TIDMSPPC
RNS Number : 1692C
St Peter Port Capital Limited
14 June 2019
For Immediate Release 14 June 2019
St Peter Port Capital Limited (the "Company" or "St Peter Port"
or "SPPC")
Final Results for the Year Ended 31 March 2019
St Peter Port Capital Limited, the AIM-quoted investment company
announces its final audited results for the year ended 31 March
2019.
Highlights
-- Investments in 6 companies* at year end valued at GBP10.4
million (2018: 7 companies at GBP12.1 million)
-- NAV of 17.21p per share at 31 March 2019 (2018: 20.66p), down
16.7 per cent. on the year as a result of write-downs to carrying
values.
-- FX movements during the year contributed 1.2p, equivalent to
7.0 per cent. of the NAV per share at the year-end.
-- GBP756,000 in cash at year end. Cash as at 12 June 2019 GBP634,000.
-- Further annual cost savings of GBP340,000 achieved during the year
* excluding companies entirely written down
Lynn Bruce, Chairman of St Peter Port, said:
"Although most of our portfolio companies have reported positive
news during the period under review, the fact remains that none of
them have yet reached an inflection point that would allow us to
unlock value at any sensible valuation. We have for some time been
exploring ways of maintaining the portfolio substantially in tact
whilst reducing what will become, absent a sale of one or more of
our investments, an economically unviable company."
For further information:
St Peter Port Capital Limited
Lynn Bruce, Director +44 (0) 1481 724 222
Grant Thornton UK LLP (Nominated
Adviser)
Philip Secrett
Jamie Barklem +44 (0) 20 7383 5100
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Chairman's statement
I report on the year ended 31 March 2019.
Background
There have been some positive developments at the majority of
the portfolio companies during the period under review.
Nevertheless, progress remains slow, liquidity events remain
elusive and yet we know that shareholders wish us to liquidate the
portfolio as soon as possible on good terms.
Realisation and Investments
During the financial year, St Peter Port realised investments
generating GBP96,000 (2018: GBP17,000). The Company's GBP1m holding
in a listed floating rate note matured in November 2018. No further
realisations have been made since the year end.
The Company made no new investments during the year.
Financial Results
The balance sheet shows investments of GBP10.4 million (2018:
GBP12.1 million, excluding the floating rate note which expired in
November 2018), consisting of financial assets at fair value
through profit or loss of GBP10.4 million (2018: GBP12.1 million,
excluding the floating rate note). Net assets were GBP11.1 million
(2018: GBP13.3 million), giving a net asset value of 17.21p per
share (2018: 20.66p per share). Net assets have decreased by 20.3
per cent. since the interim results as at 30 September 2018. The
changes result from write-downs to several of the portfolio
valuations, all as described further in the Investment Manager's
Report.
The write-downs were partially offset by favourable currency
movements (strengthening of US dollar against sterling). These
favourable FX movements during the year contributed 1.2p to the
NAV, equivalent to 7.0 per cent. of the NAV per share at the
year-end.
At the balance sheet date, the Company held GBP756,000 in cash
(2018: GBP0.3 million in cash and GBP1.0 million in a listed liquid
floating rate note which expired in November 2018). As at 12 June
2019, the Company held GBP634,000 in cash.
Dividends
It remains the Board's policy that, in respect of each period of
six months and subject to the requirements of Guernsey Law
regarding solvency, it will pay out in cash 50 per cent. of the net
gains from all realisations made. There were no net gains on
realisations during the year and so no dividend is being
proposed.
Outlook and life of the Company
The Investment Manager's report below provides further detail
around various positive developments at the majority of our
portfolio companies during the period under review.
Notwithstanding these positive developments, none of the
portfolio companies are any closer to being in a position where
they are able to realise a liquidity event (a sale of the company
or an IPO). Moreover, despite all our efforts, we have not been
able to sell any of these holdings in the secondary market on terms
which your board believes reflect their underlying value.
