Wrap Text
Abridged unaudited results for the period ended 30 September 2016
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”)
ABRIDGED UNAUDITED RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2016
Universal Partners was established in Mauritius on 25 April 2016 as a public company limited by shares, holding
a Category 1 Global Business Licence issued by the Mauritian Financial Services Commission. The Company 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 investment in high quality, cash generative businesses across
Europe, with a particular focus on the United Kingdom.
Universal Partners’ primary objective is to achieve strong capital appreciation in Pounds Sterling over the
medium-to long-term by investing in high quality, cash generative businesses that meet the investment criteria set
out in the Company’s investment policy.
BUSINESS REVIEW
The Company listed on the SEM on 8 August 2016 and the JSE on 11 August 2016, raising GBP 72,350,031 at
the time of listing by way of an issue of shares to invited investors pursuant to a private placement. The Company
incurred share issue costs of GBP 502,967 in relation to the listing on both exchanges, which are significantly
lower than the estimated incorporation and listing costs disclosed in the Company’s SEM Listing Particulars
published on 22 July 2016 and JSE Pre listing Statement published on 4 August 2016. These costs were set off
against stated capital in compliance with IAS 32 Financial Instruments: Presentation.
Management fees of GBP 83,193 were paid in respect of the period from the date of listing on the JSE (being 11
August 2016) to 30 September 2016, incurred in terms of the investment management agreement between the
Company and ARGO Investment Managers (“ARGO”). Other operating expenses amounting to GBP 83,543
were incurred.
The cash raised pursuant to the private placement undertaken at the time of listing on the JSE has been deposited
in interest bearing fixed deposit accounts for periods ranging from 1 month to 6 months. The interest earned from
these deposits was GBP 48,984 for the period. These funds will remain in short-term fixed deposits, money
market, and NCD instruments until such time as they will be invested in accordance with the Company’s
investment policy.
So as to reflect a current investment as at the time of listing on the JSE, the Company invested GBP 200,000 in
Electra Private Equity shares on the London Stock Exchange by acquiring 5,200 shares at an average price of
GBP 38.46 per share between 8 August 2016 and 10 August 2016. The shares were sold shortly after listing on
the JSE, resulting in a loss of GBP 3,717.
The Company works closely with its investment advisor, ARGO, to identify potential investments that meet its
investment criteria. While a number of potential investments have been identified and are being evaluated, no
other investments were made during the period.
NET ASSET VALUE (“NAV”)
The NAV per share at 30 September 2016 was GBP 0.99.
LOSS PER SHARE
1
The loss per share is based on loss before tax of GBP 121,469 for the Company and the number of shares in issue
of 72,350,131.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
The abridged unaudited financial statements have been prepared in accordance with International Financial
Reporting Standards (“IFRS”)-IAS 34-Interim Financial Reporting as issued by the International Accounting
Standards Board (“IASB”), the listing rules of the SEM, the Mauritian Securities Act 2005 and the Listings
Requirements of the JSE Limited.
AUDITORS
The results on pages 3 to 4 have not been subject to any external audit or review by the Company’s auditors,
Grant Thornton.
By order of the Board
Intercontinental Trust Limited
Company secretary
9 November 2016
For further information please contact:
South African corporate advisor and JSE sponsor
Java Capital +27 11 722 3050
SEM authorised representative and sponsor
Perigeum Capital Ltd +230 402 0890
Company Secretary
Intercontinental Trust Limited +230 403 0800
NOTES
Copies of this report are available to the public at the registered office of the Company, 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 Level 3 Alexander House, 35
Cybercity, Ebene 72201, Mauritius.
This announcement is issued pursuant to Listing Rules 12.20 and Section 88 of the Securities Act 2005. The
Board of Universal Partners accepts full responsibility for the accuracy of the information in this announcement.
ABRIDGED UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2016
As at 30 September 2016
(Unaudited)
GBP
Assets
Current assets
Cash and cash equivalents 72,081,768
Total assets 72,081,768
Equity and Liabilities
Equity
Stated capital 71,847,164
Loss for the period (121,469)
71,725,695
Current liabilities
Trade and other payables 356,073
Total equity and liabilities 72,081,768
ABRIDGED UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2016
Period ended 30
September 2016
(Unaudited)
GBP
Revenue
Interest on bank deposits 48,984
Total revenue 48,984
Expenditure
Management fees (83,193)
Set up costs (5,749)
General and administrative expenses (77,794)
Operating loss (117,752)
Loss from financial assets at fair value through profit and loss (3,717)
Loss before tax (121,469)
Tax expense -
Loss for the period (121,469)
Other comprehensive income
Items that will not be reclassified subsequently to profit and loss -
Items that will be reclassified subsequently to profit and loss -
Other comprehensive income for the period, net of tax -
Total comprehensive income for the period (121,469)
Basic and headline loss per share (pence)* 0.17
* The loss per share is based on loss before tax of GBP 121,469 for the Company and the number of shares in issue of
72,350,131.
There were no dilutive shares in issue. There were no reconciling items between the basic and headline loss per share.
ABRIDGED UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30
SEPTEMBER 2016
Loss for the
Stated Capital period Total
GBP GBP GBP
At 25 April 2016 * 100 - 100
Issue of shares 72,350,031 - 72,350,031
Share issue costs (502,967) - (502,967)
Transactions with shareholder 71,847,164 - 71,847,164
Loss for the period - (121,469) (121,469)
Other comprehensive income for the period - - -
Total comprehensive income for the period - (121,469) (121,469)
At 30 September 2016 71,847,164 (121,469) 71,725,695
* At 25 April 2016, the Company issued 100 shares at GBP
1 each
ABRIDGED UNAUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30
SEPTEMBER 2016
Period ended 30
September 2016
(Unaudited)
GBP
Operating activities
Loss before tax (121,469)
Adjustments for:
Loss from financial assets at fair value through profit and loss 3,717
Net foreign exchange loss 10,691
Changes in working capital:
Increase in trade and other payables 356,073
Net cash flows generated from operating activities 249,012
Investing activities
Acquisition of investments (200,000)
Proceeds of disposal of investments 196,283
Net cash flows used in investing activities (3,717)
Financing activities
Proceeds from issue of shares 72,350,131
Share issue costs (502,967)
Net cash flows generated from financing activities 71,847,164
Net change in cash and cash equivalents 72,092,459
Cash and cash equivalents at the beginning of the period -
Exchange rate differences on cash and cash equivalents (10,691)
Cash and cash equivalents at the end of the period 72,081,768
Date: 09/11/2016 01:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
