Unaudited Final Results

LONDON FINANCE & INVESTMENT GROUP PLC

Final Results

18 September 2020

LONDON FINANCE & INVESTMENT GROUP PLC

(“Lonfin”, “the Company” or “the Group”)

Unaudited Preliminary Results for the year ended 30^th June 2020

Dividend Declaration

London Finance & Investment Group PLC. (LSE: LFI, JSE: LNF), the investment company whose assets primarily consist of Strategic Investments and a General Portfolio, today announces its unaudited Preliminary Results for the year ended 30^th June 2019 and the Board’s Dividend Declaration.

Strategy, Business Model and Investment Policy

Lonfin is an investment company whose objective is to generate growth in shareholder value in real terms over the medium to long term whilst maintaining a progressive dividend policy.

The Group’s investment policy is to invest in a range of ‘Strategic’, ‘General Portfolio’ and from time to time ‘Other Investments’. General Portfolio Investments comprise liquid stock market investments, both in equity instruments and bonds, and, at the Board’s discretion, ‘Other Investments’ are typically property and other physical assets. Strategic Investments are significant investments in smaller UK quoted companies. These are balanced by the General Portfolio, which consists of a broad range of investments in major USA, UK and other European companies which provides a diversified exposure to international equity markets.

Further information on the Group’s Investment Policy can be found in the Directors’ Report on page 44.

The Group’s net assets per share for 2020 have decreased from the previous year to 50.6p and 17.6% over the last five years. Shareholders’ dividends for 2020 remains the same at 1.15p and increased by 15% over the last five years. Information on the Group’s performance against the Board’s key performance indicators (KPIs) is set out on page 9 of this report.

Results

Net assets have reduced to 50.6p per share (2019 restated – 58.5p per share)
Strategic Investments have decreased in value over the year, from £7,596,000 to £6,291,000
Strategic investments are yielding 2.6% (2019 – 3.6%)

* The General Portfolio has decreased, adjusting for investment purchases and sales, over the year, by 13% from £11,383,000 to £9,948,000

* Fair value movement is £1,265,000

* No significant increase in Group operating costs

A final dividend of 0.60p per share is recommended, making a total of 1.15p per share for the year (2019 – 1.15p)

The Company and its subsidiaries (“Group”) recorded an operating profit for the year, before interest, tax and changes to the fair value adjustments of investments of £130,000, compared to an restated operating profit for the previous year, before tax and changes to the fair value adjustments of investments, of £366,000. The significant decrease in fair value of strategic investments that occurred during the year has led to Total Comprehensive Loss for the year of £2,112,000 compared to restated loss of £1,767,000 for the previous year. Basic and headline losses per share are 2.6p (2019- earnings of 2.9p).

Strategic Investments

Strategic Investments have reduced in value by £1,305,000 due to the market movements in the share prices.

Western Selection PLC (“Western”)

The Group holds 7,860,515 ordinary shares, being 43.8%, of the issued share capital of Western.

On 18^th September 2020, Western announced unaudited preliminary results showing a loss after tax of £180,000 for the year to 30^th June 2020 (2019 loss – £2,611,000). Losses per share are 1.0p (2019 - 14.5p).

Western’s Board has not recommend payment of an interim or a final dividend for the year, compared to the payment of an interim dividend of 1.1p for 2019.

Western’s net assets at market value at 30^th June 2020 were £8,127,000 equivalent to 45p per share, a decrease of 29.7% from 64p last year.

Our share of the net assets of Western, including the value of Western’s investments at market value, was £3,560,000 (2019 - £5,005,000). The fair value for Western recorded in the Statement of Financial Position is the market value of £2,751,000 (2019 - £3,576,000). This represents 17.3% (2019 – 19.3%) of the net assets of the Group.