Over the last couple of years, we have undertaken a significant
cost-cutting exercise. This has involved us successfully
negotiating reductions in the investment management fee, reductions
in the directors' fees and reductions in the fees of numerous
professionals, including the Guernsey based administrator. We have
also recently changed auditors to cut costs even further.
Nevertheless, there is a minimum cost below which it is simply not
possible for an AIM-traded, Guernsey company to operate.
In addition to seeking to dispose of investments and trying to
stimulate liquidity, we have also always been open to alternative
opportunities that may help us deliver value to shareholders. To
this end, we attempted to sell the company during 2017 by
announcing a strategic review to the market. Although this led to
some discussions, no transaction ensued. We therefore declared an
intention in June 2017 to offer shareholders the opportunity to
vote on whether or not to continue the life of the company on an
annual basis, to coincide with the AGM of the Company each
year.
We are currently in the early stages of exploring adding a new
theme to our investment strategy whilst continuing to seek the
realisation of the Company's existing portfolio. To this end the
Board is in discussions with a new investment manager. Should the
Board progress the above changes, and there is no certainty that
this can or will be achieved, we will send a circular to
shareholders later in the year detailing the proposals. In the
event either that such a circular is not sent to shareholders or
that it is and the proposal is not approved by shareholders, then
we will convene a General Meeting, to take place before the end of
2019, at which shareholders will be given an opportunity to vote on
the Company's future.
L Bruce
Lynn Bruce
Chairman
14 June 2019
Investment Manager's Report
St Peter Port's portfolio comprises a potash mine development in
Brazil, an oil exploration project in the Caspian Sea, a large
farmland owner in Uruguay, a company engaged in the development and
manufacture of technology for screens which allows viewers to watch
in 3D without glasses, a vaccine development company in the UK
focused on a universal flu vaccine and a nickel development project
in Oregon, USA. The size of each holding as a percentage of each
portfolio company's share capital is small (less than 2 per cent),
other than in the case of the nickel development project, in which
SPPC has an indirect controlling interest and the vaccine
development company, in which SPPC has an interest of approximately
7%.
The following table shows the breakdown by sector of the
investments as at 31 March 2019:
Investments by Sector as at 31 March 2019
Sector Number Cost Book Value Percentage
GBPm GBPm (of book value)
Mining 2 3.7 5.8 55.8
Oil and Gas 1 1.8 2.9 27.9
Tech 2 1.7 1.5 14.4
Agriculture 1 1.9 0.2 1.9
Total 6 9.1 10.4 100.0
Investments
During the year ended 31 March 2019 the Company made no
additional investments.
Realisations
During the year, the Company sold down the balance of its
holding in Global Atomic, which obtained a Toronto Stock Exchange
listing in December 2017 through a reverse takeover. This generated
net proceeds of GBP96,000.
Portfolio - Detail
The following is a list of the Company's current investments
(excluding those of nil value).
Company Investment Business
(acquisition terms)
Brazil Potash US$2.5 million subscription Potash exploration and development
for ordinary shares. on licences covering 22.5 million
Further US$1.5 million hectares in the Amazon Potash
subscription for Basin.
ordinary shares.
Buried Hill US$850,000 subscription Oil and gas exploration company
for ordinary shares. focused on the Caspian Sea.
Further US$2.7 million
acquisition of ordinary
shares.
iQur GBP0.5 million initial Medical research company that
subscription for is developing a novel vaccine
ordinary shares. platform.
Further GBP51,000
in convertible loan
notes. Further GBP140,000
for additional ordinary
shares.
Mediatainment US$2 million subscription Mediatainment is the holding
for ordinary shares. company for an investment in
Stream TV. Stream TV has developed
a solution to provide 3D TV without
glasses in very high (4K) resolution.
Red Flat Nickel US$4.2 million investment Red Flat Nickel has claims over
in loan notes. two nickel laterite deposits
in Oregon. The investment was
originally made as a bridge loan
and upon reaching its term, SPPC
acquired an indirect majority
interest in the company's equity.
