TIDMOIT
RNS Number : 9578G
Odyssean Investment Trust PLC
30 November 2020
ODYSSEAN INVESTMENT TRUST PLC
(the "Company", the "Trust" or "OIT")
INTERIM Report for the six months ended 30 september 2020
Odyssean Investment Trust PLC (the "Company") has today released
its half-yearly report for the six months ended 30 September
2020.
The half-yearly report and other information will be available
via www.oitplc.com
A copy of the half-yearly report will also be submitted to the
National Storage Mechanism and will shortly be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Dislocation caused by Covid has provided "double-upside"
opportunities
Financial Highlights As at As at
30 September 31 March 2020 Change %
2020
Shareholders' funds GBP93.8m GBP80.1m 17.1
------------- -------------- ----------
NAV per share 106.6p 90.8p 17.4
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Share price per share 99.5p 90.0p 10.6
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Discount/ premium to NAV (6.7)% (0.9)%
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Annualised ongoing charges 1.4% 1.7%
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Performance Highlights
-- The net assets of the Company increased from GBP80.1m to
GBP93.8m which represents an increase in net assets of 17.1%
compared to an increase in the NSCI ex-IT (the "Comparator Index")
of 28.3%; this discrepancy is mainly caused by the 41% increase in
the AIM Index, seemingly driven by larger constituents including
high growth technology and mining stocks neither of which are held
in the portfolio;
-- Performance exceeded the FTSE Small and Mid-Cap Indices;
-- Since IPO the NAV per share has increased by 8.4% against the
fall of the Comparator Index of 10.3%;
-- OIT's discount at the end of the period was 6.7% vs the UK
Smaller Companies sector discount of 14%;
-- At the end of the period, 91.1% was invested in 20 quoted
smaller companies, one of which is quoted outside the UK; three new
positions were started in the portfolio and two positions fully
exited;
-- Continuation of effective corporate engagement;
-- Proposed changes to amend the investment policy.
Jane Tufnell, Chairman of OIT, said:
"At launch, the Portfolio Manager set out the goal of investing
in a differentiated way to both value and growth/momentum
investing, with the ultimate aim of delivering superior and
differentiated performance. As we approach the third anniversary of
the IPO and GBP100m in AUM, both the investment strategy and
Portfolio Manager's execution are delivering.
"Overall, the prospects for medium to long-term NAV growth look
good. UK equities, particularly full list smaller companies, are
out of favour, we think undervalued, and are lowly rated compared
with international equities. The dislocation caused by COVID has
led to opportunities that the Portfolio Manager describes as
"double upside" - recovery situations with self-help driving
incremental returns. Our Portfolio Manager's knowledge and
experience give us access to these opportunities."
Post period end one of the Company's largest investments,
Elementis, has attracted a bid approach. This is the fourth bid for
a portfolio company since October 2019 and is indicative of the
Portfolio Manager's ability to invest in companies which are
coveted by others but seemingly mispriced by the stock market".
"We are very grateful for the support shown by the shareholders
during the challenging times in 2020."
For further information, please contact:
Stuart Widdowson, Odyssean Capital 07710 031620
Neil Langford, Winterflood Securities (Corporate
Broker)
020 3100 0160
David Harris, Frostrow Capital (Distribution
Partner) 020 3008 4910
Sarah Gibbons-Cook/Nick Croysdill/Fiona Harris, 07769 648806
Quill PR (Media Agency) 07815 823412
07768 890877
OIT@quillpr.com
About Odyssean Investment Trust PLC
Odyssean Investment Trust PLC 'OIT' is a closed-ended investment
trust that seeks to deliver attractive returns to its clients by
investing in higher quality businesses and supporting them to
become even better. To achieve this the Board has appointed
Odyssean Capital LLP to manage the portfolio. Current total assets
under management are GBP106.6m.
Odyssean Capital invests in a concentrated portfolio of
well-researched smaller companies, typically too small for
inclusion in the FTSE 250. Constructive corporate engagement is a
key part of Odyssean's approach, drawing on the investment team's
lengthy and successful track record in this area.
Investment Objective
The investment objective of the Company is to achieve attractive
total returns per share principally through capital growth over a
long-term period.
Investment Policy
The Company primarily invests in smaller company equities quoted
on markets operated by the LSE, which the Portfolio Manager
believes are trading below intrinsic value and where this value can
be increased through strategic, operational, management and
financial initiatives.
It is expected that the majority of the portfolio by value will
be invested in companies too small to be considered for inclusion
in the FTSE 250 Index, although there are no specific restrictions
on the market capitalisation of issuers into which the Company may
invest.
The portfolio will typically consist of up to 25 holdings, with
the top 10 holdings accounting for the majority of the Company's
aggregate NAV, across a range of industries.
The Company may hold cash in the portfolio from time to time to
maintain investment flexibility. There is no limit on the amount of
cash which may be held by the Company from time to time.
Where the Company owns an influencing stake, it will engage with
other stakeholders to help improve value. The Company may, at
times, invest in securities quoted on other recognised exchanges
and/or unquoted securities.
Investment restrictions
- No exposure to any investee company will exceed 15% of NAV at the time of investment.
- The Company may invest up to 20% of gross assets at the time
of investment in unquoted securities where the issuer has its
principal place of business in the UK.
- The Company may invest up to 20% of gross assets at the time
of investment in quoted securities not traded on the LSE.
- The Company will not invest more than 10%, in aggregate, of
gross assets at the time of investment in other listed closed-ended
investment funds.
Borrowings
The Company does not intend to incur borrowings for investment
purposes, although the Company may, from time to time, utilise
borrowings over the short term for working capital purposes up to
10.0% of NAV at the time of borrowing.
Derivatives and hedging
The Company will not use derivatives for investment purposes. It
is expected that the Company's assets will be predominantly
denominated in Sterling and, as such, the Company does not intend
to engage in hedging arrangements. However, the Company may do so
if the Board deems it appropriate for efficient portfolio
management purposes.
General
The Company will not be required to dispose of any asset or to
rebalance the portfolio as a result of a change in the respective
valuations of its assets.
The Company intends to conduct its affairs so as to qualify as
an investment trust for the purposes of section 1158 of the
CTA.
Any material change to the Company's investment policy set out
above will require the approval of shareholders by way of an
ordinary resolution at a general meeting and the approval of the
FCA. Non-material changes to the investment policy may be approved
by the Board.
Financial Summary
As at As at
30 September 31 March
Results for the period 2020 2020 Change
----------------------------------------- ------------ -------- ------
Shareholders' funds GBP93.8m GBP80.1m 17.1%
NAV per ordinary share 106.6p 90.8p 17.4%
Share price per ordinary share 99.5p 90.0p 10.6%
Share price discount to NAV per ordinary
share (6.7)% (0.9)%
Six months
to
30 September Year to
2020 31 March 2020
----------------------------------- ------------ -------------
Revenue (loss)/income per ordinary
share* (0.5)p 0.6p
Capital return/(loss) per ordinary
share* 16.3p (6.2)p
Total return/(loss) per ordinary
share* 15.8p (5.6)p
* Based on the weighted average number of shares in issue during
the period.
Six months
to
30 September Year to
Performance 2020 31 March 2020
----------------------------------------- ------------ -------------
NAV total return/(loss) per ordinary
share* 17.4% (5.7)%
NSCI ex IT plus AIM Index Total Return** 28.3% (23.2)%
* Alternative Performance Measure ("APM"). See glossary
below.
** Source: Bloomberg.
Six months
to
30 September Year to
Cost of running the Company 2020 31 March 2020
---------------------------- ------------ -------------
Annualised ongoing charges* 1.4% 1.7%
* Alternative Performance Measure ("APM"). See glossary
below.
Past performance is not a guide to future performance.
Chairman's Statement
Introduction
I am pleased to present the Interim Report and Financial
Statements for Odyssean Investment Trust PLC ("OIT" or "the
Company") covering the period from 1 April 2020 to 30 September
2020.
Performance
The net assets of the Company increased from GBP80.1m to
GBP93.8m which represented an increase in net asset value ("NAV")
of 17.1%. Over the same period, the comparator NSCI ex- IT plus AIM
Total Return Index (the "Comparator Index") rose by 28.3%. The
markets have been characterised by huge variability in performance
across asset classes. Our performance appears poor relative to our
comparator despite being 2.2% above the FTSE Small Cap (ex
Investment Trusts) Index. Much of this discrepancy is caused by the
41% increase in the AIM Index, driven by technology and mining
stocks neither of which we hold. Performance has been extreme and
narrowly based. Our high conviction, active management approach has
been a successful way to harness some of this performance.
At the end of the period, the Company was 91.1% invested in 20
quoted smaller companies, one of which is quoted outside the UK.
This compares to 90% at the beginning of the period, excluding 6%
of the portfolio which was invested in Huntsworth, a holding
subject to an agreed takeover. The apparent stability of cash as a
percentage of the Trust camouflages considerable activity in the
portfolio as the Portfolio Manager has sought to position it to
benefit from the market disruption caused by COVID-19.
