St Peter Port Capital Limited : St Peter Port Capital Limited : Final Results 17 July 2013 Final Results for the Year Ended 31 March 2013 St Peter Port Capital Limited (the "Company" or "St Peter Port"), the AIM quoted investment company whose aim is to generate value by investing predominantly in growth companies shortly before an initial public offering ("IPO") or other exit event, announces its final results for the year ended 31 March 2013. Highlights *Investments in 39 companies* at year end *NAV of 111.8p per share at 31 March 2013, up 5.5% on the year and 8.2% since 30 September 2012 *£2.1 million realised in the year 2012/13, a further £1.2 million since the year end *£60.1 million realised since inception, gain of 85% on these investments *£3.6 million invested during the year, £1.12 million since year end *Significant positive developments in a number of our investments *£4.5 million in cash currently available * excluding companies entirely written down Bob Morton, Chairman of St Peter Port, said: "There are many exciting companies in the portfolio. The investment climate is changing, with a more positive sentiment towards fund-raisings by technology-related and conventional companies and weaker sentiment for resources companies. We have a diversity in our holdings and certain of our resources companies are not limited to an IPO as a potential exit. Several are preparing themselves for a potential trade sale." Tim Childs, Investment Advisor to St Peter Port Investment Management Limited, said: "The portfolio continues to develop well and many of the companies in it have added significantly to their value during our investment period. We fully expect that process to continue. We are encouraged by the progress made by companies in the portfolio such as Red Flat Nickel, Astrakhan Oil, Brazil Potash and Global Atomic. These offer the possibility of further large gains if progress continues as it has recently." For further information: St Peter Port Capital Limited Peter Griffin - 01481 751000 St Peter Port Investment Management Limited Tim Childs - 020 7925 0010/ Graham Shore - 020 7468 7922 Grant Thornton UK LLP - Nominated Adviser Philip Secrett / Melanie Frean - 020 7383 5100 Shore Capital Stockbrokers Limited - Broker Dru Danford - 020 7408 4090 Notes for Editors St Peter Port Capital Limited was admitted to trading on AIM on 16 April 2007, raising £75 million in new equity. The Company is a Guernsey registered closed-ended investment company. The Company's objective is to achieve returns from the uplift on or shortly after IPO, but the exit from the investment could also be a trade sale. The universe for investment is principally companies across a broad range of sectors and geography expecting to conduct an IPO or achieve a trade sale or other liquidity event in the months after the Company's investment. However, given equity market conditions since 2008, it may also include companies which are already public whose value is not properly recognised by stock markets. The principal focus has been on companies targeting UK, US and Commonwealth stock markets although pre-IPO companies looking to float on other exchanges will also be considered. The Company appointed St Peter Port Investment Management Limited, a joint venture between Broughton Investments Group Limited, a company in which Tim Childs is interested, and Shore Capital Limited, the absolute return fund management specialist which currently manages approximately £900 million, to act as its investment manager (the "Investment Manager"). In June 2012 the shareholders of the Company approved an extension of the Company's life for a further five years. Chairman's Statement Introduction I am pleased to report that the year ended 31 March 2013 was a successful year for the Company in terms of the development of the Company's portfolio, with several of the companies in the portfolio reporting substantial achievements. Background and Investment Approach 2012/3 was the Company's sixth year of operation. We are grateful to our shareholders who supported an extension of the Company's life at a general meeting a year ago. This extension gives us the opportunity to harvest our portfolio at the optimal time and in an effective way. We are pleased to report that the portfolio continues to look promising and offers excellent prospects, albeit on a more extended timeframe than we would all wish. During the year and subsequently, the Company has made further investments, largely as follow-ons into companies already in the portfolio, with one small investment in a new company. The follow-ons enable us to take advantage of our knowledge and familiarity with