TIDMBRH
RNS Number : 8088R
Braveheart Investment Group plc
31 October 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
31 October 2019
Braveheart Investment Group plc
("Braveheart" or the "Company")
Interim Results
Braveheart Investment Group plc (AIM: BRH), the fund management
and strategic investor group, today announces its interim results
for the six months ended 30 September 2019.
Key points:
-- Revenue of GBP250,000 in the six months ended 30 September 2019 (2018: GBP509,000);
-- Loss of GBP122,000 in the six months ended 30 September 2019 (2018: GBP113,000 profit);
-- Loss per share of 0.48p in the six months ended 30 September 2019 (2018: Loss - 0.42p);
-- Dividend of 0.5p per share paid in October 2019; and
-- Completion of acquisition of 100% of Paraytec Limited in October 2019.
For further information:
Braveheart Investment Group plc Tel: 01738 587555
Viv Hallam, Executive Director
Allenby Capital Limited (Nominated Adviser Tel: 020 3328
and Joint Broker) 5656
David Worlidge / Nicholas Chambers
Peterhouse Capital Limited (Joint Broker) Tel: 020 7469
0936
Heena Karani / Lucy Williams
Chief Executive Officer's Statement
We are pleased to report to shareholders the results for the six
months ended 30 September 2019. Progress has continued in all Group
activities and detailed operational summaries follow later in this
report.
Financial Review
Revenue was GBP250,000 in the six months ended 30 September 2019
(2018: GBP509,000). For the first time, the majority of our revenue
is from the operations of our consolidated investments and we
expect that revenues from these consolidated investments will
continue to increase in importance in the future.
We have undertaken an unaudited interim review of the valuations
of the Group's directly held investments and have concluded that,
at this stage, these valuations should remain largely unchanged
from the valuations as at the end of the last financial year, 31
March 2019. Therefore, as at 30 September 2019, the fair value of
the Group's investments was GBP688,000 (30 September 2018:
GBP2,479,000), which comprises the valuations of the historic
investments made by Braveheart up to 2015 (the "Portfolio") of
GBP433,000 (30 September 2018: GBP464,000) and the strategic
investments (the six investments made by Braveheart from 2016, the
"Strategic Investments" including the new investment in Pharm2Farm)
of GBP640,000 (30 September 2018: GBP2,015,000).
Our operating costs for the period under review were GBP372,000
(2018: GBP395,000), a decrease of GBP23,000 on the prior period
despite the costs of the newly consolidated companies, Paraytec and
Kirkstall, being included. It should be noted that there were a few
one-off costs included in last years' accounts, which were the
legal costs of GBP44,000 that related to the share premium
reduction and additional shareholder communication fees relating to
the general meeting for share premium reduction of GBP11,000. The
decrease in cash to GBP1,055,000 reflects the investments made
since the year end and the loss that the group has generated.
We report a loss before tax for the period under review of
GBP122,000 (2018: profit of GBP113,000). This equates to loss per
share of 0.48 pence. We have not made any disposals from the
Portfolio during the period under review and have maintained the
valuations of the Portfolio and the Strategic Investments at the
levels that were reported in our last annual accounts
We believe that our Strategic Investments continue to be the
most likely drivers of growth in shareholder value over the
remainder of the current year and so have concentrated this CEO
Statement on their operations and prospects.
Gyrometric Systems Limited (Braveheart owns 19.95% of the
company)
Gyrometric has developed a patent protected system of hardware
and software to accurately monitor the critical parameters in
rotating shafts.
The Company has well established products for monitoring and
protecting Marine drive shaft couplings for the global coupling
maker Vulkan. In addition, Gyrometric recently announced it has
signed an agreement to install digital monitoring equipment on a
critical drive at Tarmac Limited's ("Tarmac") Tunstead Cement
Plant. The 11kV drive is coupled to the rock crushing mill which
converts limestone from the on-site quarry into powder. Failure of
this primary piece of plant stops the entire process, causing very
expensive down time. Information gathered by Gyrometric, which can
identify problems early enough to plan maintenance and intervene
before major damage is done, is therefore extremely valuable.
