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Unaudited Interim Results for the six months ended 31 December 2022 and Interim Dividend Declaration
London Finance & Investment Group PLC
(Incorporated in England with registered number 201151)
LSE code: LFI
JSE code: LNF
ISIN: GB0002994001
(“London Finance” or “the Company”)
Unaudited Interim Results for the six months ended 31 December 2022 and interim dividend
declaration
Introduction to the Company
London Finance & Investment Group PLC. (LSE: LFI, JSE: LNF), the investment company whose
assets primarily consist of Strategic Investments, being significant investments in smaller United
Kingdom (“UK”) quoted companies with expected above average growth over the medium to longer
term and a General Portfolio, being investments in major United States, UK and European equities,
today announces its unaudited Interim Results for the 6 months ended 31 December 2022 and the
Interim Dividend Declaration by the Company’s board of directors (“Board”).
%
December 2022 December 2021
Change
Revenue (GBP £'000) 11.2 486,000 437,000
Profit before income tax (GBP £’000) 134.0 1,313,000 561,000
Headline earnings for the period (GBP £'000) 158.5 980,000 379,000
Headline earnings per ordinary share (GBP
pence) 158.3 3.1p 1.2p
Earnings per ordinary share (BGP pence) 158.3 3.1p 1.2p
Dividends per ordinary share (GBP pence) 0 0.55p 0.55p
Highlights
• Net assets per share increased by 4.3% to 57.2p at 31 December 2022 from 54.8p at 30 June
2022.
• Sale of the remaining 1,800,000 Finsbury Food shares in the period
• Changes to the General Portfolio Investments, realising cash of £528,000 and net profits of
£864,000 compared to the cost of these investments.
• The fair value of the General Portfolio increased by 8.0% compared with increases of 1.9%
and 5.7% in the FTSE 100 index and the FTSEurofirst 300 Index respectively, over the half
year. At the close of business on 29 March 2023, our net asset value was 56.5p1 per share.
• The Group profit before tax for the half year was £1,313,000 including revaluation of General
Portfolio investments only (2021 - £561,000), resulting in earnings per share of 3.1p (2021:
earnings per share 1.2p).
• Total comprehensive profit after tax and minority interest, including revaluation of all
investments, was £943,000 (2021: £1,024,000)
Interim Dividend
The Board recommends an interim gross dividend of 0.55p per share (12.24003 SA cents) (2021: 0.55p)
which will be paid on Thursday 4 May 2023 to those members registered at the close of business on
Friday 21 April 2023 (SA and UK). Shareholders on the South African register will receive their dividend
in SA Rand converted from Sterling at the closing rate of exchange on 23 March 2023, being GBP 1 =
SA Rand 22.2546.
JSE Disclosure Requirements
In respect of the normal gross cash dividend, and in terms of the South African Tax Act, the dividend
tax ruling set out below only applies to those shareholders who are registered on the South African
register on Friday 21 April 2023. All other shareholders are exempt.
• The number of shares in issue now and as at the interim dividend declaration date is 31,207,479;
• The interim gross dividend is 12.24003 SA cents;
• The interim net dividend is 9.79202 SA cents;
• The dividend has been declared from income reserves, which funds are sourced from the
Company’s main bank account in Switzerland and is regarded as a foreign dividend by South
African shareholders; and
• The Company’s UK Income Tax reference number is 948/L32120.
Dividend dates:
Last day to trade (SA) Tuesday 18 April 2023
Shares trade ex-dividend (SA) Wednesday 19 April 2023
Shares trade ex-dividend (UK) Thursday 20 April 2023
Record date (SA and UK) Friday 21 April 2023
Dividend Payment date Thursday 4 May 2023
Share certificates may not be de-materialised or re-materialised between Wednesday 19 April 2023
and Friday 21 April 2023, both dates inclusive. Shares may not be transferred between the registers in
London and South Africa during this period either.
The JSE Listing Requirements require disclosure of the following additional information in relation to
any dividend payments.
Dividend tax ruling
Shareholders registered on the South African register are advised that the dividend withholding tax will
be withheld from the gross final dividend amount of 12.24003 SA cents per share at a rate of 20%
unless a shareholder qualifies for an exemption; shareholders registered on the South African register
who do not qualify for an exemption will therefore receive a net dividend of 9.79202 SA cents per share.
The dividend withholding tax and the information contained in this paragraph is only of direct application
to shareholders registered on the South African register, who should direct any questions about the
application of the dividend withholding tax to Computershare Investor Services (Pty) Limited in South
Africa. Tel: +27 11 370 5000.
Full Announcement
This short-form announcement is the responsibility of the Directors of the Company, is a summary of the
information in the full announcement and as such does not contain full or complete details.
Any investment decision by investors and/or shareholders should be based on consideration of the full
announcement, which is available for viewing on the following website:
JSE website: https://senspdf.jse.co.za/documents/2023/jse/isse/lojm/lnf2023.pdf
Copies of the full announcement are also available for inspection at the offices of the Company and its
sponsor on work-days during business hours, at no charge.
On behalf of the Board
United Kingdom
31 March 2023
JSE Sponsor to London Finance
Questco Corporate Advisory Proprietary Limited
Date: 31-03-2023 11:00:00
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