Western’s objective is to generate growth in value for shareholders over the medium to long term and pay a progressive dividend. Western’s business model is to take sizeable minority stakes in relatively small companies usually before or as their shares are admitted to trading on one of the UK’s stock exchanges and have directors in common through which they can provide advice and support for these growing companies. These may or may not become associated companies. The aim is that these companies (“Core Holdings”) will grow to a stage at which Western’s support is no longer required and its stake can be sold over time into the relevant stock market. Companies that are targeted as Core Holdings will have an experienced management team, a credible business model and good prospects for growth.

Western is a strategic investment which is technically a subsidiary of the Company that has not been consolidated due to the application of the investment entity exemption under IFRS 10.

David Marshall is the Chairman of Western and Edward Beale is non-executive director.

Western’s main Core Holdings are Northbridge Industrial Services plc, Brand Architekts Group plc and Bilby Plc.

An extract from Western’s announcement on 18^th September 2020 relating to its main Core Holdings is set out below:

Core Holdings

Northbridge Industrial Services plc (“Northbridge”)

Northbridge hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, USA, Dubai, Germany, Belgium, France, Australia, New Zealand, China and Singapore, Northbridge has a global customer base. This includes utility companies, the oil and gas sector, shipping, construction and the public sector. The product range includes loadbanks, transformers and oil tools. Further information about Northbridge is available on their website: www.northbridgegroup.co.uk

Northbridge, which is admitted to trading on AIM, announced its results for the year ended 31 December 2019 on 7 April 2020 and recorded a loss after tax of £236,000 for the year (2018- loss after tax £2,409,000). No dividend was recommended by Northbridge and no dividends were received by Western from Northbridge during the year (2019 - £Nil).

Western holds 3,300,000 Northbridge shares which represents 11.8% of Northbridge’s issued share capital. The market value of this investment at 30 June 2020 was £2,739,000 (2019 - £4,900,500) which represents approximately 33.7% (2019 – 42 %) of Western’s net assets.

Brand Architekts Group plc (“BAG”)

BAG, which is admitted to trading on AIM, is a beauty brands business specialising in the delivery a growing portfolio of innovative and exciting new products, spanning areas such as haircare, skincare and body care, to consumers and retailers. Further information about BAG is available on its website: https://www.brandarchitekts.com/

BAG announced its interim results for the 28 week period ended 11 January 2020 on 10 March 2020 and reported profit after tax of £6,600,000 (2019 final results for the 52 week period - £3,640,000). This figure was heavily impacted by the profit of £8.8m on disposal of its manufacturing business, offset by a loss on discontinued operations of £2.5m.

Western holds 1,300,000 BAG shares which represents 7.6% of BAG’s issued share capital. The market value has decreased to £1,625,000 (2019 - £2,502,000), which represents approximately 20% (2019 – 21.4%) of Western’s net assets.

Edward Beale is a non-executive director of BAG.

Bilby Plc (“Bilby”)

Bilby is an established, and award winning, provider of gas installation, maintenance and general building services to local authority and housing associations across London and South East England. They have a strategy of growing organically and by acquisition. Further information about Bilby is available on their website: www.bilbyplc.com.

Bilby, which is admitted to trading on AIM, announced its results for the year ended 31 March 2020 on 27 July 2020 showing a profit after tax of £1,379,000 compared to a loss after tax of £8,596,000 for the previous year ended 31 March 2019. No interim dividends were paid during the year and Bilby’s Board did not recommend a final dividend (2019 - £67,500).

Western holds 6,336,363 Bilby shares which represents 10.79% of Bilby’s issued share capital. Following the additional £400,000 acquisitions during the year, the market value of this investment on 30 June 2020 has increased to £1,235,590 (2019- £877,000),which represents approximately 15.2% (2019 – 7.5%) of Western’s net assets.