Gyrometric will measure digital parameters including dynamic
torque across the coupling, radial displacement of the shaft (and
therefore misalignment), and torsional vibrations of the drive
system. The data will also provide information on the condition of
the gearbox. This initiative by Tarmac is designed to improve the
utilisation of this huge installation of capital equipment.
In a further development, Clarke Energy will co-operate with
Gyrometric to trial digital shaft monitoring in its generating
equipment. Initially the monitoring will employ Gyrometric's unique
digital monitoring of the bearings and shaft alignment in large
generator sets. The objective is to evaluate the potential to
realise value by implementing a predictive maintenance strategy
utilising real time data harvested by the Gyrometric system, rather
than a timed based planned maintenance system.
In both of the above projects, there is potential for
considerable savings in maintenance and down time costs from this
move towards an Internet of Things (IOT) approach. As in
Gyrometric's marine drive monitoring products, the use of rapid
intervention to shut down equipment automatically, when a serious
fault is detected, can protect these high value machines from
catastrophic failures.
Pharm2Farm Limited (Braveheart owns 33.33% of the company)
Following Braveheart's initial investment in Pharm2Farm Limited
("P2F"), our team has been working with the Company to help scale
up manufacturing processes and secure customers.
P2F is currently focused on the commercial hydroponics market,
where Europe currently leads the world with an estimated market
share of over 40% through to 2025. The main reasons for this are;
the year-round demand for fresh produce, the cost and time of
transporting crops and customer desire to reduce environmental
impact. Growing in controlled environments can eliminate pesticides
and optimised plant feeds play a key role in speed to market. The
customer benefits from improved freshness and enhanced nutritional
value.
Hydroponic herb growing in urban areas is attracting a lot of
investment in the UK and worldwide. The successful trial at Griin
Agriculture in Korea, demonstrated a 33% increase in production for
the herb basil by adding P2F's micronutrients to the plant feed.
Further trials will follow in herbs such as parsley, coriander and
dill. The P2F team not only produces the micronutrients needed for
healthy plant growth, but also designs and tests plant feeds for
each stage of life, from germination to maturity and flowering to
fruiting.
The UK government has highlighted the strategic importance of
the food production market and P2F sees a great opportunity for it
to secure grants for technical development and crop trials under
Innovate UK's GBP90m funding programme 'Future Food Production
Systems'.
To support the above markets, P2F recently hired new staff for
both production and sales. In addition, it is seeking to recruit a
sales manager to target the specialist Home & Garden
markets.
Phasefocus Holdings Limited (Braveheart owns 21.20% of the
company)
Phasefocus has developed a series of patented computational
imaging techniques which use a Quantitative Phase Imaging (QPI)
technique called ptychography. This technology is used in many
applications including; live cell imaging, engineering metrology
and electron microscopy.
The Company recently completed the first installation of its new
Livecyte 2 system at Leicester University, UK, where the system is
being used to generate high contrast images of cells, using very
low intensity light (several magnitudes lower than used in
traditional brightfield and fluorescence microscopy). This
significantly reduces phototoxicity and enables long term live cell
imaging - the results are high fidelity images which are artefact
free and robustly quantitative, without the need for cell
labelling. Livecyte systems are being used by researchers at the
cutting edge of cancer and stem cell research, where the ability to
automatically track and characterise thousands of individual cells
in an assay format is a valuable tool.
The Company has over 100 patents and patent applications which
protect its technology. Currently, Phasefocus designs and sells its
own instruments, but is moving to licence its software to global
instrument companies in a wide range of markets. Hitachi High
Technologies has already used the Phasefocus technology to produce
electron microscopes (EMs) with ptychography capability, and
several other leading EM producers are working with the Company to
add this technology to their systems.
In September, Phasefocus held a Livecyte 2 training week at its
offices in Sheffield, which was well attended and included its
distributors from Australia, Canada, Italy, Israel and China. All
were very impressed with the equipment, they already have a strong
pipeline of sales enquiries for this 'big ticket' item to
universities and leading research institutions around the
world.