Union Agriculture US$2 million subscription Uruguayan farming company.
for ordinary shares.
Further US$1 million
subscription for
ordinary shares.
St Peter Port also held securities in a number of companies
which it carries at nil value in its balance sheet. These include
Seven Energy, Kerogen Shale (formerly Jordan Energy and Mining
Limited), East Africa Timber & Farming Limited, Celadon,
Mincore and M-Log (formerly Manabi).
Top Three Investments as at 31 March 2019
The following table lists SPPC's top three investments by value
as at 31 March 2019 representing 92.7 per cent. by value of the
portfolio.
Company Cost Valuation Gain[1] Status
GBP000's GBP000's GBP000's
Brazil Potash Corp 2,336 5,627 3,291 Unquoted
Buried Hill Energy (Cyprus)
Plc 1,749 2,841 1,092 Unquoted
Mediatainment 1,015 1,160 145 Unquoted
Total 5,100 9,628 4,528
========= ========== =========
Developments
Brazil Potash
Brazil Potash ("BP") owns the key mineral rights in a
world-class scale potash basin some 120 kilometres south-east of
Manaus, one of the main cities in northern Brazil. The site is
about eight kilometres from the Madeira River (feeding into the
Amazon), which should allow the company to transport planned
production to fertiliser plants downriver by barge. Brazil is one
of the major importers of potash today, and BP's management
believes that the company should be able to mine, process and
deliver its product for an amount equivalent to the delivery costs
alone of potash imports from Canada and Russia.
BP has obtained its Preliminary Licence, completed its Bankable
Feasibility Study and is currently working towards obtaining the
Installation Licence which will allow it to initiate construction
of the mine.
BP recently announced to shareholders that it was very close to
finalising a US$100 million royalty financing facility with two
well-known and highly regarded mining specialist investors. BP's
management reported that the funding was subject to extensive
third-party expert due diligence, and it considers the deal to be a
major endorsement of their project. The financing itself is due to
be deployed in three tranches, with the significant majority of it
only being released on the company securing the bulk of the
construction finance required and construction of the mine
commencing. At the date of these accounts, we understand that the
deal is expected to close over the summer.
BP's management remains bullish on the Brazilian economy (noting
that the new president appears to be very supportive of Brazilian
agri-business generally) and it also notes that Brazil continues to
be the highest priced potash market (US$370 per tonne CFR Brazil),
with potash imports to the country having increased by 9% over
2018[2]. BP also notes that the only existing potash mine in
production in Brazil (owned by Vale) is due to be mined out in the
early 2020s.
We are in regular contact with management, notwithstanding that
SPPC is a minor shareholder in BP (it owns approximately 2.31% of
the current issued share capital and approximately 1.81% of the
fully diluted equity in the company). Although we are encouraged by
the positive news and the mainly positive macro-economic trends
affecting the project, it remains the case that the capital
required to build the mine is close to $2 billion and it is not yet
clear that the company has secured a route to obtaining this
capital. Whilst a significant part of the required capital
expenditure will be funded by debt (the raising of which management
believes is achievable in the current climate), it is not yet clear
whether or not the equity required to construct the mine can be
obtained on good terms. We should mention that BP's management are
confident on both counts. We would only also note that investor
sentiment may have been affected by the collapse of the Vale-owned
tailings dam at Brumadinho in January 2019.
Despite management noting that it is their intention to seek a
listing next year (something they have said they would do on
previous occasions over the last few years), our sense is that
there is no rush amongst the board and majority shareholders of BP
to obtain a listing on a major, liquid exchange and therefore -
absent a trade sale - there remains no clear path to a liquidity
event in 2019.
Buried Hill
Buried Hill ("BH") 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 and all
operational activities at the site ceased several years ago,
pending a resolution between the two countries of this border
dispute. The project is fully funded by BH's co-venturer (an
international oil major) and the company's leadership is
strong.
