TIDMLFI 
 
LONDON FINANCE & INVESTMENT GROUP PLC 
 
Final Results 
 
27 September 2021 
 
                     LONDON FINANCE & INVESTMENT GROUP PLC 
 
                   ("Lonfin", "the Company" or "the Group") 
 
                Final Results for the year ended 30th June 2021 
 
                             Dividend Declaration 
 
London Finance & Investment Group PLC. (LSE: LFI, JSE: LNF), the investment 
company whose assets primarily consist of Strategic Investments and a General 
Portfolio, today announces its audited Final Results for the year ended 30th 
June 2021 and the Board's Dividend Declaration. 
 
Strategy, Business Model and Investment Policy 
 
Lonfin is an investment company whose objective is to generate growth in 
shareholder value in real terms over the medium to long term whilst maintaining 
a progressive dividend policy. 
 
The Group's investment policy is to invest in a range of 'Strategic', 'General 
Portfolio' and from time to time 'Other Investments'. General Portfolio 
Investments comprise liquid stock market investments, both in equity 
instruments and bonds, and, at the Board's discretion, 'Other Investments' are 
typically property and other physical assets. Strategic Investments are 
significant investments in smaller UK quoted companies. These are balanced by 
the General Portfolio, which consists of a broad range of investments in major 
USA, UK and other European companies which provides a diversified exposure to 
international equity markets. 
 
The Group's net assets per share for 2021 have increased from the previous year 
to 60.5p and decreased 7.7% over the last five years. Shareholders' dividends 
for 2021 remains the same at 1.15p and increased by 4.5% over the last five 
years. Information on the Group's performance against the Board's key 
performance indicators (KPIs) is set out on page 9 of this report. 
 
Results 
 
  * Net assets have increased to 60.5p per share (2020 - 50.6p per share) 
  * Strategic Investments have increased in value over the year, from £ 
    6,291,000 to £8,202,000 
  * Strategic investments are yielding 0% (2020 - 2.6%) 
  * The General Portfolio has increased, adjusting for investment purchases and 
    sales, over the year, by 21.4% from £9,948,000 to £12,081,000 
  * Fair value movement is £1,196,000 
  * No significant increase in Group operating costs 
  * A final dividend of 0.60p per share is recommended, making a total of 1.15p 
    per share for the year (2020 - 1.15p) 
 
The Company and its subsidiaries ("Group") recorded an operating profit for the 
year, before interest, tax and changes to the fair value adjustments of 
investments of £225,000, compared to operating profit for the previous year, 
before tax and changes to the fair value adjustments of investments, of £ 
130,000. The significant increase in fair value of strategic investments that 
occurred during the year has led to Total Comprehensive income for the year of 
£3,421,000 compared to loss of £2,112,000 for the previous year. Basic and 
headline profits per share are 4.8p (2020- losses of 2.6p). 
 
Strategic Investments 
 
Strategic Investments have increased in value by £1,911,000 due to the market 
movements in the share prices. 
 
Western Selection PLC ("Western") 
 
The Group holds 7,860,515 ordinary shares, being 43.8%, of the issued share 
capital of Western. 
 
On 24th September 2021, Western announced unaudited preliminary results showing 
a loss after tax of £109,000 for the year to 30th June 2021 (2020 loss - £ 
180,000). Losses per share are 0.62p (2020 - losses of 1.0p). 
 
Western's Board has not recommended payment of an interim or a final dividend 
for the year. 
 
Western's net assets at market value at 30th June 2021 were £10,038,000 
equivalent to 56p per share, an increase of 24.44% from 45p last year. 
 
Our share of the net assets of Western, including the value of Western's 
investments at market value, was £4,396,000 (2020 - £3,560,000). The fair value 
for Western recorded in the Statement of Financial Position is the market value 
of £2,712,000 (2020 - £2,751,000). This represents 14.2% (2020 - 17.3%) of the 
net assets of the Group. 
 
