TIDMBRH
RNS Number : 0090U
Braveheart Investment Group plc
19 October 2017
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
19 October 2017
Braveheart Investment Group plc
("Braveheart" or "the Company")
Interim results
Braveheart Investment Group plc (AIM: BRH), the fund management
and strategic investor group, today announces its interim results
for the six months ending 30 September 2017.
Key points
-- Revenue of GBP397,000 in the six months ended 30 September 2017 (2016: GBP562,000);
-- Profit of GBP191,000 in the six months ended 30 September 2017 (2016: GBP475,000);
-- Earnings per share of 0.71p in the six months ended 30 September 2017 (2016: 1.67p);
-- Continuation of new investment strategy, investment increased
in all strategic businesses with momentum building; and
-- Gyrometric - significant further investment reflects growing prospects.
Further information:
Braveheart Investment Group plc
Trevor Brown, Chief Executive Tel: +44 1738 587555
Allenby Capital Limited (Nominated Adviser and Broker to
Braveheart)
David Worlidge / James Thomas Tel: +44 20 3328 5656
Chief Executive Officer's Statement
We are pleased to report to shareholders the results for the six
months ended 30 September 2017.
Financial Review
Revenue was GBP397,000 in the six months ended 30 September 2017
(2016: GBP562,000).
We have undertaken an unaudited interim review of the valuations
of the Group's directly held investments and have concluded that,
at this stage, these valuations should remain largely unchanged.
Therefore, as at 30 September 2017, the fair value of the Group's
investment was GBP1,031,000, which comprises the valuations of the
historic investments made by Braveheart up to 2015 (the
"Portfolio") of GBP368,000 and the strategic investments (the three
investments made by Braveheart from 2016, the "Strategic
Investments") of GBP663,000. This figure includes the additional
investments made into these three companies during the period under
review of GBP160,000. It should be noted that we continue to value
all our Strategic Investments at cost and with no valuation
recognition of the significant progress that these three companies
have made since our initial investments into them. We expect to be
reviewing these valuations at the preparation of the accounts for
the financial year to 31 March 2018.
Our operating costs for the period under review were GBP207,000
(2016: GBP435,000), a reduction of 52 per cent. on the prior
period. This further reduction in costs is partially as a result of
our on-going overheads being reduced, for example employee expenses
fell from GBP275,000 for the 6 months to 30 September 2016 to
GBP170,562 for the period under review, and also because we have
been able to write back into the accounts certain cost accruals
which were not required in the event. The reduction in cash to
GBP999,000 reflects further investment in our Strategic Investments
and a reduction in payables, primarily to British Business
Bank.
We report a profit before tax for the period under review of
GBP191,000 (2016: profit of GBP475,000). This equates to earnings
per share of 0.71 pence. We have not made any disposals from the
Portfolio during the period under review and have also maintained
the valuations of the Portfolio and the Strategic Investments at
the levels that were reported in our last annual accounts. This has
meant that although our interim profit before tax of GBP191,000 is
a reduction from that achieved in the same period last year the
2016 comparative includes a book profit on one disposal from the
Portfolio of GBP303,000. If this profit from the disposal is
excluded from the profit before tax figure, the comparative figures
are similar, GBP191,000 for the period under review compared to
GBP172,000 for the 6 months to 30 September 2016.
Strategic Investments
We believe that our Strategic Investments are the most likely
drivers of growth in shareholder value over the remainder of the
current year and so have concentrated this CEO Statement on their
operations and prospects.
Gyrometric operational update
In January 2017, we announced that Braveheart had acquired a 40%
holding in Gyrometric Systems Limited ("Gyrometric"). Since then we
have invested further, including a convertible loan which if
converted is expected to take our total holding to 44 per cent. In
addition, on 26 September 2017, we agreed to purchase existing
shares from Nottingham Trent University on a profit share basis.
This purchase is expected to complete before the end of October
2017, at which time our holding would rise to 56.6 per cent. of the
issued share capital (including the 12 per cent. acquired from
Nottingham Trent University which is subject to certain profit
share arrangements).
