TIDMBRH
RNS Number : 7153W
Braveheart Investment Group plc
14 December 2023
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
14 December 2023
Braveheart Investment Group Plc
("Braveheart", the "Company" or the "Group")
Interim Results
Braveheart Investment Group plc (AIM: BRH), announces its
interim results for the six months ended 30 September 2023.
Highlights:
-- Loss of GBP732,000 in the six months ended 30 September 2023
(six months ended 30 September 2022*: GBP561,000), loss per share
of 1.15p
-- Net Asset Value ("NAV") of GBP9,826,816 at 30 September 2023
(30 September 2022*: GBP8,374,878), NAV per share of 15.42p
-- Decision to seek a cash buyer for Paraytec with the objective
of realising near term shareholder value.
*restated
For further information:
Braveheart Investment Group plc Tel: 01738 587555
Trevor Brown, Chief Executive Officer
Viv Hallam, Executive Director
Allenby Capital Limited (Nominated Adviser Tel: 020 3328 5656
and Joint Broker)
James Reeve / George Payne
Peterhouse Capital Limited (Joint Broker) Tel: 020 7469 0936
Duncan Vasey / Lucy Williams
CHIEF EXECUTIVE OFFICER'S STATEMENT
We are pleased to report to shareholders the results for the six
months ended 30 September 2023. Progress has continued in
activities of the Group's portfolio companies and summaries of
their operations follow later in this report.
Financial Review
The Directors have undertaken an unaudited interim review of the
valuations of the Group's investments and have concluded that, as
at 30 September 2023, the fair value of the Group's investments
were as follows:
-- Valuation of Portfolio Investments: GBP157,000 (31 March 2023: GBP154,000)*
-- Valuation of unconsolidated Strategic Investments:
GBP8,684,000 (31 March 2023: GBP9,304,000)**
* these are the historic investments made by Braveheart up to
2015
** these are the new investments made by Braveheart since
2015
Therefore, the total unaudited value of our unconsolidated
investment portfolio as at 30 September 2023 is GBP8,841,000 (31
March 2023: GBP9,458,000). As at 30 September 2022, the comparable
total valuation of our investments was GBP5,348,000.
Net asset value ("NAV") of GBP9.8 million as at 30 September
2023 (30 September 2022: GBP8.3 million, 31 March 2023: GBP10.5
million). This resulted in a reduction in net asset value per share
from 17 pence as at 31 March 2023 to 15.42 pence as at 30 September
2023.
The Group reports a loss after tax for the period under review
of GBP732,000 (September 2022: loss of GBP561,000). This equates to
a loss per share of 1.15 pence (September 2022: 0.88 pence).
The loss and the reduction in Strategic Investments in the
half-year came principally from the reduction in the valuation of
Phasefocus Holdings, details provided in the narrative below.
The Directors believe that the 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 the
remainder of this CEO Statement on their operations and
prospects.
Strategic Investments Overview
Paraytec Limited (Braveheart owns 100% per cent of the
company)
Paraytec develops high performance specialist detectors for the
analytical and life sciences instrumentation markets. Its rapid
test instrument ("CX300") is being developed for identifying cancer
and pathogens, including viruses.
The CX300 instrument has been successfully CE marked and tested
in the in the detection of Adeno-associated viruses, which are used
in gene therapy. An instrument has been delivered to the Gene
Therapy Innovation and Manufacturing Centre ("GTIMC") in Sheffield,
for 'industrial' testing in GTIMC's research and development
lab.
The first sale of its CX300 instrument has been made to
Nottingham Trent University (NTU) for the laboratory of Professor
Elisabetta Verderio Edwards, who's work focuses on the role of
extracellular factors in cell survival in conditions of
neurodegeneration and tissue repair. The CX300 instrument will be
used to further NTU's research in Alzheimer's, Dementia and
Parkinson's diseases.
Paraytec has agreed a further sales contract with the University
of Nottingham (UoN) for a CX300 instrument. The instrument is to be
installed in the laboratory under the leadership of Professor Snow
Stolnik. Her research centres on design and development of
nano-sized drug delivery systems and their interactions with cells,
in the context of cell targeting, trafficking, and drug exposure.
The CX300 instrument is to be used to advance and further develop
UoN's understanding of nano-system properties, as well as their
association with cells.
In July 2023, Paraytec's COVID-19 test completed a very
successful clinical study at Sheffield Teaching Hospitals NHS
Foundation Trust, in which it proved highly effective in detecting
the presence of SARS-CoV-2 in recently infected participants.