the investee companies. In most cases it has been on an opportunistic basis including taking advantage of distressed sellers. Investments and Realisations During the financial year, the Company realised or partly realised pre-IPO investments, generating some £2.1 million in cash. Since the year end it realised a further £1.2 million. Since launch, the Company has realised £60.1 million through disposals, generating a gain on these investments of 85 per cent. The rate of realisations is inevitably uneven, with major disposals linked to liquidity events in the investee companies. However, there have also been disposals or part disposals of some of the quoted portfolio when market conditions have made that appropriate. The Company invested £3.6 million in eleven companies during the financial year. All of these investments were follow-ons. Subsequent to the year end, we have made one further follow-on investment of £619,000 and £500,000 into a company new to the portfolio. In the case of the new investment, there are good prospects for an early flotation. Financial Results The balance sheet shows pre-IPO investments (including those which now have a listing) of £68.3 million. Net assets were £74.6 million, giving a net asset value of 111.8p per share. Net assets have increased by 8.2 per cent since the interim results as at 30September 2012. They have increased by 11.8 per cent since the end of December 2012, partly as a result of the decline in sterling against the dollar and other relevant currencies. The remaining changes result primarily from valuations discussed in the Investment Manager's Report. These valuation changes reflect positive developments leading to material revaluations, together with some significant reductions in other valuations. At the balance sheet date, the Company held £5.0 million in cash. As at the close on 9 July 2013, the Company held £4.5 million in cash deposits. Share Buybacks On 7 September 2012, the Company bought back 1,500,000 of its shares at 48 p per share, a large discount to the then prevailing NAV per share. These shares were subsequently cancelled. Dividends There were no net gains on realisations during the year and no dividend is proposed for the year. It remains the Board's policy that, in respect of each future period of six months and subject to the requirements of Guernsey law regarding solvency, it will pay out in cash 50 per cent of the net gains from all realisations made. Change of Director Simon Bourge is stepping down from the Board, having served as a Director from the start of the Company 6 years ago. On behalf of the Board and the shareholders, I should to like to thank Simon for his contribution to the Company. Lynn Bruce is joining the Board in his place. Lynn is a Chartered Accountant (Scotland) having trained at KPMG (London). She was the CFO of an international wealth management group, Stenham Limited, for 11 years where she was also a member of both their Risk and Audit Committees. Prior to that she was the CFO for The Leasing Corporation plc and Financial Controller at AT&T Capital Europe. She is a director of Shore Capital Group Limited and a director in the Bellerive and Earl groups of companies. Lynn is aged 52 and lives in Guernsey. Further details of Lynn's background are set out in a separate announcement. Outlook There are many exciting companies in the portfolio (as discussed in the Investment Manager's report) and several have reported significant progress over the last year. The investment climate is changing, with a more positive sentiment towards fund-raisings by technology-related and mainstream companies and weaker sentiment for resources companies. We have a diversity in the portfolio, but with a heavier weighting towards resources reflecting not only our investment spending but also revaluations. Certain of our resources companies in our portfolio are not limited to an IPO as a potential exit and several are preparing themselves for a potential trade sale. It is difficult for us to predict when exits may occur. However, we are encouraged that the vast majority of the management teams of our investee companies are as focused upon the importance of liquidity events as we are. When our pre-IPO investments do achieve liquidity events, we expect them generally to occur at a significant premium to our current carrying value. The portfolio of high risk/high reward companies includes many prospects for strong returns on our original investment. Bob Morton Chairman Investment Manager's Report Our portfolio is diversified, with a heavier weighting towards mining and oil and gas, but with other companies across a wide range of activity. These