Western's objective is to generate growth in value for shareholders over the 
medium to long-term. Western's business model is to take sizeable minority 
stakes in relatively small companies and maintain a dialogue through which they 
can provide advice and support for these growing companies. These may or may 
not become associated companies. The aim is that these companies will grow to a 
stage at which our support is no longer required, and our stake can then be 
sold over time into the relevant stock market. Companies that are targeted will 
have an experienced management team, a credible business model and good 
prospects for growth. In addition, as part of its Treasury Operations, Western 
holds a General Portfolio of shares which consists of investments, primarily in 
blue-chip companies in the U.S., U.K. and Europe. 
 
Western is a strategic investment which is technically a subsidiary of the 
Company that has not been consolidated due to the application of the investment 
entity exemption under IFRS 10. 
 
David Marshall is the Chairman of Western and Edward Beale is non-executive 
director. 
 
Western's main Core Holdings are Northbridge Industrial Services plc and Kinovo 
Plc. 
 
An extract from Western's announcement on 24th September 2021 relating to its 
main Core Holdings is set out below: 
 
Core Holdings 
 
Northbridge Industrial Services Plc ("Northbridge") 
 
Northbridge hires and sells specialist industrial equipment to a non-cyclical 
customer base. With offices or agents in the UK, USA, Dubai, Germany, Belgium, 
France, Australia, New Zealand, China and Singapore, Northbridge has a global 
customer base. This includes utility companies, the oil and gas sector, 
shipping, construction and the public sector. The product range includes 
loadbanks, transformers and oil tools. Further information about Northbridge is 
available on their website: www.northbridgegroup.co.uk 
 
Northbridge, which is admitted to trading on AIM, announced its results for the 
year ended 31 December 2020 on 13 April 2021 and recorded a loss after tax, 
before exceptional items, of £186,000 for the year (2019 - loss after tax £ 
236,000). No dividend was recommended by Northbridge during the year (2020 - £ 
Nil). 
 
Western holds 3,300,000 Northbridge shares which represents 11.69% of 
Northbridge's issued share capital. The market value of this investment at 30 
June 2021 was £3,828,000 (2020 - £2,739,000) which represents approximately 
38.1% (2020 - 33.7%) of Western's net assets. 
 
Brand Architekts Group Plc ("BAG") 
 
BAG, which is admitted to trading on AIM, is a beauty brands business 
specialising in the delivery of a growing portfolio of innovative and exciting 
new products, spanning areas such as haircare, skincare and body care, to 
consumers and retailers. Further information about BAG is available on its 
website: https://www.brandarchitekts.com/ 
 
Western sold its entire shareholding of 1,300,000 shares in Brand Architekts on 
28 September 2020 realising £1,425,000. 
 
Kinovo Plc ("Kinovo") (formerly Bilby Plc) 
 
Kinovo is an established, and award winning, provider of gas installation, 
maintenance and general building services to local authority and housing 
associations across London and South East England. They have a strategy of 
growing organically and by acquisition. Further information about Kinovo is 
available on their website: www.kinovoplc.com. 
 
Kinovo, which is admitted to trading on AIM, announced its results for the year 
ended 31 March 2021 on 6 July 2021 showing a profit before tax, before 
exceptional items, of £2,363,000 compared to a profit before tax, before 
exceptional items, of £3,691,000 for the previous year ended 31 March 2020. No 
interim dividends were paid during the year. A final dividend of 0.5p per share 
was approved at its AGM held on 1 September 2021 (2020 - £nil). 
 
Western acquired 1,163,637 shares in the period and now holds 7,500,000 Kinovo 
shares which represents 12.07% of Kinovo's issued share capital. Following the 
additional £408,059 acquisitions during the year, the market value of this 
investment on 30 June 2021 has increased to £2,775,000 (2020- £1,235,590), 
which represents approximately 27.7% (2020 - 15.2%) of Western's net assets. 
 
Associated Companies 
 
Finsbury Food Group plc ("Finsbury") 
 
Finsbury is one of the largest producers and suppliers of premium cakes, bread 
and morning goods in the UK and currently supplies most of the UK's major 
supermarket chains. Further information about Finsbury, which is admitted to 
trading on AIM, is available on its website: www.finsburyfoods.co.uk 
 
At 30th June 2021, Lonfin held 6,000,000 Finsbury shares, representing 4.6% of 
Finsbury's issued share capital. The market value of the holding was £5,490,000 
as at 30th June 2021 (value - £3,540,000) and represents approximately 29% 
(2020 - 22%) of Lonfin's net assets. 
 