Gyrometric has developed a patent protected system of hardware
and software to accurately monitor the movements in rotating
shafts. Warnings generated by this system help prevent expensive
and untimely breakdowns in industry and transport.
A particular opportunity for this technology is the European
wind turbine market, where new asset financing exceeded EUR27bn in
2016 as countries rapidly built up wind generation capacity. Its
GyromonTM product is capable of measuring the angular position of a
rotating shaft to within 1/600th of a degree and a radial
displacement to one micron. With such information, it is possible
to monitor torque, angular vibrations and radial movements across
couplings, bearings and gearboxes as the load varies or the
components wear.
In May 2017, Gyrometric was advised that its technology would be
installed and tested in the 7MW wind turbine nacelle at Blyth, the
UK's Centre of Excellence for Renewable Energy. The GyromonTM
system is now installed and commissioned within the nacelle, from
which Gyrometric receives real-time data. The drivetrain test
programme will commence next month and Gyrometric will be able to
monitor every movement from its offices in Nottingham.
The UK leads the European market in large-scale offshore wind
turbines with over 1,472 connected and capable of generating 5.2
GW. Europe's total wind power generation capacity increased by 8.8%
in 2016 to 153 GW (141 GW from onshore and 12.6 GW from offshore
wind turbines). In 2016, wind energy generated enough electricity
to meet 10.4% of the EU-28 total electricity demand and this is
growing. The size of wind turbines varies depending on location,
but the largest can now generate more than 8.5MW and have blades
over 70m in length.
Retrofitting the Gyromon(TM) to wind turbines in service is
challenging because of their remote location and size. As the cost
of a gearbox failure is estimated to be GBP700,000 (when capital
cost, repair and down-time are included) the Gyrometric management
believe that it saves turbine operators costs in the long term.
Gyrometric's vision is for the Gyromon(TM) to be fitted to all
wind turbines by the original equipment maker. The encoder and
sensors are standard parts, but the electronics and analysis
software are proprietary. Because the Gyromon(TM) can monitor the
loads on the drive-train in real-time, Gyrometric's customers can
use the data to operate their equipment closer to maximum output.
Generating more power and reducing the risk of failure would
significantly increase the operator's return on investment.
On completion of the acquisition of shares from Nottingham Trent
University, our holding in Gyrometric will rise to over 50 per
cent. As a result, we anticipate that the accounts for Gyrometric
will need to be consolidated into the Braveheart Group's accounts
for the financial year to 31 March 2018.
Paraytec operational update
During the period, Braveheart invested further including a
convertible loan which, if converted, is expected to increase our
total holding to 48 per cent.
Paraytec is a scientific instrument company which has developed
the ActiPix(TM) brand of ultra-violet (UV) area imaging detectors
which use visible and UV light to analyse various characteristics
of liquid samples. These instruments have applications in a wide
range of industries including pharma, biopharma, personal care,
food, health care diagnostics and cosmetics.
The Company recently announced a project funded by Innovate UK
to develop the next generation of products based on Paraytec's
ActiPix(TM) technology. The initial research project is to produce
a point-of-care instrument for the detection of bladder cancer
cells in urine. A second, derived project, is a feasibility study
for the development of a phone camera based detection system for
identifying cancer cells in urine.
Bladder cancer affects more than 10,000 people in the UK each
year, the seventh most common cancer in the UK. Bladder cancer
patients are more likely to suffer a recurrence than those
suffering other types of cancer. They currently require -two to
four visits per year for an expensive and invasive hospital
outpatient procedure, white-light cystoscopy. This is used together
with cytology, the microscopic examination of human cells separated
out from urine, which is a 50-year-old technology, insensitive and
prone to human error and sampling error.
Regular non-invasive monitoring of patients, using ActiPix(TM)
technology, could significantly reduce NHS costs, improve treatment
and reduce the patient discomfort caused by existing monitoring
methods.