are oil and gas (including enhanced recovery techniques); minerals including copper, gold, nickel, uranium, rarer elements and coal; and environmentally friendly technologies including cleaner/more efficient ways of burning conventional fuels, second generation bio-fuels and hydrogen technologies. However, we have also made investments in the largest and highly dynamic farmland owner in Uruguay, in fast-growing timber in Mozambique, in a potash mine in Brazil and in a US food company. Finally, we hold investments in several technology companies. Most of the portfolio companies have their main activity outside of the UK and a significant proportion were sourced from brokers whose main business is outside the UK. Some are now listed in Canada or Australia and we have been disposing of part or all of these holdings where there is sufficient liquidity. Many are now more likely to seek acquisition by a larger company rather than an IPO. Of the total portfolio, £5.3 million (by value) was listed as at 31 March 2013, representing 7.8 per cent of the invested portfolio at that date. As well as mining and oil and gas the portfolio is exposed to soft commodity companies and technology. The following table shows the breakdown by sector of the pre-IPO investments (including investments which are now quoted) as at 31 March 2013: Investments by Sector as at 31 March 2013 Sector Number £m Cost Book Value £m Percentage (of value) Oil and Gas 8 12.7 14.7 21.5 Mining 19 27.6 39.4 57.7 Technology 4 4.0 5.0 7.3 Ag. / Forestry 3 5.5 8.3 12.2 RenewableEnergy 2 4.7 0.3 0.5 Other 3 4.0 0.6 0.8 Total 39 58.5 68.3 100.0 Investments During 2012/3 the Company made twelve further investments, many of them relatively small and all of them additions to existing holdings. We have made two further investments since the year end, one of which was a follow-on investment and the other a small investment in a new company to the portfolio. The larger investments were: *Brazil Potash, where we invested a further US$1.5 million (£940,000) in a placing in September 2012. This company is showing strong promise and we were one of the last participants in that round, which held at a significant premium to earlier financings. We have also, in July 2013, exercised warrants held over shares in the company which would otherwise have expired. The company raised US$35 million in this most recent round. It is well on the way to proving a large potash resource and is working on a trade sale or flotation. *Celadon Mining, which is developing a coal and coal-to-liquids project in Inner Mongolia, China. We invested a further £660,000 by acquiring shares from another investor in Celadon, the vendor being a fund with a requirement to liquidate its holdings. Celadon has since gained a crucial further approval for the proposed plant. *Nusantara Energy, which has proven a large coal resource in Sumatra, Indonesia. Nusantara held a rights issue in which we subscribed pro rata to our existing holding, investing a further £792,000. The rights issue has recapitalised the company and put it in a good position to fund the further development of its existing assets. *Seven Energy, an oil and gas producer in Nigeria. We invested a further £372,000 in a rights issue. Seven is now supplying gas to large industrial customers through its own newly constructed pipeline and aims to IPO when it has demonstrated the commercial success of this new business stream. *Mincore, a copper exploration company in Mexico. We subscribed CDN$330,000 (£209,000) in an internal round, where the principal and largest other subscribers were Mincore's management. *Astrakhan Oil, an oil explorer on the shores of the Caspian Sea in the delta of the Volga. In February 2013, we purchased a further US$166,667 (£110,000) from a fund which was closing down. Astrakhan is preparing itself for a trade sale. *African Timber, an owner of fast growing plantations in eastern Mozambique, in which we subscribed a further £144,000, having also subscribed £144,000 on 2 April 2012. *Homeland Uranium, where we have invested CDN$250,000 (£162,000) and now own approximately 24 per cent of the company. The investments in Brazil Potash, Celadon Mining and Nusantara were made in September 2012 and into Seven Energy, Mincore and African Timber in October 2012. In the first quarter, we also invested a further £34,000 in Jordan Energy (shale oil) in an internal round and in October 2012 we invested a further CDN$100,000 (£64,000) in Creso Exploration (gold exploration) in a placing and £15,000 in IQur, a bio-tech company developing a novel vaccine platform. In June 2013, we made our first investment for some considerable time