| Universal Partners: Summarised audited financial statements for the year ended 30 June 2024. |
| |
|
Year ended 30 June 2024 |
Year ended 30 June 2023 |
| Net asset value per share (“NAV”) |
GBP |
1.292 |
1.296 |
| Loss for the year |
GPB |
(278.836) |
(3 062 172) |
| Loss per share |
Pence |
(0.383) |
(4.21) |
| Headline loss per share |
Pence |
(0.383) |
(4.21) |
|
| 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 (“AltX”) of the JSE Limited (“JSE”). |
| PRINCIPAL ACTIVITY: |
| The principal activity of the Company is to hold investments in high quality, growth businesses across Europe, with a 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 the UK and Europe. |
| BUSINESS REVIEW: |
| 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 made six investments since listing and successfully concluded two exits. |
| As previously reported, the board intends to return surplus cash flow to shareholders from the sale of investments in the future. Furthermore, it has no intention of raising further equity from shareholders. Therefore, the Company will not consider new investments other than follow-on investments into the existing portfolio. The board will manage the existing portfolio in line with the investment thesis and exit horizon of each asset to maximise returns for shareholders. |
| The board’s decision provides UPL shareholders with a reasonable line of sight to liquidity from the sale of its investments. UPL has an undrawn term loan facility of £8.8 million, which provides the Company with sufficient liquidity to cover working capital requirements and potential follow-on investments into the existing portfolio. The available liquidity will be considered following the sale of each investment, with excess cash returned to shareholders. |
| In terms of the Management Agreement concluded between UPL and Argo, the current team of investment professionals will continue to manage the portfolio of investments until they are realised. UPL and Argo are aligned to maximise returns for shareholders. |
| In terms of the Management Agreement concluded between UPL and Argo, the current team of investment professionals will continue to manage the portfolio of investments until they are realised. UPL and Argo are aligned to maximise returns for shareholders. |
| For the full document click the link below:
Universal Partners: Summarised audited financial statements for the year ended 30 June 2024. |