The Phasefocus technology is also being used regularly to
measure the optical accuracy of contact lenses. Their transparent,
thin, flexible nature make contact lenses very difficult to measure
by conventional methods, but this does not present a problem for
Phasefocus, even in bifocal and trifocal lenses.
Paraytec Limited (Braveheart owned 50.77% of the company on 30
September 2019)
Paraytec develops high performance specialist detectors for the
analytical and life sciences instrumentation market. It continues
to operate profitably and with positive cashflow.
The ongoing GBP1m UKTI grant funded R&D project, where
Paraytec is working to develop a new instrument with Malvern
Instruments, to analyse the quality of protein-based
pharmaceuticals, continues to progress well. It is approaching the
point where the full prototype of the new instrument will be tested
with end users, including; GSK, Medimmune and Fujifilm Diosynth
Biotechnologies.
The pan-European project 'AD Scanner', in the field of
Alzheimer's disease (AD) diagnosis, is progressing well. Paraytec
is working closely with partners: Karolinska Institute, Biomotif,
Amsterdam University and MS Vision, on the integration of
Paraytec's technology into an instrument for the detection and
monitoring of AD from blood samples.
As previously reported, for technical reasons, which are beyond
the licensee or Paraytec's control, sales of licenced instruments
have not progressed as expected. This licence is now winding down,
but termination payments remain due to Paraytec. Future generation
products which are being developed together with this licensee
remain unaffected.
In September 2019, Braveheart made an offer to acquire the
remainder of the share capital of Paraytec not owned by the
Company. Earlier this month, the Company announced that it had
completed the acquisition of 44 per cent. of the share capital of
Paraytec for a total consideration of GBP111,652, which has been
paid for by the issue of 995,186 new ordinary shares in the
Company.
Sentinel Medical Limited (Braveheart owns 38.40% of the
company)
Testing of a prototype instrument to detect bladder cancer from
urine samples is underway, in collaboration with Sheffield
University. A first batch of 'live' samples, provided by bladder
cancer patients undergoing treatment for their condition, has been
received and tested. To date only a small number of samples have
been available, so no conclusions can be drawn at this early
stage.
If the results of these tests are positive, the Company will
launch its plans to develop a point-of-care instrument for the
diagnosis and monitoring of bladder cancer from urine samples.
Kirkstall Limited (Braveheart owns 64.67% of the company)
Kirkstall operates in the market known as 'organ-on-a-chip',
where it has developed Quasi Vivo(TM), a system of chambers for
cell and tissue culture in laboratories.
A new CEO has been appointed and the business relocated to York,
where it now shares resources with Paraytec. Cost saving
opportunities have already been identified and implemented.
Kirkstall has terminated its distributorship agreement with
Lonza and is now selling to its worldwide customer base on a direct
basis. Discussions have been opened with possible new distributors
in Asia.
The EUR4.7m EU grant funded project, CyGenTiG, where Kirkstall
is part of a European consortium to develop new techniques for the
production of engineered tissues by optogenetics, is progressing
well and approaching its first annual review with the funding body.
If this project is successful, it could lead the way to building
replacement human organs, by controlling individual cell growth and
differentiation. Kirkstall's experience will be used in the design,
manufacture and testing of new cell culture chambers, which may
ultimately become a new product range.
Kirkstall saw a healthy increase in demand for its products
following its very successful ACTC conferences, in Cambridge and in
Cardiff this financial year. In particular for its patent protected
product, QV600, which allows researchers to grow cell cultures on a
membrane surface. In the QV600, cells can be nourished by a
continuous perfusion of culture media and simultaneously exposed to
a controlled gaseous environment, which is essential when studying
the growth of certain cells, such as; stomach, lung, skin and
eye.
Plans are underway for the 2020 conference season, which is
expected to include conferences in the USA and Asia.
Outlook
Progress continues across a broad front and we remain optimistic
that this will eventually be reflected in enhanced returns to
shareholders. We will keep shareholders closely informed of
developments, meanwhile.
