Summarised unaudited financial statements for the quarter ended 30 September 2020

(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 Year ended
30 September 2020 30 September 2019 30 June 2020
Net asset value per share (‘NAV’) GBP 1.082 1.144 1.095
(Loss) / profit for the quarter / year GBP (894 739) 77,653 (3 478 437)
(Loss) / earnings per share pence (1.24) 0.11 (4.81)
Headline (loss) / earnings per share pence (1.24) 0.11 (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 now completed six investments since its listing up to the reporting date and continues to build a pipeline of new

The economic impact of Covid-19 is still being felt by businesses across the world. The Company, with assistance from Argo,
performed detailed valuations of its investments at 30 June 2020 using the most current information available and the businesses’
actual trading performance to the middle of August 2020. The board of directors of Universal Partners (the ‘Board’) believes that
these valuations are still applicable at 30 September 2020 and, accordingly, there have been no adjustments to the valuations
during the quarter. In line with normal practice, the valuation of each investment will be reviewed at the half year to 31 December

Financial review

Due to the low cash balances, interest earned for the quarter under review was negligible. The Company does not expect interest
earned on cash balances to be significant while its cash is fully invested.

Dividend income of GBP 139,697 relates to an accrual raised on the preferred shares subscribed for by Universal Partners in

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 at the end of the financial year. Accordingly, an amount equal to the dividend accrual of GBP 139,697 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 a foreign exchange loss of
GBP 506,192.

Management fees paid during the quarter amounted to GBP 439,593 incurred in terms of the investment management agreement
between the Company and Argo. General and administrative expenses amounting to GBP 84,101 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 228,132.

The Company incurred interest of GBP 64,927 during the quarter on the RMB term loan facility. An additional amount of
GBP 2,500,000 was drawn down from the facility during the quarter for working capital requirements.

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 11
November 2020, 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, 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

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

Date: 11-11-2020 08:38:00
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,
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