As reported in SPPC's interim results, Turkmenistan, Azerbaijan,
Russia, Iran and Kazakhstan signed the Convention on the Legal
Status of the Caspian Sea in the summer of 2018. This convention
sets out the rights and obligations of the five littoral states,
including establishing sovereign sectors of the seabed and its
resources. Although 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, the Convention did not
finalise the baseline co-ordinates (i.e. the starting points for
the calculations). As a result, the timetable for agreeing the
median line related to Buried Hill's block III remains unclear. It
is possible that the median line will only be finalised once the
base lines are agreed and it is not known how long the base line
agreement will take. Although it would appear that all five
countries are aligned in their desire to agree the baseline
co-ordinates and ratify the Convention (and that Turkmenistan and
Azerbaijan continue to enjoy a positive and friendly relationship),
progress on the project remains paralysed for the time being.
SPPC wrote down the carrying value of its position last year, to
a level 20 per cent. below the value at which BH fair-values its
own shares. Although there has been no specific bad news during the
period under discussion (indeed, the signing of the Convention is
good news), the fact is that the project remains stalled with no
discernible resolution (and therefore no timetable) in sight. For
this reason, SPPC has decided to reduce the value of its holding in
BH by a further 20 per cent to US$1.60, a level which seeks to
reflect the continuing illiquidity of BH's shares and the binary
nature of the investment (pending resolution of the border
dispute).
Mediatainment
STV is the owner of a technology which powers 3D TV without
glasses. STV's solution has been to insert a proprietary printed
circuit board mounting a programmed chip into the panels of TV and
display screens made by a wide variety of manufacturers. Devices
which could use the technology currently range in size from tablets
and games machines to 65 inch screens. STV has entered into an
agreement with Chinese screen manufacturing giant BOE Technology
Group Co., Ltd and believes that this partnership will facilitate
commercialisation of its product soon.
St Peter Port owns 6 per cent. of the issued share capital of
Mediatainment, Inc., a company which owns approximately 27[3] per
cent. of Stream TV Networks, Inc. ("STV"). Management have
indicated for some time now that they are proposing a collapse of
this structure, such that shares in the holding company
(Mediatainment) will be swapped into direct shares in the
subsidiary (STV). We were recently informed by management that
SPPC's direct holding in STV as a result of this group capital
reorganisation will be just over 1,000,000 shares.
As a non-revenue generating company, STV is regularly raising
funds. Previously, it had been issuing its shares at approximately
USD 4 per share. Earlier in the year, management told SPPC that
they were looking to raise a substantial amount of equity and that
to this end they had priced their shares at USD 1.50 per share
(leading to a downwards adjustment in SPPC's carrying value of this
investment in its books). Management have told us that they are
confident that they will secure the funds they are seeking within
the next few months, coinciding with when they believe they will
have closed deals with, and started shipping screens to, well known
TV brands. Whilst we note management's enthusiasm and confidence,
we remain cautious until the investment round has actually been
closed and we see evidence of significant sales to TV brands.
Agriculture Investment Group
Union Agriculture Group renamed itself Agriculture Investment
Group in 2018. Agriculture Investment Group ("AIG") is a
diversified agribusiness firm that currently owns some 75,000
hectares of farmland in Uruguay, the majority of which it leases to
farmers. It has sold down land holdings over the past few years to
deleverage its balance sheet. The company also has trading and
logistics operations through its subsidiary, Granosur Holding
Limited, which owns 5 silo plants in Uruguay, a fleet of
transportation vehicles and the company has a 50 per cent. interest
in a further silo as well as a 37 per cent. interest in a Uruguayan
rice producer, processor and exporter.
The company has gone through a massive re-structuring since it
had to abandon its proposed IPO in 2017. As a lessor of farmland
(rather than a farmer), it has created a stable income, it has
significantly reduced its workforce and it has managed to pay down
all its expensive (non-bank) debt. Nevertheless, the company's
balance sheet remains severely over-leveraged. We visited the
company in December 2018 in Uruguay and management told us then
that it was hoping to continue to pay down debt by selling farms.
