Wrap Text
Summarised unaudited financial statements for the quarter and nine months ended 31 March 2021
UNIVERSAL PARTNERS LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: 138035 C1/GBL)
SEM share code: UPL.N0000
JSE share code: UPL
ISIN: MU0526N00007
("Universal Partners" or "the Company")
SHORT FORM ANNOUNCEMENT: SUMMARISED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER AND NINE MONTHS ENDED 31 MARCH 2021
Quarter ended Quarter ended Year ended
31 March 2021 31 March 2020 30 June 2020
Net asset value per share ("NAV") GBP 1.059 1.024 1.095
Loss for the quarter / year GBP (570,846) (7,923,775) (3,478,437)
Loss per share pence (0.79) (10.95) (4.81)
Headline loss per share pence (0.79) (10.95) (4.81)
Universal Partners has a primary listing on the Official Market of the Stock Exchange of Mauritius Ltd ("SEM") and a
secondary listing on the Alternative Exchange of the JSE Limited ("JSE").
PRINCIPAL ACTIVITY
The principal activity of the Company is to hold investments in high quality, growth businesses across Europe, with a
focus on the United Kingdom ("UK"). The Company's investment mandate also allows up to 20% of total funds at the
time an investment is made to be invested outside the UK and Europe.
The Company's primary objective is to achieve strong capital appreciation in Pounds Sterling ("GBP") over the medium
to long-term by investing in businesses that meet the investment criteria set out in the Company's investment policy.
BUSINESS REVIEW
Since its listing on the SEM and the JSE, the Company has worked closely with its investment advisor, Argo Investment
Managers ("Argo"), to identify potential investments that meet its investment criteria.
The Company has completed six investments since its listing up to the reporting date. An update on these investments
and how they operated during the quarter under review is included in the long form announcement.
FINANCIAL REVIEW
While the Company's cash remains fully invested, interest earned on cash balances remains negligible. Interest earned
during the quarter of GBP 49,560 related to the interest accrued on the loan advanced to Techstream.
Dividend income of GBP 143,344 relates to an accrual raised on the preferred shares subscribed for by Universal
Partners in TSG.
The board of directors of Universal Partners (the "Board") is of the opinion that, at the end of the quarter under review,
the valuation of Techstream should remain unchanged compared to that previously reported. Accordingly, an amount
equal to the dividend accrual of GBP 143,344 has been provided during the quarter.
The Company's investment in SC Lowy is reflected at its original cost and is denominated in US Dollars ("USD").
During the quarter, the translation effect of exchange rate movements between the USD and the GBP resulted in an
unrealised foreign exchange loss of GBP 136,502.
Management fees accrued during the quarter amounted to GBP 442,846 incurred in terms of the investment management
agreement between the Company and Argo. General and administrative expenses amounting to GBP 77,476 were also
incurred. The accrual for performance fees is calculated on the revaluation of the Company's investments. These fees,
which are recalculated quarterly, only become payable to Argo if the Company realises the expected profit on disposal
of the investments. No performance fees are payable to Argo until a successful exit of an investment has been achieved.
During the quarter under review, there was a partial reversal of the accrual previously recognised, which had a positive
impact on the income statement of GBP 149,618.
The Company incurred interest of GBP 115,145 during the quarter on the RMB term loan facility. An additional amount
of GBP 2,750,000 was drawn down from the facility during the quarter. During the quarter GBP 1,500,000 was drawn down
to advance a nine month working capital loan to Techstream and GBP 1,250,000 for further investment in Dentex.
Short-form announcement
This short-form announcement is the responsibility of the directors and is only a summary of the information in the full
announcement and accordingly does not contain full or complete details. The full announcement was published on SENS
on 12 May 2021, and can be found on the Company's website www.universalpartners.mu and can be accessed using the
following JSE link https://senspdf.jse.co.za/documents/2021/jse/isse/UPLE/Q321Result.pdf.
Any investment decisions by shareholders and/or investors should be based on the full announcement released on SENS
and published on the Company’s website.
Copies of this report are available to the public, free of charge, at the registered office of the Company, c/o
Intercontinental Trust Limited, Level 3 Alexander House, 35 Cybercity, Ebene 72201, Mauritius.
Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule 8(2)(m) of
the Securities (Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public upon request to
the Company Secretary at the Registered Office of the Company at c/o Intercontinental Trust Limited, Level 3 Alexander
House, 35 Cybercity, Ebene 72201, Mauritius. The Board of Universal Partners accepts full responsibility for the
accuracy of the information in this communique.
No dividends were declared in the current or prior interim period. This is in line with the Company's investment strategy
to achieve long-term growth in NAV.
The Board of Universal Partners accepts full responsibility for the accuracy of the information contained in this
announcement.
By order of the Board
Mauritius – 11 May 2021
Company Secretary
Intercontinental Trust Limited
For further information please contact:
SEM authorised representative
JSE sponsor and sponsor Company Secretary
Java Capital Perigeum Capital Intercontinental Trust Ltd
Tel: +27 11 722 3050 Tel: +230 402 0890 Tel: +230 403 0800
Date: 12-05-2021 08:00:00
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