TIDMTCF
RNS Number : 0411Q
Terra Catalyst Fund
26 August 2014
26 August 2014
TERRA CATALYST FUND
(the "Company")
AUDITED FINANCIAL STATEMENTS
Terra Catalyst Fund ("the Company") (AIM:TCF) today announces
the release of its Audited Financial Statements for the year ended
31 March 2014 ("the Financial Statements"). The full text of the
Financial Statements is set out below.
An electronic copy of the Financial Statements is available on
the Company's website at www.terracatalystfund.com*. Printed copies
of the Financial Statements will be posted to shareholders shortly
and will also be available, free of charge, for one month from the
date of posting from the Company's investment manager, Laxey
Partners Ltd, 4th Floor, Derby House, 64 Athol Street, Douglas,
Isle of Man IM1 1JD.
*Neither the content of Terra Catalyst Fund's website nor the
contents of any website accessible from hyperlinks on that website
(or any other website) is incorporated into, or forms part of, this
Announcement.
The Board now confirms that it intends to make a further
distribution to shareholders of approximately GBP2,300,000 by way
of a compulsory redemption. Full details will be made available in
the next 2 weeks, and payment is anticipated to be before the 30
September 2014.
ENQUIRIES TO:
Terra Catalyst Fund
Mike Haxby, Director
www.terracatalystfund.com
Tel: +44 (0)1624 690 900
Smith & Williamson Corporate Finance Limited
Azhic Basirov
Tel: +44 (0)20 7131 4000
Terra Catalyst Fund
Audited Financial Statements
For the year ended 31st March 2013
(With report of the Independent Auditors thereon)
Directors' Report
For the year ended 31(st) March 2014
The Directors have pleasure in presenting their report and
audited financial statements of the Company for the year ended
31(st) March 2014.
The Company
Terra Catalyst Fund (the "Company" or "TCF") wasincorporated in
the Cayman Islands on 21(st) December 2007 and was admitted to the
AIM market of the London Stock Exchange plc, on 25(th) February
2008. The principal activity of the Company is that of a closed-end
investment fund.
Investment Objective
The investment objective of the Company changed at the Annual
General Meeting on 25(th) September 2012 when a Realisation
Resolution was approved by shareholders. The new investment
objective and policy is to seek realisation of the Company's
portfolio of investments in the ordinary course of business and,
subject to retaining sufficient cash to meet operating costs and
liabilities, to return the net proceeds of all such realisations to
Shareholders on a periodic basis, following which the Company will
be wound-up.
The Company will make no new investments except follow on
investments required to protect the interests of the Company.
Results and Distributions
The Net Asset Value per share of the Company at 31(st) March
2014 was GBP2.08 (31(st) March 2013: GBP0.76).
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Directors'
Report and the financial statements in accordance with applicable
law and regulations.
In addition, the Directors have elected to prepare the financial
statements in accordance with International Financial Reporting
Standards, as adopted by the EU.
The financial statements are required to give a true and fair
view of the state of affairs of the Company and of the profit or
loss of the Company for that period.
In preparing these financial statements, the Directors are
required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether they have been prepared in accordance with
International Financial Reporting Standards; and
- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The Directors are responsible for keeping proper accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and to enable them to ensure that
the financial statements comply with International Financial
Reporting Standards as adopted by the European Union (EU). They
have general responsibility for taking such steps as are reasonably
open to them to safeguard the assets of the Company and to prevent
and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation governing the preparation and
dissemination of financial statements may differ from one
jurisdiction to another.
The Directors have resolved to prepare the financial statements
for each financial year.
Directors
The Directors who held office during the year and to date were
as follows:
Robert Thomas Ware (Chairman)
Martin Michael Adams
Michael Andrew Haxby
As at 31(st) March 2014 the interests of the Directors in the
issued share capital of the Company was as follows:
Number of
Director Shares
Martin Michael Adams 7,536
Michael Andrew Haxby 13,842
Robert Thomas Ware 34,607*
*Robert Thomas Ware's shares are held in his Self-invested
Personal Pension
Details of Directors' Remuneration for the year are given in
Note 18.
Auditors
Our Auditors, KPMG Audit LLC, being eligible, have expressed
their willingness to continue in office.
For and on behalf of the Board of Directors on 22(nd) August
2014.
Michael Andrew Haxby Martin Michael Adams
Director Director
Investment Manager's Report
For the year ended 31(st) March 2014
Portfolio Review and Investment Activity
As at 31(st) March 2014 there were only two material positions
remaining, Spazio Investment NV ("Spazio") and Tamar European
Industrial Fund Limited ("Tamar"). Updates for both are given
below.
Spazio
Carrying Value
The carrying value per share of Spazio in these financial
statements is EUR6.43 per share, which is equivalent to the EUR7.04
net asset value per share from the 31st December 2013 audited
financial statements of Spazio, adjusted for the recent tax
settlement of EUR14,000,000. The tax settlement is discussed in
more detail later in this report.
The previous carrying value of Spazio of EUR2.47 per share had
been an estimate of realizable value, intended to reflect the
discounts and costs (including provisions for legal and other
costs) required to sell assets of Spazio in a short period of time,
settle liabilities and return cash to its shareholders. As there
has been a subsequent change of investment strategy at Spazio the
basis of valuation has also been changed. The debt contracted by
the Spazio group has been re-negotiated on terms more appropriate
to the remaining portfolio and the settlement of the tax dispute
represents a good solution in order to close the case and reduce
significantly the risk associated with investment in Spazio and the
management of its assets.
Summary
The new management arrangements for Spazio have resulted in cost
savings and a renewed focus on the management of its extensive
property portfolio. Although the Italian market remains weak, there
are signs of recovery and a growing interest from domestic and
international investors. Spazio has successfully renegotiated the
debt that was due to expire in October on terms that are pleasing
to its directors. However, the cash sweep terms of the debt mean
that distributions back to TCF shareholders will only come from
substantial asset sales. To date, Spazio has managed to return
EUR3.38 per share to shareholders. Lastly, the Investment Manager
is very pleased to report the settlement of the outstanding tax
case against Spazio.
Business Update
At the 31(st) December 2013 the NAV per share for Spazio was
EUR7.04.
It has been a busy and successful year for Spazio: new
arrangements for managing the structure are saving considerable
amounts of cash as well as increasing the quality of the resources
available.