However, the market for farmland in Uruguay has been depressed (and
is very much less active than it was a decade ago) and in February,
the company informed shareholders that it was launching a rights
issue, looking to raise up to US$20m.
The rights issue (which SPPC did not participate in) raised $16m
in April 2019. Although this should be considered a success in the
circumstances, it is not (in our view) enough to reduce debt to
levels that will allow the company to trade profitably and it
remains to be seen whether they will be able to sell land during
the second half of this year.
The company reported that its net asset value was $3.75 per
share as at 31 December 2018 based on, amongst other things, a land
valuation by Grant Thornton (Uruguay) of $238.7m as at June 2018.
SPPC marked the carrying value of the shares down to $1.25 per
share in March 2018. Notwithstanding the company's most recently
reported NAV, SPPC is still concerned by the high level of debt on
AIG's balance sheet. For this reason, it has marked the carrying
value of this holding down by a further 34%, to 82.5 cents per
share, or a discount of some 68% to the last net asset value
reported by AIG.
Red Flat Nickel
St Peter Port is the indirect owner of 80 per cent. of the
issued share capital of Red Flat Nickel Corporation ("RFNC"), a Las
Vegas company which owns 86 claims on top of Red Flat Mountain
("Gold Beach") and some 137 claims on the McGrew Summit
("Cleopatra"). Both the Gold Beach and Cleopatra claims lie on
federal land, which is administered by the United States Forest
Service (a part of the United States Department of
Agriculture).
In the last days of the Obama administration, the Bureau of Land
Management announced that the Assistant Secretary for Land and
Minerals Management had signed a public land order for a 20 year
term withdrawing certain lands managed by the U.S. Forest Service
(including all the land on which RFNC owns its claims) from entry
under the US mining laws.
Objections to some minor test drilling which was initially
proposed at Red Flat in 2013 were adopted and then led by, amongst
others, Senators Wyden and Merkley in Oregon and resulted in the
20-year withdrawal (which Senator Wyden is seeking to make
permanent). The objections themselves could not possibly have been
about the very light drilling programme which was proposed (and
which the local Forest Service itself advised would have no
environmental impact), and rather were about stymieing the project
before it had any momentum.
RFNC estimates that there may be 143,000 tonnes of nickel in
Gold Beach alone (the smaller site). It estimates that the average
amount of nickel required for an electric vehicle is about 40kg,
and for this reason the company believes that there is potentially
enough nickel in Gold Beach for over 3,500,000 electric vehicles.
To be able to supply the material for such a large number of
electric vehicles would represent a huge environmental benefit and
we note that Tesla is building a large battery plant on the
California/ Nevada border.
The area of the deposit in South Oregon has also experienced
economic problems associated with weaker markets for timber and has
high unemployment. However, the project remains steadfastly opposed
by anti-mining and environmental groups, who continue to enjoy the
support of the Senators and state Congressmen in Portland and
Washington D.C., amongst others.
In addition to the nickel, RFNC also believes that there are
economically viable quantities of scandium and cobalt (also a
battery constituent) at both sites. Both scandium and cobalt are
included in the Department of Interior's 2018 list[4] of 35
minerals considered critical to the economy and security of the
United States (and both of which the US is increasingly reliant on
China and other countries for imports). The United States imports
all three minerals from countries with much lower environmental
standards than are applied in its own territory.
Nevertheless, as the land over which RFNC owns its claims
remains withdrawn from mining, RFNC is now in talks with the Forest
Service to try and establish that it had valid existing rights
prior to the withdrawals coming into effect.
iQur
iQur is a vaccine development company. Its lead candidate
vaccine is FLUTCORE - a universal Influenza A vaccine. The company
owns an exclusive worldwide licence to a platform technology called
Tandem Core, which is a modified hepatitis B protein that forms
virus like particles (VLPs) which can be coated with specific
antigens. These VLPs stimulate antigen specific immune responses,
and FLUTCORE is designed to harness Tandem Core technology to
stimulate a prophylactic immune response to the conserved
(non-variable) parts of flu. Although other companies (large and
small) are also looking to develop universal flu vaccines, iQur's
approach and technology is unique.