Trevor E Brown
Chief Executive Officer
Condensed consolidated statement of comprehensive income
for the six months ended 30 September 2019
Six months ended Six months ended
Year ended
30 September 30 September 31 March
2019 2018 2019
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
------------------------------------------------------ ----- ------------------- ------------------- -------------
Revenue 254,067 257,425 181,087
Change in fair value of investments 4 (6,111) 249,544 165,806
Loss on disposal of investment - - (119,220)
Finance revenue 2,102 2,212 3,703
------------------------------------------------------ ----- ------------------- ------------------- -------------
Total income 250,058 509,181 231,376
------------------------------------------------------ ----- ------------------- ------------------- -------------
Employee benefits expense (203,306) (188,506) (308,024)
Impairment of goodwill 16,327 - (1,451,381)
Other operating costs (183,288) (198,627) (378,798)
Finance costs (2,113) (8,067) (3,494)
------------------------------------------------------ ----- ------------------- ------------------- -------------
Total costs (372,380) (395,200) (2,141,697)
------------------------------------------------------ ----- ------------------- ------------------- -------------
(Loss)/ Profit before tax (122,322) 113,981 (1,910,321)
Tax 115 - 7,338
Profit from discontinued operations - - 169,382
(Loss)/ Profit after tax for the period and total
comprehensive income for the period (122,207) 113,981 (1,733,601)
(Loss)/ Profit attributable to:
Equity holders of the parent (130,197) 113,981 (1,711,361)
Non-controlling interest 7,990 - (22,240)
(122,207) 113,981 (1,733,601)
------------------------------------------------------ ----- ------------------- ------------------- -------------
Basic (loss)/earnings per share Pence Pence Pence
* Basic (0.48) 0.42 (6.40)
* Diluted (0.48) 0.42 (6.38)
Condensed consolidated statement of financial position
as at 30 September 2019
30 September 30 September 31 March
2019 2018 2019
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
------------------------------------------------ ----- ---------------------------------- ------------- ----------
ASSETS
Non-current assets
Property, plant and equipment 171 - 495
Intangibles 40,970 - 32,094
Goodwill 3 356,753 380,000 340,426
Investments at fair value through profit or
loss 4 716,147 2,479,959 688,059
Other receivables - 174,939 -
------------------------------------------------ ----- ---------------------------------- ------------- ----------
1,114,041 3,034,898 1,061,074
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Current assets
Inventory 97,748 - 116,293
Trade and other receivables 237,948 130,936 219,045
Assets held for sale - - 124,729
Cash and cash equivalents 1,054,788 1,105,135 1,202,278
------------------------------------------------ ----- ---------------------------------- ------------- ----------
1,390,484 1,236,071 1,662,345
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Total assets 2,504,525 4,270,969 2,723,419
------------------------------------------------ ----- ---------------------------------- ------------- ----------
LIABILITIES
Current liabilities
Trade and other payables (271,058) (141,321) (346,811)
Held for sale liabilities - - (14,729)
Deferred income (74,224) (15,363) (63,624)
(345,282) (156,684) (425,164)
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Non-current liabilities
Borrowings - (16,790) (16,805)
- (16,790) (16,805)
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Total liabilities (345,282) (173,474) (441,969)
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Net assets 2,159,243 4,097,495 2,281,450
------------------------------------------------ ----- ---------------------------------- ------------- ----------
EQUITY
Called up share capital 5 541,650 541,650 541,650
Share premium - 1,567,615 -
Merger reserve - 523,367 -
Retained earnings 1,599,645 1,489,256 1,754,896
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Equity attributable to owners of the parent 2,141,295 4,121,888 2,296,546
Non-controlling interest 17,948 (24,393) (15,096)
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Total equity 2,159,243 4,097,495 2,281,450
------------------------------------------------ ----- ---------------------------------- ------------- ----------
Condensed consolidated statement of cash flows
for the six months ended 30 September 2019
Six months ended
30 September 30 September 31 March
2019 2018 2019
(unaudited) (unaudited) (audited)
GBP GBP GBP