Several important conclusions were made on the basis of the
statistical analysis of data arising from the clinical trial.
Primarily, this analysis confirmed the clear utility of Paraytec's
Covid test as a potential point-of-care test for the detection of
SARS-Cov2 in swab samples taken from people with symptoms of
respiratory illness.
The trial compared the CX300-based test to either qPCR or viral
culture as a means to detect people who were infected with
SARS-Cov2, as well as utilising the CX300 to identify the best
location - nose, throat or saliva - from which to obtain swab
samples for analysis. Paraytec's test detects the presence of viral
particles, PCR determines the number of viral genomes, while viral
culture detects viruses by determining their ability to kill animal
cells growing in a laboratory - each a different measure of the
presence of virus in a sample.
Viral culture was poor at identifying people who were infected
with SARS-Cov2, correctly identifying people 30% of the time. This
likely reflects the limitations of the culture conditions to
facilitate the growth of viral particles that normally only infect
epithelial cells present in the nasal passage, mouth and throat.
Paraytec's test identified people who were positive by PCR around
93% of the time. This value rose to 100% in people with a very low
viral load indicating the particular efficacy of the Paraytec test
in identifying infected individuals at the very beginning of the
infection cycle when viral particles present are relatively few in
number, but at the point where from a clinical perspective, it is
most important to identify infected individuals to facilitate
isolation to prevent spread of disease, and to provide early
intervention in vulnerable patients.
The trial demonstrated that, compared with taking samples
uniquely from the nasal cavity, or from saliva, a combined sample
from nose and throat was the optimal sampling regimen, as the
former were successful at detecting viral particles in SARS-Cov2
positive participants 84% and 76% of the time, respectively. These
data likely indicate a preference of the viral variants in
circulation over the course of the trial, for cells in the throat
compared to the nose and or mouth.
Importantly, from a research perspective, the data obtained in
the trial revealed the absence of correlation between viral
particle numbers estimated by Paraytec's test and the number of
genomes detected by PCR. The cellular processes by which viral
genomes and viral coat components are generated, are different. The
trial finding indicates that cells produce viral genomes and coat
components in varying relative amounts throughout the early stages
of an infection, and this explains why some samples (about 7%)
tested positive by PCR but negative in Paraytec's test. These
likely reflect people who are no longer infectious but whose
samples contain remnants of viral genomes that were not assembled
into functional viral particles.
The results successfully demonstrate the efficacy of Paraytec's
COVID-19 test and Professor Carl Smythe from the University of
Sheffield's School of Bioscience, who led the work with Paraytec,
commented: "We are particularly impressed that this technology has
the potential to be used in a point-of-care setting to rapidly
detect the presence of viral particles in people with early
symptoms of infection, WITHOUT the need for sophisticated and
expensive centralised laboratory-based PCR testing. Of particular
note is its ability to detect viral particles at low viral loads
indicating the particular efficacy of the Paraytec test in
identifying infected individuals at the very beginning of the
infection cycle when viral particles present are relatively few in
number. It thus provides an opportunity to identify infected
individuals to facilitate their isolation to prevent spread of
disease, and to provide early intervention in vulnerable
patients."
Paraytec now offers the CX300 instrument and ParaySelect(TM)
separation technology for sale to research laboratories, as a very
effective means for researchers to investigate mechanisms of viral
infection in patient populations as well as in model cell systems,
whilst engaging with partners wishing to produce a point of care
instrument.
Paraytec has now applied its CX300 instrument and
ParaySelect(TM) separation technology to Covid-19, sepsis detection
and a growing list of further applications. The Board of Braveheart
believes that it is in the best interests of the Company's
shareholders to seek a cash buyer for this investment, in which
Braveheart has a 100% interest. The Company has engaged an M&A
specialist to market Paraytec in order to seek acquirers for the
business, products and technology portfolio. This process is at an
early stage but many of the potential acquirers are already
familiar with the business and have been awaiting results from the
sepsis Proof of Concept.
Phasefocus Holdings Limited (Braveheart owns 48.3% of the
company)
Phasefocus' patented imaging and analysis technology uses a
novel computational method for high fidelity Quantitative Phase
Imaging ("QPI") and advanced microscopy, known in the scientific
literature as "ptychography". The technology is useful for a wide
range of applications including live cell imaging, engineering
metrology and electron microscopy.