As well as identifying and researching potential new investment
opportunities, the team reviewed the existing portfolio in light of
the short, medium and long-term impacts of COVID-19. Their
conclusion was that only one portfolio company was likely to be
impacted materially negatively, and the holding was largely exited
during the period. Conversely, whilst there were no obvious short
term "winners" from COVID-19, many of the portfolio companies had
been managed well through the crisis and were likely to emerge
stronger as a result of decisive action.
Since IPO, OIT's NAV per share has increased by 8.4% against the
fall in the Comparator Index of 10.3%. The average cash balance
over this period was 28%, which will have dampened the NAV growth
and the strong underlying performance of the portfolio.
Discount and premium management
The share price lagged the growth in the NAV over the period,
closing at a 6.7% discount at the end of September. The sector
discount at the end of the period was c.14 %. The Board believes
that the widening of the discount over the period was influenced by
an aversion to UK equities in general and was mirrored by a general
widening of investment companies in the broad UK Smaller Companies
sector.
The Company always aims to be proactive in managing its share
premium and discount, and the Board received continued authority
from shareholders at the last Annual General Meeting on 22
September 2020 to issue and buy back shares. New ordinary shares
may be issued by the Company in the event that shares trade at a
premium to net asset value per ordinary share, whilst purchases of
ordinary shares will be made through the market at prices below the
latest published net asset value per share. The Directors will only
undertake buybacks if the ordinary shares have traded at an average
discount of wider than 5%, for the period of 60 days, or if they
believe a buyback to be in shareholders' interests as a means of
correcting any imbalance between the supply of, and demand for, the
ordinary shares.
The relatively small size of the Company and the stable
shareholder base has meant that liquidity can be limited. This,
allied to lower trading volumes over the summer, led to the spread
in the shares being wider than desirable. In May the Company
repurchased 275,000 shares under such circumstances at a discount
exceeding 12%.
Conversely, the stable shareholder register and the prevalence
of long-term investors means that the discount could narrow notably
once sentiment towards UK equities improves.
In the meantime, the broker will continue working with the
Portfolio Manager and Frostrow Capital to try and ensure that as
much as possible, larger than usual trades can be matched with
interest on the other side, and that the Portfolio Manager and
Frostrow will continue to raise the profile of the Company.
Dividend
The Directors expect that returns for shareholders will be
primarily driven by capital growth of the shares rather than
dividend income. The Board is not proposing to pay an interim
dividend.
Portfolio Manager
The Portfolio Manager has adapted well to the revised working
conditions caused by the COVID-19 restrictions. Meetings with
portfolio companies and existing and prospective investors are now
almost exclusively undertaken by Zoom or Microsoft Teams. Whilst
not having face-to-face meetings is not ideal, the electronic
nature of meetings has allowed meetings with a broader geographic
range of potential shareholders than would otherwise be
possible.
The Board is delighted that Ed Wielechowski has been made a
Partner of the Portfolio Manager over the period. The Board is also
pleased to see that Stuart and Ed continue to add to their personal
holdings in the Company, and now own just under 2% of the issued
share capital.
Appointment of Frostrow Capital LLP
The Board is pleased that the handover of company secretarial
and administration services from Link Company Matters to Frostrow
Capital LLP with effect from 13 July 2020 has gone smoothly.
Frostrow's distribution team has been working well already with the
Portfolio Manager and it is pleasing to see some early results in
bringing on board new shareholders. Over time, the Board
anticipates that these activities, combined with work by the
Portfolio Manager's PR advisors, will continue to diversify the
shareholder base. The Board is looking forward to working together
with Frostrow and would like to express its thanks to the team at
Link Company Matters for their efforts over the past two years.
Amendments to Investment Policy
I am delighted by the proposed changes, announced today, to our
investment policy. There is a strong desire from your Board, the
Fund Manager and the Trust's shareholders to restrict investment in
certain sectors or businesses that the Company deems unethical
and/or unsustainable.
We believe that by allocating capital away from such sectors we
will not only create long-term outperformance but we will also
enable a growing group of investors, who have an increasing focus
on ethical and sustainable investing, to be confident when
allocating capital to us.
Growth of the Company
At launch, the Portfolio Manager set out the goal of investing
in a differentiated way to both value and growth/ momentum
investing, with the ultimate aim of delivering superior and
differentiated performance. As we approach the third anniversary of
the IPO, both the investment strategy and Portfolio Manager's
execution appear to be delivering.
The Company has a niche investment strategy that is highly
complementary to other Investment Companies in its sector. Many of
the shareholders which backed the Company's launch are keen to see
the Company grow.
There are multiple benefits of growing the Company:
- Attract a wider audience of potential shareholders
- Improved liquidity of the shares
- Reduced discount volatility and reduced absolute discount
- Narrower bid offer spread for the shares
In addition, the portfolio is scalable and the Portfolio Manager
believes that owning larger stakes in its portfolio companies tends
to enhance the effectiveness of corporate engagement.
As market conditions allow, the Board will pursue various
options to grow the Company. However, in the current environment
the focus continues to be on delivering performance for our
shareholders.
Outlook
With the result of the US election behind investors, the two
remaining near-term uncertainties are Brexit and the ongoing impact
of COVID-19. In these unusual times, when markets and companies are
facing a barrage of unknown issues, experienced investors can
patiently seek out and execute investments which have the potential
to generate attractive long-term returns. The most exciting
opportunities tend to be in smaller companies, as they are less
well covered by both the buy and sell side market participants.
At some point, the recent strong performance generated by highly
rated higher growth AIM companies, particularly those in the
technology and telecoms sectors, will lose its momentum. Market
leadership will move to companies and investments with different
attributes and characteristics. However, given the limited
liquidity of smaller companies, an institutional investor is unable
to reposition a portfolio over a short time frame. Therefore, it is
critical for a portfolio manager in this space to consider what
will drive returns not in the next three months, but the next three
years.
There is a material polarisation of valuations in the smaller
quoted company space. Whilst the Portfolio Manager is not a value
investor, it takes account of valuation in trying to spot
mis-priced opportunities, as well as avoid over-paying. The Board
believes that this disciplined and focused approach should suit the
current market environment particularly well. In addition, the
Portfolio Managers have more than 34 years' experience investing in
UK smaller companies over the last 20 years.
The portfolio has been reshaped somewhat since the beginning of
2020 to reflect portfolio company takeovers, the emergence of
compelling investment opportunities presented by the market
disruption, as well as the disposal of holdings which have
delivered expected returns, or where COVID has irretrievably
damaged a business model.
Overall, the prospects for medium to long-term NAV growth look
good from this point. UK equities are out of favour and are lowly
rated compared with international equities. The dislocation caused
by COVID has led to opportunities that the Portfolio Manager
describes as "double upside" - recovery situations with self-help.
Our Manager's knowledge and experience give us access to these
opportunities.
We are very grateful for the support shown by the shareholders
during the challenging times in 2020.
Jane Tufnell
Chairman
30 November 2020
Portfolio Manager's Report
Stuart Widdowson
Co-fund Manager
Ed Wielechowski
Co-fund Manager
Details of the Portfolio Manager
The Company's Portfolio Manager is Odyssean Capital LLP.
The Portfolio Manager was founded in 2017 by Stuart Widdowson
and Harwood Capital Management Limited, an independently owned
investment group, and is jointly owned by both parties. The
Chairman of the Portfolio Manager is Ian Armitage, former CEO and
Chairman of HgCapital.
The Portfolio Manager's investment team, Stuart Widdowson and Ed
Wielechowski, identify and undertake research on potential investee
companies as well as managing the portfolio. They draw on the
experience of a three-strong Panel of Advisors, who have run and
invested in multiple quoted and unquoted smaller companies. In
addition, the investment team draws on the expertise and experience
of Mr Armitage and Mr Christopher Mills, who sits on Odyssean's
Board as a Non-Executive Director. Mr Armitage and Mr Mills have
more than 85 years' combined investment experience in quoted and
unquoted smaller companies.
Stuart Widdowson
Stuart has spent the last 19 years investing in public and
private UK small and mid-size corporates and a further two years
providing investment advisory services in the same field.
Prior to founding the Portfolio Manager, Stuart was at GVQ
Investment Management ("GVQ"), where he held the position of fund
manager and head of strategic investments for more than seven
years. During his time at GVQ, Stuart led the transformation of the
performance of Strategic Equity Capital plc ("SEC") and
significantly improved shareholder value. Stuart led SEC to win
several industry awards and was recognised as Fund Manager of the
Year at both the PLC and QCA awards in 2015.
Stuart began his career as a strategy consultant undertaking
commercial due diligence and strategy projects for private equity
and corporate clients. In 2001, he joined HgCapital and spent five
years working on small and mid-cap leveraged buyouts in the UK and
Germany. During this time, he worked on a number of public to
private transactions of UK quoted companies.
Ed Wielechowski
Ed joined the Portfolio Manager in December 2017 as a Fund
Manager.