The company continues to seek further funds to enable it to
complete a Phase 1 proof of concept clinical trial.
Other developments
We continue to monitor all SPPC's written-down investments but
there has been no substantive news in relation to any of these
during the period under review.
Contributions to Changes in the Valuation of the Portfolio
During the year, currency movements (principally the
depreciation of sterling against the US$) have had a positive
effect on the value of the portfolio. They have contributed an
increase of 1.2p to the NAV per share over the full year (as to a
1.5p increase during the first half and as to a 0.3p decrease in
the second half).
Activity and Prospects
We note the comments of the Company's chairman above. In
anticipation of the exploratory discussions referred to in those
comments, notice was served on LMN Capital Limited at the end of
May, terminating its advisory contract with St Peter Port
Investment Management with effect from the end of August 2019.
Graham Shore Jonathan Paisner
For and on behalf of St Peter For and on behalf of LMN Capital
Port Investment Management Limited Limited, Advisor to St Peter
Investment Manager Port Investment Management Limited
St Peter Port Capital Limited
Consolidated Statement of Financial Position
As at 31 March 2019
As at 31/03/2019 As at 31/03/2018
GBP'000 GBP'000
Assets
Current Assets
Financial assets at fair value through
profit or loss 10,382 13,126
Loans and other receivables 11 45
Cash and cash equivalents 756 301
Total assets 11,149 13,472
----------------- -----------------
Liabilities
Current liabilities
Trade and other payables (96) (204)
Total liabilities (96) (204)
----------------- -----------------
Net assets 11,053 13,268
================= =================
Equity
Capital and reserves attributable
to equity holders of the Company
Share capital - -
Share premium - -
Special reserve - -
Revenue reserve 11,053 13,268
Total Equity 11,053 13,268
================= =================
Net asset value per Ordinary Share
(pence per share) 17.21 20.66
The accompanying notes 1 to 8 form an integral part of these
financial statements.
St Peter Port Capital Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2019
Year ended Year ended
31/03/2019 31/03/2018
GBP'000 GBP'000
Income
Net losses on financial assets at
fair value through profit or loss (1,682) (4,357)
Interest income 1 7
Other income 7 7
Net investment loss (1,674) (4,343)
Administrative expenses (541) (888)
Net loss from operations (2,215) (5,231)
Loss for the year attributable to
shareholders of the Company (2,215) (5,231)
============ ============
Basic and diluted loss per Ordinary
Share (pence) (3.45) (8.15)
The accompanying notes 1 to 8 form an integral part of these
financial statements.
St Peter Port Capital Limited
Consolidated Statement of Changes in Equity
For the year ended 31 March 2019
Special Revenue
reserve reserve Total
GBP'000 GBP'000 GBP'000
Opening balance as at 1 April 2018 66,361 (47,380) 18,981
Transfer to revenue reserves (66,361) 66,361 -
Loss for the year - (5,231) (5,231)
Dividends paid - (482) (482)
Balance as at 31 March 2018 - 13,268 13,268
Loss for the year - (2,215) (2,215)
Balance as at 31 March 2019 - 11,053 11,053
========= ========= ========
The accompanying notes 1 to 8 form an integral part of these
financial statements.