Associated Companies

Tudor Rose International Limited (“Tudor Rose International”)

As announced in our final results on 30 September 2019, this investment had been fully provided against. With effect from 8 April 2020 the Company sold its entire shareholding of 441,090 A Ordinary shares and 175,000,000 Preference shares in Tudor Rose International for £3 plus contingent deferred consideration and an option to repurchase the shares at the same value. The option to repurchase the shares may be exercised on any date between 1 April 2022 and 31 March 2023. No deferred consideration is expected, and the Board does not expect to exercise the option to repurchase the shares.

Edward Beale and David Marshall resigned as directors of the Company with effect from 11 March 2020.

Finsbury Food Group plc (“Finsbury”)

Finsbury is one of the largest producers and suppliers of premium cakes, bread and morning goods in the UK and currently supplies most of the UK's major supermarket chains. Further information about Finsbury, which is admitted to trading on AIM, is available on its website: www.finsburyfoods.co.uk

At 30^th June 2020, Lonfin held 6,000,000 Finsbury shares, representing 4.6% of Finsbury’s issued share capital. The market value of the holding was £3,540,000 as at 30^th June 2020 (cost - £1,724,000) and represents approximately 22% (2019 – 22%) of Lonfin’s net assets.

As at the date of publication, Finsbury has not announced their final results for the year ended 30^th June 2020 to be able to present in these financial statements.

Edward Beale was a non-executive director of Finsbury up until 23^rd November 2016.

General Portfolio

The investments comprising the General Portfolio at 30^th June 2020 are below:

Composition of General Portfolio

At 30^th June 2020

	£000	%
L'Oreal	548	5.5
Nestle	540	5.4
LVMH Moet Hennessey	533	5.4
Investor AB SEK6.25 'B'	445	4.5
Pernod Ricard	440	4.4
Unilever	439	4.4
Procter & Gamble Co	434	4.4
Schindler-Holdings AG CHF1.00 REGD (Post Subd)	410	4.1
Heineken Holding	403	4.1
Brown Forman (B)	396	4.0
Antofagasta	375	3.8
Reckitt Benckiser Group	364	3.7
Givaudan	362	3.6
Diageo	342	3.4
Danone	336	3.4
British American Tobacco	304	3.1
Henkel Preferred	311	3.1
Phillip Morris International Inc	289	2.9
3M Co	276	2.8
Becton Dickinson & Co	265	2.7
Exxon Mobil Corp	233	2.3
Deutsche Post	222	2.2
Royal Dutch Shell B	220	2.2
Compagnie Financiere Richemont SA	211	2.1
HSBC Holding	208	2.1
Anheuser Busch Inbev SA	191	1.9
BASF	190	1.9
AP Moeller-Maersk A/S	179	1.8
Otis Worldwide Corp	175	1.8
Raytheon (previously United Technologies Corp)	170	1.7
Imperial Brands	137	1.3
	9,948	100


Analysis by currency	£000	%
Euro	3,173	31.9
Sterling	2,390	24.0
US Dollar	2,238	22.5
Swiss Franc	1,523	15.3
Swedish Kronas	445	4.5
Danish Kronas	179	1.8
	9,948	100

The portfolio is diverse with material interests in Food and Beverages, Natural Resources, Chemicals and Tobacco. We believe that the portfolio of quality companies we hold has the potential to outperform the market in the medium to long term.

At 30^th June 2020, the number of holdings in the General Portfolio was 31 (2019 – 30). We have decreased the amount invested in the General Portfolio over the year by £170,000 (2019 - decreased by £49,000).

The opening value of our General Portfolio investments at 30^th June 2019 was £11,383,000 which compared with a cost of such investments at the same date of £6,208,000. After investment purchases

during the year of £163,000 and investment sales (including selling expenses) during the same period of £966,000, the value of the General Portfolio investments as at 30^th June 2020 had decreased by 13% to £9,948,000. Further details of our General Portfolio investments are set out on page 12.

Board Changes

Whilst the Board is satisfied that it has a sufficient spread of skills, experience and support within the Board to operate the Company and to develop the Company’s investment business, the Board will continue to seek further suitable Board candidates who can add value to the Board.

