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UNIVERSAL PARTNERS LIMITED - Summarised unaudited financial statements for quarter ended 30 September 2019

Release Date: 13/11/2019 12:15
Code(s): UPL     PDF:  
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Summarised unaudited financial statements for quarter ended 30 September 2019

(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”)


                                              Quarter ended      Quarter ended
                                               30 September       30 September          Year ended
                                                       2019               2018        30 June 2019
 Net asset value per share
 (“NAV”)                        GBP                   1.144              1.030               1.143
 Profit/(loss) for the
 quarter/year                   GBP                  77,653           (139,465)          8,034,054
 Earnings/(loss) per share      pence                  0.11              (0.19)              11.10
 Headline earnings per share    pence                  0.11              (0.19)              11.10

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.

The Company has completed five investments since its listing up to the reporting date and
continues to build a pipeline of new investments.

Financial review

For the quarter under review, interest income included interest earned from providing short-term
bridging loans to investee companies as well as interest earned from investing excess cash in
interest bearing fixed deposits for periods of up to six months. The deposited 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.

Interest earned for the quarter amounted to GBP 32,218 which included interest of GBP 19,538
earned from cash balances and GBP 12,680 earned from providing short-term bridging loans. The
loan advanced to YASA was repaid in full during the quarter under review.

A raising fee of GBP 53,000 was earned by the Company during the quarter for the provision of
the above-mentioned bridging loan to Dentex. The amount is included in other income.

The Company’s investment in SC Lowy is reflected at its original cost and is denominated in US
Dollars (“USD”). The translation effect of exchange rate movements between the USD and the
GBP for the quarter resulted in a foreign exchange gain of GBP 392,856.
Management fees paid for the quarter amounted to GBP 306,258, incurred in terms of the
investment management agreement between the Company and Argo. In addition, the Company
incurred general and administrative expenses of GBP 94,163.

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 13 November 2019, and can be found on the
Company’s website and can be accessed using the following JSE link

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,

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 – 12 November 2019

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 Ltd        

     Tel: +27 11 722 3050                    Tel: +230 402 0890               Tel: +230 403 0800

Date: 13/11/2019 12:15:00
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