-------------------------------------------------------------------- ------------------- ------------- ------------
Operating activities
(Loss)/ Profit before tax (122,207) 113,981 (1,733,601)
Adjustments to reconcile profit/(loss) before tax to net cash flows
from operating activities
Share-based payments expense - - -
Impairment losses - - -
Increase in the fair value movements of investments 6,111 (249,544) (90,431)
Transfer of accrued dividend/ interest - (10,202) (11,224)
Loss on disposal of equity investments - - 119,220
Taxation (115) - (7,338)
Depreciation 6,711 - 467
Impairment of goodwill (16,327) - 1,451,381
Interest income (2,102) (2,212) (3,703)
Decrease/ (Increase) in inventory 18,545 - (116,293)
Decrease in trade and other receivables 100,825 195,663 266,503
(Decrease)/ Increase in trade and other payables (96,687) (78,522) 189,974
-------------------------------------------------------------------- ------------------- ------------- ------------
Net cash flow (used in)/generated from operating activities (105,246) (30,836) 64,955
-------------------------------------------------------------------- ------------------- ------------- ------------
Investing activities
Proceeds from sale of equity investments - - 154,380
Increase in investments (34,200) - (123,801)
Acquisition of intangibles (15,263) - (32,094)
Acquisition of tangibles - - (962)
Taxation 115 - 7,338
Interest received 2,102 2,212 3,703
-------------------------------------------------------------------- ------------------- ------------- ------------
Net cash flow (used in)/generated from investing activities (47,246) 2,212 8,564
-------------------------------------------------------------------- ------------------- ------------- ------------
Net (decrease)/increase in cash and cash equivalents (152,490) (28,624) 73,519
Cash and cash equivalents at the start of the period 1,207,278 1,133,759 1,133,759
-------------------------------------------------------------------- ------------------- ------------- ------------
Cash and cash equivalents at the end of the period 1,054,788 1,105,135 1,207,278
-------------------------------------------------------------------- ------------------- ------------- ------------
Condensed consolidated statement of changes in equity
for the six months ended 30 September 2019
Attributable to owners of the Parent
-----------------------------------------------------------------
Share Merger Retained Non-controlling
Capital Share Premium Reserve Earnings Total Interest Total Equity
GBP GBP GBP GBP GBP GBP GBP
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
At 1 April 2017
(audited) 541,650 1,567,615 523,367 1,375,275 4,007,907 (24,393) 3,983,514
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
Profit and total
comprehensive
income for the
period - - - 113,981 113,981 - 113,981
At 30 September
2018 (unaudited) 541,650 1,567,615 523,367 1,489,256 4,121,888 (24,393) 4,097,495
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
Transfer of share
premium - (1,567,615) - 1,567,615 - - -
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
Transfer of
merger
reserve - - (523,367) 523,367 - - -
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
Non-controlling
interest on
acquisition - - - - - 31,537 31,537
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
Loss and total
comprehensive
income for the
period - - - (1,825,342) (1,825,342) (22,240) (1,847,582)
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
At 1 April 2019
(audited) 541,650 - - 1,754,896 2,296,546 (15,096) 2,281,450
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
Share-based
payments - - - - - - -
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
Issue of equity
shares - - - - - - -
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
Transfer of
minority
interest - - - (25,054) (25,054) 25,054 -
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
Loss and total
comprehensive
income for the
period - - - (130,197) (130,197) 7,990 (122,207)
At 30 September
2019 (unaudited) 541,650 - - 1,599,645 2,141,295 17,948 2,159,243
------------------ --------- -------------- ---------- ------------ ------------ ---------------- -------------
Notes to the interim financial statements
1 Basis of preparation
The financial information presented in this half-yearly report
constitutes the condensed consolidated financial statements (the
interim financial statements) of Braveheart Investment Group plc
("Braveheart" or "the Company"), a company incorporated in the
United Kingdom and registered in Scotland, and its subsidiaries
(together, "the Group") for the six months ended 30 September 2019.