By way of recap, in September 2012 Spazio resolved to replace
the Spazio Industriale Fund Manager (Prelios SGR) in favour of Idea
Fimit SGR. This was subject to discussions with Bank of Italy and
agreement within the Spazio banking consortium. When Fimit were
formally appointed as SGR in May last year, and as part of the
discussions with the banks, the debt was re-negotiated at the same
time (details below). In addition, the existing Corporate
Management Agreement with Prelios Netherlands B.V was terminated,
and a new one signed with TMF Netherlands B.V, a long established
Dutch trust company.
In July 2013, as part of the transfer to Idea Fimit SGR, the
property and facility management services were transferred to
Innovation Real Estate S.p.A. (along with their sub-contractor
Aicom S.p.A.)
Following these changes, Spazio purchased all of the shares in
Celtic Italy s.r.l, the property agent (of Spazio) for a nominal
consideration of EUR20k. What this means is that the services of
Celtic Italy are now being provided to Spazio at cost and without a
profit margin mark up being paid away to 3rd party agents. In
addition, there are now 3rd party revenue streams that have real
potential to grow as activity in Italy slowly begins to pick
up.
Spazio is already seeing the benefits of these changes. Not just
in reduced fees and costs compared to the old regime, but more
importantly via a renewed focus on managing the portfolio of assets
properly. Since Idea Fimit took over as SGR, Spazio has received
regular asset-by-asset updates on capex and leasing initiatives,
detailed cash flow forecasts and portfolio information.
The relationship with Idea Fimit is much more productive, and
the people at Idea Fimit and Celtic Italy are working together
closely with a high degree of professionalism. This should result
in much better asset management and Laxey is very encouraged by the
work done so far.
Portfolio
Spazio Industriale Fund ("Spazio Fund") owns a portfolio of 170
properties with predominantly industrial and logistics use, located
throughout Italy and with a total open market value (OMV) at 31(st)
December 2013 of EUR359.5m.
This comprises the following:
-- 149 telephone exchanges, of which 144 are leased to Telecom Italia SpA (OMV of EUR152.4m);
-- 8 industrial / logistics properties leased or to be leased (OMV of EUR117.5m);
-- two portfolios of properties defined as Vacant Trading and
Small Reconversion (OMV of EUR10.2m);
-- a completed and mostly sold development property in Milan
called "Edificio16" (OMV of EUR4m); and
-- a logistics park in Portogruaro with logistic/industrial use,
partially built, called Eastgate Park (OMV of EUR75.4m).
As at 31(st) December 2013 these properties had a total
annualised passing rent of approximately EUR17.4m.
Such a wide ranging property portfolio requires different skills
to be employed in order to maximise value, and this has underpinned
many of the changes made to the management of the portfolio since
the introduction of the new SGR and the re-negotiation of the bank
debt in May 2013.
The new debt terms, combined with the sluggish Italian
industrial property market, a lack of available debt, and the fact
that many of the leases on Spazio Fund's properties were nearing
the end of their agreed term, have meant that the focus of
management has necessarily shifted from sales to re-leasing and
redevelopment of existing properties. Spazio Fund has focused on
asset management and improving the income profile of its portfolio
to longer leases, and has had a successful year in this regard.
Although the market is thin at present, there are signs of recovery
and a growing interest from domestic and international
investors.
The lease on the biggest single asset in the portfolio, at Sesto
San Giovanni in Milan, has recently been extended and Spazio Fund
is currently negotiating a lease extension with Telecom Italia,
which if concluded will mean that over 50% of the portfolio (by
value) will have an excellent long term income profile. Rental
income from Telecom Italia is expected to be 6% higher than
anticipated in the business plan, which would be an excellent
result. There are also other assets with shorter leases that are
being worked on in conjunction with tenants, to enhance their
saleability and valuation. During the year to 31(st) December 2013,
Spazio Fund sold EUR2.4m of property.
Significant resources are being allocated to reduce the vacancy
rate. The current vacancy rate by area is 27%. This excludes
Eastgate Park, due to the sizeable development land holdings there.
Each property is different, but there are two broad categories of
vacant property. The first is that which needs to be re-let,
normally following a degree of capex, and the second is where the
property is to be sold off for re-development into other uses.
Eastgate Park is different again, containing as it does a very
sizeable portion of future development land.
A good example of the former category is the property in Tivoli,
near Rome, where following the vacation of the former tenant,
extensive works were undertaken at a cost of EUR3.2m in order to
turn the asset into an attractive location for potential tenants.
Following the agreement of a number of leases, this property is
close to becoming 100% let on terms that are likely to better those
anticipated in the business plan.
The latter category includes some smaller assets, such as one in
Portoferraio, which is being sold for approximately EUR2.6m and is
suitable for other uses. In addition to other assets like
Portoferraio, there are larger ones like Pavia with a site size of
approx. 55,000 sqm. Some of the existing buildings are suitable for
redevelopment, while others are not and the local municipality has
already approved a new urban plan, which should allow redevelopment
of about half of the site into residential and commercial. The
remainder is being re-leased and Spazio Fund recently signed a
lease contract for one of the existing warehouses. Clearly this is
a long term project that will require further master plan approval,
some infrastructure works and the eventual sale of "oven ready"
plots to developers and end users. Whilst this will inevitably
impact the liquidity of the site and the income generated from
existing properties, it should create significant value for Spazio
over the longer term.
Eastgate Park at Portogruaro has been challenging to manage in
recent years as local infrastructure plans have taken longer than
hoped to complete. The completion of the infrastructure works is
now expected by the end of 2014 and should, along with an improving
market, widen the market of potential occupiers for the site, both
for existing buildings and the development land.
There are detailed asset management plans for all the Spazio
Fund assets and Laxey is pleased with the progress Idea Fimit and
Celtic Italy are making. An improving market will help, and there
are early signs that investor and tenant interest is beginning to
pick up in Italy from the low levels of 2013.
Bank financing
On the 14(th) May 2013, Spazio Fund signed a term sheet with its
lending banks to extend the debt that was due to expire in October
2013. These two facilities will carry a cost of 250 basis points
above 3 month EURIBOR and have each been hedged. Given the
conditions in the Italian market, the directors of Spazio are
extremely satisfied with the cost of the new debt.