in a company new to the portfolio, Nektan Limited. Nektan is a Gibraltar based company specialised in providing a software platform to enable cash gaming over mobile devices (smartphones and tablets). It specialises in lottery and slot machine games and has contracts with a range of leading gambling companies. We invested £500,000 in a pre-IPO round, with an IPO planned for later in 2013. Realisations During the year we realised the balance of our investment in Providence Resources when the convertible loan we were holding was redeemed, realising a further £1.93 million in August 2012. In addition, we made further small sales of three quoted holdings. Since the year end we also realised our entire holding in Iona Energy, a Canadian listed company operating in the North Sea. Although the company's performance has been good, the weaker sentiment for the sector meant that we exited with a loss on the holding of 4 per cent, realising £1.19 million. Portfolio - Detail The following is a list of the Company's current investments (excluding those of nil value). Company Investment Business (initial terms) African Timber and £1.15 million for A Mozambique-based timber Farming ordinary shares. company. AmLib US$2 million A Jersey based company subscription for established in May 2000 to ordinary shares explore for gold, diamonds and other natural resources in Liberia. AmLib holds one mineral development agreement and seven exploration licences covering a total surface area of 3,400km². Astrakhan Oil US$2.5 million for An oil development company with ordinary shares. Further licence interests in the Volga US$188,000 purchased from Basin / Caspian Sea, Russia. a fund which was closing. Brazil Potash US$2.5 million in The company has licences ordinary shares. Further covering 22.5 million hectares US$1.5 million in in the Amazon potash basin to ordinary develop potash mines. shares.US$937,000 to exercise warrants Buried Hill US$850,000 subscription An international oil and gas for and US$2.7 million exploration company focused on acquisition of ordinary Caspian Sea and West Africa shares which has struck a farm-in agreement with a large oil company to develop the Caspian assets. Caracara Silver Distribution in specie A Canadian company exploring from Homeland Uranium for silver with mineral rights in the Princesa-Piluani silver district of southern Peru. Celadon Mining Ltd £3.7 million subscription Chinese Government backed in two tranches. Further company which has acquired £660,000 purchased from a major coking coal mines in distressed seller China. It plans a coal to liquids plant. Creso Exploration CDN$2.2 million A gold and base metals subscription for common exploration company with stock. Further prospects in Canada, Mexico and CDN$700,000 subscription Guatemala. Creso is listed on for common stock and the TSX in Canada. warrants Cuprum Resources Acquired in an auction as A Panamanian company which a result of the default holds the exploration licence by Dominion Minerals on (currently in suspension the US$2 million secured pending a Supreme Court ruling) bond held by the Company over the Cerro Chorcha Copper Project in Panama. Eden Energy AUS$4.56 million An Australian diversified clean subscription for ordinary energy company with interests shares in hydrogen production, storage and transport fuel systems, together with coal-bed methane licences in South Wales. Eden is listed in Australia. Enhanced Oil CDN$4 million A Houston-based enhanced oil subscription and further recovery resources company subscription of CDN$1.6 which controls the largest million for common stock undeveloped natural helium/CO2 and warrants resource in North America. Enhanced Oil has acquired depleted oilfields where significant enhanced oil recovery resources remain and where CO2 flooding is effective. First Iron US$2 million subscription A Jersey-based mineral and (formerly RAM for ordinary shares asset development company which Resources) Further US$1 million loan controls a 100 per cent owned stock iron ore mining property in the Kurgan region of Russia. Global Atomic CDN$2 million for A Canadian company with ordinary shares exploration interests in Niger, which has discovered a high-grade uranium deposit. Gourmet Express US$3 million subscription A leading consumer products for ordinary shares. company specialising in the Further loan with production, distribution and warrants of US$600,000 marketing of a wide variety of frozen food products, in particular the frozen skillet meal category. HaloSource Acquired in exchange for US-based company with a leading another investment technology for purification of water at point of use. The