Wrap Text
Abridged unaudited results for the period ended 31 December 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 31 DECEMBER 2016
Universal Partners was incorporated in Mauritius on 25 April 2016 as a public company limited by shares and
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”) since August 2016.
PRINCIPAL ACTIVITY
The principal activity of the Company is to hold investments in high quality, cash generative businesses across
Europe, with a particular focus on the United Kingdom.
The Company’s primary objective is to achieve strong capital appreciation in Pounds Sterling 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 on 08 August 2016 and the JSE on 11 August 2016, the Company has been
working closely with its investment advisor, ARGO Investment Managers (“ARGO”), to identify potential
investments that meet its investment criteria. While a number of potential investments have been identified and
are being evaluated, no investments were made during the quarter ended 31 December 2016. However, a term-
sheet has been signed for a potential investment and a due diligence exercise is currently being performed.
For the period under review, revenue in the form of interest was earned from investing excess cash in interest
bearing fixed deposits for periods ranging from 1 month to 6 months. The interest earned from these deposits
amounted to GBP 105,654 for the quarter ended 31 December 2016. The invested funds will remain in short-
term fixed deposits, money market, and NCD instruments until such time as they are required for investments in
accordance with the Company’s investment policy.
Management fees for the quarter ended 31 December 2016 amounted to GBP 161,641, incurred in terms of the
investment management agreement between the Company and ARGO. General and administrative expenses
amounting to GBP 120,968 were incurred for the quarter ended 31 December 2016.
NET ASSET VALUE (“NAV”)
The NAV per share as at 31 December 2016 was GBP 0.99 (30 September 2016: GBP 0.99).
LOSS PER SHARE
The loss per share of GBP 0.0024 and GBP 0.0041 are based on the Company’s loss before tax of GBP 176,955
and GBP 298,424 for the quarter ended 31 December 2016 and six months period ended 31 December 2016
respectively, based on the number of shares in issue being 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 using accounting policies consistent with
International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards
Board (“IASB”) and in accordance with International Accounting Standard (IAS) 34 – Interim Financial
Reporting, the listing rules of the SEM, the Mauritian Securities Act 2005 and the Listings Requirements of the
JSE.
The directors are not aware of any circumstances or matters arising subsequent to the period end that require
any additional disclosure or adjustment to the financial statements.
AUDITORS
The results on pages 3 to 6 have not been subject to any external audit or review by the Company’s auditors,
Grant Thornton.
By order of the Board
10 February 2017
Intercontinental Trust Limited
Company secretary
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 Rule 12.20 and Section 88 of the Mauritian 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 31 DECEMBER 2016
As at 31 December As at 30 September
2016 2016
(Unaudited) (Unaudited)
GBP GBP
Assets
Current assets
Cash and cash equivalents 71,593,482 72,081,768
Total assets 71,593,482 72,081,768
Equity and Liabilities
Equity
Stated capital 71,847,164 71,847,164
Accumulated loss (298,424) (121,469)
Total equity 71,548,740 71,725,695
Current liabilities
Trade and other payables 44,742 356,073
Total liabilities 44,742 356,073
Total equity and liabilities 71,593,482 72,081,768
ABRIDGED UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2016
Six months
Quarter ended
ended
31 December 30 September 31 December
2016 2016 2016
(Unaudited) (Unaudited) (Unaudited)
GBP GBP GBP
Revenue
Interest on bank deposits 105,654 48,984 154,638
Total revenue 105,654 48,984 154,638
Expenditure
Management fees (161,641) (83,193) (244,834)
Set up costs - (5,749) (5,749)
General and administrative expenses (120,968) (77,794) (198,762)
Operating loss (176,955) (117,752) (294,707)
Loss from financial assets at fair value
through profit and loss - (3,717) (3,717)
Loss before tax (176,955) (121,469) (298,424)
Tax expense - - -
Loss for the period (176,955) (121,469) (298,424)
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 (176,955) (121,469) (298,424)
Basic and headline loss per share
(pence)* 0.24 0.17 0.41
* The loss per share for the quarter ended 31 December 2016 and six months period ended 31 December
2016 are based on loss before tax of GBP 176,955 and GBP 298,424 for the Company respectively and the
number of shares in issue of 72,350,131 (30 September 2016: Based on loss before tax of GBP 121,469 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 31 DECEMBER 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 71,847,064 - 71,847,064
Loss for the period - (121,469) (121,469)
Other comprehensive income for the
- - -
period
Total comprehensive income for the
- (121,469)
period (121,469)
At 30 September 2016 71,847,164 (121,469) 71,725,695
At 1 October 2016 71,847,164 (121,469) 71,725,695
Loss for the period - (176,955) (176,955)
Other comprehensive income for the
period - - -
Total comprehensive income for the
- (176,955) (176,955)
period
At 31 December 2016 71,847,164 (298,424) 71,548,740
* At 25 April 2016, the Company issued 100 shares at GBP 1 each.
ABRIDGED UNAUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2016
Six months
Quarter ended
ended
31 December 30 September 31 December
2016 2016 2016
(Unaudited) (Unaudited) (Unaudited)
GBP GBP GBP
Operating activities
Loss before tax (176,955) (121,469) (298,424)
Adjustments for:
Loss from financial assets at fair value
through profit and loss - 3,717 3,717
Net foreign exchange loss 36,167 10,691 46,858
Changes in working capital:
(Decrease) / increase in trade and other
payables* (311,331) 356,073 44,742
Net cash flows generated from operating
(203,107)
activities (452,119) 249,012
Investing activities
Acquisition of investments - (200,000) (200,000)
Proceeds of disposal of investments - 196,283 196,283
Net cash flows used in investing activities - (3,717) (3,717)
Financing activities
Proceeds from issue of shares - 72,350,131 72,350,131
Share issue costs - (502,967) (502,967)
Net cash flows generated from financing
activities - 71,847,164 71,847,164
Net change in cash and cash equivalents (452,119) 72,092,459 71,640,340
Cash and cash equivalents at the beginning
of the period 72,081,768 - -
Exchange rate differences (36,167) (10,691) (46,858)
Cash and cash equivalents at the end of
the period 71,593,482 72,081,768 71,593,482
* Final settlement of listing expenses
Date: 10/02/2017 08:00:00 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 