The debt structure of Spazio Fund is shown below:
-- Jumbo Loan - EUR182.3m fixed until 31(st) October 2016 at an all in cost of 3.27%
-- EGP Loan - EUR43.7m fixed until 31(st) December 2015 at an all in cost of 3.1%
At the 31(st) December 2013 the remaining balances on these
facilities were: EUR180.4m for the jumbo loan; and EUR38.1m for the
EGP loan. This compares to a total loan amount of EUR430m in
December 2008, the last year before Laxey took control of the
company.
For TCF shareholders, the new debt terms and the cash sweeps in
place mean that from October 2013, free cash for distributions will
only come from substantial property sales. Furthermore, even if
Spazio Fund is in a position to release sales proceeds for
distribution the proportion of this cash will be lower than it was
previously. To date, Spazio has managed to return EUR3.38 per share
to shareholders, or 66% of the bid price, but shareholders should
not expect further substantial returns in the short to medium
term.
Tax update
Shareholders will be aware of the three separate tax issues that
Spazio has been obliged to deal with in recent years. Laxey is very
pleased to be able to report that all three have been successfully
addressed including the longest running and most extensive, details
of which are below. This is a great result and allows Spazio to
focus exclusively on managing the portfolio and structure in the
best long term interests of shareholders.
Following an investigation into the tax residency of Spazio
during the years 2006 to 2009, the Italian tax authorities alleged
that Spazio had its place of effective management in Italy and as a
result was liable to taxation as an Italian-resident
corporation.
The investigation was centred on whether the way certain
corporate management services were provided to Spazio had caused it
to be liable to taxation as an Italian corporation. Specifically
the authorities alleged that, on the basis of numerous email
exchanges obtained through a tax audit within the Pirelli group,
Spazio was effectively managed from Pirelli's premises by a team
operating in Italy, and that as a consequence was resident in Italy
during those years. In addition, the tax authorities considered
that Spazio had its main business purpose in Italy, where its real
estate investments were located.
Tax advisors engaged by Spazio concluded that the residency
assertion could be challenged before tax courts. However, they also
cautioned against the possible risk of a negative judgment if the
tax courts (or, ultimately, the Supreme Court) were to endorse the
position of the Italian tax authorities. According to advisors, the
maximum litigation risk for FYs 2006-2008 was estimated at around
EUR46.6m (including additional taxes and penalties).
An alternative form of redress eventually resulted in the tax
authorities agreeing to settle the years under investigation via a
mutually acceptable estimation of an arm's length profitability on
proceeds to be taxed in Italy, taking into account corporate
functions performed therein (but without the admission of being a
tax resident of Italy).
In the 2012 TCF Annual Report, it was disclosed that if the
Italian tax authorities concluded that Spazio was liable for these
taxes, a reasonable estimate of the total tax liability (including
penalties) would amount to approximately EUR18.6m. Laxey is pleased
to report that due to the efforts of the directors of Spazio and
their advisors, this case has now been settled with the tax
authorities for EUR14m, including interest for late payment.
Tamar
After becoming frustrated with the pace of disposals and the
lack of returns of cash to shareholders, Laxey requested that Rob
Turner join the board, principally to have the opportunity to
review non-public information and better understand the steps the
company was taking to return cash to shareholders. He joined the
board on the 29(th) May 2014 and an agreed offer was made on the
16(th) June 2014. Laxey is pleased that Rob joined the board and a
recommended offer swiftly followed.
On the 16(th) June 2014 Tamar announced that a cash offer for
the company had been made at 38.25p per share by Starwood, and that
its board had recommended it in line with the stated policy of the
company to dispose of assets and realise value for
shareholders.
On the 4(th) August 2014, the offer was declared unconditional
with acceptances having reached 96% of the shares.
This offer concludes the efforts of Tamar to sell its assets and
return cash to shareholders. A process that started with the sale
of the Nordic portfolio and continued with the company marketing
the remaining assets widely.
Tamar is carried at 34p per share in these financial statements.
The takeover price of Tamar is 38.25p per share.
Corporate Governance Statement
The Company's shares are quoted on the AIM market of the London
Stock Exchange. As an AIM quoted company, the Company is not
required to follow the provisions of the Combined Code as set out
in the UK Financial Services Authority Listing Rules. However, the
Board is committed to high standards of corporate governance and a
summary of the main elements of corporate governance are described
below:
Board of Directors
The composition of the Board is set out on page 1. The Board
meets regularly and is provided with relevant information on
financial, business and corporate matters prior to meetings.
The following committees deal with specific aspects of the
Company's affairs:
Audit Committee
The Audit Committee is responsible for reviewing the adequacy of
the Company's internal controls, accounting policies and financial
reporting and provides a forum through which the Company's external
auditors report to the Company.
The Audit Committee comprises Martin Adams (Chairman) and Robert
Ware.
Remuneration Committee
The Remuneration Committee is responsible for setting the
remuneration of Directors. The Remuneration Committee comprises
Robert Ware (Chairman) and Martin Adams.
Nomination Committee
The Nomination Committee is responsible for making
recommendations regarding the composition of the Board. The
Nomination Committee comprises Robert Ware (Chairman) and Martin
Adams.
Management and Engagement Committee
The Management and Engagement Committee is responsible for the
supervision of the Investment Manager and its performance under the
Investment Management Agreement. The Management and Engagement
Committee comprises Robert Ware (Chairman) and Martin Adams.
Internal Control
The Directors are responsible for establishing and maintaining
the Company's system of internal control. This system of internal
control is designed to safeguard, as far as is reasonably
practical, the Company's assets and to ensure proper accounting
records are maintained and that financial information produced by
the Company is reliable. There are inherent limitations in any
system of internal control and such a system can provide only
reasonable, but not absolute, assurances against material
misstatement or loss. The Directors, through the Audit Committee,
have reviewed the effectiveness of the Company's system of internal
control.
Report of the Independent Auditors, KPMG Audit LLC,
To the Members of Terra Catalyst Fund
We have audited the accompanying financial statements of Terra
Catalyst Fund for the year ended 31(st) March 2014, which comprise
the Statement of Comprehensive Income, the Statement of Financial
Position, the Statement of Changes in Equity, the Statement of Cash
Flows and related notes. The financial reporting framework that has
been applied in their preparation is applicable law and
International Financial Reporting Standards (IFRSs), as adopted by
the EU.
