Wrap Text
Summarised unaudited financial statements for quarter and six months ended 31 December 2019
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 2019
Quarter ended Quarter ended
31 December 31 December Year ended
2019 2018 30 June 2019
Net asset value per share
(“NAV”) GBP 1.134 1.031 1.143
(Loss) / profit for the
quarter/year GBP (716,037) 92,984 8,034,054
(Loss) / earnings per share pence (0.99) 0.13 11.10
Headline earnings per share pence (0.99) 0.13 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 six investments since its listing, having concluded the acquisition of a
significant minority stake in Techstream Group in January 2020. The Company continues to build a
pipeline of new investments.
Financial review
For the period 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 77,228 which included interest of GBP 6,276
earned from cash balances and GBP 70,952 earned from providing short-term bridging loans. At
the end of the period, there were no loans outstanding.
During the quarter the Company earned a raising fee of GBP 75,001 from Dentex. This fee was paid
by the issue of additional shares in Dentex at an issue price of GBP 1.70 per share.
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 loss of GBP 764,712.
Potential performance fees, which are recalculated quarterly, may become payable to Argo in
the event that the Company realises any of the underlying investments and achieves a return in
excess of the hurdle rate net of fees in accordance with the Argo Management Agreement. This
performance can only be accurately calculated on realisation and will become payable once the
proceeds of the related sale are received by the Company. There has been no change in the
valuation of the investments during the period under review. When calculating the potential
performance fee for the current period, there was a reduction to the existing accrual of GBP
416,157, resulting in a positive effect on the Company’s earnings.
Management fees paid for the quarter amounted to GBP 409,452, incurred in terms of the
investment management agreement between the Company and Argo. In addition, the Company
incurred general and administrative expenses of GBP 110,259.
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 12 February 2020, 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/2020/jse/isse/UPLE/FY19Result.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.
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 February 2020
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: 12-02-2020 08:00:00
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