TIDMLFI 
 
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 30th 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 
30th 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 GBP 
    7,596,000 to GBP6,291,000 
 
  * 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 GBP11,383,000 to GBP9,948,000 
 
*    Fair value movement is GBP1,265,000 
 
*    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 GBP130,000, compared to an restated operating profit for the 
previous year, before tax and changes to the fair value adjustments of 
investments, of GBP366,000. The significant decrease in fair value of strategic 
investments that occurred during the year has led to Total Comprehensive Loss 
for the year of GBP2,112,000 compared to restated loss of GBP1,767,000 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 GBP1,305,000 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 18th September 2020, Western announced unaudited preliminary results showing 
a loss after tax of GBP180,000 for the year to 30th June 2020 (2019 loss - GBP 
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 30th June 2020 were GBP8,127,000 
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 GBP3,560,000 (2019 - GBP5,005,000). The fair value 
for Western recorded in the Statement of Financial Position is the market value 
of GBP2,751,000 (2019 - GBP3,576,000). 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 18th 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 GBP 
236,000 for the year (2018- loss after tax GBP2,409,000). No dividend was 
recommended by Northbridge and no dividends were received by Western from 
Northbridge during the year (2019 - GBPNil). 
 
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 GBP2,739,000 (2019 - GBP4,900,500) 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 GBP6,600,000 (2019 final 
results for the 52 week period - GBP3,640,000). This figure was heavily impacted 
by the profit of GBP8.8m on disposal of its manufacturing business, offset by a 
loss on discontinued operations of GBP2.5m. 
 
Western holds 1,300,000 BAG shares which represents 7.6% of BAG's issued share 
capital. The market value has decreased to GBP1,625,000 (2019 - GBP2,502,000), 
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 GBP1,379,000 
compared to a loss after tax of GBP8,596,000 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 - GBP67,500). 
 
Western holds 6,336,363 Bilby shares which represents 10.79% of Bilby's issued 
share capital. Following the additional GBP400,000 acquisitions during the year, 
the market value of this investment on 30 June 2020 has increased to GBP1,235,590 
(2019- GBP877,000),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 GBP3 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 30th 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 GBP3,540,000 
as at 30th June 2020 (cost - GBP1,724,000) 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 30th June 2020 to be able to present in these financial 
statements. 
 
Edward Beale was a non-executive director of Finsbury up until 23rd November 
2016. 
 
General Portfolio 
 
The investments comprising the General Portfolio at 30th June 2020 are below: 
 
Composition of General Portfolio 
 
At 30th June 2020 
 
                                                                  GBP000             % 
 
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                                              GBP000             % 
 
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 30th 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 GBP170,000 (2019 - decreased by GBP49,000). 
 
The opening value of our General Portfolio investments at 30th June 2019 was GBP 
11,383,000 which compared with a cost of such investments at the same date of GBP 
6,208,000. After investment purchases 
 
during the year of GBP163,000 and investment sales (including selling expenses) 
during the same period of GBP966,000, the value of the General Portfolio 
investments as at 30th June 2020 had decreased by 13% to GBP9,948,000. 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, 25th November 2020, the dividend will be paid on Wednesday, 
2nd December 2020 to those shareholders on the register at the close of 
business on Friday, 20th 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, 17th 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, 20th 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, 17th November 2020 
 
Shares trade ex-dividend    Wednesday, 18th November 2020 
(SA) 
 
Shares trade ex-dividend    Thursday, 19th November 2020 
(UK) 
 
Record date (UK and SA)     Friday, 20th November 2020 
 
Pay date                    Wednesday, 2nd 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, 18th November 2020 and Friday, 20th 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 30th 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 30th June 
 
 
 
                                                                    Restated for 
                                                                         IFRS 16 
 
Operating Income                             Notes          2020            2019            2019 
 
                                                            GBP000            GBP000            GBP000 
 
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 30th June 
 
                                                                Restated 
                                                             for IFRS 16 
 
                                                     2020           2019           2019 
 
                                       Notes         GBP000           GBP000           GBP000 
 
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                    1,708          6,085          6,085 
investments 
 
Share of retained realised profits and              4,712          4,565          4,574 
losses of subsidiaries 
 
Company's retained realised profits                 5,498          3,739          3,739 
and losses 
 
Capital and reserves attributable to               15,798         18,269         18,278 
owners 
 
Non-controlling interests                             103             92            100 
 
Total Capital and Reserves                         15,901         18,361         18,378 
 
 
Company Statement of Financial Position 
 
At 30th June 
 
                                                               2020           2019 
 
                                                Notes          GBP000           GBP000 
 
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 1st July                                           3,739          4,253 
 
Net Profit/(Loss)/ for the period                             2,118          (154) 
 
Dividends paid                                                (359)          (360) 
 
Balance at 30th 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 
 
                                                     GBP000           GBP000           GBP000 
 
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   13           1,265          (756)          (756) 
of investments 
 
Realised gain on disposal of           13           (633)            (7)            (7) 
investments 
 
Decrease in trade and other                            10             58             58 
receivables 
 
Decrease in trade and other payables                  (7)          (112)           (83) 
 