On 14 August 2023, Phasefocus announced the launch of its
revolutionary new T-Cell Killing Assay for the Livecyte(R) cell
imaging platform
https://www.phasefocus.com/about/news-events/news/t-cell-assay-announcement
. The new assay quantifies interactions between immune cells and
cancer cells, addressing a major unmet need for researchers
developing the latest novel cancer therapies. In the assay, the
characteristics of T cell interactions in the period immediately
preceding target cell death, can be measured independently from
cytotoxicity. Livecyte's T-Cell Killing Assay offers unparalleled
insights at the single-cell level, empowering researchers to unlock
new frontiers in cancer therapy development and evaluation.
The company shipped two Livecyte systems to China in October and
made two further system sales to the Far East, with shipment
expected in December.
As reported on 21 August 2023, Braveheart made a further
investment of GBP150,000, taking its total interest to 48.3% of the
issued share capital of Phasefocus.
Kirkstall Limited (Braveheart owns 86.11% of the company)
Kirkstall operates in the market known as 'organ-on-a-chip',
where it has developed Quasi Vivo(R), a system of chambers for cell
and tissue culture in laboratories. Its patented technology is used
by researchers in the growing New Approach Methodologies ("NAMs"),
which enable human-relevant drug safety decisions to be made
without the need for animal testing.
As reported on 8 September 2023, Kirkstall, in conjunction with
the Biomedical Ultrasonics, Biotherapy and Biopharmaceutical
Laboratory within the Institute of Biomedical Engineering at the
University of Oxford, has developed an "organ on a chip" model of
an innovative, milli-fluidic system, human blood-brain barrier
which has been used to map the interaction between the blood-brain
barrier and brain cancer.
This is the first time a dynamic milli-fluidic model has been
developed where the interactions between the blood-brain barrier
and medulloblastoma brain cancer spheroids have been demonstrated.
The model uses the Kirkstall's Quasi Vivo(R) platform, a unique
milli-fluidic system. This innovation will enable the observation
of the in vitro performance of drugs designed for treating brain
cancer and central nervous system diseases such as Alzheimer's.
On December 6th, Kirkstall presented its QV1200 products and
provide training workshops for prospective users at the 3R-days
conference in Innsbruck, Austria.
Kirkstall's research team at University of Sheffield has now
developed its initial batch of toxicity test assays for liver, lung
and gut cells and will offer these to its customers. In parallel
work, researchers at Oxford University have developed a blood-brain
barrier assay for Kirkstall. The aim is to provide customers with
data to prove that QV1200 system replicates the human physiology
more effectively than other flow systems.
Other investments
At 30 September 2023, Braveheart held investments in the
following AIM listed companies:
Aukett Swanke Group plc (Braveheart held 11.49% of the company
(31 March 2023: 12.96%)): a professional services group that
principally provides architectural and interior design services in
the primary international market sectors of offices, residential,
education, industrial, hospitality and mixed use or 'hybrid'
developments. Post period, Braveheart has sold 1,650,000 shares and
hence reduced its holding to 32,032,351 shares (10.93% of the
company).
Autins Group plc (Braveheart held 16.09% of the company (31
March 2023: 15.98%)): an industry-leading designer, manufacturer
and supplier of acoustic and thermal insulation solutions for the
automotive industry and other sectors.
Image Scan Group plc (Braveheart held 8.06% of the company (31
March 2023: 7.05%)): a specialist supplier of X-ray screening
systems to the security and industrial inspection markets. Post
period, Braveheart purchased 250,000 shares and hence increased its
holding to 11,283,276 shares (8.24% of the company).
A total of 460,614 shares in Velocity Composites plc were sold
during the period. No shares were held in Velocity Composites plc
at the end of the period.
Your Board believes these technology-driven companies each has a
significant opportunity to build sales and deliver profit. As
always, Braveheart is an active investor, regularly communicating
with their boards and seeking to introduce opportunities that help
deliver shareholder returns.
The Company also has a number of portfolio investments that are
smaller scale legacy investments which we continue to manage and
seek exits where appropriate.
Outlook
The decision to seek a buyer for Paraytec is considered to be
the most effective way for Braveheart shareholders to realise value
from their considerable investment and the significant
technological progress made by the Company over recent years. There
can be no guarantee of concluding a sale but interest has already
been received from credible and well known operators in the sector
and we will keep shareholders abreast of events as the develop.