Prior to joining Odyssean, Ed was a Principal in the technology
team at HgCapital. He joined HgCapital in 2006 and worked on
numerous completed deals, including multiple bolt-on transactions
made by portfolio companies. He has additional quoted market
experience, having led the successful IPO of Manx Telecom plc in
2014, as well as having evaluated and executed public to private
transactions. Ed started his career as an analyst in the UK mergers
and acquisitions department of JPMorgan in 2004.
Progress and performance in the past six months
The period began as markets had started to recover from the
difficult first calendar quarter. In the first few weeks of the
period, many quoted companies experienced significant recoveries in
their share prices.
The Company's NAV increased by 17.5% over the period. This was
lower than the NSCI & AIM Comparator Index, but exceeded that
of the FTSE Small and Mid-cap indices. The average net cash balance
was 7%.
Over the period the NSCI & AIM Index delivered a total
return of 28.3%. However, that statistic masks the material
variance in performance of full list UK smaller companies compared
with those quoted on AIM. The FTSE Small and Mid-cap indices
delivered around half of the return of the NSCI & AIM Index.
The implication of this is that AIM materially outperformed full
list companies, which it did, delivering a total return of more
than 40%. This was 50% higher than the NSCI & AIM Index, and
more than 172% higher than that of the returns from the FTSE Small
and Mid-cap indices. This disparity of index returns is a good
example of why we use indices as comparators to understand our
performance compared with the broader market, rather than as a
short-term benchmark to beat.
There were notable successes over the period. Most material was
the performance of SDL, which was the first investment we made
after the Company launched, and for much of the period since has
been the largest portfolio holding. SDL's shares delivered 72%
growth over the period, outstripping the rest of the portfolio.
There were three key drivers of this performance. Firstly, the
shares failed to recover during the last few weeks of March, and
began the period at a low ebb. Secondly, the company released
interim results in August, which showed that trading had been much
more resilient than the market had feared. The company also
commented that the move to homeworking had highlighted additional
potential efficiency savings. The market responded very well to
these results, and the shares rose almost 40% in the three days
following release of the results. Just over a fortnight after the
interim results, the company announced an agreed takeover for
shares by a peer and competitor, RWS, whose shares are quoted on
AIM. The shares rose 30% in the aftermath of the announcement.
SDL alone contributed around 45% of the total NAV growth over
the period. As at the end of September, the shares have delivered
75% Total Return since our first investment immediately following
the Company's IPO. The comparator index is down almost 11% over the
same period. We have mixed views about the RWS takeover. On the one
hand, we believe that consolidation was inevitable, the combined
business creates a clear global market leader with scope to grow
much faster than the underlying markets, the stated synergies of
the RWS team look to be excessively conservative, and the takeover
has catalysed an increase in SDL's share price. On the other hand,
RWS is a highly rated AIM stock, the offer did not include a cash
element and the combined business will have a market capitalisation
somewhat larger than our focus area.
As an investment however, we think it is a good validation of
our differentiated investment approach, of seeking out valuation
opportunities in higher quality companies, which have the scope to
improve. Whilst we were invested, SDL had enhanced its mid office
resource allocation tool 'Helix', took steps to improve its
operating efficiencies, and had proven its ability to add value via
M&A. We believed that in time, these initiatives would have
delivered an attractive return as a standalone business, but the
takeover has accelerated this return.
SDL is the third portfolio company to be taken over in the last
year, a validation of our investment process in identifying assets
with attributes sought after by trade or financial acquirers. As we
have stated before, we do not select investments anticipating them
being acquired. However, over the years many investee companies
have been subject to takeovers. We see this as either an
accelerated return, or alternatively a safety parachute when either
a company has a short term set back or is struggling to attract an
appropriate rating as a public company.
The other notable positive contributor of more than 200bps was
Benchmark Holdings, the niche provider of aquaculture products.
After several false dawns, there is tangible evidence that the
refocusing and drive for efficiency is gaining traction. The
company announced the appointment of a new CEO with highly relevant
industry experience in early April. Benchmark's vaccine's facility,
a cash consumptive operation with limited commercial prospects, was
disposed of in July, which followed earlier disposals of non-core
assets in FishVet and Improve International. The company also
announced an initiative to cut at least GBP10m of operating
expenditure.
The eagerly awaited approval of BMK 08, the anti-sea lice
product it will use in its CleanTreat delivery system, appears to
be on track. The shares rose almost 60% over the period.
The remaining three of the top five attributing positions were
Flowtech, Chemring and Elementis, which combined generated c.5%
points contribution to the NAV. Flowtech pleased the investment
community by managing to trade through the worst of the crisis
without having to raise capital to strengthen its balance sheet.
Roger McDowell, who is very well known to us, became Non-Executive
Chairman during the period. We see considerable medium to long term
upside as end markets recover. This recovery could be augmented by
successful delivery of integration initiatives, as well as the
development of its digital offering.
Chemring continued to deliver results and trading updates in
line with or slightly ahead of expectations. One of the attractions
we saw in the investment back in 2018 was that its prospects were
likely to be largely immune from economic turmoil. This has proven
to the be the case. The performance of Elementis is detailed in the
section below.
Below the top five contributors. we believe that a number of the
other portfolio companies shares were "left behind" and have the
potential to perform well over the next few periods.
The largest negative contributor to performance was Equiniti.
During April and May we evaluated the portfolio to determine which
company business models would be impaired by COVID over the medium
to long term. We concluded that Equiniti was the only portfolio
company which was likely to suffer such damage. In our view, the
aggressive cuts to interest rates in the USA and UK were unlikely
to be reversed in the medium term and this would have particular
impact on Equiniti as historically it has generated meaningful
interest income from cash balances it holds. Whilst it has some
forward hedges on its savings rates, it seemed inevitable that with
rates likely to stay lower for longer, this would be a material
drag on earnings. We also discovered that we had underestimated the
underlying interest income historically generated by the group.
Whilst in theory the management team could seek to re-price
contracts given the changed circumstances, this requires a
wholesale renegotiation of contracts. As well as taking some time,
unless the other two major competitors follow suit, this risks the
company losing market share. Ongoing due diligence also highlighted
that in retrospect we had probably been over optimistic about the
likely proceeds from a break-up of the business.
It is always disappointing to realise an investment below cost,
arguably when the company's shares are at a low ebb, and where we
believe that there is some prospect of takeover activity. We have
redeployed the proceeds into situations which we believe offer a
superior reward/risk balance from this point.
The next four largest negative contributors to performance
reduced the NAV by c.1% in total.
Portfolio development
Portfolio activity was higher during the period than we would
normally expect, driven by a combination of a desire to reposition
the portfolio a little towards more recovery situations, profit
taking and re-investing the proceeds from the Huntsworth takeover.
Across the period, GBP17.9m was invested into stock purchases.
Three new positions were started for a total investment of GBP7.9m,
of which the only top 10 holding is Euromoney. The other two
positions are outside of the top 10 holdings, but have scope to
scale subject to further due diligence. The remaining GBP10m was
invested into existing positions, mostly Elementis and Clinigen
(GBP5.8m combined), positions that were initiated in late March
2020.
Elementis was the first investment we have made since the onset
of COVID-19, which has a distinctly cyclical sales and profit
profile. The company had historically made supernormal profits from
its cyclical chromium chemicals division (divisional profits peaked
in 2011). Using the balance sheet and raising some equity, it had
made a small number of large acquisitions in speciality chemicals
for the personal care sector (less cyclical) and acquired Mondo
Minerals, a major high-grade talc producer. The multiples paid for
these assets appear to be full, given precedent M&A
transactions. In the case of Mondo, it is of public record that the
company's then shareholders appear to have baulked at the agreed
purchase price and put pressure on the Elementis board to
renegotiate the purchase price downwards, which it subsequently
did. This was a very unusual situation. Despite these assets
tending to be less cyclical, the company experienced a severe,
short downturn in trading due to COVID-19, and its geared balance
sheet exacerbated the impact on earnings. The shares were de-rated
materially to a point where they were trading on a very substantial
discount to book value.
We saw significant medium to long term upside from investing.
Firstly, unusually for an industrial company, Elementis has
considerable hard fixed assets in the way of hectorite clay and
very high-grade talc mines, which provide decades of raw materials
for the company. Secondly, this vertical integration gives them
material competitive advantage and control of their supply chain.
Thirdly, the business model is very cash generative and maintenance
capex requirements are low. Fourthly, there are some obvious
non-core assets within the group structure. Fifthly and finally, in
Autumn 2019 Elementis committed to a programme of self-help
initiatives to improve both gross margin performance and
operational efficiency. COVID-19 has led to the management team
accelerating these self-help initiatives, which should lead to the
improved margin target being achieved on a sales level which is
lower than 2019.Whilst financial gearing is present, we felt it
would be able to trade through the crisis with at worst, a moderate
equity fundraising, and at best no fundraising at all.
The takeover of Huntsworth completed early in the period, which
realised GBP4.7m. In addition, the holding in Equiniti was
virtually exited in entirety during the period, raising GBP5.2m,
unfortunately a return below cost.
Portfolio detail
At the end of the period under review, the portfolio comprised
20 companies, with three new positions started in the period and
two positions fully exited.