Operations, Directors and Employees

All of our operations and those of Western, with the exception of investment selection, are outsourced to our subsidiary, City Group PLC (“City Group”). City Group also provides office accommodation, company secretarial, finance and head office services to a number of other companies. City Group is responsible for the initial identification and appraisal of potential new strategic investments for the Company and the day to day monitoring of existing strategic investments and employs 6 people.

Dividend

The Board recommends a final dividend of 0.60p (ZAR 12.61848 cents) per share, making a total of 1.15p (ZAR 24.18542 cents) per ordinary share for the year (2019 – 1.15p). Subject to shareholders’ approval at the Company’s AGM to be held on Wednesday, 25^th November 2020, the dividend will be paid on Wednesday, 2^nd December 2020 to those shareholders on the register at the close of business on Friday, 20^th November 2020. Shareholders on the South African register will receive their dividend in South African rand converted from sterling at the closing rate of exchange on Thursday, 17^th September 2020 being GBP1= ZAR 21.0308

JSE Disclosure Requirements

In respect of the normal gross cash dividend, and in terms of the South African Tax Act, the following dividend tax ruling only applies to those shareholders who are registered on the South African register on Friday, 20^th November 2020.

The number of shares in issue as at the dividend declaration date is 31,207,479;
The dividend has been declared from income reserves. Funds are sourced from the Company’s main bank account in London and is regarded as a foreign dividend by South African shareholders; and
The Company’s UK Income Tax reference number is 948/L32120.

Dividend dates:

Last date to trade (SA)	Tuesday, 17^th November 2020
Shares trade ex-dividend (SA)	Wednesday, 18^th November 2020
Shares trade ex-dividend (UK)	Thursday, 19^th November 2020
Record date (UK and SA)	Friday, 20^th November 2020
Pay date	Wednesday, 2^nd December 2020

The JSE Listings Requirements require disclosure of additional information in relation to any dividend payments.

Shareholders registered on the South African register are advised that a dividend withholding tax will be withheld from the gross final dividend amount of ZAR 12.61848 cents per share at a rate of 20% unless a shareholder qualifies for an exemption; shareholders registered on the South African register who do not qualify for an exemption will therefore receive a net dividend of ZAR 10.094784 cents per share. The dividend withholding tax and the information contained in this paragraph is only of direct application to shareholders registered on the South African register, who should direct any questions about the application of the dividend withholding tax to Computershare Investor Services (Pty) Limited, Tel: +27 11 370 5000.

Share certificates may not be de-materialised or re-materialised between Wednesday, 18^th November 2020 and Friday, 20^th November 2020, both days inclusive. Shares may not be transferred between the registers in London and South Africa during this period either.

Outlook

The continued political and economic uncertainty in Europe, where a Brexit trade deal has yet to be delivered, and globally, with Covid-19 and the negative impact from tariff issues, will clearly impact on world economies and we can expect further volatility and turbulence in the markets ahead. Whilst the last 12 months have been challenging for the Group’s investments, particularly its Strategic Investments, and we can expect further challenges ahead, the Board is confident that the Group has a solid base of investments which can lead to further capital growth in the medium to long term.

Future Developments

The Group’s development and its financial performance are dependent on the success of its Investment Strategy and the continued support of its Shareholders. Against a background of challenging and uncertain times in the markets particularly due to Covid-19, the Board continues to seek out investments which will generate growth in shareholder value. The Board also continues to monitor and enhance the quality of investments in the General Portfolio. A resolution was put to Shareholders at last year’s AGM to amend the Company’s Investment Policy so that up to 40 investments may be held in the Company’s General Portfolio at any time. The resolution was approved. Aside from this change, the Board continues to pursue its current Investment Policy and has no plans to make any further changes to the policy in the near future. As at 30^th June 2020, the Company held 31 investments in the General Portfolio.