On 20th September 2021, Finsbury announced operating profits after tax of £ 
12,131,000 for the 52 weeks ended 27th June 2021 (2020 - £10,330,000). 
 
No dividends were received during the financial year.  Finsbury has recommended 
to its shareholders a final dividend of 2.4p per share for 2021, the resolution 
for which shall be put to the shareholders at the Annual General Meeting to be 
held on 20th November 2021. 
 
General Portfolio 
 
The portfolio is diverse with material interests in Food and Beverages, Natural 
Resources, Chemicals and Tobacco. We believe that the portfolio of quality 
companies we hold has the potential to outperform the market in the medium to 
long term. 
 
At 30th June 2021, the number of holdings in the General Portfolio was 36 (2020 
- 31). The amount invested in the General Portfolio over the year by has 
increased by £2,133,000 (2020 - decreased by £170,000). 
 
The opening value of our General Portfolio investments at 30th June 2020 was £ 
9,948,000 which compared with a cost of such investments at the same date of £ 
6,038,000. After investment purchases during the year of £1,706,000 and 
investment sales (including selling expenses) during the same period of £ 
769,000, the value of the General Portfolio investments as at 30th June 2021 
had increased by 21.4% to £12,081,000. 
 
Board Changes 
 
Whilst the Board is satisfied that it has a sufficient spread of skills, 
experience and support within the Board to operate the Company and to develop 
the Company's investment business, the Board will continue to seek further 
suitable Board candidates who can add value to the Board. 
 
Operations, Directors and Employees 
 
All of our operations and those of Western, with the exception of investment 
selection, are outsourced to our subsidiary, City Group PLC ("City Group"). 
City Group also provides office accommodation, company secretarial, finance and 
head office services to a number of other companies. City Group is responsible 
for the initial identification and appraisal of potential new strategic 
investments for the Company and the day to day monitoring of existing strategic 
investments and employs 6 people. 
 
Dividend 
 
The Board recommends a final dividend of 0.60p (ZAR 12.1190 cents) per share, 
making a total of 1.15p (ZAR 23.1650 cents) per ordinary share for the year 
(2020 - 1.15p). Subject to shareholders' approval at the Company's AGM to be 
held on Wednesday, 1st December 2021, the dividend will be paid on Wednesday, 
22nd December 2021 to those shareholders on the register at the close of 
business on Friday, 10th December 2021. Shareholders on the South African 
register will receive their dividend in South African rand converted from 
sterling at the closing rate of exchange on Thursday, 23rd September 2021 being 
GBP1= ZAR 20.1983 
 
JSE Disclosure Requirements 
 
In respect of the normal gross cash dividend, and in terms of the South African 
Tax Act, the following dividend tax ruling only applies to those shareholders 
who are registered on the South African register on Friday, 10th December 
2021. 
 
  * The number of shares in issue as at the dividend declaration date is 
    31,207,479; 
  * The dividend has been declared from income reserves. Funds are sourced from 
    the Company's main bank account in London and is regarded as a foreign 
    dividend by South African shareholders; and 
  * The Company's UK Income Tax reference number is 948/L32120. 
 
Dividend dates: 
 
Last date to trade (SA)     Tuesday, 7 December 2021 
 
Shares trade ex-dividend    Wednesday, 8 December 2021 
(SA) 
 
Shares trade ex-dividend    Thursday, 9 December 2021 
(UK) 
 
Record date (UK and SA)     Friday, 10 December 2021 
 
Pay date                    Wednesday, 22 December 2021 
 
The JSE Listings Requirements require disclosure of additional information in 
relation to any dividend payments. 
 