A further development programme is under review for use of
Paraytec's technology to detect biomarkers connected to
neurodegeneration. The company's partners have proved that it is
possible to follow the progression of Alzheimer's disease (AD) by
measuring protein concentration in blood samples, using a method
which has been shown to classify AD patients into those who will
later rapidly lose their mental abilities ("fast decliners")
compared with those who will slowly decline mentally ("slow
decliners"). A blood biomarker for AD onset or progression is a
highly desirable alternative to the current markers in
cerebrospinal fluid (CSF), as CSF can only be acquired with an
invasive lumbar puncture procedure, unlike blood analysis which is
considered non-invasive.
Kirkstall operational update
Kirkstall Limited ("Kirkstall") has developed Quasi Vivo(TM), a
system of interconnected chambers for cell and tissue culture in
laboratories. It has established a significant position in the
rapidly emerging field that has become known as 'organ-on-a-chip',
where its patented technology is used by researchers in academia
and drug development companies to maintain living cells in a
nutrient flow.
In September 2017 Kirkstall signed a global distribution
agreement with a leading Swiss life-science company, Lonza. This
marks a significant step in the roll-out of Kirkstall's Quasi
Vivo(TM) technology, giving the Company access to Lonza's sales
team across the world and product shipments have commenced to
Germany and the US.
As reported on 13 September 2017, the board of Kirkstall has
announced that it is seeking to raise up to GBP2.5 million in a
private placing at a pre-money valuation of GBP5.6 million. There
can be no certainty that the fundraising by Kirkstall will be
completed, how much will be raised or, if a placing is completed,
at what pre-money valuation the placing will be effected.
However, if the private placing is successful we believe that
this would transform Kirkstall, allowing it to rapidly expand the
Quasi Vivo(TM) product portfolio to meet the requests of existing
customers. It will also strengthen the sales and technical teams,
in order to support distributors at the same time sales building
direct sales.
Viking Fund Managers
The fund management business, Viking Fund Managers Limited
("Viking"), has continued to focus upon the management of the
Finance Yorkshire Equity Fund. This fund invested both debt and
equity into businesses in the Yorkshire and Humber region in unit
sizes of GBP50,000 to GBP2 million. The fund has now been fully
invested and so the emphasis is now upon monitoring investments and
achieving their successful realisations. This fund management
contract continues until December 2019. We continue to be in
discussions with a number of parties concerning the raising of new
funds which would be managed by Viking and the appointment of
Viking for the management of existing funds where the incumbent
manager is to be replaced.
Outlook
The primary focus of the Board over the next months will be to
work energetically with the boards of our Strategic Investments to
promote medium and longer-term capital growth from the expansion of
their operations. With the many operational and corporate
initiatives and developments currently underway in our portfolio,
we anticipate a busy and exciting period ahead and we view the
future of the Group with confidence.
Trevor E Brown
Chief Executive Officer
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September 2017
Six months ended Six months ended Year ended
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
------------------------------------------------------------ ----- ----------------- ----------------- -----------
Revenue 388,848 561,327 1,153,645
Change in fair value of investments 4 8,582 31,772 183,475
Movement on contingent consideration/liability - - 13,580
Gain on disposal of investment - 303,475 252,747
Finance revenue 51 13,055 5,182
------------------------------------------------------------ ----- ----------------- ----------------- -----------
Total income 397,481 909,629 1,608,629
------------------------------------------------------------ ----- ----------------- ----------------- -----------
Employee benefits expense (170,562) (275,145) (440,594)
Other operating costs (34,159) (156,910) (384,143)
Finance costs (1,923) (2,491) (4,364)
------------------------------------------------------------ ----- ----------------- ----------------- -----------
Total costs (206,644) (434,546) (829,101)
------------------------------------------------------------ ----- ----------------- ----------------- -----------
Profit before tax 190,837 475,083 779,528
Tax - - -
Profit after tax for the period and total comprehensive
income for the period 190,837 475,083 779,528
Profit attributable to:
Equity holders of the parent 190,837 450,696 767,900
Non-controlling interest - 24,387 11,628
190,837 475,083 779,528