18 September 2020

The Company’s 2020 Annual Report and Accounts will be finalised shortly and sent to shareholders.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

The directors of the Company accept responsibility for the contents of this announcement.

For further information, please contact:

London Finance & Investment Group PLC: 020 7796 9060
David Marshall/Edward Beale)

Johannesburg Sponsor:
Sasfin Capital (a member of the Sasfin Group)

Consolidated Statement of Total Comprehensive Income

For the year ended 30^th June


			Restated for IFRS 16
Operating Income	Notes	2020	2019	2019
		£000	£000	£000

Dividends receivable		425	687	687
Rental and other income		150	130	130
Profits on sales of investments		68	15	15
Management service fees		284	260	260
		927	1,092	1,092
Administrative expenses
Investment operations	4a	(417)	(398)	(398)
Management services	4a	(380)	(328)	(334)
Total administrative expenses		(797)	(726)	(732)
Operating profit	3	130	366	360

Unrealised changes in the carrying value of General Portfolio investments	13	(700)	748	748
Exceptional costs	4b	-	(67)	(67)
Interest payable		(62)	(57)	(34)
Profit before taxation		(632)	990	1,007
Tax income/(expense)	7	(164)	(95)	(95)
Profit after taxation		(796)	895	912
Non-controlling interest		(11)	13	5
Profit attributable to shareholders		(807)	908	917

Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss
Unrealised changes in the carrying value of Strategic investments		(1,305)	(3,054)	(3,054)

Other taxation -
Deferred tax	7	-	379	379

Total Other Comprehensive (Loss)/Income attributable to shareholders		(1,305)	(2,675)	(2,675)

Total Comprehensive (Loss)/Income attributable to owners of the parent		(2,112)	(1,767)	(1,758)

Reconciliation of headline earnings

Basic and diluted earnings per share	9	(2.6)p	2.9p	2.9p
Adjustment for the unrealised changes in the carrying value of investments, net of tax		-	-	(2.3)p
Headline earnings per share	9	(2.6)p	2.9p	0.6p

Consolidated Statement of Financial Position

At 30^th June

			Restated for IFRS 16
		2020	2019	2019
	Notes	£000	£000	£000
Non-current Assets
Property, Plant and Equipment	10	31	39	39
Right of use asset	11	512	568	-
Investments	13	6,291	7,596	7,596
		6,834	8,203	7,635
Current Assets
Listed investments	13	9,948	11,383	11,383
Trade and other receivables	14	166	194	194
Cash and cash equivalents		269	240	240
		10,383	11,817	11,817
Current Liabilities
Trade and other payables	15	(225)	(232)	(279)
Lease liabilities	11	(52)	(49)	-
Borrowings	16	-	(400)	(400)
		(277)	(681)	(679)

Net Current Assets		10,106	11,136	11,138

Non-current Liabilites
Lease liabilities	11	(519)	(583)	-
Deferred Taxation	17	(520)	(395)	(395)
		(1,039)	(978)	(395)

Total Assets less Total Liabilities		15,901	18,361	18,378

Capital and Reserves
Ordinary share capital	18	1,560	1,560	1,560
Share premium account		2,320	2,320	2,320
Unrealised profits and losses on investments		1,708	6,085	6,085
Share of retained realised profits and losses of subsidiaries		4,712	4,565	4,574
Company’s retained realised profits and losses		5,498	3,739	3,739
Capital and reserves attributable to owners		15,798	18,269	18,278
Non-controlling interests		103	92	100
Total Capital and Reserves		15,901	18,361	18,378

Company Statement of Financial Position

At 30^th June

		2020	2019
	Notes	£000	£000
Non-current Assets
Investments in Group companies	12	2,074	528

Current Assets
Listed investments	13	9,948	11,383
Trade and other receivables	14	16	23
Cash and cash equivalents		91	101
		10,055	11,507
Current Liabilities
Trade and other payables	15	(132)	(131)
Borrowings	16	-	(400)
		(132)	(531)
Net Current Assets		9,923	10,976