Key updates across the period for each of the top 10 positions
in the portfolio are given below:
SDL*
% NAV: 15%
Sector: TMT
Global leader in provision of content translation services and
also develops and sells a range of software
products that support the content translation workflow for linguists and enterprises.
SDL posted robust trading updates across the period, confirming
it had traded well through COVID-19 and continued to make progress
both on its self-help margin improvement plan and also development
of its market leading technology suite. The key news in the half
was the announcement in late August of a bid approach from RWS plc
with a recommended all share offer. As of 4 November 2020 the
residential stake was converted into RWS Shares.
nccgroup
% NAV: 9%
Sector: TMT
Leading independent provider of software escrow services and
cyber security consulting provided through the Assurance
division.
Following initial caution on the impact of COVID-19, NCC full
year results demonstrated the group had shifted well to remote
working, with strong performance in the Assurance division and
stabilisation in the Escrow business. Growing focus on cyber
security in a world where working from home is driving a
proliferation of IT end points supports ongoing demand for players
such as NCC with market leading expertise and reputation.
Chemring Group
% NAV: 8%
Sector: Industrials
Chemring produces countermeasures for aircraft, sophisticated
sensor products, and energetic devices including rocket components
and provides contracted R&D for governments - primarily serving
the defence sector.
Chemring posted a strong set of interim results in early June
prompting upgrades. The group delivered robust performance in both
its sensors division - supported by the large US DoD contracts -
and in its countermeasures business as all sites returned to
operation and F-35 production ramped up. On top of this, cash flow
was particularly strong. This group has strong order book outlook
and limited exposure to COVID-19 positioning the group well for the
future
ELEMENTIS
% NAV: 7%
Sector: Industrials
Elementis is a leading producer of specialty chemicals focused
on personal care, talc and coatings markets.
Elementis' interims released in July demonstrated a COVID-19
driven slowdown from Q2, but also continued cash generation,
progress on self-help cost savings and indications that demand
recovery had started through July. A subsequent trading update in
September noted a relaxation of banking covenants through FY21 and
a continued expectation of a 'significant' reduction of net debt in
H2. We see this development as positive alleviating market
questions on leverage, leaving a clearer story on continued revenue
recovery and delivery of self help cost savings.
CLINIGEN GROUP PLC
% NAV: 7%
Sector: Healthcare
Clinigen provides a range of services to the pharmaceutical
market, focused on ensuring that hard to access medicines reach the
right patients at the right time. The group supports distribution
of unlicensed medicines into smaller or hard to access markets,
supports commercialisation of licensed products globally and
supports clinical trials.
A full year trading update in July showed Clinigen had performed
broadly in-line with market expectations and delivered strong cash
flow in H2. Management re-iterated mid-term guidance but flagged
negative COVID-19 impact on demand for medical trials and some
commercial medicines. The expected release of a generic competitor
in Europe for Clinigen's Foscavir product, while not unexpected,
also weighed on shares.
FLOWTECH FLUIDPOWDER
% NAV: 7%
Sector: Services
Leading UK distributor of hydraulic and pneumatic
components.
Flowtech had an active half. Trading updates showed initial
strong performance in 2020 before significant COVID-19 impact in
April and May before signs of recovery. Management acted decisively
to reduce costs and maintain a break-even position through all
months, and deliver significant cash benefits through focus on
working capital. The key operational development through the period
was the ongoing re-structuring of the board, with Roger McDowell
being appointed Chairman (he is well known to us). We see this
change as highly positive for the group as it continues to work
towards delivering cost savings from historic M&A and
maximising revenue opportunities from its unique market
position.
Benchmark Holdings
% NAV: 6%
Sector: Healthcare
Benchmark has leading positions in key parts of the growing
global aquaculture market. The group is a leading provider of
genetics services to the salmon market, production of early stage
nutrition products primarily for the shrimp market and a developer
of health products for the salmon market.
Despite COVID-19 headwinds, Benchmark continued to make progress
on its restructuring through the period. Disposals of non-core
operations were completed delivering proceeds of c.GBP40m, leaving
the group with much tighter focus on its core aquaculture genetics,
healthcare and nutrition operations. New CEO Trond Williksen was
appointed in June bringing a strong background in the industry. The
new management team have also started a programme to focus on cost
reduction and driving cash profitability of the group. We see
further opportunities in this area and look to the expected
regulatory approval of the groups major new sea lice treatment as
the next stages in the company's progression.
Volution ventilation group
% NAV: 6%
Sector: Industrials
Volution is a leading designer, assembler and marketer of
ventilation fans and systems for use in domestic households and
commercial environments. The group has operations across Europe and
Australasia. Volution's trading updates through the period showed
UK revenues severely reduced during the COVID-19 lockdown before
recovering into the summer, with the half of group revenue
generated outside of the UK proving more resilient. Underlying this
top-line performance, the group continued to deliver on its
restructuring activities. The benefits of these have been shown in
more recent updates from the group indicating a strong recovery in
revenues flowing to improving profitability as the group delivers
improving momentum.
Wilmington plc
% NAV: 4%
Sector: TMT
B2B information, training and media provider focused on the
compliance, healthcare and professional business markets.
Wilmington was impacted by COVID-19 restricting its ability to
deliver in person training and events. Against this back drop the
group delivered pleasing full year results in September at the high
end of revised market expectations and agreed revised covenants
with its banks de-risking the balance sheet without recourse to
shareholders. With the group having delivered a return to organic
growth pre the impact of covid we remain encouraged by the
strategic direction in which the new management team are taking the
group.
Euromoney Institutional Investor PLC
% NAV: 4%
Sector: TMT
Global B2B information business providing data, pricing
information and insight to the asset management, commodities and a
range of financial services markets.
Euromoney was a new position started in the period. The group is
a global portfolio of businesses providing essential B2B
information into specialist markets, predominantly in financial
services. The three core focus areas of the group are i) news,
networking and macro research provided to the asset management
industry; ii) market and pricing data for a range of commodities
markets; and iii) a range of niche information, news and networking
events for specialised industries (largely financial services and
telecoms).
We believe Euromoney is an exciting investment proposition with
multiple value growth levers and a downside protected by a robust,
high recurring business model and a net cash balance sheet.
Firstly, the group is well positioned to accelerate organic growth,
as end markets recover from COVID-19. and management's proactive
investment into improving the technology platforms underlying its
unique IP deliver benefits. Secondly, we believe there are
significant opportunities to reduce central costs and share best
practices in what was a business run in a highly silo'd nature
historically. Finally, we see the current share price as a
significant discount to a sum of the parts value, with the value of
the high growth, high quality market data business in particularly
underestimated.
The remaining ten investments represent up to 4% of NAV each.
These are spread across our core focus sectors and there are a
number which we are seeking to scale to 6% holdings as liquidity
and due diligence allows.
Outlook
The second half of the Company's current financial year started
with three external factors weighing on equities: Brexit, the US
Presidential Election, and COVID-19.
At the time of preparation, markets have been buoyed by news of
two promising Covid-19 vaccines, as well as the prospect of some
certainty with the US election. We anticipate that some form of
Brexit deal is likely by the year end.
Regardless of the outcome of these events, we believe that
continued monetary stimulus is here to stay. Yet despite the
stimulus to date, we are able to find numerous interesting
investment opportunities, a number of which offer "double upside"
scope for businesses to recover performance in 2021 from the severe
lock down of 2020, allied with the potential for "self-help" to
improve one or more aspects of their business performance, and
quite often where a complex corporate structure has led to shares
trading on a discount to the sum of parts valuations. Seeking out
self-help situations is a key focus for us, as this will augment
recovery as well as providing a stimulus to earnings and
potentially ratings in the event of a delay in the recovery of a
company's end market.
The vast majority of the newer investments, or those in the
pipeline, are full-list companies. Whilst we are not value
investors (valuation is important to us, but so is quality and
scope for self-help), we have been finding higher quality companies
where their shares are trading at a discount to net asset value,
and in some cases a discount to tangible net asset value, despite
the market recovery since March. Whilst not unprecedented, this is
unusual. We believe that many of these companies have sound balance
sheets and have the potential to generate excellent medium to
long-term rewards compared with the risk of investing. In
comparison, whilst many AIM companies are of good quality, there
are increasingly few which in our view are trading at a reasonable
valuation.
Sector wise, we continue to be reluctant to invest in
discretionary consumer facing companies, given the short-term
uncertainties around COVID-19, as well as the unknown medium to
long-term change in habits that the lockdowns have created. In our
view, many discretionary consumer facing businesses have limited
long term competitive advantage, and with the exception of some of
the pub companies, limited asset backing.
In addition, the high valuations in the technology sector are
limiting the supply of compelling investment opportunities which
fit our investment strategy. We have been spending more time
looking at opportunities in the B2B media, specialist electronics
and industrials, Business Services and Healthcare sectors.
Having consulted with shareholders extensively since the Annual
Report was released, the Board and the Manager have agreed to
propose a change in the investment policy of the Company to
implement negative screening of certain investments, which augments
our approach to corporate engagement. This provides clarity and
certainty to investors and largely formalises the approach we have
taken since we launched. In addition, we have begun working with a
specialist provider of ESG data on smaller quoted companies, which
will enhance our existing due diligence process. It will also
enable us to extend the areas in which we engage with portfolio
companies, specifically with the aim of improving ESG-related
disclosure and performance.
