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Summarised unaudited results for the period ended 31 March 2017
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”)
SUMMARISED UNAUDITED RESULTS FOR THE PERIOD ENDED 31 MARCH 2017
Universal Partners Limited 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, growth 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 8 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.
On 28 April 2017, the Company entered into an agreement to invest in Dentex Healthcare Group Limited
(“Dentex”) for a total consideration of GBP 15 million.
GBP 4 million was invested upfront to subscribe for a 36% ordinary shareholding in Dentex. The Company
will also subscribe for up to GBP 11 million worth of convertible Loan Notes (“Loan Notes”) which Dentex
can draw down on during an 18 month availability period, commencing on the closing date of the ordinary
equity subscription. The Company will have the right to convert the Loan Notes into ordinary shares of Dentex
which will enable the Company to increase its shareholding to up to 49% of the ordinary equity.
Dentex is a dental consolidation group operating in the UK with a unique clinician led partnership model that
encourages clinical excellence and growth in profitability. Dentex has the capacity to roll out and support a
substantial network of dental practices and they have strategically partnered with several leading dentists, to
invest in practices that deliver sustainable cash flow generation, predominantly in the growing private dental
market.
ARGO has identified a pipeline of additional potential investment opportunities which are at various stages of
maturity. These opportunities are going through a rigorous and thorough due diligence prior to being presented
to the Company’s Investment Committee. Announcements regarding any successfully concluded transactions
will be forthcoming as they are completed.
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 one month to six months. The interest earned from these
deposits amounted to GBP 121,425 for the quarter ended 31 March 2017. 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 March 2017 amounted to GBP 157,113, incurred in terms of the
investment management agreement between the Company and ARGO. General and administrative expenses
amounting to GBP 72,813 were incurred for the quarter ended 31 March 2017.
NET ASSET VALUE (“NAV”)
The NAV per share as at 31 March 2017 was GBP 0.99 (31 December 2016: GBP 0.99).
LOSS PER SHARE
The loss per share of GBP 0.0015 for the quarter and GBP 0.0056 for the year to date are based on the
Company’s loss before tax of GBP 108,501 and GBP 406,925 for the quarter ended 31 March 2017 and nine
months period ended 31 March 2017 respectively, based on 72,350,131 weighted average number of shares in
issue.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
The summarised 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 JSE Listings Requirements.
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 May 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 as well as 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.
This announcement is issued pursuant to the JSE Listings Requirements, SEM Listing Rule 12.19 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.
SUMMARISED UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2017
As at 31 March As at 31
2017 December 2016
(Unaudited) (Unaudited)
GBP GBP
Assets
Current assets
Cash and cash equivalents 71,481,935 71,593,482
Total assets 71,481,935 71,593,482
Equity and Liabilities
Equity
Stated capital 71,847,164 71,847,164
Accumulated loss (406,925) (298,424)
Total equity 71,440,239 71,548,740
Current liabilities
Trade and other payables 41,696 44,742
Total liabilities 41,696 44,742
Total equity and liabilities 71,481,935 71,593,482
SUMMARISED UNAUDITED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2017
Quarter ended Nine months
ended
31-Mar 31-Mar
2017 2017
(Unaudited) (Unaudited)
GBP GBP
Revenue
Interest on bank deposits 121,425 276,064
Total revenue 121,425 276,064
Expenditure
Management fees (157,113) (401,947)
Set up costs - (5,749)
General and administrative expenses (72,813) (271,575)
Operating loss (108,501) (403,207)
Loss from financial assets at fair value through profit
- (3,717)
and loss
Loss before tax (108,501) (406,924)
Tax expense - -
Loss for the period (108,501) (406,924)
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 (108,501) (406,924)
Basic and headline loss per share (pence)* 0.15 0.56
* The loss per share for the quarter ended 31 March 2017 and nine months period ended 31 March
2017 are based on loss before tax of GBP 108,501 and GBP 406,924 for the Company respectively
and the weighted average number of shares in issue of 72,350,131 (31 December 2016: Based on
loss before tax of GBP 176,955 and the weighted average 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.
SUMMARISED UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE
PERIOD ENDED 31 MARCH 2017
Loss for the
Stated Capital Total
period
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 - (298,424) (298,424)
Other comprehensive income for the period - - -
Total comprehensive income for the period - (298,424) (298,424)
At 31 December 2016
71,847,164 (298,424) 71,548,740
At 1 January 2017
71,847,164 (298,424) 71,548,740
Loss for the period - (108,501) (108,501)
Other comprehensive income for the period - - -
Total comprehensive income for the period - (108,501) (108,501)
At 31 March 2017 71,847,164 (406,925) 71,440,239
* At 25 April 2016, the Company issued 100 shares at GBP 1 each.
SUMMARISED UNAUDITED STATEMENT OF CASH FLOWS FOR THE PERIOD
ENDED 31 MARCH 2017
Quarter ended Nine months
ended
31-Mar 31-Mar
2017 2017
(Unaudited) (Unaudited)
GBP GBP
Operating activities
Loss before tax (108,501) (406,925)
Adjustments for:
Loss from financial assets at fair value through profit
- 3,717
and loss
Net foreign exchange loss 930 47,788
Changes in working capital:
(Decrease) in trade and other payables (3,046) 41,696
Net cash flows generated from operating activities (110,617) (313,724)
Investing activities
Acquisition of investments - (200,000)
Proceeds from 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 (110,617) 71,529,723
Cash and cash equivalents at the beginning of the
71,593,482 -
period
Exchange rate differences (930) (47,788)
Cash and cash equivalents at the end of the period 71,481,935 71,481,935
Date: 10/05/2017 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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