company was admitted to trading on AIM in October 2010. Homeland Uranium CDN$2.45 million Exploration company with subscription for common uranium prospects in Niger. stock and warrants Ilika £2.5 million subscription A company spun out of the for ordinary shares University of Southampton which specialises in the development and application of high throughput, combinatorial R&D techniques for the discovery of new materials. Ilika was admitted to trading on AIM in May 2010 and our holding increased by a ratchet. International £1 million subscription IGS is an Australian quoted Goldfields ("IGS") for ordinary shares in company which controls gold (formerly Latin Latin Gold. Our interest exploration assets in Gold) was acquired by IGS for Australia. It purchased Latin cash and shares Gold (our original investment) and thereby acquired mineral rights in Brazil to a previously mined area where low-tech artisanal miners have produced an estimated 4.5m oz from soils over the last 11 years. Iona Energy CDN$2 mllion for ordinary A Canadian company with shares development interests in the North Sea, now listed on the TSX in Canada. iQur £0.5 million subscription A medical research company that for ordinary shares. is developing a novel vaccine Further £21,000 for platform. convertible loan notes Jordan Energy US$1.05 million A company with rights to subscription for ordinary extract large shale oil shares deposits in Jordan. Macusani Yellowcake Distribution in specie Explorer and developer of from Homeland Uranium uranium projects in Peru. The company is listed on the TSX in Canada. Manabi Minerals US$2 million for ordinary A Brazilian iron ore shares development company with a resource of 3.5 billion tonnes of high-grade iron ore in the Minas Gerais province of Brazil. Mediatainment US$2 million subscription A US developer of 3D TV without including Stream TV for common shares glasses in a very high (formerly STV) resolution (4k). MinCore CDN$2.34 million Has large base metal deposits subscription for ordinary in Mexico - both copper and shares in two tranches molybdenum. Mongolian Minerals CDN$1 million and a A Canadian exploration and further CDN$2 million for development company focused common shares exclusively on Mongolia. The company is currently developing a high-quality thermal coal asset called Khotgor, in the north western portion of the country. Current resources at Khotgor are 575 million tonnes. Nusantara Energy £3.15 million Nusantara is developing a large subscription for shares deposit (at least 490 million and warrants, in several tonnes) of thermal coal in tranches Sumatra, Indonesia. Following an extensive drilling programme, Nusantara has confirmed that the resource is good quality thermal coal in thick seams very close to the surface. EastSiberian US$2 million and further A Canadian based oil and gas (formerly Petro US$1.875 million exploration company which owns Kamchatka Resources) subscription of equity interests in two exploration licences in Eastern Russia. It is traded on the TSXV in Canada. Red Flat Nickel US$4.2 million investment The company controls two nickel in loan notes in a laterite deposits in Oregon. complex deal The St Peter Port loan has partly funded some exploration of deposits on the two fully owned tenements. Following the loan reaching its term in 2011, the Company has acquired a majority equity interest as well as improving the security of the loan. Royal Nickel CDN$4 million A Canadian nickel developer subscription for ordinary with a world-class nickel shares deposit in northern Quebec. The company floated on the TSX in Canada in December 2010. Royal Resources A$2 million subscription A mineral exploration and for shares development company operating in South and Western Australia, focused on iron ore. Their flagship project is the Razorback iron ore deposit, 240km from Adelaide. Listed on the ASX in Australia. Seven Energy US$5 million subscription A Nigerian company with major for ordinary shares gas interests planning to serve the local heavy industry and utility market. Specialist Energy £500,000 subscription for Specialist Energy Group Group ordinary shares reversed into Nviro, an AIM (Formerly Nviro) listed clean tech company. SEG specialises in engineering, particularly boiler pumps, for the power sector. TMO Renewables £2.5 million subscription A world leader in novel ethanol for ordinary shares fermentation technology which produces bio-ethanol from low-grade sugar by means of a new fermentation technique with significantly higher yields and lower investment cost. Tuscany Energy CDN$1.4 million A Canadian development company subscription for shares focused on