In the Annual Report, we had signalled that we anticipated
portfolio turnover to be higher than typical through the current
financial year. M&A activity, and the COVID-19 disruption have
been the major drivers on this. With the portfolio re-positioned by
the end of 2020, in the absence of further M&A activity, it is
likely that portfolio turnover will reduce back to a more
normalised 4-6 new investments per annum.
Turning to the existing portfolio, we believe that it offers an
attractive balance of potential reward for the risks we are taking
with each investment. As at the end of the period, c.34% of sales
were derived from the UK, which is considerably lower than the
average quoted UK smaller company. This provides the portfolio with
a more diversified source of revenues and profits in the event that
the UK suffers more materially than other geographies in the second
COVID-19 wave, and/or there is material disruption during the
Brexit period. In addition, overseas profits would be worth more in
the event of sterling depreciating against the US Dollar and the
Euro.
Over the long term, RWS (the acquirer of SDL) would not be an
ideal fit in the portfolio for a number of reasons, including the
size of the combined company's market capitalisation. We are also
mindful of the size of the investment, the rating of the sector,
and the risks of integration. However, we believe that the
potential upside from the combination of the businesses has yet to
be fully appreciated by investors. In addition, a suitable investor
relations strategy could attract incremental shareholder interest
from US investors, who might place a higher valuation on the
company than UK shareholders.
Across the rest of the portfolio, we continue to see good
potential near and medium-term upside from "double upside"
situations. There is no shortage of engagement potential across the
portfolio, but we will focus on where we judge that there is the
optimal balance of impact and likelihood of successfully
engaging.
The shares of a number of portfolio companies are trading at
considerable discounts to what we believe to be their value to
trade or financial buyers. As we have selected these companies to
avoid poison pills or blocking shareholders, in the absence of a
re-rating, we would not be surprised to see further M&A
activity. Indeed, since the period end, Elementis, the second
largest holding at the time of preparation, has received a highly
opportunistic bid, which we believe substantially undervalues the
company.
We anticipate that the net cash balance is likely to fall
further during the rest of the financial year, to around 5%. We
will not attempt to market time but will invest gradually over the
period as and when suitable situations and liquidity arise.
In summary, we are as confident as we have been since the
Company's IPO of delivering attractive medium to long term
returns.
-- On an absolute basis, the valuations of many companies are
underpinned by precedent M&A transactions, and we expect
M&A to increase. Some are also trading on discounts to their
book values. There is generally poor sentiment towards UK equities,
which in time will probably change for the better. We see an
attractive opportunity set the immediate pipeline and believe that
recent investments have the potential to generate exciting returns
over the medium to long term.
-- On a relative basis, the recent headwinds of being
under-invested in highly rated growth momentum companies (typically
AIM) appear to have started to abate. The risks of the existing
Business Relief rules becoming less favourable to smaller investors
appear to be increasing. Any negative change could be a material
catalyst to a wholesale de-rating of AIM companies. With our
exposure to these companies being limited, we believe that such a
situation would provide many opportunities.
The closed ended fund structure provides us with the capital
base and flexibility to make long term investment decisions and
invest in less liquid smaller quoted companies. As we do not, and
have no intention of managing any similar assets in daily-dealing
Open Ended Funds, we can focus on managing the Company's assets
free of any time, investment, dealing and liquidity conflicts.
Stuart Widdowson | Ed Wielechowski
Odyssean Capital LLP
30 November 2020
PORTFOLIO OF INVESTMENTS
as at 30 September 2020
Valuation % of
Company Sector Country of Listing GBP'000 Net Assets
--------------------------- ------------------ ------------------- --------- ----------
SDL TMT United Kingdom 13,661 14.6%
NCC Group TMT United Kingdom 8,354 8.9%
Chemring Group Industrials United Kingdom 7,280 7.8%
Elementis Industrials United Kingdom 6,840 7.3%
Clinigen Group Healthcare United Kingdom 6,299 6.7%
Flowtech Fluidpower Business Services United Kingdom 6,202 6.6%
Benchmark Holdings Healthcare United Kingdom 5,461 5.8%
Volution Group Industrials United Kingdom 5,169 5.5%
Wilmington TMT United Kingdom 3,922 4.2%
Euromoney Institutional
In TMT United Kingdom 3,734 4.0%
--------------------------- ------------------ ------------------- --------- ----------
Total top 10 equity
investments 66,922 71.4%
Other equity investments 18,530 19.7%
-------------------------------------------------------------------- --------- ----------
Total equity investments 85,452 91.1%
-------------------------------------------------------------------- --------- ----------
Cash and other net current
assets 8,326 8.9%
-------------------------------------------------------------------- --------- ----------
Net assets 93,778 100.0%
-------------------------------------------------------------------- --------- ----------
DISTRIBUTION OF INVESTMENTS
as at 30 September 2020
Portfolio holdings
(% of net assets)
SDL 14.6%
NCC Group 8.9%
------
Chemring 7.8%
------
Elementis 7.3%
------
Clinigen 6.7%
------
Flowtech 6.6%
------
Benchmark 5.8%
------
Volution 5.5%
------
Wilmington 4.2%
------
Euromoney 4.0%
------
Other Equity 19.7%
------
Cash and other net current
assets 8.9%
------
Sector exposure
(% of net assets)
TMT 34.1%
Industrials 23.0%
------
Healthcare 14.8%
------
Business Services 13.4%
------
Other Equity 5.8%
------
Cash and other net current
assets 8.9%
------
Geographical revenue exposure
(% of invested capital)
UK 33.9%
US 20.3%
------
Europe Other 23.2%
------
Rest of World 22.6%
------
Market capitalisation
(% of invested capital)
Below GBP150m 14.2%
GBP150m - GBP750m 72.0%
------
Over GBP750m 13.8%
------
INTERIM MANAGEMENT REPORT AND STATEMENT OF DIRECTORS'
RESPONSIBILITIES
Interim management report
The important events that have occurred during the period under
review, the key factors influencing the financial statements and
the principal factors that could impact the remaining six months of
the financial year are set out in the Chairman's statement and the
Portfolio Manager's report above.
Principal Risks and Uncertainties
The principal risks and uncertainties associated with the
Company are set out on pages 29 to 32 of the Annual Report and
Accounts for the year ended 31 March 2020, which is published on
the Company's website. Such risks and uncertainties are as
applicable for the remaining six months of the Company's financial
year as they have been for the period under review. The risks can
be summarised under the following headings: investment performance
not being comparable to the expectations of investors, share price
performance, loss of personnel or reputation of the Portfolio
Manager, material changes within the Portfolio Manager's
organisation, valuation of unquoted investments, reliance on the
performance of third-party service providers, market risks
(including market price risk, currency risk and interest rate
risk), liquidity risk and credit risk.
The Board notes that equity markets experienced substantial
volatility during the period due to uncertainties linked to the
Covid-19 pandemic. The Directors have considered the impact of the
continued uncertainty on the Company's financial position and,
based on the information available to them at the date of this
report, have concluded that no adjustments are required to the
accounts as at 30 September 2020. The Board is also aware that the
UK's exit from the European Union has introduced elements of
political and economic uncertainty. Developments continue to be
closely monitored by the Board.
Related Party Transactions
During the first six months of the current financial year no
material transactions with related parties other than those set out
in the notes to the financial statements have taken place which
have affected the financial position of the performance of the
Company during the period.
Going concern
The Directors believe, having considered the Company's
investment objectives, risk management policies, capital management
policies and procedures, nature of the portfolio and expenditure
projections, that the Company has adequate resources, an
appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the
foreseeable future and, more specifically, that there are no
material uncertainties relating to the Company that would prevent
its ability to continue in such operational existence for at least
twelve months from the date of the approval of this Interim Report.
For these reasons, they consider there is reasonable evidence to
continue to adopt the going concern basis in preparing the
accounts.
Responsibility statement
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements contained within the
Half Year Report has been prepared in accordance with International
Accounting Standard ("IAS") 34, 'Interim Financial Reporting', as
adopted by the European Union;
- the Half Year Report and condensed financial statements give a
true and fair view of the assets, liabilities, financial position
and return of the Company; and
- the Interim Management Report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules,
being an indication of important events that have occurred during
the first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules,
being related party transactions that have taken place in the first
six months of the current financial year and that have materially
affected the financial position or performance of the Company
during that period; and any changes in the related party
transactions that could do so.
The Half Year Report has not been reviewed or audited by the
Company's Auditors.
This Half Year Report contains certain forward-looking
statements. These statements are made by the Directors in good
faith based on the information available to them up to the date of
this report and such statements should be treated with caution due
to the inherent uncertainties, including both economic and business
risk factors, underlying any such forward-looking information.