Shareholders registered on the South African register are advised that a 
dividend withholding tax will be withheld from the gross final dividend amount 
of ZAR 12.1190 cents per share at a rate of 20% unless a shareholder qualifies 
for an exemption; shareholders registered on the South African register who do 
not qualify for an exemption will therefore receive a net dividend of ZAR 
9.6952 cents per share.  The dividend withholding tax and the information 
contained in this paragraph is only of direct application to shareholders 
registered on the South African register, who should direct any questions about 
the application of the dividend withholding tax to Computershare Investor 
Services (Pty) Limited, Tel: +27 11 370 5000. 
 
Share certificates may not be de-materialised or re-materialised between 
Wednesday, 8th December 2021 and Friday, 10th December 2021, both days 
inclusive.  Shares may not be transferred between the registers in London and 
South Africa during this period either. 
 
Outlook 
 
The UK economy continues to adapt to the effect of Covid-19 and Brexit. 
Worldwide we are still coming to grips with the prospects of living with 
Covid-19 and this is showing through most prominently in staff shortages and 
supply chain disruption. We can expect further volatility and turbulence in the 
markets ahead, particularly due to the emergence of the Delta variant of 
Covid-19. Whilst the last 12 months has continued to be challenging for the 
Group's investments, particularly its Strategic Investments, and we can likely 
expect further challenges ahead, the Board is pleased to see one of the 
Strategic Investments already committed to return to the payment of dividends 
and is confident that the Group has a solid base of investments which can lead 
to further capital growth in the medium to long term. 
 
Future Developments 
 
The Group's development and its financial performance are dependent on the 
success of its Investment Strategy and the continued support of its 
Shareholders. Against a background of challenging and uncertain times in the 
markets particularly due to Covid-19 and the emergence of the Delta variant, 
the Board continues to seek out investments which will generate growth in 
shareholder value. The Board also continues to monitor and enhance the quality 
of investments in the General Portfolio. The Board continues to pursue its 
current Investment Policy and has no plans to make any further changes to the 
policy in the near future. As at 30th June 2021, the Company held 36 
investments in the General Portfolio. 
 
27 September 2021 
 
The Company's 2021 Annual Report and Accounts will be finalised shortly and 
sent to shareholders. 
 
This announcement contains inside information for the purposes of Article 7 of 
EU Regulation 596/2014. 
 
The directors of the Company accept responsibility for the contents of this 
announcement. 
 
For further information, please contact: 
 
London Finance & Investment Group PLC: 020 7796 9060 
David Marshall/Edward Beale)Johannesburg Sponsor: 
Sasfin Capital (a member of the Sasfin Group) 
 
Consolidated Statement of Total Comprehensive Income 
 
For the year ended 30th June 
 
 
 
Operating Income                                            2021              2020 
 
                                                            £000              £000 
 
Dividends receivable                                         326               425 
 
Rental and other income                                      154               150 
 
Profits on sales of investments                              245                68 
 
Management service fees                                      304               284 
 
                                                           1,029               927 
 
Administrative expenses 
 
Investment operations                                      (392)             (417) 
 
Management services                                        (412)             (380) 
 
Total administrative expenses                              (804)             (797) 
 
Operating profit                                             225               130 
 
Unrealised changes in the carrying value of 
General Portfolio investments                              1,651             (700) 
 
Exceptional income                                            36                 - 
 
Interest payable                                            (39)              (62) 
 
Profit/(Loss) before taxation                              1,873             (632) 
 
Tax expense                                                (337)             (164) 
 
Profit/(Loss)after taxation                                1,536             (796) 
 
Non-controlling interest                                    (26)              (11) 
 
Profit/(Loss) attributable to shareholders                 1,510             (807) 
 
Other comprehensive income/(expense) 
 
Items that will not be reclassified to 
profit or loss 
 
Unrealised changes in the carrying value of 
Strategic investments                                      1,911           (1,305) 
 
Other taxation - 
 
     Deferred tax                                              -                 - 
 
Total Other Comprehensive Income/(Loss) 
attributable to shareholders                               1,911           (1,305) 
 
Total Comprehensive Income/(Loss) 
attributable to owners of the parent                       3,421           (2,112) 
 
Reconciliation of headline earnings 
 
Basic and diluted earnings per share                        4.8p            (2.6)p 
 