------------------------------------------------------------ ----- ----------------- ----------------- -----------
Basic earnings per share Pence Pence Pence
* Basic 0.71 1.67 2.84
* Diluted 0.69 1.67 2.81
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the six months ended 30 September 2017
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
Note GBP GBP GBP
-------------------------------------------------- ----- ------------- ------------- ----------
ASSETS
Non-current assets
Goodwill 3 380,000 380,000 380,000
Investments at fair value through profit or loss 4 1,030,711 721,824 862,129
Other receivables 150,193 366,200 150,193
-------------------------------------------------- ----- ------------- ------------- ----------
1,560,904 1,468,024 1,392,322
-------------------------------------------------- ----- ------------- ------------- ----------
Current assets
Trade and other receivables 443,852 186,187 516,446
Cash and cash equivalents 998,769 1,333,681 1,420,850
-------------------------------------------------- ----- ------------- ------------- ----------
1,442,621 1,519,868 1,937,296
-------------------------------------------------- ----- ------------- ------------- ----------
Total assets 3,003,525 2,987,892 3,329,618
-------------------------------------------------- ----- ------------- ------------- ----------
LIABILITIES
Current liabilities
Trade and other payables (225,611) (421,964) (768,528)
Contingent consideration/liability - (216,711) -
Deferred income (53,481) (66,023) (31,532)
(279,092) (704,698) (800,060)
-------------------------------------------------- ----- ------------- ------------- ----------
Non-current liabilities
Borrowings (43,369) (43,392) (43,392)
Other payables - (58,898) -
(43,369) (102,290) (43,392)
-------------------------------------------------- ----- ------------- ------------- ----------
Total liabilities (322,461) (806,988) (843,452)
-------------------------------------------------- ----- ------------- ------------- ----------
Net assets 2,681,064 2,180,904 2,486,166
-------------------------------------------------- ----- ------------- ------------- ----------
EQUITY
Called up share capital 5 541,650 541,109 541,109
Share premium 1,567,615 1,564,095 1,564,095
Merger reserve 523,367 523,267 523,367
Retained earnings 72,819 (436,039) (118,018)
-------------------------------------------------- ----- ------------- ------------- ----------
Equity attributable to owners of the parent 2,705,351 2,192,432 2,510,553
Non-controlling interest (24,387) (11,628) (24,387)
-------------------------------------------------- ----- ------------- ------------- ----------
Total equity 2,681,064 2,180,904 2,486,166
-------------------------------------------------- ----- ------------- ------------- ----------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2017
Six months ended Six months ended Year ended
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------------------------------------------------- ----------------- ----------------- -----------
Operating activities
Profit before tax 190,837 475,083 779,528
Adjustments to reconcile profit/(loss) before tax to net cash
flows from operating activities
Share-based payments expense - 817 1,634
Impairment losses - - -
Increase in the fair value movements of investments (8,582) (31,711) (183,475)
Gain on disposal of equity investments - (303,475) (252,747)
Interest income (51) (13,055) (5,182)
Decrease/(increase) in trade and other receivables 72,594 (48,064) (161,589)
Decrease in trade and other payables (520,991) (102,755) (66,989)
------------------------------------------------------------------- ----------------- ----------------- -----------
Net cash flow from operating activities (266,193) (23,160) 111,180
------------------------------------------------------------------- ----------------- ----------------- -----------
Investing activities
Proceeds from sale of equity investments - 399,000 513,857
Increase in investments (160,000) (318,000) (472,155)
Interest received 51 13,055 5,182
------------------------------------------------------------------- ----------------- ----------------- -----------
Net cash flow from investing activities (159,949) 94,055 (46,884)
------------------------------------------------------------------- ----------------- ----------------- -----------
Financing activities
Issue of share capital 4,061 - -
------------------------------------------------------------------- ----------------- ----------------- -----------
Net cash flow from financing activities 4,061 - -
------------------------------------------------------------------- ----------------- ----------------- -----------
Net (Decrease)/increase in cash and cash equivalents (422,081) 70,895 158,064
Cash and cash equivalents at the start of the period 1,420,850 1,262,786 1,262,786
------------------------------------------------------------------- ----------------- ----------------- -----------
Cash and cash equivalents at the end of the period 998,769 1,333,681 1,420,850