horizontal drilling of heavy oil in Alberta and Saskatchewan. Listed on the TSX in Canada. Tuscany US$2.25 million A Brazilian oil drilling International subscription for ordinary services company listed on the Drilling shares TSX in Canada. Union Agriculture US$2 million subscription Uruguayan farming company which for ordinary shares. is now the largest owner of Further US$1m in ordinary agricultural land in Uruguay shares and applying capital and agronomy expertise to enhance its value. Union is currently planning to list in the USA. Union Minerals US$1 million subscription Uruguayan mineral exploration for ordinary shares company and holder of the largest minerals exploration portfolio in Uruguay including iron ore, gold, titanium, ferrochrome and diamonds. We also held securities in Rock Well Petroleum, Bio-thermal Technologies, Develica Asia Pacific, Continental Petroleum, Royal Coal, Puma Hotels, Dominion Minerals and China Molybdenum; these investments are carried at nil or negligible amounts. Top Ten Investments as at 31 March 2013 The following table lists our top ten investments by value as at 31 March 2013: Where we hold more than one instrument in a company, the holdings have been aggregated. Gain/ Company Cost Valuation (Loss) Status £ 000's £000's £ 000's Red Flat Nickel Corp 2,271 11,205 8,934 Unquoted Brazil Potash Corp 2,466 4,631 2,165 Unquoted Buried Hill Energy (Cyprus) Plc 1,749 4,441 2,692 Unquoted Homeland Uranium Inc. 1,204 4,355 3,151 Unquoted Seven Energy Ltd 3,492 4,214 722 Unquoted Cuprum Resources Corp 1,211 3,969 2,758 Unquoted Nusantara Energy Plc 3,153 3,450 297 Unquoted Celadon Mining Ltd 4,410 3,317 (1,093) Unquoted Astrakhan Oil Corporation Ltd 1,661 3,285 1,624 Unquoted Mincore Inc. 1,228 3,123 1,895 Unquoted Total 22,845 45,990 23,145 Commentary on Other Significant Developments There are many companies in the portfolio which look promising and which we believe should show significant uplifts on exit. We highlight here some of the larger investments where there has been specific relevant news and other significant developments. Red Flat Nickel We hold an 80 per cent equity stake and a secured loan in Red Flat Nickel, following a restructuring of the company's balance sheet and management. The company has licences over two nickel laterite deposits in Oregon. Since taking control, we have progressed the development of the substantial nickel laterite deposits by recruiting a specialist management team and funding some further surface exploration work. This showed the presence of potentially economically attractive percentages of scandium in the nickel bearing rock, which should considerably enhance the commercial potential of the nickel deposits. The team are now progressing with deeper drilling which requires US Forestry Department approval and improving the Preliminary Economic Assessment to enable the required competent persons' report for an AIM flotation. We have revalued our loan to Red Flat Nickel to be fully recoverable and given a modest value to our equity to reflect these developments. Astrakhan Oil Astrakhan Oil is an oil explorer on the shores of the Caspian Sea in the delta of the Volga. During the year it concluded a further round of financing at a premium to our holding value and is progressing to a possible trade sale next year. We have re-valued our investment accordingly. Global Atomic and Homeland Uranium Global Atomic has found large deposits of high grade uranium in Niger, close to the surface. Since our initial investment in 2011, the estimated resource has increased to 350 per cent of the estimate at investment. We have therefore written up our holding value accordingly, but by a lesser percentage increase. Homeland Uranium has deposits in the same area which are also very substantial but less explored. We have revalued our holding in Homeland Uranium as a small percentage of the value of Global Atomic. Other valuation changes We have also for the last quarter increased the holding values of Cuprum (100 per cent owned copper resource in Panama) and Mincore (copper in Mexico) to reflect positive developments and reduced the holding values of Mongolian Minerals, Buried Hill and First Iron Group. The reduction in Buried Hill is precautionary only to reflect a recent funding round and we do not expect the value to persist at this level for long. Other holdings There have been many other significant developments in the portfolio during the year. Each of Astrakhan Oil, Brazil Potash, Buried Hill, Global Atomic Fuels, Manabi, Seven Energy, and Union Agriculture look ripe for exit in the near future. These seven holdings are currently being carried at £23.7 