Taxes paid                             7             (39)           (44)           (44) 
 
Net cash inflow from operating                         98            245            222 
activities 
 
Cash flows from investment activity 
 
Acquisition of property, plant and                    (2)           (39)           (39) 
equipment 
 
Acquisition of current investments                  (163)          (611)          (611) 
 
Proceeds from disposal of current      13             966            667            667 
investments 
 
Net cash inflow from investment                       801             17             17 
activity 
 
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       16           (400)             75             75 
facilities 
 
Net cash outflow from financing                     (870)          (326)          (303) 
 
Increase/(Decrease) in cash and cash   20              29           (64)           (64) 
equivalents 
 
Cash and cash equivalents at the                      240            304            304 
beginning of the year 
 
Cash and cash equivalents at end of                   269            240            240 
the year 
 
 
Company Statement of Cash Flows 
 
For the year ended 30th June 
 
                                                  Notes        2020           2019 
 
                                                               GBP000           GBP000 
 
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              13       1,266          (756) 
investments 
 
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                           (10)              2 
equivalents 
 
Cash and cash equivalents at the beginning of                   101             99 
the year 
 
Cash and cash equivalents at end of the year                     91            101 
 
 
Consolidated Statement of Changes in Shareholders' Equity 
 
                         Ordinary Share Premium Unrealised profits   Share of Retained         Company's    Total      Non-Controlling   Total 
                    Share Capital       Account      and losses on    realised profits retained realised                     Interests  Equity 
                                                       Investments       and losses of     profits and 
                                                                          Subsidiaries            losses 
 
                             GBP000          GBP000               GBP000                GBP000              GBP000     GBP000                 GBP000    GBP000 
 
Year ended 30th 
June 2020 
 
Balances at 1st 
July 2019                   1,560         2,320              6,085               4,565             3,739   18,269                  92 
                                                                                                                                       18,361 
 
(Loss)/profit for               -             -            (1,391)                 147               437    (807)                   11   (796) 
the Year 
 
Other Comprehensive             -             -            (1,305)                   -                 -  (1,305)                    - (1,305) 
Income 
 
Total comprehensive 
income              -             -                        (2,696)                 147                                              11 
                                                                                       437               (2,112)                       2,101) 
 
Impairment                      -             -            (1,681)                   -             1,681        -                    -       - 
provision released 
 
Dividends paid and              -             -                  -                   -             (359)    (359)                    -   (359) 
total transactions 
with shareholders 
 
Balnaces at 30th 
June 2020                   1,560         2,320                                  4,712            5,498)                          103 
                                                1,708                                                    15,798                        15,901 
 
 
 
Year ended 30th June 
2019 (Restated for 
IFRS 16) 
 
Balances at 1st July 
2018                                                                                                   20,501 
                      1,560     2,320   8,056      4,207           4,253      20,396 105 
 
Profit/(loss) for the        -        -        704             367     (154)     917           (5)        912 
Year 
 
IFRS 16 Adjustment           -        -          -             (9)         -     (9)           (8)       (17) 
 
Other Comprehensive          -        -    (2,675)               -         - (2,675)             -    (2,675) 
Income 
 
Total comprehensive 
income                -        - 
                                        (1,971)    358             (154)     (1,767) (13)          (1,756) 
 
Dividends paid and           -        -          -               -     (360)   (360)             -      (360) 
total transactions 
with shareholders 
 
Balances at 30th 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 Premium      Unrealised    Realised      Equity 
                                    Share Capital       Account     profits and profits and       Total 
                                                                      losses on      losses 
                                                                    Investments 
 
                                             GBP000          GBP000            GBP000        GBP000        GBP000 
 
Year ended 30th June 2020 
 
Balances at 1st July 2019                   1,560         2,320           3,490       3,739      11,109 
 
(Loss)/profit for the Year and                  -             -         (1,391)       2,118         727 
total comprehensive income 
 
Dividends paid and total                        -             -               -       (359)       (359) 
transactions with shareholders 
 
 
 
 
Balances at 30th June 2020 
 
                                    1,560         2,320         2,099           5,498       11,477 
 
 
 
Year ended 30th June 2019 
 
Balances at 1st July 2018                    1,560          2,320          2,786          4,253    10,919 
 
Profit/(loss) for the Year and                   -              -            704          (154)       550 
total comprehensive income 
 
Dividends paid and total                         -              -              -          (360)     (360) 
transactions with shareholders 
 
 
 
 
Balances at 30th June 2019 
 
                                    1,560          2,320          3,490          3,739          11,109 
 
Notes: 
 
 1. 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 GBP807,000 (2019 - 
restated profit GBP908,000) 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 GBP807,000 (2019 - restated 
profit GBP908,000) and on 31,207,479 shares issued plus 80,000 share options 
granted in 2016. 
 
 1. 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. 
 
 1. Financial information 
 
    The financial information in this preliminary announcement does not 
    constitute the Company's statutory accounts for the year ended 30th 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 
    30th 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. 
 
 2. 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. 
 
 
 
END 
 

(END) Dow Jones Newswires

September 21, 2020 02:00 ET (06:00 GMT)