For and on behalf of the Board
Jane Tufnell
Chairman
30 November 2020
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September 2020
Six months ended Six months ended Year ended
30 September 2020 30 September 2019 31 March 2020
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ----- ------- ------- ------- ------- ------- ------- ------- ------- -------
Income 3 194 - 194 1,311 - 1,311 1,949 133 2,082
Net gains/(losses)
on
investments at
fair value 9 - 15,144 15,144 - 5,939 5,939 - (5,588) (5,588)
--------------------- ----- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total income/(loss) 194 15,144 15,338 1,311 5,939 7,250 1,949 (5,455) (3,506)
Expenses
Portfolio management
fee 4 (411) (807) (1,218) (442) (477) (919) (904) - (904)
Other expenses 5 (207) - (207) (248) - (248) (495) - (495)
--------------------- ----- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total expenses (618) (807) (1,425) (690) (477) (1,167) (1,399) - (1,399)
--------------------- ----- ------- ------- ------- ------- ------- ------- ------- ------- -------
(Loss)/return before
taxation (424) 14,337 13,913 621 5,462 6,083 550 (5,455) (4,905)
Taxation 6
--------------------- ----- ------- ------- ------- ------- ------- ------- ------- ------- -------
- - - (4) - (4) (7) - (7)
(Loss)/return for
the period (424) 14,337 13,913 617 5,462 6,079 543 (5,455) (4,912)
--------------------- ----- ------- ------- ------- ------- ------- ------- ------- ------- -------
Basic and diluted
(loss)/return per
-----
ordinary share
(pence) 7 (0.5) 16.3 15.8 0.7 6.2 6.9 0.6 (6.2) (5.6)
--------------------- ----- ------- ------- ------- ------- ------- ------- ------- ------- -------
The total column of the statement is the Statement of
Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards ("IFRS") as endorsed by
the European Union ("EU"). The supplementary revenue and capital
columns are presented for information purposes as recommended by
the Statement of Recommended Practice ("SORP") issued by the
AIC.
All items in the above Statement derive from continuing
operations. No operations were acquired or discontinued during the
period.
The notes form part of these financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2020
Share Special
Share premium distributable Capital Revenue
capital account reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------ -------- -------- -------------- -------- -------- --------
Six months ended 30 September 2020
Opening balance as at 1 April 2020 883 449 85,475 (6,726) 14 80,095
Share repurchases into treasury - - (230) - - (230)
Total comprehensive income for the period - - - 14,337 (424) 13,913
------------------------------------------ -------- -------- -------------- -------- -------- --------
As at 30 September 2020 883 449 85,245 7,611 (410) 93,778
------------------------------------------ -------- -------- -------------- -------- -------- --------
Share Special
Share premium distributable Capital Revenue
capital account reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------ -------- -------- -------------- -------- -------- --------
Six months ended 30 September 2019
Opening balance as at 1 April 2019 883 449 85,475 (1,271) (529) 85,007
Total comprehensive income for the period - - - 5,462 617 6,079
------------------------------------------ -------- -------- -------------- -------- -------- --------
As at 30 September 2019 883 449 85,475 4,191 88 91,086
------------------------------------------ -------- -------- -------------- -------- -------- --------
The notes form part of these financial statements.
CONDENSED BALANCE SHEET
as at 30 September 2020
As at As at As at
30 September 30 September 31 March
2020 2019 2020
Notes GBP'000 GBP'000 GBP'000
------------------------------------------------------------- ----- ------------ ------------ --------
Non current assets
Investments at fair value through profit or loss 9 85,452 82,012 72,266
------------------------------------------------------------- ----- ------------ ------------ --------
Current assets
Trade and other receivables 173 469 187
Cash and cash equivalents 9,277 9,413 9,800
------------------------------------------------------------- ----- ------------ ------------ --------
9,450 9,882 9,987
------------------------------------------------------------- ----- ------------ ------------ --------
Total assets 94,902 91,894 82,253
------------------------------------------------------------- ----- ------------ ------------ --------
Current liabilities
Trade and other payables (1,124) (331) (2,158)
------------------------------------------------------------- ----- ------------ ------------ --------
Total liabilities (1,124) (331) (2,158)
------------------------------------------------------------- ----- ------------ ------------ --------
Total assets less current liabilities 93,778 91,563 80,095
------------------------------------------------------------- ----- ------------ ------------ --------
Non-current liabilities
Performance fee provision - (477) -
------------------------------------------------------------- ----- ------------ ------------ --------
Net assets 93,778 91,086 80,095
------------------------------------------------------------- ----- ------------ ------------ --------
Represented by:
Share capital 10 883 883 883
Share premium account 449 449 449
Special distributable reserve 10 85,245 85,475 85,475
Capital reserve 7,611 4,191 (6,726)
Revenue reserve (410) 88 14
------------------------------------------------------------- ----- ------------ ------------ --------
Total equity attributable to equity holders of the Company 93,778 91,086 80,095
------------------------------------------------------------- ----- ------------ ------------ --------
Basic and diluted net asset value per ordinary share (pence) 8 106.6 103.2 90.8
------------------------------------------------------------- ----- ------------ ------------ --------
The notes form part of these financial statements.
CONDENSED CASH FLOW STATEMENT
for the six months ended 30 September 2020
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
----------------------------------------------------- ------------ ------------ ----------
Reconciliation of profit/(loss) before taxation
to net cash outflows from operating activities
Profit/(loss) before tax 13,913 6,083 (4,905)
(Losses)/gains on investments held at fair
value through profit and loss (15,144) (5,939) 5,588
Decrease/(increase) in receivables 14 (171) 105
Increase in creditors 759 477 32
Taxation paid - (4) (10)
----------------------------------------------------- ------------ ------------ ----------
Net cash (outflow)/ inflow from operating activities (458) 446 810
----------------------------------------------------- ------------ ------------ ----------
Investing activities
Purchases of investments (19,737) (13,937) (26,405)
Sales of investments 19,902 4,686 17,167
----------------------------------------------------- ------------ ------------ ----------
Net cash inflow/(outflow) from investing activities 165 (9,251) (9,238)
----------------------------------------------------- ------------ ------------ ----------
Financing activities
Shares repurchased into treasury (230) - -
Share issue costs - - 10
----------------------------------------------------- ------------ ------------ ----------
Net cash (outflow)/inflow from investing activities (230) - 10
----------------------------------------------------- ------------ ------------ ----------
Decrease in cash and cash equivalents (523) (8,805) (8,418)
----------------------------------------------------- ------------ ------------ ----------
Reconciliation of net cash flow movements in
funds
Cash and cash equivalents at the beginning
of six months/year 9,800 18,219 18,219
Exchange rate movements - (1) (1)
----------------------------------------------------- ------------ ------------ ----------
Decrease in cash and cash equivalents (523) (8,805) (8,418)
----------------------------------------------------- ------------ ------------ ----------
Decrease in net cash (523) (8,806) (8,419)
----------------------------------------------------- ------------ ------------ ----------
Cash and cash equivalents at end of six months/year 9,277 9,413 9,800
----------------------------------------------------- ------------ ------------ ----------
The notes form part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 30 September 2020 (unaudited)
1. General information
Odyssean Investment Trust PLC is a listed public limited company
incorporated in England and Wales. The registered office of the
Company is 25 Southampton Buildings, London WC2A 1AL.
2. Accounting policies
a) Basis of preparation/statement of compliance
The interim financial information covers the period from 1 April
2020 to 30 September 2020 and has been prepared in accordance with
IAS 34, 'Interim Financial Reporting'.
The Company's annual financial statements for the year ended 31
March 2020 were prepared in conformity with IFRS as adopted by the
EU, which comprise standards and interpretations approved by the
International Accounting Standards Board ("IASB"), and as applied
in accordance with the SORP for the financial statements of
investment trust companies and venture capital trusts, except to
any extent where it is not consistent with the requirements of
IFRS.
The accounting policies used by the Company followed in these
half-year financial statements are consistent with the most recent
Annual Report for the year ended 31 March 2020.
The interim financial information is being sent to shareholders
and copies will be made available to the public at the registered
office of the Company and on the Company's website:
www.oitplc.com.
b) Functional and presentation currency
The condensed financial statements are presented in GBP
Sterling, which is the Company's functional currency. All amounts
have been rounded to the nearest thousand, unless otherwise
indicated.
c) Comparative information
The financial information contained in this Interim Report does
not constitute statutory accounts as defined in the Companies Act
2006. The financial information contained within this report
relates to the following periods: 1 April 2020 to 30 September 2020
and 1 April 2019 to 30 September 2019 (unaudited and unreviewed by
the Company's Auditor); and 1 April 2019 to 31 March 2020
(audited). The comparative figures for the period 30 September 2019
are not the Company's statutory accounts for that financial year.
The Company's statutory accounts are for the year ended 31 March
2020 and were reported on by the Company's Auditor and delivered to
the Registrar of Companies. The report of the Auditor was (i)
unqualified, (ii) did not include a reference to any matters to
which the Auditor drew attention by way of emphasis without
qualifying their report, and (iii) did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
d) Going concern
The financial statements have been prepared on a going concern
basis and on the basis that approval as an investment trust company
will continue to be met.