Deferred Taxation	17	(520)	(395)
Total Assets less Total Liabilities		11,477	11,109
Capital and Reserves
Ordinary share capital	18	1,560	1,560
Share premium account	18	2,320	2,320
Unrealised profits and losses on investments	18	2,099	3,490
		5,979	7,370
Realised Profit and Loss
Balance at 1^st July		3,739	4,253
Net Profit/(Loss)/ for the period		2,118	(154)
Dividends paid		(359)	(360)
Balance at 30^th June		5,498	3,739
Equity shareholders’ funds		11,477	11,109

Under Section 408 of the Companies Act 2006, the Parent Company is exempt from the requirement to present its own income statement.

Consolidated Statement of Cash Flows

For the year ended 30th June

			Restated for IFRS 16
	Notes	2020	2019	2019
		£000	£000	£000
Cash flows from operating activities

(Loss)/Profit before tax		(632)	990	1,007
Adjustments for non-cash -
Finance expense		62	57	34
Depreciation charges		10	13	13
Depreciation on right of use asset		62	46	-
Unrealised changes in the fair value of investments	13	1,265	(756)	(756)
Realised gain on disposal of investments	13	(633)	(7)	(7)

Decrease in trade and other receivables		10	58	58
Decrease in trade and other payables		(7)	(112)	(83)
Taxes paid	7	(39)	(44)	(44)
Net cash inflow from operating activities		98	245	222

Cash flows from investment activity

Acquisition of property, plant and equipment		(2)	(39)	(39)
Acquisition of current investments		(163)	(611)	(611)
Proceeds from disposal of current investments	13	966	667	667
Net cash inflow from investment activity		801	17	17

Cash flows from financing

Interest paid		(31)	(18)	(18)
Interest paid on lease liabilities		(31)	(23)	-
Repayment of lease liabilities		(49)	-	-
Equity dividends paid		(359)	(360)	(360)
Net (repayment)/drawdown of loan facilities	16	(400)	75	75
Net cash outflow from financing		(870)	(326)	(303)

Increase/(Decrease) in cash and cash equivalents	20	29	(64)	(64)
Cash and cash equivalents at the beginning of the year		240	304	304
Cash and cash equivalents at end of the year		269	240	240

Company Statement of Cash Flows

For the year ended 30^th June

	Notes	2020	2019
		£000	£000
Cash flows from operating activities

Profit before tax		891	644
Adjustments for non-cash and non-operating activities -
Finance expense		31	35
Release of Impairment provision	12	(1,681)	-
Unrealised changes in the fair value of investments	13	1,266	(756)
Realised gain on disposal of investments	13	(633)	(7)
Decrease in trade and other receivables		7	13
Decrease in trade and other payables		(16)	(11)
Overseas Taxes paid	7	(39)	(43)
Net cash outflow from operating activities		(174)	(125)

Cash flows from investment activity

Acquisition of investments		(163)	(611)
Proceeds from disposal of investments		966	667
Net cash inflow from investment activity		803	56

Cash flows from financing

Interest paid		(15)	(18)
Equity dividends paid		(359)	(360)
Decrease in loan to subsidiary	12	135	374
Net (repayment)/drawdown of loan facilities	16	(400)	75
Net cash (outflow)/inflow from financing		(639)	71

(Decrease)/Increase in cash and cash equivalents		(10)	2
Cash and cash equivalents at the beginning of the year		101	99
Cash and cash equivalents at end of the year		91	101