The interim financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting and should be read in
conjunction with the Annual Report and Accounts for the year ended
31 March 2019 which have been prepared in accordance with
International Financial Reporting Standards as adopted for use in
the EU. The financial information in this half-yearly report, which
was approved by the Board and authorised for issue on 31 October
2019 is unaudited.
The interim financial statements do not constitute statutory
accounts for the purpose of sections 434 and 435 of the Companies
Act 2006. The comparative financial information presented herein
for the year ended 31 March 2019 has been extracted from the
Group's Annual Report and Accounts for the year ended 31 March 2019
which have been delivered to the Registrar of Companies. The
Group's independent auditor's report on those accounts was
unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their
report and did not contain a statement under section 498(2) or
498(3) of the Companies Act 2006.
The preparation of the half-yearly report requires management to
make judgements, estimates and assumptions that affect the policies
and the reported amounts of assets and liabilities, income and
expenses. The estimates and associated assumptions are based on
historical experience and other factors that are believed to be
reasonable under the circumstances, the results of which form the
basis of making judgements about carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. In preparing this
half-yearly report, the significant judgements made by management
in applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those applied to the
audited consolidated financial statements for the year ended 31
March 2019.
The interim financial statements have been prepared using the
same accounting policies as those applied by the Group in its
audited consolidated financial statements for the year ended 31
March 2019 and which will form the basis of the 2020 Annual Report
and Accounts. The interim financial statements have been prepared
on the same basis as the financial statements for year ended 31
March 2019 which is on the assumption that the Company is a going
concern.
2 (Loss)/Earnings per share
The basic (loss)/earnings per share has been calculated by
dividing the profit for the period attributable to equity holders
of the parent by the weighted average number of ordinary shares in
issue during the period.
The calculation of earnings per share is based on the following
profit and number of shares in issue:
Six months ended Six months ended Year ended
30 Sept 2019 30 Sept 2018 31 Mar 2019
(unaudited) (unaudited) (audited)
GBP GBP GBP
-------------------------------------------------------------- ------------------- ------------------- ------------
(Loss)/ Profit for the period attributable to equity holders
of the parent (122,207) 113,981 (1,733,601)
-------------------------------------------------------------- ------------------- ------------------- ------------
Weighted average number of ordinary shares in issue:
* For basic profit per ordinary share 27,082,565 27,082,565 27,082,565
* Potentially dilutive ordinary shares 75,675 75,675 75,675
-------------------------------------------------------------- ------------------- ------------------- ------------
* For diluted profit per ordinary share 27,158,240 27,158,240 27,158,240
-------------------------------------------------------------- ------------------- ------------------- ------------
Dilutive earnings per share adjusts for share options granted
where the exercise price is less than the average price of the
ordinary shares during the period. At the end of the current period
there were 75,675 potentially dilutive ordinary shares.
3 Goodwill
Paraytec Kirkstall Viking Neon Total
GBP GBP GBP GBP GBP
---------------------------------- --- --------- ---------- --------- -------- --------
At 1 April 2018 (audited) - - - 380,000 380,000
At 30 September 2018 (unaudited) - - - 380,000 380,000
At 31 March 2019 277,883 62,543 - - 340,426
At 30 September 2019 (unaudited) 277,883 78,870 - - 356,753
---------------------------------- -------------- ---------- ----- -------- --------
At the end of the previous year, the Group assessed the
recoverable amount of the above goodwill associated with Neon's
cash-generating unit and determined that goodwill would be moved to
assets held for sale as a result of the company being sold after
the year end.
The income approach was not deemed a reliable method for valuing
the goodwill of Paraytec and Kirkstall. Therefore, the market value
method was used in order to ascertain the value of goodwill at the
period end.