------------------------------------------------------------------- ----------------- ----------------- -----------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2017
Attributable to owners of
the Parent
--------------------------------------------------------
Share Share Merger Retained Non-controlling Total
Capital Premium Reserve Earnings Total Interest Equity
GBP GBP GBP GBP GBP GBP GBP
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
At 1 April
2016 (audited) 541,109 1,564,095 523,367 (887,552) 1,741,019 (36,015) 1,705,004
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
Share-based
payments - - - 817 817 - 817
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
Transactions
with owners - - - 817 817 - 817
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
Profit and
total comprehensive
income for
the period - - - 450,696 450,696 24,387 475,083
At 30 September
2016 (unaudited) 541,109 1,564,095 523,367 (436,039) 2,191,432 (11,628) 2,180,904
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
Share-based
payments - - - 1,634 1,634 - 1,634
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
Transactions
with owners - - - 1,634 1,634 - 1,634
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
Loss and total
comprehensive
income for
the period - - - 316,387 316,387 (12,759) 303,628
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
At 1 April
2017 (audited) 541,109 1,564,095 523,367 (118,018) 2,510,553 (24,387) 2,486,166
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
Share-based
payments - - - - - - -
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
Issue of equity
shares 541 3,520 - - 4,061 - 4,061
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
Transactions
with owners 541 3,520 - - 4,061 - 4,061
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
Profit and
total comprehensive
income for
the period - - - 190,837 190,837 - 190,837
At 30 September
2017 (unaudited) 541,650 1,567,615 523,367 72,819 2,705,351 (24,387) 2,681,064
---------------------- --------- ---------- --------- ---------- ---------- ---------------- ----------
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 2017.
The interim financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting and should be read in
conjunction with the Annual Report and Accounts for the year ended
31 March 2017 which have been prepared in accordance with
International Financial Reporting Standards as adopted for use in
the EU. The financial information in this half-yearly report, which
was approved by the Board and authorised for issue on 19 October
2017 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 2017 has been extracted from the
Group's Annual Report and Accounts for the year ended 31 March 2017
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 2017.
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 2017 and which will form the basis of the 2018 Annual Report.
The interim financial statements have been prepared on the same
basis as the financial statements for year ended 31 March 2017
which is on the assumption that the Company is a going concern.
2 Earnings per share
The basic earnings per share has been calculated by dividing the
profit for the period attributable to equity holders of the parent
by the weighted average number of ordinary shares in issue during
the period.
The calculation of earnings per share is based on the following
profit and number of shares in issue:
Six months ended Six months ended Year ended
30 Sept 2017 30 Sept 2016 31 Mar 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
-------------------------------------------------------------- ----------------- ----------------- ------------
Profit for the period attributable to equity holders of the
parent 190,837 450,696 779,528
-------------------------------------------------------------- ----------------- ----------------- ------------
Weighted average number of ordinary shares in issue:
* For basic profit per ordinary share 27,063,332 27,055,491 27,055,491
* Potentially dilutive ordinary shares 532,813 - 270,270
-------------------------------------------------------------- ----------------- ----------------- ------------
* For diluted profit per ordinary share 27,596,145 27,055,491 27,325,761
-------------------------------------------------------------- ----------------- ----------------- ------------
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 532,813 potentially dilutive ordinary shares.
3 Goodwill
Viking Neon Total
GBP GBP GBP
---------------------------------- ------------ -------- --------
At 1 April 2016 (audited) - 380,000 380,000
At 30 September 2016 (unaudited) - 380,000 380,000
At 30 September 2017 (unaudited) - 380,000 380,000
--------------------------------------- -------- -------- --------
The Group assessed the recoverable amount of the above goodwill
with Neon's cash generating units and determined that goodwill was
not impaired.