The report is made solely to the Company's members, as a body.
Our audit work has been undertaken so that we might state to the
Company's members those matters we are required to state to them in
an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company's members as a body,
for our audit work, for this report, or the opinion we have
formed.
Respective responsibilities of Directors and Auditor
As explained more fully in the Statement of Directors'
Responsibilities set out on page 2, the Directors are responsible
for the preparation of financial statements that give a true and
fair view. Our responsibility is to audit, and express an opinion
on, the financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board's
(APB's) Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and
disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from
material misstatement, whether caused by fraud or error. This
includes an assessment of: whether the accounting policies are
appropriate to the Company's circumstances and have been
consistently applied and adequately disclosed; the reasonableness
of significant accounting estimates made by the Directors; and the
overall presentation of the financial statements.
Opinion on the financial statements
In our opinion the financial statements:
-- give a true and fair view of the state of the Company's
affairs as at 31(st) March 2014 and of its profit for the year then
ended; and
-- have been properly prepared in accordance with IFRSs, as adopted by the EU.
Emphasis of matter - valuation of investments
In forming our opinion on the financial statements, which is not
modified, we have considered the adequacy of the disclosures made
in note 6 to the financial statements concerning the valuation of
the holding in Spazio Investment NV ("Spazio") of GBP32,559,900.
This is stated at Directors' valuation, with the advice of the
Investment Manager, in the absence of readily ascertainable and
reliable market values and is based on the net asset value of
Spazio per its latest audited accounts as at 31(st) December 2013,
less EUR14m in respect of a tax settlement that was agreed after
Spazio's year end. Due to the inherent uncertainty associated with
the determination of the valuation, the amount realised on disposal
may differ materially from the amount at which it is stated in the
financial statements. The impact of such uncertainty cannot be
quantified.
KPMG Audit LLC
Chartered Accountants
Heritage Court
41 Athol Street
Douglas
Isle of Man IM99 1HN
Statement of Comprehensive Income
For the year ended 31(st) March 2014
2014 2013
Notes GBP GBP
Income
Distributions on long equity securities
and investment funds 265,539 5,512,731
Interest - Cash balances 10,281 14,027
Net realised (losses)/gains on financial
assets and liabilities
at fair value through profit or loss
- Cash balances 10,868 (235,254)
- Equities and Funds (4,061,212) (31,599,652)
- Derivatives - (45,742)
- Forwards (175,318) 1,735,723
Net unrealised gains / (losses) on financial
assets and liabilities
other than currency forwards at fair value
through profit or loss
- Cash balances (7,319) 3,224
- Equities and Funds 24,344,040 24,270,779
- Derivatives - 61,558
Net unrealised losses on currency forwards
at fair value through profit or loss (3,796) (61,890)
Total net investment income/(expense) 20,383,083 (344,496)
-------------------- ----------------------
Expenses
Investment management fee 4 313,138 862,487
Administration fee 5 30,460 86,007
Audit fees 25,455 16,560
Directors' remuneration 18 100,000 164,436
Other expenses 267,647 370,708
Interest expense - Cash balances 83,267 160,470
Total expenses 819,967 1,660,668
-------------------- ----------------------
Profit/(loss) for the year 19,563,116 (2,005,164)
-------------------- ----------------------
Other comprehensive income - -
Total comprehensive income/(expense) for
the year 19,563,116 (2,005,164)
==================== ======================
Gain / (loss) per ordinary share
Basic and fully diluted 12 GBP0.87 (GBP 0.03)
-------------------- ----------------------
Statement of Financial Position
As at 31(st) March 2014
2014 2013
Note GBP GBP
Current Assets
Cash at bank and brokers 15 721,781 3,016,238
Equities - long at fair value through profit
or loss 6 32,569,969 15,548,305
Investment funds - long at fair value through
profit or loss 6 3,284,876 4,824,027
Amounts receivable on currency forwards 13.5 - 3,796
Amounts due for outstanding sale settlements - 11,908
Other debtors and accrued income 9 103,741 4,440
Total Assets 36,680,367 23,408,714
=========================== ====================
Equity
Share capital 7 176,051 305,227
Share premium 8 55,214,300 61,335,332
Retained losses 8 (18,828,293) (38,391,409)
--------------------------- --------------------
Total Equity 36,562,058 23,249,150
--------------------------- --------------------
Liabilities
Overdrawn balances at brokers 15 - 64
Other creditors and accrued expenses 10 118,309 159,500
--------------------------- --------------------
Total liabilities 118,309 159,564
Total liabilities and equity 36,680,367 23,408,714
=========================== ====================
Net asset value per ordinary share 11 2.08 0.76
=========================== ====================
These accounts were approved and authorised by the Board of
Directors on 22(nd) August 2014 and are signed on their behalf
by:
Michael Andrew Haxby Martin Michael Adams
Director Director
Statement of Changes in Equity
For the year ended 31(st) March 2014
Share Share Retained
Capital Premium losses Total
GBP GBP GBP GBP
Balance at 1(st)
April 2012 958,576 98,252,523 (36,386,245) 62,824,854
Total
comprehensive
income
Loss for the year - - (2,005,164) (2,005,164)
Other - - - -
comprehensive
income
Transaction with
owners recorded
directly
in equity:
Contributions by
and distributions
to owners
Distribution - (1,917,151) - (1,917,151)
Repurchase of
shares (653,349) (35,000,040) - (35,653,389)
Balance at 31(st)
March 2013 305,227 61,335,332 (38,391,409) 23,249,150
================== ======================== ======================== =========================
Share Share Retained
Capital Premium losses Total
GBP GBP GBP GBP
Balance at 1(st)
April 2013 305,227 61,335,332 (38,391,409) 23,249,150
Total
comprehensive
income
Profit for the
year - - 19,563,116 19,563,116
Other - - - -
comprehensive
income
Transaction with
owners recorded
directly
in equity:
Contributions by
and distributions
to owners
Repurchase of
shares (129,176) (6,121,032) - (6,250,208)
Balance at 31(st)
March 2014 176,051 55,214,300 (18,828,293) 36,562,058
================== ======================== ======================== =========================
Statement of Cash Flows
For the year ended 31(st) March 2014
Note 2014 2013
GBP GBP
Cash flows from operating activities:
Distribution received 161,853 5,546,931
Interest received 10,513 13,740
Prepaid expenses 1,722 5,009
Management fee paid (347,163) (853,759)
Administration fee paid (31,078) (93,328)
Other expenses paid (397,218) (553,406)
Interest paid (83,267) (172,208)
Decrease in cash held as margin - 1,770
Purchase of investments (129,849) (661,471)
Proceeds from sales of investments 4,770,302 28,782,369
Net cash flow from operating activities 14 3,955,815 32,015,647
----------------------------------- ------------------------------
Cash flows from financing activities:
Distribution paid - (1,917,151)
Repurchase of shares (6,250,208) (24,630,549)
Net cash flow from financing activities (6,250,208) (26,547,700)
----------------------------------- ------------------------------
(Decrease)/increase in cash and cash
equivalents (2,294,393) 5,467,947
=================================== ==============================
Opening cash and cash equivalents 3,016,174 (2,451,773)
Closing cash and cash equivalents 15 721,781 3,016,174
=================================== ==============================
Notes to the financial statements
For the year ended 31(st) March 2014
1. General
The Company was incorporated in the Cayman Islands on 21(st)
December 2007 and its shares were admitted to the AIM market of the
London Stock Exchange plc, on 25(th) February 2008.