The Directors have made an assessment of the Company's ability
to continue as a going concern and are satisfied that the Company
has adequate resources to continue in operational existence for the
foreseeable future (being a period of at least 12 months from the
date on which these financial statements were approved).
Furthermore, the Directors are not aware of any material
uncertainties that may cast significant doubt upon the Company's
ability to continue as a going concern, having taken into account
the liquidity of the Company's investment portfolio and the
Company's financial position in respect of its cash flows, debt and
investment commitments.
3. Income
Year
ended
Six months ended Six months ended 31 March
30 September 2020 30 September 2019 2020
Income Capital Total Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ -------- -------- -------- ------------------ ---------
Income from investments
Dividend income 194 - 194 1,294 2,055
------------------------ -------- -------- -------- ------------------ ---------
Other income
Bank interest received - - - 17 24
Other income - - - - 3
------------------------ -------- -------- -------- ------------------ ---------
Total income 194 - 194 1,311 2,082
------------------------ -------- -------- -------- ------------------ ---------
4. Portfolio management fee
Six months ended Six months ended Year ended
30 September 2020 30 September 2019 31 March 2020
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Management fee 411 - 411 442 - 442 904 - 904
Performance fee - 807 807 - 477 477 - - -
---------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
411 807 1,218 442 477 919 904 - 904
---------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
The Company is liable to pay a performance fee depending on the
performance of the Company over a three-year period and thereafter
a rolling three-year period as set out in the Company's prospectus
dated 26 March 2018. Based on the performance of the Company to 30
September 2020, GBP807,000 of performance fee has been accrued in
the NAV.
Pursuant to the terms of the Portfolio Management Agreement, the
Portfolio Manager is entitled, with effect from Initial Admission,
to receive an annual management fee equal to the lower of: (i) 1.0%
of the net asset value (calculated before deduction of any accrued
but unpaid management fee and any performance fee) per annum; or
(ii) 1.0% per annum of the Company's market capitalisation. The
annual management fee is calculated and accrues daily and is
payable quarterly in arrears.
In addition, the Portfolio Manager will be entitled to a
performance fee (the "Performance Fee") in certain
circumstances.
The Company's performance is measured over rolling three-year
periods ending on 31 March each year (each a "Performance Period"),
by comparing the net asset value total return per ordinary share
over a Performance Period against the total return performance of
the NSCI ex IT plus AIM Index (the "Comparator Index"). The first
Performance Period will run from Initial Admission to 31 March
2021.
A Performance Fee is payable if the net asset value per ordinary
share at the end of the relevant Performance Period (as adjusted
to: (i) add back the aggregate value of any dividends per ordinary
share paid (or accounted as paid for the purposes of calculating
the net asset value) to shareholders during the relevant
Performance Period; and (ii) exclude any accrual for unpaid
Performance Fee accrued in relation to the relevant Performance
Period) (the "Net Asset Value Total Return per Share") exceeds
both:
(i) (a) the net asset value per ordinary share at Initial
Admission, in relation to the first Performance Period; and (b)
thereafter the net asset value per ordinary share on the first
business day of a Performance Period; in each case as adjusted by
the aggregate amount: of (i) the total return on the Comparator
Index (expressed as a percentage); and (ii) 1.0% per annum over the
relevant Performance Period (the "Target Net Asset Value per
Share"); and
(ii) the highest previously recorded net asset value per
ordinary share as at the end of the relevant Performance Period in
respect of which a Performance Fee was last paid (or the net asset
value per ordinary share as at Initial Admission, if no Performance
Fee has been paid) (the "High Watermark"),
with any resulting excess amount being known as the "Excess
Amount".
The Portfolio Manager will be entitled to 10% of the Excess
Amount multiplied by the time weighted average number of ordinary
shares in issue during the relevant Performance Period to which the
calculation date relates. The Performance Fee will accrue
daily.
Payment of a Performance Fee that has been earned will be
deferred to the extent that the amount payable exceeds 1.75% per
annum of the net asset value at the end of the relevant Performance
Period (amounts deferred will be payable when, and to the extent
that, following any later Performance Period(s) with respect to
which a Performance Fee is payable, it is possible to pay the
deferred amounts without causing that cap to be exceeded or the
relevant net asset value total return per share to fall below both
the relevant target net asset value per share and the relevant High
Watermark for such Performance Period, with any amount not paid
being retained and carried forward).
Subject at all times to compliance with relevant regulatory and
tax requirements, any Performance Fee paid or payable shall:
- where as at the relevant calculation date, the ordinary shares
are trading at, or at a premium to, the latest published net asset
value per ordinary share; be satisfied as to 50% of its value by
the issuance of new ordinary shares by the Company to the Portfolio
Manager (rounded down to the nearest whole number of ordinary
shares) (including the reissue of treasury shares) issued at the
latest published net asset value per ordinary share applicable at
the date of issuance;
- where as at the relevant calculation date, the ordinary shares
are trading at a discount to the latest published net asset value
per ordinary share; be satisfied as to 100% of its value in cash
and the Portfolio Manager shall, as soon as reasonably practicable
following receipt of such payment, use 50% of such Performance Fee
payment to make market purchases of ordinary shares (rounded down
to the nearest whole number of ordinary shares) within four months
of the date of receipt of such Performance Fee payment,
(in each case "Restricted Shares").
Each such tranche of Restricted Shares issued to, or acquired
by, the Portfolio Manager will be subject to a lock- up undertaking
for a period of three years post issuance or acquisition (subject
to customary exceptions).
At no time shall the Portfolio Manager (and/or any persons
deemed to be acting in concert with it for the purposes of the
Takeover Code) be obliged, in the absence of a relevant whitewash
resolution having been passed in accordance with the Takeover Code,
to receive, or acquire, further ordinary shares where to do so
would trigger a requirement to make a mandatory offer pursuant to
Rule 9 of the Takeover Code. Where any restriction exists on the
issuance of further ordinary shares to the Portfolio Manager, the
relevant amount of the Performance Fee may be paid in cash.
In addition, the Portfolio Manager is entitled to reimbursement
for all costs and expenses properly incurred by it in the
performance of its duties under the Portfolio Management
Agreement.
The initial term of the Portfolio Management Agreement is three
years commencing on the date of Initial Admission (the "Initial
Term"). The Company may terminate the Portfolio Management
Agreement by giving the Portfolio Manager not less than six months'
prior written notice, such notice not to be served prior to the end
of the Initial Term. The Portfolio Manager may terminate the
Portfolio Management Agreement by giving the Company not less than
six months' prior written notice, such notice not to be served
prior to the end of the Initial Term.
5. Other expenses
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------ ------------ ----------
Directors' fees* 43 44 86
Company Secretarial and Administration
fee - Link** 43 77 149
Frostrow Capital LLP*** 44 - -
Audit fee 14 28 30
Other expenses 63 99 230
--------------------------------------- ------------ ------------ ----------
207 248 495
--------------------------------------- ------------ ------------ ----------
* Peter Hewitt is not receiving a Director fee in respect of his
services to the Company. Each of the Directors has agreed to use
their applicable Directors' fees (net of applicable taxes) to
acquire ordinary shares in the secondary market, subject to
regulatory requirements. In relation to any dealings, the Directors
will comply with the share dealing code adopted by the Company in
accordance with the Market Abuse Regulation. The Board will be
responsible for taking all proper and reasonable steps to ensure
compliance with the share dealing code by the Directors.
** Link Company Matters Ltd was appointed as Company Secretary
and Administrator up until 12 July 2020.
*** Frostrow Capital LLP was appointed with effect from 13 July 2020.
6. Taxation
The Company has an effective tax rate of 0%. The estimated
effective tax rate is 0% as investment gains are exempt from tax
owing to the Company's status as an investment trust and there is
expected to be an excess of management expenses over taxable income
and thus there is no charge for corporation tax.
7. (Loss)/return per ordinary share
Six months ended Six months ended Year ended 31 March
30 September 2020 30 September 2019 2020
Basic Basic Basic
and and and
Weighted diluted Weighted diluted Weighted diluted
average earnings average earnings average earnings
Net return ordinary per share Net return ordinary per share Net return ordinary per share
GBP'000 shares pence GBP'000 shares pence GBP'000 shares pence
-------- ---------- ---------- --------- ---------- ---------- --------- ---------- ---------- ---------
Revenue (424) 88,058,850 (0.5) 617 88,257,211 0.7 543 88,257,211 0.6
Capital 14,337 88,058,850 16.3 5,462 88,257,211 6.2 (5,455) 88,257,211 (6.2)
-------- ---------- ---------- --------- ---------- ---------- --------- ---------- ---------- ---------
Total 13,913 88,058,850 15.8 6,079 88,257,211 6.9 (4,912) 88,257,211 (5.6)
-------- ---------- ---------- --------- ---------- ---------- --------- ---------- ---------- ---------
There are no dilutive instruments in issue and therefore no
difference between the basic and diluted (loss)/return per ordinary
share.
8. Net asset value per ordinary share
The basic net asset value per ordinary share is based on net
assets of GBP93,778,000 and on 87,982,211 ordinary shares, being
the number of ordinary shares in issue at the period end.