4 Investments at fair value through profit or loss
Level 1 Level 2 Level 3
---------------------- -------------- ------------------------------ ------------------------------ ----------
Equity Equity Debt Equity Debt
investments investments investments investments investments
in quoted in unquoted in unquoted in unquoted in unquoted
companies companies companies companies companies Total
GBP GBP GBP GBP GBP GBP
---------------------- -------------- -------------- -------------- -------------- -------------- ----------
At 1 April 2016
(audited) 165,554 - - 302,055 - 467,609
Disposals - - - (95,556) - (95,556)
Additions at cost - - - 288,000 30,000 318,000
Change in Fair Value - - - 31,771 - 31,771
---------------------- -------------- -------------- -------------- -------------- -------------- ----------
At 30 September 2016
(unaudited) 165,554 - - 526,270 30,000 721,824
---------------------- -------------- -------------- -------------- -------------- -------------- ----------
Disposals/Repayments (165,554) - - - - (165,554)
Additions at cost - - - 85,000 69,155 154,155
Change in Fair Value - - - 151,704 - 151,704
---------------------- -------------- -------------- -------------- -------------- -------------- ----------
At 1 April 2017
(audited) - - - 762,974 99,155 862,129
Disposals - - - - - -
Additions at cost - - - 75,000 85,000 160,000
Change in Fair Value - - - 8,582 - 8,582
---------------------- -------------- -------------- -------------- -------------- -------------- ----------
At 30 September 2017
(unaudited) - - - 931,556 99,155 1,030,711
---------------------- -------------- -------------- -------------- -------------- -------------- ----------
The accounting policies in regards to valuations in these
half-yearly results are the same as those applied by the Group in
its audited consolidated financial statements for the year ended 31
March 2017 and which will form the basis of the 2018 Annual Report
and Accounts. Investments are designated as fair value through
profit or loss and are initially recognised at fair value and any
gains or losses arising from subsequent changes in fair value are
presented in profit or loss in the statement of comprehensive
income in the period in which they arise.
The Group classifies its investments using a fair value
hierarchy. Classification within the hierarchy has been determined
on the basis of the lowest level input that is significant to the
fair value measurement of the relevant investment as follows:
-- Level 1 - valued using quoted prices in active markets for identical assets;
-- Level 2 - valued by reference to valuation techniques using
observable inputs other than quoted prices included within Level 1;
and
-- Level 3 - valued by reference to valuation techniques using
inputs that are not based on observable market data.
Investments at fair value through profit or loss (continued)
The fair values of quoted investments are based on bid prices in
an active market at the reporting date. All unquoted investments
have been classified as Level 3 within the fair value hierarchy,
their respective valuations having been calculated using a number
of valuation techniques and assumptions, notwithstanding that the
basis of the valuation methodology used most commonly by the Group
is 'price of most recent investment'. The use of reasonably
possible alternative assumptions has no material effect on the fair
valuation of the related investments. The impact on the fair value
of investments if the discount rate and provision shift by 1% is
GBP3,680 (2016: GBP1,789).
5 Share capital
30 Sept 30 Sept 31 Mar
2017 2016 2017
(unaudited) (unaudited) (audited)
Authorised GBP GBP GBP
33,645,000 ordinary shares of
2 pence each
(30 September 2016: 33,645,000,
31 March 2017: 33,645,000) 672,900 672,900 672,900
---------------------------------- ------------ ------------ ----------
Allotted, called up and fully
paid
27,082,565 ordinary shares of
2 pence each
(30 September 2016: 27,055,491,
31 March 2017: 27,055,491) 541,650 541,109 541,109
---------------------------------- ------------ ------------ ----------
The Company has one class of ordinary shares. All shares carry
equal voting rights, equal rights to income and distribution of
assets on liquidation or otherwise, and no right to fixed
income.
6 Availability of Interim Results
Shareholder communications
A copy of this report is available on request from the Company's
registered office: 2 Dundee Road, Perth, PH2 7DW. A copy has also
been posted on the Company's website:
www.braveheartinvestmentgroup.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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