Trevor Brown
Chief Executive Officer
13 December 2023
Condensed consolidated statement of comprehensive income
for the six months ended 30 September 2023
Six months ended Restated Six months ended
Year ended
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
Continuing operations Note GBP GBP GBP
--------------------------------------------- ----- ------------------- ---------------------------- -------------
Revenue 46,494 26,170 50,902
Change in fair value of investments 3 (651,444) (105,781) 2,957,665
Profit on disposal of investments 79,761 - 170,576
Total income (525,189) (79,611) 3,179,143
--------------------------------------------- ----- ------------------- ---------------------------- -------------
Employee benefits expense (271,363) (352,113) (556,146)
Other operating costs (143,995) (105,490) (283,356)
Total operating costs (415,358) (457,603) (839,502)
--------------------------------------------- ----- ------------------- ---------------------------- -------------
Finance income 9,628 4,170 21,003
Finance costs (1,322) (1,065) (2,154)
--------------------------------------------- ----- ------------------- ---------------------------- -------------
Total costs (407,052) (454,498) (820,653)
(Loss)/ Profit before tax (932,241) (534,109) 2,358,490
--------------------------------------------- ----- ------------------- ---------------------------- -------------
Tax 200,049 (27,376) (773,652)
(Loss)/ Profit after tax for the period and
total comprehensive income for the period (732,192) (561,485) 1,584,838
(Loss)/ Profit attributable to :
Equity holders of the parent (732,192) (561,485) 1,584,838
(732,192) (561,485) 1,584,838
--------------------------------------------- ----- ------------------- ---------------------------- -------------
Basic (loss)/earnings per share Pence Pence Pence
* Basic 2 (1.15) (0.88) 2.68
* Diluted 2 (1.15) (0.82) 2.68
The above condensed consolidated Statement of Comprehensive
Income should be read in conjunction with the accompanying
notes.
Condensed consolidated statement of financial position
as at 30 September 2023
Restated 30 September
30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
-------------------------------------------------- ----- --------------- ---------------------- ------------
ASSETS
Non-current assets
Property, plant and equipment 229 607 418
Investments at fair value through profit or loss 3 8,841,515 5,348,790 9,458,324
Debtors due in over one year 1,340,952 1,115,200 1,155,200
10,182,696 6,464,597 10,613,942
-------------------------------------------------- ----- --------------- ---------------------- ------------
Current assets
Trade and other receivables 89,256 206,314 64,510
Cash and cash equivalents 399,034 1,959,243 934,861
-------------------------------------------------- ----- --------------- ---------------------- ------------
488,290 2,165,557 999,371
-------------------------------------------------- ----- --------------- ---------------------- ------------
Total assets 10,670,986 8,630,154 11,613,313
-------------------------------------------------- ----- --------------- ---------------------- ------------
LIABILITIES
Current liabilities
Trade and other payables (100,169) (84,502) (149,656)
(100,169) (84,502) (149,656)
-------------------------------------------------- ----- --------------- ---------------------- ------------
Non-current liabilities
Deferred taxation (744,001) (197,774) (944,050)
(744,001) (197,774) (944,050)
-------------------------------------------------- ----- --------------- ---------------------- ------------
Total liabilities (844,170) (282,276) (1,093,706)
-------------------------------------------------- ----- --------------- ---------------------- ------------
Net assets 9,826,816 8,347,878 10,519,607
-------------------------------------------------- ----- --------------- ---------------------- ------------
EQUITY
Called up share capital 4 1,274,469 1,274,469 1,274,469
Share premium 5,370,711 5,370,711 5,370,711
Share based payment reserve 510,604 503,652 471,203
Retained earnings 2,671,032 1,199,046 3,403,224
-------------------------------------------------- ----- --------------- ---------------------- ------------
Equity attributable to owners of the parent 9,826,816 8,374,878 10,519,607
Total equity 9,826,816 8,374,878 10,519,607
-------------------------------------------------- ----- --------------- ---------------------- ------------
The above condensed consolidated statement of financial position
should be read in conjunction with the accompanying notes
Condensed consolidated statement of CASH FLOWS
For the six months ended 30 September 2023
Six months ended Restated six months ended
30 September 30 September 31 March
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP GBP GBP
--------------------------------------------------------- ----------------- -------------------------- ------------
Operating activities
(Loss)/ Profit before tax (932,241) (534,109) 2,358,490