4 Investments at fair value through profit or loss
Level 1 Level 2 Level 3
----------------- --------------- -------------------------------- ------------------------------ ------------
Equity Equity Debt Equity Debt
investments in investments investments in investments investments
quoted in unquoted unquoted in unquoted in unquoted
companies companies companies companies companies Total
GBP GBP GBP GBP GBP GBP
----------------- ---------------- -------------- --------------- -------------- -------------- ------------
At 1 April 2018
(audited) - - - 2,130,558 89,655 2,220,213
Conversion of
loan notes - - - 89,655 (89,655) -
Transfer from
debtors - - - 10,202 - 10,202
Change in Fair
Value - - - 249,544 - 249,544
----------------- ---------------- -------------- --------------- -------------- -------------- ------------
At 30 September
2018
(unaudited) - - - 2,479,959 - 2,479,959
----------------- ---------------- -------------- --------------- -------------- -------------- ------------
Additions at
cost - - - 123,801 - 123,801
Conversion of
loan notes - - - 11,224 (11,224) -
Transfer - - - (1,580,812) 11,224 (1,569,588)
Disposals - - - (273,600) - (273,600)
Change in Fair
Value - - - (72,514) - (72,514)
----------------- ---------------- -------------- --------------- -------------- -------------- ------------
At 1 April 2019
(audited) - - - 688,058 - 688,058
Additions at
cost - - - 34,200 - 34,200
Change in Fair
Value - - - (6,111) - (6,111)
----------------- ---------------- -------------- --------------- -------------- -------------- ------------
At 30 September
2019
(unaudited) - - - 716,147 - 716,147
----------------- ---------------- -------------- --------------- -------------- -------------- ------------
The accounting policies in regards to valuations in these
half-yearly results are the same as those applied by the Group in
its audited consolidated financial statements for the year ended 31
March 2019 and which will form the basis of the 2020 Annual Report
and Accounts. Investments are designated as fair value through
profit or loss and are initially recognised at fair value and any
gains or losses arising from subsequent changes in fair value are
presented in profit or loss in the statement of comprehensive
income in the period in which they arise.
The Group classifies its investments using a fair value
hierarchy. Classification within the hierarchy has been determined
on the basis of the lowest level input that is significant to the
fair value measurement of the relevant investment as follows:
-- Level 1 - valued using quoted prices in active markets for identical assets;
-- Level 2 - valued by reference to valuation techniques using
observable inputs other than quoted prices included within Level 1;
and
-- Level 3 - valued by reference to valuation techniques using
inputs that are not based on observable market data.
The fair values of quoted investments are based on bid prices in
an active market at the reporting date. All unquoted investments
have been classified as Level 3 within the fair value hierarchy,
their respective valuations having been calculated using a number
of valuation techniques and assumptions, notwithstanding that the
basis of the valuation methodology used most commonly by the Group
is 'price of most recent investment'. The use of reasonably
possible alternative assumptions has no material effect on the fair
valuation of the related investments. The impact on the fair value
of investments if the discount rate and provision shift by 1% is
GBP7,160 (2018: GBP24,800).
5 Share capital
30 Sept 30 Sept 31 Mar 2019
2019 2018
(unaudited) (unaudited) (audited)
Authorised GBP GBP GBP
33,645,000 ordinary shares of 2 pence
each
(30 September 2018: 33,645,000,
31 March 2019: 33,645,000) 672,900 672,900 672,900
--------------------------------------- ------------ ------------ ------------
Allotted, called up and fully paid
27,082,565 ordinary shares of 2 pence
each
(30 September 2018: 27,082,565,
31 March 2019: 27,082,565) 541,650 541,650 541,650
--------------------------------------- ------------ ------------ ------------
The Company has one class of ordinary shares. All shares carry
equal voting rights, equal rights to income and distribution of
assets on liquidation or otherwise, and no right to fixed
income.
6 Availability of Interim Results
Shareholder communications
A copy of this report is available on request from the Company's
registered office: 1 George Square, Glasgow, G2 1AL. A copy has
also been posted on the Company's website:
www.braveheartinvestmentgroup.co.uk.
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
IR BGBDGGUXBGCB
(END) Dow Jones Newswires
October 31, 2019 06:55 ET (10:55 GMT)
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