St Peter Port Capital Limited
Consolidated Statement of Cash Flows
For the Year Ended 31 March 2019
Year ended Year ended
31/03/2019 31/03/2018
GBP'000 GBP'000
Cash flows from operating activities
Interest and investment income 1 7
Operating expenses paid (676) (795)
Net cash outflow from operating activities (675) (788)
------------ ------------
Cash flows from investing activities
Sale of investments 1,096 17
Repayment of subsidiary loans 34 66
Cash inflow from investing activities 1,130 83
------------ ------------
Cash flows from financing activities
Dividends paid - (482)
Cash outflow from financing activities - (482)
------------ ------------
Net increase/ (decrease) in cash and
cash equivalents 455 (1,187)
Opening cash and cash equivalents 301 1,488
Closing cash and cash equivalents 756 301
============ ============
The accompanying notes 1 to 8 form an integral part of these
financial statements.
1. General Information
St Peter Port Capital Limited is a Guernsey registered, closed
ended investment company, admitted to trading on the AIM Market of
the London Stock Exchange. St Peter Port's investment strategy is
primarily to invest in unquoted companies which are close to a
liquidity event. The funds invested by St Peter Port will often
provide the working capital to make such an event possible. The
event could be an IPO, trade sale or repayment of a bridging loan
(typically with warrants or other form of participation) from a
fund-raising achieved by the investee at a higher price after the
bridging event has occurred.
The universe for investment is principally companies across a
broad range of sectors and geography expecting to achieve a
liquidity event in the months after the Company's investment.
The company's website is www.stpeterportcapital.gg
2. Financial Information
The report on the full financial statements for the year ended
31 March 2019 has been signed and the financial information
presented in this results announcement is an extract of these
audited accounts. Whilst the financial information included in this
final results announcement has been computed in accordance with
IFRS, this announcement does not itself contain sufficient
information to comply with IFRS. The auditor's report on the 31
March 2019 financial statements was unqualified and not modified. A
key audit matter was included in the accounts concerning the fair
valuation of unquoted investments and a material uncertainty
paragraph relating to going concern.
3. Earnings Per Share
The calculation of basic loss per share is based on the net loss
from continuing operations for the year of GBP2,215,000 (2018:
GBP5,231,000 net loss) and on 64,221,500 (2018: 64,221,500) shares
being the weighted average number of shares in issue during the
year. There is no difference between basic earnings per share and
diluted earnings per share.
4. Net Asset Value per Share
As at 31/03/2019 As at 31/03/2018
GBP'000 GBP'000
Net asset value 11,053 13,268
Ordinary shares in issue 64,222 64,222
Net Asset Value per Ordinary Share
(pence per share) 17.21 20.66
The Net Asset Value per Ordinary Share is based on the Net Asset
Value at the end of the reporting period and on 64,221,500 (2018:
64,221,500) Ordinary Shares being the shares in issue at the year
end.
5. Taxation
The Company is exempt from taxation under the terms of the
Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is liable
to an annual fee of GBP1,200. Subsidiaries are subject to tax in
their respective jurisdictions.
6. Pre-IPO and other investments
At the end of the reporting period, the Company held 6
investments totalling GBP10,382,000. This excludes all pre-IPO
investments which have been written off.
7. Subsequent Events
There has not been any matter or circumstance occurring
subsequent to the end of the financial year that has significantly
affected, or may significantly affect, the operations of the
company, the results of those operations, or the state of affairs
of the company in future financial years.
8. 2019 Report and Accounts
Copies of the 2019 accounts will be posted to shareholders in
due course. Copies of this announcement (and the 2019 accounts in
due course) are available from the Company at 3(rd) Floor, 1 Le
Truchot, St Peter Port, Guernsey, GY1 1WD or alternatively on the
Company's website at: www.stpeterportcapital.gg.
[1] Cumulative unrealised and realised gain since
acquisition.
[2] Source: Brazilian Ministry of Development, Trade &
Industry.
[3] Mediatainment's holding in STV is diluted from time to time
as STV issues new shares in itself.
[4]
https://www.federalregister.gov/documents/2018/05/18/2018-10667/final-list-of-critical-minerals-2018
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR SFUFMDFUSESM
(END) Dow Jones Newswires
June 14, 2019 02:00 ET (06:00 GMT)
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