Adjustments to reconcile profit before tax to net cash
flows from operating activities
Decrease/ (Increase) in the fair value movements of
investments 651,444 105,781 (2,957,665)
Share based payment 39,401 193,817 219,223
Profit on disposal of equity investments (79,761) - (170,576)
Movement in liabilities due to Viking fund 127 104 6,801
Depreciation and amortisation 189 189 378
Interest income (9,628) (4,170) (21,003)
Increase in trade and other receivables (210,498) (296,532) (194,728)
Decrease in trade and other payables (49,487) (74,259) (9,106)
--------------------------------------------------------- ----------------- -------------------------- ------------
Net cash flow used in operating activities (590,454) (609,179) (768,186)
--------------------------------------------------------- ----------------- -------------------------- ------------
Investing activities
Proceeds from sale of investments 228,515 - 428,066
Acquisition of investments (183,516) (218,853) (1,529,127)
Interest received 9,628 4,170 21,003
--------------------------------------------------------- ----------------- -------------------------- ------------
Net cash flow used in investing activities 54,627 (214,683) (1,080,058)
--------------------------------------------------------- ----------------- -------------------------- ------------
Financing activities
Funds raised, net of share issue costs - 930,363 930,363
Net cash flow from financing activities - 930,363 930,363
Net (decrease) / (increase) in cash and cash equivalents (535,827) 106,501 (917,881)
Cash and cash equivalents at the start of the period 934,861 1,852,742 1,852,742
--------------------------------------------------------- ----------------- -------------------------- ------------
Cash and cash equivalents at the end of the period 399,034 1,959,243 934,861
--------------------------------------------------------- ----------------- -------------------------- ------------
Condensed consolidated statement of changes in equity
for the six months ended 30 September 2023
Attributable to owners of the Parent
----------------------------------------------------------
Share
based
Share Share payment Retained Total
Capital Premium Reserve Earnings Total Equity
GBP GBP GBP GBP GBP GBP
----------------------- ---------- ---------- --------- ---------- ----------- -----------
At 31 March 2022
(audited) restated 1,044,807 4,371,343 309,835 1,760,531 7,486,516 7,486,516
----------------------- ---------- ---------- --------- ---------- ----------- -----------
Total comprehensive
income for the
period - - - (561,485) (561,485) (561,485)
Transactions
with owners recorded
directly in equity:
Allotment of shares 229,662 1,034,118 - - 1,263,780 1,263,780
Cost of shares
issued - (34,750) - - (34,750) (34,750)
Share based payments - - 193,817 - 193,817 193,817
At 30 September
2022 (unaudited)
restated 1,274,469 5,370,711 503,652 1,199,046 8,374,878 8,374,878
----------------------- ---------- ---------- --------- ---------- ----------- -----------
Total comprehensive
income for the
period - - - 2,146,323 2,146,323 2,146,323
----------------------- ---------- ---------- --------- ---------- ----------- -----------
Transactions
with owners recorded
directly in equity:
----------------------- ---------- ---------- --------- ---------- ----------- -----------
Share based payments - - 25,406 - 25,406 25,406
Transfer to retained
earnings - surrender
of options - - (57,855) 57,855 - -
At 31 March 2023
(audited) 1,274,469 5,370,711 471,203 3,403,224 10,519,607 10,519,607
----------------------- ---------- ---------- --------- ---------- ----------- -----------
Total comprehensive
income for the
period - - - (732,192) (732,192) (732,192)
Transactions
with owners recorded
directly in equity:
Share based payments - - 39,401 - 39,401 39,401
At 30 September
2023 (unaudited) 1,274,469 5,370,711 510,604 2,671,032 9,826,816 9,826,816
----------------------- ---------- ---------- --------- ---------- ----------- -----------
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 2023.
The interim financial statements should be read in conjunction with
the Annual Report and Accounts for the year ended 31 March 2023 and
have been prepared in accordance with UK-adopted international
accounting standards in accordance with the requirements of the
Companies Act 2006. The financial information in this half-yearly
report, which was approved by the Board and authorised for issue on
13 December 2023 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 2023 has been extracted from the
Group's Annual Report and Accounts for the year ended 31 March 2023
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 2023.
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 2023 and which will form the basis of the 2024 Annual Report
and Accounts. The interim financial statements have been prepared
on the same basis as the financial statements for year ended 31
March 2023 which is on the assumption that the Company is a going
concern.
