LONDON FINANCE & INVESTMENT GROUP PLC: Unaudited Preliminary Results

                        Thursday 28^th September 2017

                   LONDON FINANCE & INVESTMENT GROUP P.L.C.

                   (“Lonfin”, “the Company” or “the Group”)

       Unaudited Preliminary Results for the year ended 30^th June 2017

                             Dividend Declaration

                              Directorate Change

London Finance & Investment Group P.L.C. (LSE: LFI, JSE: LNF), the investment
company `whose assets primarily consist of Strategic Investments and a General
Portfolio, today announces its unaudited Preliminary Results for the year
ended 30^th June 2017, The Board’s Dividend Declaration and a Directorate
Change.

Strategy, Business Model and Investment Policy

Lonfin is an investment company whose objective is to generate growth in
shareholder value in real terms over the medium to long term whilst
maintaining a progressive dividend policy.

The Group’s investment policy is to invest in a range of ‘Strategic’, ‘General
Portfolio’ and from time to time ‘Other Investments’.  General Portfolio
Investments comprise liquid stock market investments, both in equity
instruments and bonds, and, at the Board’s discretion, ‘Other Investments’ are
typically property and other physical assets. Strategic Investments are
significant investments in smaller UK quoted companies and these are balanced
by a General Portfolio, which consists of a broad range of investments in
major USA, UK and other European companies which provides a diversified
exposure to international equity markets.

In pursuance of the Group’s Investing Policy, the Group’s net assets per share
for 2017 increased by 7% over the previous year to 65.6p and net assets per
share have increased 108% over the last five years. Shareholders’ dividends
for 2017 have increased by 4.7% over the previous year and by 37.5% over the
last five years.

Results

  o Net assets have increased over the year by 7% from 61.4p per share to
    65.6p per share
  o Strategic Investments have decreased in value, over the year, by 14%, from
    £12,417,000 to £10,673,000 due to the sale of part of our investment in
    Finsbury Food Group Plc.
  o Profit on sale of strategic investments - £1,861,700 (see below)
  o Strategic investments are yielding 3.1% (2016 – 2.9%)
  o The General Portfolio has increased, adjusting for investment purchases
    and sales, over the year, by 51% from £7,125,000 to £10,766,000
  o Fair value movement is £2,199,000
  o No significant increase in Group operating costs
  o A final dividend of 0.55 per share is recommended, making a total of 1.1p
    per share for the year (2016 – 1.05p)

Of the £1,861,700 realised profit arising on the sale of strategic
investments, £217,000 has been recognised in the current year ‘other
comprehensive income’. The remaining profit has been recognised in prior years
as net unrealised fair value gains and a transfer from unrealised to realised
reserves has been made for this amount and is reflected in the Consolidated
Statement of Changes in Shareholders Equity.

In February this year, when we released our unaudited Interim Results, we
announced that the Board had decided to early adopt IFRS 9 with effect from
the Interim accounting period.  As a result, the comparative figures for the
year ended 30^th June 2016 in the Consolidated Statement of Total
Comprehensive Income in these Accounts are restated.  Accordingly, the Company
and its subsidiaries (“Group”) achieved an operating profit for the year,
before interest, tax and changes to the fair value adjustments of investments
of £275,000, compared to a restated operating profit for the previous year,
before tax and changes to the fair value adjustments of investments, of
£239,000.  The Total Comprehensive Income for the year, comprising profit
after tax and the other comprehensive income (the fair value adjustments, net
of tax, of Strategic Investments) was £1,658,000 compared to £3,858,000 for
the previous year.  Basic earnings per share are 3.5p (2016- restated earnings
per share of 5.4p) and headline earnings per share are 1.0p (2016 – restated
headline earnings per share of 1.9p).

Strategic Investments

Strategic Investments have reduced in value by £1,744,000 being the net
proceeds of investment disposals of £2,438,000 and a fair value uplift in the
remaining portfolio of investments of £476,000.  The investment disposals gave
rise to an historic cost profit of £1,862,000, of which £217,000 has been
taken to the Consolidated Statement of Comprehensive Income in the year under
review.

Western Selection P.L.C. (“Western”)

The Group owns 7,860,515 ordinary shares, being 43.8%, of the issued share
capital of Western.

On 26^th September 2017, Western announced unaudited preliminary results
showing a profit after tax of £850,000 for the year to 30^th June 2017 (2016 –
profit after tax, of £64,000).  Earnings per share were 4.7p (2016 – earnings
per share – 0.4p).