Adjustment for the unrealised changes in 
the carrying value of investments, net of                      -                 - 
tax 
 
Headline earnings per share                                 4.8p            (2.6)p 
 
 
 
 
 
Consolidated Statement of Financial Position 
 
At 30th June 
 
                                                     2021           2020 
 
                                                     £000           £000 
 
Non-current Assets 
 
Property, Plant and Equipment                          22             31 
 
Right of use asset                                    145            512 
 
Investments                                         8,202          6,291 
 
                                                    8,369          6,834 
 
Current Assets 
 
Listed investments                                 12,081          9,948 
 
Trade and other receivables                           125            166 
 
Cash and cash equivalents                             309            269 
 
                                                   12,515         10,383 
 
Current Liabilities 
 
Trade and other payables                            (228)          (225) 
 
Lease liabilities                                    (71)           (52) 
 
                                                    (299)          (277) 
 
Net Current Assets                                 12,216         10,106 
 
Non-current Liabilities 
 
Lease liabilities                                   (107)          (519) 
 
Borrowings                                          (650)              - 
 
Deferred Taxation                                   (806)          (520) 
 
                                                  (1,563)        (1,039) 
 
Total Assets less Total Liabilities                19,022         15,901 
 
Capital and Reserves 
 
Ordinary share capital                              1,560          1,560 
 
Share premium                                       2,320          2,320 
 
Unrealised profits and losses on                    4,530          1,708 
investments 
 
Share of retained realised profits and              4,734          4,712 
losses of subsidiaries 
 
Company's retained realised profits                 5,749          5,498 
and losses 
 
Capital and reserves attributable to               18,893         15,798 
owners 
 
Non-controlling interests                             129            103 
 
Total Capital and Reserves                         19,022         15,901 
 
 
Company Statement of Financial Position 
 
At 30th June 
 
                                                            2021           2020 
 
                                                            £000           £000 
 
Non-current Assets 
 
Investments in Group companies                             2,079          2,074 
 
Current Assets 
 
Listed investments                                        12,081          9,948 
 
Trade and other receivables                                   17             16 
 
Cash and cash equivalents                                     23             91 
 
                                                          12,121         10,055 
 
Current Liabilities 
 
Trade and other payables                                   (106)          (132) 
 
                                                           (106)          (132) 
 
Net Current Assets                                        11,365          9,923 
 
Non-current Liabilities 
 
Borrowings                                                 (650)              - 
 
Deferred Taxation                                          (806)          (520) 
 
                                                         (1,456)          (520) 
 
Total Assets less Total Liabilities                       12,639         11,477 
 
Capital and Reserves 
 
Ordinary share capital                                     1,560          1,560 
 
Share premium                                              2,320          2,320 
 
Unrealised profits and losses on investments               3,010          2,099 
 
                                                           6,890          5,979 
 
Realised Profit and Loss 
 
Balance at 1st July                                        5,498          3,739 
 
Net Profit/(Loss)/ for the period                            577          2,118 
 
Dividends paid                                             (326)          (359) 
 
Balance at 30th June                                       5,749          5,498 
 
Equity shareholders' funds                                12,639         11,477 
 
 
Under Section 408 of the Companies Act 2006, the Parent Company is exempt from 
the requirement to present its own income statement. 
 
Consolidated Statement of Cash Flows 
 
For the year ended 30th June 
 
                                                                 2021                   2020 
 
                                                                 £000                   £000 
 
Cash flows from operating activities 
 
Profit/(Loss) before tax                                        1,873                  (632) 
 
Adjustments for non-cash items - 
 
Finance expense                                                    39                     62 
 
Depreciation charges                                               10                     10 
 
Depreciation on right of use asset                                 62                     62 
 
Lease adjustment                                                 (36)                      - 
 
Unrealised changes in the fair value of                       (1,196)                  1,265 
investments 
 
Realised gain on disposal of investments                        (700)                  (633) 
 
Decrease in trade and other receivables                            41                     10 
 
Increase/(Decrease) in trade and other payables                    10                    (7) 
 