Consolidated Statement of Changes in Shareholders’ Equity


	Ordinary Share Capital	Share Premium Account	Unrealised profits and losses on Investments	Share of Retained realised profits and losses of Subsidiaries	Company’s retained realised profits and losses	Total	Non-Controlling Interests	Total Equity
	£000	£000	£000	£000	£000	£000	£000	£000
Year ended 30^th June 2020
Balances at 1^st July 2019	1,560	2,320	6,085	4,565	3,739	18,269	92	18,361
(Loss)/profit for the Year	-	-	(1,391)	147	437	(807)	11	(796)
Other Comprehensive Income	-	-	(1,305)	-	-	(1,305)	-	(1,305)
Total comprehensive income	-	-	(2,696)	147	437	(2,112)	11	2,101)
Impairment provision released	-	-	(1,681)	-	1,681	-	-	-
Dividends paid and total transactions with shareholders	-	-	-	-	(359)	(359)	-	(359)
Balnaces at 30^th June 2020	1,560	2,320	1,708	4,712	5,498)	15,798	103	15,901

Year ended 30^th June 2019 (Restated for IFRS 16)
Balances at 1^st July 2018	1,560	2,320	8,056	4,207	4,253	20,396	105	20,501
Profit/(loss) for the Year	-	-	704	367	(154)	917	(5)	912
IFRS 16 Adjustment	-	-	-	(9)	-	(9)	(8)	(17)
Other Comprehensive Income	-	-	(2,675)	-	-	(2,675)	-	(2,675)
Total comprehensive income	-	-	(1,971)	358	(154)	(1,767)	(13)	(1,756)
Dividends paid and total transactions with shareholders	-	-	-	-	(360)	(360)	-	(360)
Balances at 30^th June 2019	1,560	2,320	6,085	4,565	3,739	18,269	92	18,361

Company Statement of Changes in Shareholders’ Equity

	Ordinary Share Capital	Share Premium Account	Unrealised profits and losses on Investments	Realised profits and losses	Equity Total
	£000	£000	£000	£000	£000
Year ended 30^th June 2020
Balances at 1^st July 2019	1,560	2,320	3,490	3,739	11,109
(Loss)/profit for the Year and total comprehensive income	-	-	(1,391)	2,118	727
Dividends paid and total transactions with shareholders	-	-	-	(359)	(359)

Balances at 30^th June 2020	1,560	2,320	2,099	5,498	11,477

Year ended 30^th June 2019
Balances at 1^st July 2018	1,560	2,320	2,786	4,253	10,919
Profit/(loss) for the Year and total comprehensive income	-	-	704	(154)	550
Dividends paid and total transactions with shareholders	-	-	-	(360)	(360)

Balances at 30^th June 2019	1,560	2,320	3,490	3,739	11,109

Notes:

Basic earnings per share and Headline earnings per share

Basic (loss)/earnings per share, based on the loss attributable to the shareholders after tax and non-controlling interests of £807,000 (2019 – restated profit £908,000) and on 31,207,479 shares issued

Headline earnings are required to be disclosed by the JSE.

Headline (loss)/earnings per share are based on the loss attributable to the shareholders after tax and non-controlling interests, before unrealised changes in the fair value of investments net of tax, of £807,000 (2019 – restated profit £908,000) and on 31,207,479 shares issued plus 80,000 share options granted in 2016.

Net assets per share

The net assets per share are calculated taking investments at fair value and on 31,207,479 shares (2019– 31,207,479) being the weighted average of the number of shares in issue during the year.

Financial information

The financial information in this preliminary announcement does not constitute the Company’s statutory accounts for the year ended 30^th June 2020 within the meaning of Section 435 of the Companies Act 2006.

The accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The accounts are prepared on the historical cost bases, except for certain assets and liabilities which are measured at fair value, in accordance with IFRS. The audited accounts for the Group for the year ended 30^th June 2019 were reported on with an unqualified audit report and did not contain an emphasis of matter paragraph or any statement under section 498 of the Companies Act 2006 and have been delivered to the Registrar of Companies.
Copies of this Announcement

Copies of this announcement are held at the Company’s registered office, 1 Ely Place, London, EC1N 6RY (tel. 020 7796 9060) and are available for a period of 14 days from the date of this announcement.

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