2. Accounting policies
(a) Basis of preparation
The financial statements of the Company have been prepared in
accordance with the historical cost convention as modified by the
revaluation of investments. The principal accounting policies which
have been applied are set out below. Such policies are in
accordance with and comply with International Financial Reporting
Standards ("IFRS"), as adopted by the EU.
The Company has adopted IFRS 13: Fair Value Measurement with an
initial application date of 1(st) April 2013. IFRS 13 establishes a
single framework for measuring fair value and making disclosures
about fair value measurements, when such measurements are required
or permitted by IFRSs. In particular, it unifies the definition of
fair value as the price at which an orderly transaction to sell an
asset or to transfer a liability would take place between market
participants at the measurement date. It also replaces and expands
the disclosure requirements about fair value measurements in other
IFRSs, including IFRS 7 Financial Instruments: Disclosures.
In accordance with the transitional provisions of IFRS 13, the
Company has applied the new fair value measurement guidance
prospectively. Notwithstanding the above, the change had no
significant impact on the measurements of the Company's assets and
liabilities.
The Company has adopted the Pound Sterling (GBP) as its
measurement and reporting currency in which shares are issued.
(b) Financial assets and liabilities
Classification
The Company classifies its investments in equities and
investment funds, and related derivatives, and futures as financial
assets or financial liabilities at fair value through profit or
loss. These financial assets and financial liabilities are
classified as held for trading or designated by the Board of
Directors at fair value through profit or loss at inception.
Financial assets or financial liabilities held for trading are
those acquired or incurred principally for the purposes of selling
or repurchasing in the short term. Derivatives are also categorised
as financial assets or financial liabilities held for trading. The
Company does not classify any derivatives as hedges in a hedging
relationship.
The Company makes short sales in which a borrowed security is
sold in anticipation of a decline in the market value of that
security, or it may use short sales for various arbitrage
transactions. Short sales are classified as financial liabilities
at fair value through profit or loss.
Recognition/derecognition
Purchases and sales of investments are accounted for on the date
the securities are purchased or sold. Investments are derecognised
when the rights to receive cash flows from the investments have
expired or the Company has transferred substantially all risks and
rewards of ownership. The computation of the cost of sale of
securities is made on the first in first out basis. Realised and
unrealised gains and losses are recognised in the profit or loss,
and are shown net of all estimated broker charges.
Measurement
Financial assets and financial liabilities at fair value through
profit or loss are initially recognised at fair value. Transaction
costs are expensed in the Statement of Comprehensive Income.
Subsequent to initial recognition, all financial assets and
financial liabilities at fair value through profit or loss are
measured at fair value. Gains and losses arising from changes in
the fair value of the 'financial assets or financial liabilities at
fair value through profit or loss' category are presented in the
Statement of Comprehensive Income in the period in which they
arise.
Valuation of financial instruments
IFRS 13 establishes a hierarchal disclosure framework which
prioritizes and ranks the level of market price observability used
in measuring investments at fair value. Market price observability
is impacted by a number of factors, including the type of
investment and the characteristics specific to the investment.
Investments with readily available active quoted prices or for
which fair value can be measured from actively quoted prices
generally will have a higher degree of market price observability
and a lesser degree of judgment used in measuring fair value.
Investments measured and reported at fair value are classified
and disclosed in one of the following categories:
Level I - Quoted prices are available in active markets for
identical investments as of the reporting date. The type of
investments included in Level I are publicly traded equity
securities and are valued at the closing bid price on a national
securities exchange on the valuation date. Securities sold, not yet
purchased that are listed or dealt on a national securities
exchange are valued at the closing offer price on the valuation
date. As required by IFRS 13, the Company does not adjust the
quoted price for these investments even in situations, if any,
where the Company holds a large position and a sale could
reasonably impact the quoted price.
Level II - Pricing inputs are other than quoted prices in active
markets, which are either directly or indirectly observable as of
the reporting date, are valued at prices for similar assets or
liabilities in markets that are not active, or determined through
the use of models or other valuation methodologies. Investments
which are generally included in this category are publicly traded
equity securities with restrictions and derivative contracts.
Level III - Pricing inputs are unobservable and include
situations where there is little, if any, market activity for the
investment. Fair value of these investments is determined using
valuation methodologies that consider a range of factors, including
but not limited to the price at which the investment was acquired,
independent appraisals of the values of the underlying properties,
the nature of the investment, local market conditions, trading
values on public exchanges for comparable securities, current and
projected operating performance and financing transactions
subsequent to the acquisition of the investment. The inputs into
the determination of fair value require significant management
judgment. Due to the inherent uncertainty of these estimates, these
values may differ materially from the values that would have been
used had a ready market for these investments existed. Investments
that are included in this category generally are privately held
debt and equity securities.
In certain cases, the inputs used to measure fair value may fall
into different levels of the fair value hierarchy. In such cases,
an investment's level within the fair value hierarchy is based on
the lowest level of input that is significant to the fair value
measurement. The assessment of the significance of a particular
input to the fair value measurement in its entirety requires
judgment, and considers factors specific to the investment.