million. If they were to achieve exits for us, we would expect them to be at a premium to current carrying values. Activity and Prospects Our principal focus is to keep close to the companies in our portfolio where we can assist in bringing forward the crystallisation of value. Where we consider further investment, it is almost always in companies which, as existing shareholders, we know well, and where the terms are highly attractive. The portfolio continues to develop well and many of the companies in it have added significantly to their value during our investment period. We fully expect that process to continue. The timing of our exits will depend upon market conditions and opportunities arising, but we are encouraged by the progress made by companies in the portfolio such as Red Flat Nickel, Astrakhan Oil, Brazil Potash and Global Atomic. These offer the possibility of further large gains if progress continues as it has recently. Tim Childs as Investment Advisor to St Peter Port Investment Management Limited St Peter Port Capital Limited Consolidated Statement of Financial Position As at 31 March 2013 As at 31 March 2012 As at 31 March 2013 (restated) Assets £ 000 £ 000 Current Assets Financial assets at fair value through profit or loss 68,289 59,877 Trade and other receivables 1,462 1,262 Cash and cash equivalents 4,967 11,609 _______ _______ Total assets 74,718 72,748 _______ _______ Liabilities Current liabilities Trade and other payables 126 438 ________ ________ Total liabilities 126 438 ________ ________ Net assets 74,592 72,310 ======= ======= Equity Capital and reserves attributable to equity holders of the Company Share capital - - Share premium - - Special reserve 67,741 68,461 Revenue reserve 6,851 3,849 _______ _______ Total Equity 74,592 72,310 ======= ======= Net asset value per Ordinary Share (pence per share) 111.80 105.99 The accompanying notes 1 to 7 form an integral part of these financial statements St Peter Port Capital Limited Consolidated Statement of Comprehensive Income For the year ended 31 March 2013 Year ended Year ended 31 March 31 March 2012 2013 (restated) £ 000's £ 000's Income Net changes in fair value on financial assets through profit or loss 7,222 (5,959) Gains on foreign exchange 63 169 Interest income 91 179 Other income 53 417 ________ ________ Net investment income /(loss) 7,429 (5,194) Administrative expenses (2,380) (2,595) ________ ________ Net income/(loss) from operations before finance costs 5,049 (7,789) Interest expense - - ________ ________ Total finance costs - - ________ ________ Profit /(loss) for the year 5,049 (7,789) ======= ======= Basic and diluted return per Ordinary Share (pence) 0.0749 (0.1130) The accompanying notes 1 to 7 form an integral part of these financial statements St Peter Port Capital Limited Consolidated Statement of Changes in Equity For the year ended 31 March 2013 Special Revenue Reserve Reserve Total £ 000's £ 000's £ 000's Opening balance at 1 April 2012 68,461 3,849 72,310 Profit for the year - 5,049 5,049 Dividends paid - (2,047) (2,047) Ordinary shares repurchased (720) - (720) _______ _______ _______ Balance at 31 March 2013 67,741 6,851 74,592 ======= ======= ======= FOR THE YEAR ENDED 31 MARCH 2012 (restated) Special Treasury Revenue Reserve Reserve Reserve Total £ 000's £ 000's £ 000's £ 000's Opening balance at 1 April 2011 (as previously reported) 68,498 2,733 13,749 84,980 Restatement as at 1 April 2011 2,733 (2,733) - - _______ _______ _______ _______ Restated opening balance as at 1 April 2011 71,231 - 13,749 84,980 Loss for the year - - (7,789) (7,789) Dividends paid (1,407) - (2,111) (3,518) Ordinary shares repurchased (1,363) - - (2,128) _______ _______ _______ _______ Balance at 31 March 2012 68,461 - 3,849 72,310 ======= ======= ======= ======= The accompanying notes 1 to 7 form an integral part of these financial statements St Peter Port Capital Limited Consolidated Statement of Cash Flows For the Year Ended 31 March 2013 Year ended Year ended 31 March 2012 31 March 2013 (restated) Cash flows from operating activities £ 000's £ 000's Interest and investment income received 243 576 Income from legal settlement - 395 Operating expenses paid (2,566) (2,640) ________ ________ Net cash utilised in operating activities (2,323) (1,669) ________ ________ Cash flows from investing activities Sale of investments 1,833 2,803 Redemption of loan notes 285 - Purchase of investments (3,644) (9,274) ________ ________ Cash outflow from investing activities (1,526) (6,471) ________ ________ Cash flows from financing activities Dividends paid (2,047) (3,518) (Loans to)/repayments from subsidiaries (26) 11,991 Purchase of own