Wrap Text
Summarised unaudited financial statements for the quarter and six months ended 31 December 2020
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 SIX MONTHS ENDED
31 DECEMBER 2020
Quarter ended Quarter ended Year ended
31 December 31 December 30 June
2020 2019 2020
Net asset value per share (“NAV”) GBP 1.067 1.134 1.095
Loss for the quarter / year GBP (1 109 237) (716 037) (3 478 437)
Loss per share pence (1.53) (0.99) (4.81)
Headline loss per share pence (1.53) (0.99) (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”).
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 (“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 of 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.
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.
The UK has been under various forms of restrictions since before the start of the current reporting period
on 1 July 2020. A second wave of the pandemic commenced in late August 2020, and certain restrictions
were intensified. Further tiers were added to the regional restrictions in September 2020, followed by a
second national lockdown for a period of four weeks on 5 November 2020. England reverted to the system
of regional tiers for the balance of December 2020, prior to the third national lockdown which commenced
on 4 January 2021 and is still in place.
During the second and third lockdowns, all non-essential shops and the hospitality sector closed, and
residents were restricted to their homes apart from certain specified exclusions which allow limited outings.
Home working and schooling have been imposed, apart from specified cases. The December 2020 regional
tier system introduced restrictions varying by region, with certain regions able to enjoy greater freedom than
others. The most restricted tiers had a prohibition on any social interaction other than within households
and required non-essential shops and all hospitality venues to close.
All of the Company’s investments have continued operations despite the lockdowns and regional restrictions
during the period. The impacts on employees, customers and trading are covered in the full SENS
announcement available on the Company’s website.
Financial review
While the Company’s cash remains fully invested, interest earned on cash available remains negligible.
Dividend income of GBP 143,640 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 143,640 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 618,460.
Management fees paid during the quarter amounted to GBP 436,498 incurred in terms of the investment
management agreement between the Company and Argo. General and administrative expenses amounting
to GBP 89,233 were 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. These fees are paid as and when each
investment is exited. 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 152,034.
The Company incurred interest of GBP 86,212 during the quarter on the RMB term loan facility. An additional
amount of GBP 1,250,000 was drawn down from the facility during the quarter for the 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 10 February 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/HY20Result.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, and at
the offices of the JSE sponsor, Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton.
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 – 10 February 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
Tel: +27 11 722 3050 Tel: +230 402 0890 Tel: +230 403 0800
Date: 10-02-2021 09:15:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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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,
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