Going Concern
The Directors have reviewed the Group's and the Company's
budgets and plans, taking account of reasonably possible changes in
trading performance and have a reasonable expectation that the
Group and the Company have adequate resources to continue in
operational existence for the foreseeable future and that it is
therefore appropriate to continue to adopt the going concern basis
in preparing the financial statements.
a) New and amended standards adopted by the Group
A number of new or amended standards became applicable for the
current reporting period. These new/amended standards do not have a
material impact on the Group, and the Group did not have to change
its accounting policies or make retrospective adjustments as a
result of adopting these standards.
b) New accounting policies adopted by the Group
There were no new accounting policies adopted by the Group
during the period, nor any amendments to existing accounting
policies.
2 (Loss)/Earnings per share
The basic (loss)/earnings per share has been calculated by
dividing the (loss)/ 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 (loss)/ 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 2023 30 Sept 2022 31 Mar 2023
(unaudited) (unaudited) (audited)
GBP GBP GBP
-------------------------------------------------------------- ------------------- ------------------- ------------
(Loss)/ Profit for the period attributable to equity holders
of the parent (732,192) (561,485) 1,584,838
-------------------------------------------------------------- ------------------- ------------------- ------------
Weighted average number of ordinary shares in issue:
* For basic earnings per ordinary share 63,723,789 54,450,921 59,104,950
* Potentially dilutive ordinary shares - 4,596,000 -
-------------------------------------------------------------- ------------------- ------------------- ------------
* For diluted earnings per ordinary share 63,723,789 59,046,921 59,104,950
-------------------------------------------------------------- ------------------- ------------------- ------------
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 no potentially dilutive ordinary shares.
3 Investments at fair value through profit or loss
Level 1 Level 2 Level 3
----------------- ---------------- --------------------------------- ---------------------------------- ----------
Equity Equity Debt Equity Debt
investments in investments in investments in investments in investments in
quoted unquoted unquoted unquoted unquoted
companies companies companies companies companies Total
GBP GBP GBP GBP GBP GBP
----------------- ---------------- --------------- ---------------- ---------------- ---------------- ----------
At 31 March 2022
restated
(audited) 1,133,854 - - 3,803,301 - 4,937,155
Additions at
cost 333,553 - - 183,968 - 517,521
Disposals - - - - - -
Amount owed to
creditors - - - (105) (105)
Change in Fair
Value (105,737) - - (44) - (105,781)
At 30 September
2022 restated
(unaudited) 1,361,670 - - 3,987,120 - 5,348,790
----------------- ---------------- --------------- ---------------- ---------------- ---------------- ----------
Additions at
cost 843,586 - - 466,688 - 1,310,274
Disposals (257,490) - - - - (257,490)
Amount owed to
creditors - - - (6,696) - (6,696)
Change in Fair
Value 64,111 - - 2,999,335 - 3,063,446
----------------- ---------------- --------------- ---------------- ---------------- ---------------- ----------
At 31 March 2023
(audited) 2,011,877 - - 7,446,447 - 9,458,324
Additions at
cost 33,516 - - 150,000 - 183,516
Disposals (148,754) - - - - (148,754)
Amount owed to
creditors - - - (127) (127)
Change in Fair
Value (44,758) - - (606,686) - (651,444)
At 30 September
2023
(unaudited) 1,851,881 - - 6,989,634 - 8,841,515
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'. When using the DCF valuation
method, reasonably possible alternative assumptions could have a
material effect on the fair valuation of investments. The valuation
of PhaseFocus Holdings Limited has been amended to be in line with
market feedback our board received during Phasefocus' search for
potential acquirers. The impact on the fair value of investments if
the discount rate and provision shift by 1% is GBP88,415 (2022:
GBP53,479).
4 Share capital
30 Sept 30 Sept 31 Mar 2023
2023 2022
(unaudited) (unaudited) (audited)
Authorised GBP GBP GBP
83,723,489 ordinary shares of 2 pence
each
(30 September 2022: 68,674,431,
31 March 2023: 68,674,431) 1,674,470 1,373,489 1,373,489
--------------------------------------- ------------ ------------ ------------
Allotted, called up and fully paid
63,723,489 ordinary shares of 2 pence
each
(30 September 2022: 63,723,489,
31 March 2023: 63,723,489) 1,274,469 1,274,469 1,274,469
--------------------------------------- ------------ ------------ ------------
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.
5 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 .
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END
IR DGBDDDXBDGXX
(END) Dow Jones Newswires
December 14, 2023 02:00 ET (07:00 GMT)
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