Taxes paid                                                       (51)                   (39) 
 
Net cash inflow from operating activities                          52                     98 
 
 
       Cash flows from investment activity 
 
       Acquisition of property, plant and equipment                    -                      (2) 
 
       Acquisition of current investments                        (1,706)                    (163) 
 
       Proceeds from disposal of current investments               1,469                      966 
 
       Net cash (outflow)/inflow from investment                   (237)                      801 
       activity 
 
       Cash flows from financing activities 
 
       Interest paid                                                (19)                     (31) 
 
       Interest paid on lease liabilities                           (28)                     (31) 
 
       Repayment of lease liabilities                               (52)                     (49) 
 
       Equity dividends paid                                       (326)                    (359) 
 
       Net drawdown/(repayment) of loan facilities                   650                    (400) 
 
       Net cash inflow/(outflow) from financing                      225                    (870) 
       activities 
 
       Increase in cash and cash equivalents                          40                       29 
 
       Cash and cash equivalents at the beginning of                 269                      240 
       the year 
 
       Cash and cash equivalents at end of the year                  309                      269 
 
 
Company Statement of Cash Flows 
 
For the year ended 30th June 
 
                                                            2021           2020 
 
                                                            £000           £000 
 
Cash flows from operating activities 
 
Profit before tax                                          1,825            891 
 
Adjustments for non-cash items - 
 
Finance expense                                               11             31 
 
Release of Impairment provision                                -        (1,681) 
 
Unrealised changes in the fair value of                  (1,197)          1,266 
investments 
 
Realised gain on disposal of investments                   (700)          (633) 
 
(Increase)/Decrease in trade and other                       (1)              7 
receivables 
 
Decrease in trade and other payables                        (18)           (16) 
 
Overseas Taxes paid                                         (51)           (39) 
 
Net cash outflow from operating activities                 (131)          (174) 
 
Cash flows from investment activity 
 
Acquisition of investments                               (1,706)          (163) 
 
Proceeds from disposal of investments                      1,469            966 
 
Net cash (outflow)/inflow from investment                  (237)            803 
activity 
 
Cash flows from financing activities 
 
Interest paid                                               (19)           (15) 
 
Equity dividends paid                                      (326)          (359) 
 
(Increase)/Decrease in loan to subsidiary                    (5)            135 
 
Net drawdown/(repayment) of loan facilities                  650          (400) 
 
Net cash inflow/(outflow) from financing                     300          (639) 
activities 
 
(Decrease)/Increase in cash and cash                        (68)           (10) 
equivalents 
 
Cash and cash equivalents at the beginning                    91            101 
of the year 
 
Cash and cash equivalents at end of the year                  23             91 
 
 
Consolidated Statement of Changes in Shareholders' Equity 
 
                    Ordinary     Share   Unrealised       Share of       Company's     Total  Non-Controlling    Total 
                       Share   Premium  profits and       retained        retained                  Interests   Equity 
                     Capital   Account    losses on       realised        realised 
                                        Investments    profits and         profits 
                                                         losses of    and   losses 
                                                      Subsidiaries 
 
                        £000      £000         £000           £000            £000      £000             £000     £000 
 
Year ended 30th 
June 2021 
 
Balances at 1st                                                                     15,798                103 
July 2020         1,560      2,320      1,708        4,712         5,498                                       15,901 
 
Profit for the             -         -          911             22             577     1,510               26    1,536 
Year 
 
Other                      -         -        1,911              -               -     1,911                -    1,911 
Comprehensive 
Income 
 
Total                                                                                 3,421 
comprehensive     1,560      2,320      2,822         22            577                       26               3,447 
income 
 
Dividends paid             -         -            -              -           (359)     (359)                -    (359) 
and total 
transactions 
with 
shareholders 
 
Unclaimed                  -         -            -              -              33        33                -       33 
dividends 
 
Balances at 30th                                                                    18,893                129 
June 2021         1,560      2,320      4,530        4,734         5,749                                       19,022 
 
 
Year ended 30th 
June 2020 
 
Balances at 1st                                                     3,739    18,269 
July 2019         1,560  2,320      6,085      4,565                                        92            18,361 
 