Unrealised gains and losses resulting from recording securities
and derivative financial instruments at fair value are included in
net unrealised appreciation/(depreciation) in the Statement of
Comprehensive Income.
All financial assets and liabilities not stated at fair value in
the financial statements are catagorised as level 2 in the fair
value hierarchy.
The Company may hold the following derivative instruments:
Forward currency contracts
A forward currency contract is a contract to purchase or sell a
specified amount of foreign currency at an agreed future date at an
exchange rate determined on the date the contract is made. The
contracts are valued at the forward rate at the close of business
at year end and the Company's equity therein, representing
unrealised gains or losses on the contracts, is included in the net
current assets. Realised gains and losses are recorded when the
contract is closed.
(c) Income
Dividend income is recognised in the Statement of Comprehensive
Income when the relevant investment is first listed ex-dividend and
is shown net of withholding taxes. Other income is recognised on a
receivable basis.
(d) Taxation
Under current laws of the Cayman Islands, there are no income,
estate, transfer, sales or other taxes payable in the Cayman
Islands by the Company.
(e) Fair values
The Company's financial instruments are investments, cash,
accrued income, broker receivables, forward currency contracts,
accrued expenses, broker payables and other derivatives. The value
of these financial instruments in the financial statements
approximates to their fair value.
(f) Cash and cash equivalents
Cash and cash equivalents comprise cash balances held at banks
together with bank overdrafts. The banks overdrafts are repayable
on demand and form an integral part of the Company's cash
management.
(g) Accrued expenses
Accrued expenses are recognised at fair value and subsequently
stated at amortised cost using the effective interest rate
method.
(h) Translation of foreign currencies
Foreign currency transactions during the year are translated
into Pounds Sterling at the rates of exchange ruling at the dates
of the transactions. Assets and liabilities denominated in foreign
currencies are translated into Pounds Sterling at the rates of
exchange ruling at the balance sheet date. Exchange differences are
included in the Statement of Comprehensive Income.
(i) Future changes in accounting policies
A number of new standards, amendments to standards and
interpretations are not yet effective for the year ended 31(st)
March 2014, and have not been applied in preparing these financial
statements. None of these are expected to have a significant effect
on the measurement of the amounts recognized in the Funds financial
Statements; however, IFRS 9, Financial Instruments ("IFRS 9") may
change the classification of financial assets.
There are no other standards, interpretations or amendments to
existing standards that are not yet effective that would be
expected to have a significant impact on the fund.
3. Critical accounting estimates and assumptions
The preparation of financial statements in conformity with IFRS
as adopted by the EU requires the Directors to make estimates and
assumptions that affect the reported amounts in the financial
statements. The Directors believe that the estimates utilised in
preparing its financial statements are reasonable and prudent,
however, actual results could differ from these estimates. The most
significant estimates and judgements that are required to be made
are in respect of the valuation of investments for which no
reliable market price is available (see note 6).
4. Investment Management fee
Management fee basis to 25(th) September 2012:
The Investment Manager was paid an annual management fee of 0.5%
of the Net Asset Value ("NAV"), paid monthly in arrears, which was
determined based on the NAV before any deduction was made for
accrued performance fees.
In the event that closing adjusted NAV per share for the
relevant financial period (as further adjusted to add back the
aggregate value of the management fee paid during the relevant
financial period) was greater than the opening adjusted NAV per
share for the relevant financial period, the Investment Manager was
entitled to receive an additional one-off payment equal to the
amount needed to put the Investment Manager in the position it
would have been in had the monthly management fees been paid on the
basis of one twelfth of 2% of the monthly NAV.
In addition, the Company paid an annual performance fee per
share to the Investment Manager equivalent to 20% of the excess of
the NAV adjusted to add back the value of any dividends or other
distributions (including buy-backs) paid during the year over a
hurdle rate of 8% per annum (non-compounded). There was no
performance fee payable for the year.
Management fee basis from 25(th) September 2012 to 24(th)
September 2013:
The Investment Manager was paid an annual management fee of 2.0%
of the NAV, paid monthly in arrears.
The Investment Manager was also paid 1.5% of any distributions
made to shareholders.
Management fee basis from 25(th) September 2013:
- A monthly payment of one twelfth of 0.5% of the NAV, less the
carrying value of the Company's indirect interest in Spazio NV;
- 1.5% of any distributions made to shareholders.
Aggregate management fees payable during the year were
GBP313,138 (2013: GBP862,487) of which GBP93,753 (2013: GBP343,380)
related to distribution fees. Fees of GBP1,700 (2013: GBP35,725)
were outstanding at the year end.
The agreement between the Company and the Investment Manager may
be terminated subject to twelve months' notice by either party.
5. Administration fee
The Company pays a fee to the Administrator at the rate of 0.16%
per annum of the NAV. The fee is calculated and paid on a monthly
basis.
The agreement between the Company and the Administrator may be
terminated subject to three months' notice by either party.
6. Investments
2014 2013
GBP GBP
Long positions:
Market value 35,854,845 20,372,332
=========== ===========
Cost 18,503,518 27,365,042
=========== ===========
The Company's accounting policy on fair value measurement is
disclosed in note 2.b. All securities owned and sold are
categorised as Level I for valuation purpose, except for those
noted below under Level III and all investments in derivatives
which are categorised as Level II for valuation purposes. The
changes in the investments classified as Level III are as
follows:
2014 2013
GBP GBP
Balance at 1(st) April 12,801,395 19,699,791
Purchases - -
Sales - (3,952,035)
Realised (losses)/gains - (3,702,077)
Movement in unrealised gains/(losses) 19,758,505 755,716
Balance at 31(st) March 32,559,900 12,801,395
======================== ======================
Cost of investments held at year
end 13,988,345 13,988,345
======================== ======================
Investment categorised as Level III comprise Spazio Investment
NV ("Spazio").
The Company has an interest in 6,128,610 shares of Spazio valued
at GBP32,559,900, or 88.77% of the Total Assets of the Company as
at 31(st) March 2014. The Directors, with the advice of the
Investment Manager, has resolved to carry the investment at
EUR6.4264 per share (2013: EUR2.47 per share). This valuation is
the NAV per share of Spazio, per its latest audited financial
statements as at 31(st) December 2013, less a settlement agreed
with the Italian tax authorities of EUR14,000,000.