There are no dilutive instruments in issue and therefore no
difference between the basic and diluted total net asset per
ordinary share.
9. Investments at fair value through profit or loss
The Company is required to classify fair value measurements
using a fair value hierarchy that reflects the significance of the
inputs used in making the measurements. The fair value hierarchy
consists of the following three levels:
- Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2 - Inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from
prices).
- Level 3 - Inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
The level in the fair value hierarchy within which the fair
value measurement is categorised in its entirety is determined on
the basis of the lowest level input that is significant to the fair
value measurement in its entirety. For this purpose, the
significance of an input is assessed against the fair value
measurement in its entirety. If a fair value measurement uses
observable inputs that require significant adjustment based on
unobservable inputs, that measurement is a Level 3 measurement.
Assessing the significance of a particular input to the fair value
measurement in its entirety requires judgement, considering factors
specific to the asset or liability.
The determination of what constitutes 'observable' requires
significant judgement by the Company. The Company considers
observable data from investments actively traded in organised
financial markets, fair value is generally determined by reference
to Stock Exchange quoted market bid or closing prices at the close
of business on the Condensed Balance Sheet date, without adjustment
for transaction costs necessary to realise the asset.
As at 30 September 2020 As at 30 September 2019 As at 31 March 2020
Level Level Level Level Level Level Level Level Level
Total 1 2 3 Total 1 2 3 Total 1 2 3
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Quoted at
fair
value 85,452 85,452 - - 82,012 82,012 - - 72,266 72,266 - -
---------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total 85,452 85,452 - - 82,012 82,012 - - 72,266 72,266 - -
---------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
There were no transfers between levels during the period.
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2020 2019 2020
Analysis of capital gains and losses GBP'000 GBP'000 GBP'000
------------------------------------------------ ------------ ------------ ----------
(Losses)/gains on sales of investments based
on historical cost (262) 4,681 4,342
Gains/(Losses) on investment holding for the
period 15,406 1,258 (9,930)
------------------------------------------------ ------------ ------------ ----------
Net gains/(losses) on investments at fair value 15,144 5,939 (5,588)
------------------------------------------------ ------------ ------------ ----------
10. Share capital and reserves
Six months ended Six months ended
30 September 30 September Year ended
2020 2019 31 March 2020
Number Number Number
of of of
Shares GBP'000 Shares GBP'000 Shares GBP'000
-------------------------- ---------- ------- ---------- ------- ---------- -------
Issued and fully paid:
Ordinary shares of 1p:
Balance at the beginning
of the period 88,257,211 883 88,257,211 883 88,257,211 883
-------------------------- ---------- ------- ---------- ------- ---------- -------
Balance at the end of the
period 88,257,211 883 88,257,211 883 88,257,211 883
-------------------------- ---------- ------- ---------- ------- ---------- -------
Special distributable reserve
Upon initial placing and subsequent issuance of the Company's
ordinary shares on 1 May 2018 and 27 June 2018 respectively, the
Company accumulated a premium account of GBP85,495,000. Following
approval of the Court, effective on 8 August 2018, the share
premium account was cancelled and the balance after cancellation
cost of GBP20,000 was transferred to the special distributable
reserve.
On 22 May 2020, the Company purchased 275,000 of its own
ordinary shares at a total cost of GBP230,000 and these shares have
been placed into treasury.
11. Related party transactions
The amounts incurred, in respect of portfolio management fees,
during the period to 30 September 2020 was GBP411,000 (30 September
2019: GBP442,000), of which GBP224,000 was outstanding at 30
September 2020 (30 September 2019: GBP224,000).
The amount incurred in respect of Directors' fees during the
period to 30 September 2020 was GBP43,000 (2019: GBP44,000) of
which GBPnil was outstanding at period end (2019: GBPnil).
GLOSSARY
AIC
Association of Investment Companies.
CTA
Corporation Tax Act 2010.
Discount/premium
If the share price of an investment trust is lower than the NAV
per share, the shares are said to be trading at a discount. If the
share price is higher than the NAV per share, the shares are said
to be trading at a premium. The size of the discount/premium is
calculated by subtracting the share price from the NAV per share
and is usually expressed as a percentage of the NAV per share.
FCA
Financial Conduct Authority.
IPO
Initial public offering.
LSE
London Stock Exchange.
M&A
Mergers and acquisitions.
NAV
NAV stands for net asset value and represents shareholders'
funds. Shareholders' funds are the total value of a company's
assets at current market value less its liabilities.
NAV total return per ordinary share
NAV total return is the closing NAV per share including any
cumulative dividends paid as a percentage over the opening NAV.
Six months
ended Year ended
30 September 31 March
2020 2020
------------------------------------------------- ------------- ----------
Opening NAV per ordinary share 90.8p 96.3p
Dividend paid per ordinary share - -
------------------------------------------------- ------------- ----------
Dividend adjusted opening NAV per ordinary share 90.8p 96.3p
Closing NAV per ordinary share 106.6p 90.8p
------------------------------------------------- ------------- ----------
NAV total return per ordinary share 17.4% (5.7)%
------------------------------------------------- ------------- ----------
NSCI ex IT plus AIM Index
Numis Smaller Companies ex Investment Trusts plus AIM Index.
Ongoing charges
Based on total expenses, excluding finance costs and certain
non-recurring items for the period or year, and average daily net
asset value.
Six months
ended Year ended
30 September 31 March
2020 2020
GBP'000 GBP'000
------------------------------------- ------------- ----------
Total expenses per note 4 and note 5 618 1,399
Annualised total expenses 1,262 1,399
Average net asset value 88,200 84,064
------------------------------------- ------------- ----------
Ongoing charges 1.4% 1.7%
------------------------------------- ------------- ----------
TMT
Technology, media and telecom.
Total assets
Total assets are the sum of both fixed and current assets with
no deductions.
Total return per ordinary share
Total return per ordinary share is the total return for the
period expressed as an amount per weighted average ordinary
share.
SHAREHOLDER INFORMATION
Investing in the Company
The Company's shares are traded on the LSE and can be bought or
sold through a stock broker or other financial intermediary.
Shares in the Company are available through savings plans,
including Investment Dealing Accounts, ISAs, Junior ISAs and SIPPs,
which facilitate both regular monthly investments and lump sum
investments in the Company's shares. The Company's shares are also
available on various investment platforms.
Share capital and NAV information
Ordinary 1p shares 88,257,211
Held in Treasury 275,000
Shares with voting rights 87,982,211
SEDOL number BFFK7H5
ISIN GB00BFFK7H57
Ticker OIT
LEI 213800RWVAQJKXYHSZ74
The Company's NAV is released daily to the LSE and published on
the Company's website.
Sources of further information
Copies of the Company's Annual and Interim Reports, Stock
Exchange announcements and further information on the Company can
be obtained from its website: www.oitplc.com, or from the Company
Secretary at info@frostrow.com.
Share register enquiries
The register for the ordinary shares is maintained by Equiniti
Limited. In the event of queries regarding your holding, please
contact the Registrar on 0371 384 2030. Changes of name and/or
address must be notified in writing to the Registrar at the address
shown on page 34. You can check your shareholding and find
practical help on transferring shares or updating your details at
www.shareview.co.uk.
Key dates
Company's half-year end 30 September
Interim results announced November/ December
Company's year end 31 March
Annual results announced June/July
Annual General Meeting September
Association of Investment Companies
The Company is a member of the AIC, which publishes monthly
statistical information in respect of member companies. The AIC can
be contacted on 020 7282 5555, enquiries@theaic.co.uk or visit the
website: www.theaic.co.uk.
CORPORATE INFORMATION
Directors Portfolio Manager
Jane Tufnell (Chairman) Odyssean Capital LLP
Arabella Cecil 6 Stratton Street
Peter Hewitt Mayfair
Richard King London W1J 8LD
Tel: 020 7640 3282
Email: info@odysseancapital.com
Company Secretary and Registered Broker
Office Winterflood Securities Limited
Frostrow Capital LLP Cannon Bridge House
25 Southampton Buildings 25 Dowgate Hill
London WC2A 1AL London EC4R 2GA
Tel: 0203 008 4910
Email: info@frostrow.com
Website: www.frostrow.com
Frostrow Capital LLP was appointed Solicitor
as the new Company Secretary with Gowling WLG (UK) LLP
effect from 13 July 2020. 4 More London Riverside
London SE1 2AU
Auditor Custodian
KPMG LLP RBC Investor Services Trust (UK Branch)
15 Canada Square Riverbank House
Canary Wharf 2 Swan Lane
London E14 5GL London EC4R 3AF
Registrar
Equiniti Limited
Aspect House
Spencer Road
Lancing BN99 6DA
Tel: 0371 384 2030; +44 (0) 121
415 7047
www.shareview.co.uk
Corporate website
www.oitplc.com
ENDS
Frostrow Capital LLP
Company Secretary
020 3709 8732
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END
IR LBLFXBFLZFBV
(END) Dow Jones Newswires
November 30, 2020 07:52 ET (12:52 GMT)
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