(Loss)/profit          -         -    (1,391)         147               437          (807)            11         (796) 
for the Year 
 
Other                  -         -    (1,305)           -                 -        (1,305)             -       (1,305) 
Comprehensive 
Income 
 
Total                                                                        (2,112) 
comprehensive       -        -     (2,696)      147        437                              11           (2,101) 
income 
 
Impairment             -         -    (1,681)           -             1,681              -             -             - 
provision 
released 
 
Dividends paid         -         -          -           -             (359)          (359)             -         (359) 
and total 
transactions 
with 
shareholders 
 
Balances at 30th                                                    5,498    15,798 
June 2020        1,560   2,320      1,708      4,712                                        103           15,901 
 
 
Company Statement of Changes in Shareholders' Equity 
 
                      Ordinary Share Capital Share Premium Account Unrealised profits and        Realised  Equity 
                                                                    losses on Investments     profits and  Total 
                                                                                                   losses 
 
                          £000                     £000                     £000                    £000      £000 
 
Year ended 30th June 
2021 
 
Balances at 1st July     1,560                    2,320                    2,099                   5,498    11,477 
2020 
 
Profit for the Year          -                        -                      911                     577     1,488 
and total 
comprehensive income 
 
Dividends paid and           -                        -                        -                   (359)     (359) 
total transactions 
with shareholders 
 
Unclaimed dividends          -                        -                        -                      33        33 
 
 
 
 
Balances at 30th 
June 2021 
                               2,320                    3,010                    5,749                   12,639 
                         1,560 
 
 
 
 
Year ended 30th June 
2020 
 
Balances at 1st July                    1,560                         2,320                         3,490         3,739   11,109 
2019 
 
(Loss)/profit for the                       -                             -                       (1,391)         2,118      727 
Year and total 
comprehensive income 
 
Dividends paid and                          -                             -                             -         (359)    (359) 
total transactions with 
shareholders 
 
 
 
 
Balances at 30th June 
2020                                    1,560                         2,320                         2,099 
                                                                                                                5,498    11,477 
 
Notes: 
 
 1. Basic earnings per share and Headline earnings per share 
 
Basic earnings/(loss) per share, based on the earnings attributable to the 
shareholders after tax and non-controlling interests of £1,510,000 (2020 - loss 
£807,000) and on 31,207,479 shares issued 
 
Headline earnings are required to be disclosed by the JSE. 
 
Headline earnings per share are based on the profit attributable to the 
shareholders after tax and non-controlling interests, before unrealised changes 
in the fair value of investments net of tax, of £1,510,000 (2020 - loss £ 
807,000) and on 31,207,479 shares issued plus 80,000 share options granted in 
2016. 
 
 1. Net assets per share 
 
The net assets per share are calculated taking investments at fair value and on 
31,207,479 shares (2020 - 31,207,479) being the weighted average of the number 
of shares in issue during the year. 
 
 1. Financial information 
 
The financial information in this preliminary announcement does not constitute 
the Company's statutory accounts for the year ended 30th June 2021 within the 
meaning of Section 435 of the Companies Act 2006. 
 
The accounts have been prepared in accordance with International Accounting 
Standards in conformity with the requirements of the Companies Act 2006 and 
interpretations issued by the IFRS Interpretations Committee (IFRS IC) and with 
the Companies Act 2006 applicable to companies reporting under IFRS.  The 
accounts are prepared on the historical cost bases, except for certain assets 
and liabilities which are measured at fair value, in accordance with IFRS. The 
audited accounts for the Group for the year ended 30th June 2020 were reported 
on with an unqualified audit report and did not contain an emphasis of matter 
paragraph or any statement under section 498 of the Companies Act 2006 and have 
been delivered to the Registrar of Companies. 
 
 1. Copies of this Announcement 
 
Copies of this announcement are held at the Company's registered office, 1 Ely 
Place, London, EC1N 6RY (tel. 020 7796 9060) and are available for a period of 
14 days from the date of this announcement. 
 
 
 
END 
 
 

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