the company's financial position, performance or disclosures in
its financial statements.
There are no other standards, interpretations or amendments to
existing standards that are not yet effective that would be
expected to have a significant impact on the company.
3. Segmental information
The directors are of the opinion that the company is engaged in
a single segment of business, being investment into growth
companies which are seeking to achieve an initial public offering
("IPO") within a reasonably short time horizon.
The company mainly operates in the following sectors:
Financial assets
30 30 31 31 30 30
September March March September September
September
2018 2018 2018 2018 2017 2017
GBP'000
% GBP'000 % GBP'000 %
Oil & Gas 3,553 25.67 3,303 25.16 4,319 27.47
Mining 5,821 42.05 5,478 41.73 4,325 27.51
Technology 3,246 23.45 3,043 23.18 3,167 20.15
Agriculture
/ Forestry 322 2.33 300 2.29 2,918 18.56
Other 901 6.51 1,002 7.64 992 6.31
-------------- ------- ----------
13,843 13,126 15,721
4. Financial assets at fair value through profit or loss
a) Designated at fair value through profit or loss
Financial assets
30 30 31 31 30 30
September September March March September September
2018 2018 2018 2018 2017 2017
Historic Market Historic Market Historic Market
cost value cost value cost value
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Listed equity
securities - - 1,947 66 - -
Unlisted equity
securities 35,785 12,750 35,785 11,880 37,045 14,542
Listed debt
securities 903 901 1,003 1,002 1,003 992
Unlisted debt
securities 3,006 192 3,006 178 3,006 187
Total financial
assets at fair
value through
profit or loss 39,694 13,843 41,741 13,126 41,054 15,721
========== ========== ======== ======== ========== ============
b) Net gains / (losses) on financial assets at fair value
through profit or loss
30 30
September 31 September
2018 March 2018 2017
GBP '000 GBP '000 GBP '000
Realised and unrealized gains /
(losses) on financial assets at
fair value through profit or loss 913 (4,339) (1,761)
Realised and unrealized losses
on subsidiary loans (34) (18) (63)
---------- ----------- ----------
Net changes in fair value of financial
assets at fair value through profit
or loss 879 (4,357) (1,824)
========== =========== ==========
c) Fair value of financial instruments
The company has classified its financial assets and liabilities
designated at fair value through the profit or loss and the fair
value of derivative financial instruments using a fair value
hierarchy that reflects the significance of the inputs used in
making the fair value measurements. The hierarchy has the following
levels:
Level 1 - quoted prices (unadjusted) in active markets for
identical assets or liabilities;
Level 2 - inputs other than quoted prices included within level
1 that are observable for the assets or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3 - inputs for the asset or liability that are not based
on observable market data (i.e. unobservable inputs).
The following table analyses within the fair value hierarchy the
company's financial assets and liabilities (by class) measured at
fair value.
As at 30 September 2018 Level 1 Level 2 Level 3 Total
GBP '000 GBP '000 GBP '000 GBP '000
Financial investments designated
at fair value through profit or
loss
Listed debt 901 - - 901
Unlisted equity securities and
debt - - 12,942 12,942
---------- ---------- ---------- ----------
Assets measured at fair value 901 - 12,942 13,843
========== ========== ========== ==========
As at 31 March 2018 Level 1 Level 2 Level 3 Total
GBP '000 GBP '000 GBP '000 GBP '000
Financial investments designated
at fair value through profit or
loss
Listed debt 1,002 - - 1,002
Listed equity securities 66 - - 66
Unlisted equity securities and
debt - - 12,058 12,058
---------- ---------- ---------- ----------
Assets measured at fair value 1,068 - 12,058 13,126
========== ========== ========== ==========
As at 30 September 2017 Level 1 Level 2 Level 3 Total
GBP '000 GBP '000 GBP '000 GBP '000
Financial investments designated
at fair value through profit or
loss
Listed debt 992 - - 992
Unlisted equity securities and
debt - - 14,729 14,729
---------- ---------- ---------- ----------
Assets measured at fair value 992 - 14,729 15,721
========== ========== ========== ==========
There were no transfers between level 1 and level 2 during the
current or prior year.
The fair valuation of any level 3 investment requires the
exercise of professional skill and judgement and naturally the fair
values derived will have an element of estimation uncertainty as
well as a likely range of potential valuation outcomes. The
directors have not explicitly factored in any potential tax which
may crystallise on disposal of the investments as it is expected
that sales would be structured in such a way as to avoid such
taxes. The directors are of the view (concurred with by the
Investment Manager) that there are specific unquoted investments
which present particular valuation challenges due to their
individual stages of development and underlying circumstances and
therefore there is inherently more estimation and judgement
required in determining the fair values.
The majority of the level 3 investment valuations are based on
fund raising activity. This price will generally be used as the
estimate of fair value after considering the background of the
underlying investment, changes in market conditions and investment
specific factors. Other methodologies may be used at any time if
this is deemed to provide a more accurate assessment of the fair
value of the investment.
5. Profit / (loss) per ordinary share
The calculation of basic profit per ordinary share is based on
the net profit from continuing operations for the period of
GBP601,000 (31 March 2018 loss: GBP5,231,000, 30 September 2017
loss: GBP2,250,000) and on 64,221,501 shares being the weighted
average number of shares in issue during each period.
6. Share capital
30 30
September 31 September
2018 March 2018 2017
GBP '000 GBP '000 GBP '000
10,000 Founder shares of GBP0.01
each authorised, issued and fully
paid - - -
========== =========== ==========
Ordinary Shares
There are an unlimited number of ordinary shares of nil par
value authorised. At the end of each reporting period 30 September
2018, 31 March 2018 and 30 September 2017, 64,221,501 were in issue
and fully paid, not including the treasury shares as detailed
below. The ordinary shares do not carry any right to fixed
income.
Treasury reserves
The Company had 2,250,000 ordinary shares held in treasury at 30
September 2018, 31 March 2018 and 30 September 2017.
7. Net asset value per share
The net asset value per ordinary share is based on the net asset
value at the end of the reporting period and on 64,221,501 ordinary
shares at each reporting date.
8. Related party transactions
Related party transactions are described in the 2018 Annual
Report and Accounts on page 36.
There were no other related party transactions during the period
ended 30 September 2018.
9. Subsequent events
There were no significant events subsequent to the period
end.
10. Further information
Copies of these interim results are available from the offices
of Maitland Administration (Guernsey) Limited, 3rd Floor, 1 Le
Truchot, St Peter Port, Guernsey, GY1 1WD and on the Company's
website www.stpeterportcapital.com.
, the news service of the London Stock Exchange. RNS is approved by
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the use and distribution of this information may apply. For further
information, please contact rns@lseg.com or visit www.rns.com.
IR LLFLDLTLDIIT
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November 08, 2018 02:00 ET (07:00 GMT)
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