shares (720) (1,363) ________ ________ Cash (outflow)/inflow from financing activities (2,793) 7,110 ________ ________ Cash outflow for the year (6,642) (1,030) Exchange losses during the year - (10) Opening cash and cash equivalents 11,609 12,649 ________ ________ Closing cash and cash equivalents 4,967 11,609 ======= ======= The accompanying notes 1 to 7 form an integral part of these financial statements 1. General Information St Peter Port Capital Limited is a Guernsey registered, closed ended investment company, admitted to trading on the AIM Market of the London Stock Exchange. St Peter Port's investment strategy is primarily to invest in unquoted companies which are close to a liquidity event. The funds invested by St Peter Port will often provide the working capital to make such an event possible. The event could be an IPO, trade sale or repayment of a bridging loan (typically with warrants or other form of participation) from a fund-raising achieved by the investee at a higher price after the bridging event has occurred. The universe for investment is principally companies across a broad range of sectors and geography expecting to achieve a liquidity event in the months after the Company's investment. However, in current conditions, it may also include companies which are already publicly quoted but where the equity value has been heavily eroded by the current market malaise. The initial focus has been on companies targeting UK, US and Commonwealth stock markets, but companies looking to float on other exchanges will also be considered. The company's website is www.stpeterportcapital.gg. 2. Financial Information The report on the full financial statements for the year ended 31 March 2013 has been signed and the financial information presented in this results announcement is an extract of these audited accounts. Whilst the financial information included in this final results announcement has been computed in accordance with IFRS, this announcement does not itself contain sufficient information to comply with IFRS. 3.Earnings Per Share The calculation of basic (loss)/earnings per share is based on the net profit from continuing operations for the year of £5,049,000 (2012: £7,789,000 net loss) and on 67,374,925 (2012: 68,948,050) shares being the weighted average number of shares in issue during the year. There is no difference between basic earnings per share and diluted earnings per share. 4. Net Asset Value per Share 31 March 2012 31 March 2013 (restated) £ 000's £ 000's Net Asset Value 74,592 72,310 Ordinary Shares in issue 66,722 68,222 Net Asset Value per Ordinary Share (pence per share) 111.80 105.99 The Net Asset Value per Ordinary Share is based on the Net Asset Value at the end of the reporting period and on 66,721,500 (2012: 68,221,500) Ordinary Shares being the shares in issue at the year end. 5. Taxation The Company has not suffered corporate income taxation. 6. Subsequent Events Grant Thornton UK LLP were appointed as nominated adviser to the Company on 3 April 2013, replacing the Company's previous nominated adviser. 3,250,000 shares in Iona Energy Inc were sold post year end for total consideration of CDN$1,891,323. In addition, 412,531 shares in Nektan Limited were purchased post year end for total consideration of £500,000 and 375,000 shares in Brazil Potash were purchased following the exercise of warrants for a total consideration of USD$937,500. Simon Bourge is stepping down from the Board, having served as a Director from the start of the Company 6 years ago. Lynn Bruce is joining the Board in his place. Lynn is a Chartered Accountant (Scotland) having trained at KPMG (London). She was the CFO of an international wealth management group, Stenham Limited, for 11 years where she was also a member of both their Risk and Audit Committees. Prior to that she was the CFO for The Leasing Corporation plc and Financial Controller at AT&T Capital Europe. She is a director of Shore Capital Group Limited and a director in the Bellerive and Earl groups of companies. Lynn is aged 52 and lives in Guernsey. 7. 2013 Report and Accounts Copies of the 2013 accounts will be posted to shareholders in due course. Copies of this announcement (and the 2013 accounts in due course) are available from the Company at PO Box 119, Martello Court, Admiral Park, St Peter Port, Guernsey, GY1 3HB or alternatively on the Company's website at: www.stpeterportcapital.gg. ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: St Peter Port Capital Limited via Thomson Reuters ONE HUG#1716831
St Peter Port Capital Limited : St Peter Port Capital Limited : Final Results
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