Western paid an interim dividend of 1.1p in March this year and proposes a
final dividend of 1.1p making 2.2p for the year (2016 – 2.1p).  Western’s net
assets at market value at 30^th June 2017 were £17,125,000 equivalent to 95p
per share, an increase of 20% from 79p last year.

Our share of the net assets of Western, including the value of Western’s
investments at market value, was £7,500,000 (2016 - £6,227,000).  The fair
value for Western recorded in the Statement of Financial Position is the
market value of £3,773,000 (2016 - £3,537,000).  This represents 18% (2016 –
26%) of the net assets of the group.

Western’s objective is to generate growth in value for shareholders over the
medium to long term and pay a progressive dividend.  Western’s business model
is to take sizeable minority stakes in relatively small companies usually
before or as their shares are admitted to trading on one of the UK’s stock
exchanges and have directors in common through which they can provide advice
and support for these growing companies.

These may or may not become associated companies. The aim is that these
companies (“Core Holdings”) will grow to a stage at which Western’s support is
no longer required and its stake can be sold over time into the relevant stock
market.  Companies that are targeted as Core Holdings will have an experienced
management team, a credible business model and good prospects for growth.

Western is a strategic investment which is technically a subsidiary of the
Company that has not been consolidated due to the application of the
investment entity exemption under IFRS 10.

David Marshall is the Chairman of Western and. Michael Robotham and Edward
Beale are non-executive directors. Western’s main Core Holdings are
Northbridge Industrial Services Plc, Swallowfield Plc, Bilby Plc and Tudor
Rose International Limited.

An extract from Western’s announcement relating to its main Core Holdings is
set out below:

Core Holdings

Northbridge Industrial Services plc (“Northbridge”)

Northbridge hires and sells specialist industrial equipment to a non-cyclical
customer base.  With offices or agents in the UK, USA, Dubai, Germany,
Belgium, France, Australia, New Zealand, Singapore, Brazil, Korea and
Azerbaijan, Northbridge has a global customer base.  This includes utility
companies, the oil and gas sector, shipping, construction and the public
sector. The product range includes loadbanks, transformers and oil tools. 
Further information about Northbridge is available on their website:
www.northbridgegroup.co.uk

Northbridge, which is admitted to trading on AIM, announced its results for
the year ended 31^st December 2016 on 25^th April 2017 and recorded a loss
after tax of £6,298,000 for the year.  No dividend was recommended by
Northbridge and no dividends were received by Western from Northbridge during
the year.

Western holds 3,223,632 Northbridge shares which represents
approximately12.45% of Northbridge’s issued share capital.  The value of this
investment at 30^th June 2017 was £3,320,000 (2016 - £2,772,000) which
represents approximately 19% (2016 - 19%) of Western’s net assets.

David Marshall is a non-executive director of Northbridge.

Swallowfield plc (“Swallowfield”)

Swallowfield is a market leader in the development, formulation, manufacture
and supply of cosmetics, toiletries and related household products for global
brands and retailers operating in the cosmetics, personal care and household
goods market.  Further information about Swallowfield is available on their
website:  www.swallowfield.com

Swallowfield, which is admitted to trading on AIM, announced its annual
results for the 52 weeks ended 24^th June 2017 on 19^th September 2017 and
recorded a profit after tax of £2,572,000 compared to a profit after tax of
£2,001,000 for the comparable period last year.  Dividends of £66,900 were
received from Swallowfield during the year (2016 – £52,000).  A final dividend
of 3.5p per share has been declared and, if approved, Western will receive a
further £52,500 of income in December 2017.

Western sold 500,000 Swallowfield shares, realising a profit of £845,000,
during the year. At the reporting date, being 30^th June 2017, Western held
1,500,000 shares which was 8.90% of Swallowfield’s issued share capital.  The
market value of our reduced holding in Swallowfield on 30^th June 2017 had
increased to £5,700,000 from the value of our holding at 30^th June 2016 of
£3,400,000. The value of this investment represents approximately 33% (2016 -
24%) of Western’s net assets.

Edward Beale is a non-executive director of Swallowfield.

Bilby Plc (“Bilby”)

Bilby is an established, and award winning, provider of gas installation,
maintenance and general building services to local authority and housing
associations across London and South East England.  They have a strategy of
growing organically and by acquisition.  Further information about Bilby is
available on their website: www.bilbyplc.com.

During the year Western invested £190,000 in acquiring 362,912 shares in
Bilby.  Western now holds 2,699,280 Bilby shares which represents
approximately 6.8% of Bilby’s issued share capital. The market value of this
investment on 30^th June 2017 was £1,917,000 which represents approximately
11% of Western’s net assets.