The previous carrying value of Spazio of EUR2.47 per share had
been an estimate of realizable value, intended to reflect the
discounts and costs (including provisions for legal and other
costs) required to sell assets of Spazio in a short period of time,
settle liabilities and return cash to its shareholders. As there
has been a subsequent change of investment strategy at Spazio the
basis of valuation has also been changed. The debt contracted by
the Spazio group has been re-negotiated on terms more appropriate
to the remaining portfolio.
The Company held a 26.7% interest in Spazio as at 31(st) March
2014 (2013: 26.7%)
The aggregate of realised gains/losses and movement in
unrealised gains/losses for the year resulting from Spazio recorded
in the Statement of Comprehensive Income amounted to a loss of
GBP19,758,505 (2013: loss of GBP2,946,361).
7. Share capital
2014 2014 2013 2013
Number GBP Number GBP
Ordinary shares of
GBP0.01 each 1,000,000,000 10,000,000 1,000,000,000 10,000,000
10,000,000 10,000,000
===================== =====================
2014 2014 2013 2013
Number GBP Number GBP
Issued share capital
At 1(st) April 30,522,669 305,227 95,857,542 958,576
Issued during year - - - -
Repurchased during year (12,917,602) (129,176) (65,334,873) (653,349)
17,605,067 176,051 30,522,669 305,227
===================== ===================== ===================== =====================
8. Reserves
2014 2013
GBP GBP
Share Premium
At 1(st) April 61,335,332 98,252,523
Relating to repurchase of shares (6,121,032) (35,000,040)
Relating to distribution - (1,917,151)
At 31(st) March 55,214,300 61,335,332
======================= =============
Retained losses
At 1(st) April (38,391,409) (36,386,245)
Total comprehensive income/(expense)
for the year 19,563,116 (2,005,164)
At 31(st) March (18,828,293) (38,391,409)
======================= =============
9. Other debtors and accrued income
2014 2013
GBP GBP
Dividends receivable 103,686 -
Prepaid consulting fees - 4,153
Interest receivable 55 287
103,741 4,440
===================== =====================
10. Other creditors and accrued expenses
2014 2013
GBP GBP
Administration fee payable 2,250 2,868
Accounting fees payable 7,000 6,674
Audit fee payable 12,000 8,280
Corporate secretarial fees payable 2,000 4,000
Directors' fees payable 25,000 25,000
Investment management fee payable 1,700 35,725
Other items payable 68,359 76,953
118,309 159,500
======== ========
11. Net asset value per share
2014 2014 2013 2013
Total Per Share Total Per Share
GBP GBP GBP GBP
Net asset value 36,562,058 2.08 23,249,150 0.76
=========== ========== =========== ==========
12. Basic and diluted gain per share
The basic and fully diluted gain per share is based on the
profit for the year of GBP19,563,116 (2013: loss of GBP2,005,164)
and the weighted average number of shares in issue during the year
of 22,544,070 (2012: 75,087,503).
13. Risk Profile
The Company's activities expose it to a variety of financial
risks: market price risk, currency risk, interest rate risk, credit
risk and liquidity risk. The Company's overall risk management
programme focuses on the unpredictability of financial markets and
seeks to minimise potential adverse effects on the Company's
financial performance. The Company uses derivative financial
instruments to moderate certain risk exposures.
13.1 Market price risk
Market price risk is the risk that the market price of a
financial instrument will fluctuate due to changes in factors
specific to the security or its issuer, factors affecting all
securities traded in the market, foreign exchange rates or market
interest rates.
The Company trades in financial instruments, taking positions in
traded and over-the-counter instruments, including derivatives, and
some unlisted instruments. Following the disposal of most of its
securities the Company primarily now invests in Spazio, which
represents 88.77% of total assets.
The Company is therefore exposed to the performance of Spazio,
which invests in Italian property.
Market exposures to different classes of investment are shown on
the Statement of Financial Position.
If the fair value of the Company's investment portfolio had
increased/decreased in value by 5% as at 31(st) March 2014 the
effect on net assets would have been an increase/decrease of
GBP1,792,742 (2013: GBP1,018,617).
13.2 Interest rate risk
The majority of the Company's financial assets and liabilities
are non-interest bearing. As a result, the Company is not subject
to the significant amounts of risk due to fluctuation in the
prevailing levels of market interest rates. Any excess cash and
cash equivalents are invested at short-term market interest rates.
Overdrawn balances at brokers are also subject to short-term market
interest rate movements.
Cash balances and overdrawn balances at brokers are due on
demand. A sensitivity analysis regarding interest rate risk has not
been given as the Company is not subject to significant interest
rate risk.
13.3 Credit risk
The Company assumes exposure to credit risk, which is the risk
that a counterparty will be unable to pay amounts in full when due.
The Company is exposed to credit risk in relation to its cash
balances, investments and debtor balances as stated in the
Statement of Financial Position.
All transactions in listed securities are traded on a delivery
versus payment basis. The trade will fail if either party fails to
meet its obligation. Credit risk on a derivative instrument is
limited to the amount of initial margin paid plus any variation
margin.
The Company mitigates credit risk through using only reputable
banks and brokers. The credit worthiness of the banks and brokers
are monitored by the Investment Manager.
13.4 Liquidity Risk
Liquidity risk may arise from the potential inability to sell a
financial instrument without undue delay at a price close to its
market value. The Company's policy in managing liquidity risk is to
have sufficient liquid assets to meet its liabilities as they fall
due, without incurring undue losses.
The Company may, from time to time, invest in derivative
contracts traded over the counter, which are not traded in an
organised market and may be illiquid.
The table below analyses the Company's financial liabilities and
net settled derivative financial liabilities into relevant maturity
groupings based on the remaining period at the end of the financial
year to the contractual maturity date. The amounts in the table are
the contractual undiscounted cash flows.
Less than No Stated
1 month 1-12 months maturity Total
GBP GBP GBP GBP
---------- --------------- --------------- --------
As at 31(st) March 2014
Other creditors and accrued
expenses 118,309 - - 118,309
---------- --------------- --------------- --------
Total financial liabilities 118,309 - - 118,309
========== =============== =============== ========
Less than No Stated
1 month 1-12 months maturity Total
GBP GBP GBP GBP
---------- --------------- --------------- --------
As at 31(st) March 2013
Overdrawn balances at brokers 64 - - 64
Other creditors and accrued
expenses 159,500 - - 159,500
---------- --------------- --------------- --------
Total financial liabilities 159,564 - - 159,564
========== =============== =============== ========
13.5 Currency risk
The Company holds assets denominated in currencies other than
its functional currency, the Pound Sterling. It is therefore
exposed to currency risk, as the value of the securities
denominated in other currencies will fluctuate due to changes in
exchange rates. The following table summarises the Company's
exposure to foreign currencies as a percentage of net assets.
At 31(st) March 2014 the Company's exposure to foreign currency,
on a look through basis, was as follows:
2014 2013
Weighted % Weighted %
GBP 9.91% 0.00%
EUR 90.09% 12.96%
100.00% 12.96%
=========== ===========
Forward currency contracts
The Company previously entered into forward currency contracts
in order to hedge against foreign currency exchange risk and/or for
speculative purposes. The amount of the contract represented the
extent of the Company's participation in these financial
instruments. Market risks associated with forward contracts arise
due to the possible movements in foreign exchange rates underlying
these instruments. Other market and credit risks include the
possibility that there may be an illiquid market for the contracts,
that the change in value of the contract may not directly correlate
with the changes in the value of the underlying currencies or that
the counterparty defaults on its obligation to perform under the
terms of the contract.
At 31(st) March 2014 the Company held no net open forward
contracts.
At 31(st) March 2013 the Company held net open forward contracts
as set out below:
Purchase Contractual Sale Contractual Unrealised
currency amount currency amount gain GBP
GBP 14,640,125 EUR (17,300,000) 3,796
3,796
===========
14. Reconciliation of gain for the year to net cash
inflow/(outflow) from operating activities
2014 2013
GBP GBP
Total comprehensive income/(expense) for
the year 19,563,116 (2,005,164)
Net realized loss on financial assets 4,225,662 30,144,925
Net unrealised gain on financial assets (24,332,925) (24,273,671)
(Increase)/decrease in revenue debtors
and accrued income (99,301) 38,922
Decrease in revenue creditors and accrued
expenses (41,190) (12,034)
Decrease in cash held as margin - 1,770
Purchase of investments (129,849) (661,471)
Sale of investments 4,770,302 28,782,369
Net cash inflow from operating activities 3,955,815 32,015,647
======================= =============
15. Cash and cash equivalents
2014 2013
GBP GBP
At 1(st) April 3,016,174 (2,451,773)
(Decrease)/increase in cash and cash equivalents (2,294,393) 5,467,947
At 31(st) March 721,781 3,016,174
======================= ============
Cash at bank 721,781 3,016,238
Overdrawn balances at brokers - (64)
721,781 3,016,174
======================= ============
16. Prime brokerage agreements
Under the terms of the Company's prime brokerage agreement, the
prime broker holds a first fixed charge over the Company's assets
and cash held with the prime broker as security for the payment and
performance by the Company of its obligations to the prime
broker.
17. Related parties
The Company and the Investment Manager are related by virtue of
the existence of a material contract as referred to in note 4. As
at 31(st) March 2014, the Investment Manager owned 1,480,035 shares
(2013: Nil shares) in the Company. Fees payable to the Investment
Manager in respect of the year were GBP313,138 (2013: GBP519,107)
of which GBP1,700 (2013: GBP35,725) was outstanding at the year
end.
Michael Haxby, a Director of the Company, is also a Director of
the Investment Manager and of member companies of the Spazio group.
Mr Haxby receives a fee from Terra European Investments BV ("TEI"),
a Spazio group company, of EUR12,000 per year.
The Investment Manager has entered into an agreement with TEI
which will pay the Investment Manager an annual management fee of
0.5% based on the latest audited Spazio NAV (adjusted for the
EUR14m tax settlement, if not provided for in the audited
accounts), payable monthly in arrears. The fee will remunerate the
Investment Manager for managing TEI's holding in Spazio. The
carrying value of Spazio is not included in the calculation of the
management fee paid by the Company to the Investment Manager.
Colin Kingsnorth, a director and an ultimate beneficial owner of
the Investment Manager is also a director of Spazio.
The Company held a 26.7% interest in Spazio as at 31(st) March
2014 (2013: 26.7%). The Investment Manager controls 72.4% of Spazio
(2013: 72.4%).
18. Directors' Remuneration
Details of Directors remuneration earned in respect of the
financial year by each Director of the Company acting in such
capacity during the financial year are as follows:
2014 2013
GBP GBP
Robert Thomas Ware 65,000 65,000
Martin Michael Adams 35,000 35,000
Nicholas Paul James - 12,887
Aled Rhys Jones - 12,887
Andrew Morrison Shepard - 12,887
Johan Fredrik Petter Lantz - 25,775
Michael Andrew Haxby* - -
100,000 164,436
-------------- --------------
*Michael Haxby has waived the right to receive Directors fees
from the Company while he is a director of the Investment
Manager.
With effect from 25(th) September 2012, Nicholas James, Rhys
Jones, Andrew Shepherd and Johan Lantz resigned as Directors of the
Company receiving payment up to that date plus 3 months' severance
fees in lieu of notice.
The fees detailed above are the only remuneration paid to the
Directors.
19. Subsequent Events
The Company sold its 9,661,400 shares in Tamar European
Industrial Fund Limited ("Tamar") for 38.25p per share, as part of
a takeover offer. The proceeds received by the Company on 18(th)
August 2014 were GBP3,695,486. Tamar's carrying value in these
financial statements is GBP3,284,876.
On 22(nd) August 2014 the Directors of the Company approved a
distribution to shareholders, to be made via compulsory redemption,
of approximately GBP2,300,000.
In preparing these financial statements, the Company has
evaluated events that have occurred from 1(st) April 2014 through
22(nd) August 2014 (the date that the annual statements were
issued/available to be issued) and except as already included in
the notes to financial statements, it has determined that no events
have occurred that would require recognition or additional
disclosures in these financial statements.
Supplementary Information
Reconciliation of Net Asset Value to Total Equity per Statement
of Financial Position as at 31(st) March 2014
2014 2013
GBP GBP
Net Assets as at 31(st) March 16,516,621 23,249,151
Revaluation of Spazio Investment NV from
EUR 2.47
to EUR 6.4264 per share 20,045,437 -
Shareholder's Funds per Statement of Financial
Position 36,562,058 23,249,151
=========== ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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