Bilby, which is admitted to trading on AIM, announced its results for the year
ended 31^st March 2017 on 26^th June 2017 showing a profit before tax and
non-underlying items of £64,000 compared to a restated profit before tax and
non-underlying items of £718,000 for the 14 month period ended 31^st March
2016.  Dividends of £53,000 were received from Bilby during the year (2016 -
£58,000).  Bilby announced a final dividend of 1.5p per share which was paid
in July 2017 and which provided Western with further income of £40,500.

Tudor Rose International Limited (previously Hartim Limited)(“Tudor Rose
International”)

  Tudor Rose International works closely with a number of leading UK branded
fast-moving consumer goods companies, offering a complete sales, marketing and
logistical service.  Based in Stroud, Gloucestershire, Tudor Rose
International sells into 78 countries worldwide including USA, Spain,
Portugal, Italy, Czech Republic, Russia, Turkey, South Africa, Saudi Arabia,
UAE, Malaysia, Australia and China.

Western holds 441,090 A ordinary shares in Tudor Rose International which
represents 49.5% of the issued ordinary shares in Tudor Rose International. 
In February 2017, Western subscribed for £1,000,000 redeemable preference
shares in Tudor Rose International at a par value of 1p per share. These
shares were subscribed for by converting Western’s previous loan to Tudor Rose
International of £500,000 and paying a further £500,000.  Subsequent to the
year end, the Company has made available to Tudor Rose International a working
capital facility of £500,000 bearing interest at the rate of 6% per annum and
which has been fully draw down.

Tudor Rose International, which is a private company, has a 31^st December
year end, generated trading profits before tax in the year to 30^th June 2017
of £63,100. Turnover in the period was £17,145,000 (2016 - £18,542,000). 
Western’s share of a profit after tax for the twelve months to 30^th June 2017
was £49,550 (2016 – £35,000) and the fair value of the investment at 30^th
June 2017 was £1,647,000 (2016 - £1,290,000) being 10% (2016 – 9 %) of
Western’s net assets.

Western has two nominees on the board of Tudor Rose International: Edward
Beale and David Marshall.

Finsbury Food Group plc (“Finsbury”)

Finsbury is one of the largest producers and suppliers of premium cakes, bread
and morning goods in the UK and currently supplies most of the UK's major
supermarket chains.  Further information about Finsbury, which is admitted to
trading on AIM, is available on its website: www.finsburyfoods.co.uk

During the year, Lonfin disposed of 2,000,000 shares in Finsbury for
£2,438,000, realising an historic cost profit of £1,861,700. At 30^th June
2017, Lonfin held 6,000,000 Finsbury shares, representing approximately 4.6%
of Finsbury’s issued share capital.  The market value of the holding was
£6,900,000 as at 30^th June 2017 (cost - £1,724,000) and represents
approximately 34% (2016 – 46%) of Lonfin’s net assets.

On 18^th September 2017, Finsbury announced audited profits on continuing
operations after tax and minority interests of £12,958,000 for the 52 weeks
ended 1^st July 2017 (2016 - £12,754,000).

Finsbury paid an interim dividend of 1.0p and has recommended to its
shareholders a final dividend of 2.0p per share, making 3.0p for the year
(2016 – 2.8p). The final dividend, if approved, will be paid in December and
will provide the Company with further income of £120,000.

Edward Beale was a non-executive director of Finsbury up until 23^rd November
2016.

General Portfolio

The investments comprising the General Portfolio at 30^th June 2017 are listed
below.

Composition of General Portfolio

At 30^th June 2017

                                                  £000                                      %
 British                                           513                                    4.8
 American
 Tobacco
 Investor                                          503                                    4.7
 Phillip                                           460                                    4.3
 Morris
 International
 Inc
 Schindler                                         459                                    4.3
 Henkel                                            437                                    4.1
 Unilever                                          419                                    3.9
 Nestle                                            405                                    3.8
 Heineken                                          404                                    3.6
 Holding
 HSBC Holding                                      391                                    3.6
 Diageo                                            386                                    3.6
 LVMH Moet                                         383                                    3.6
 Hennessey
 Reckitt                                           381                                    3.5
 Benckiser
 Group
 Pernod Ricard                                     356                                    3.3
 3M Co                                             353                                    3.3
 Danone                                            347                                    3.2
 Kimberley                                         338                                    3.1
 Clark Corp
 L'Oreal                                           338                                    3.1
 ABB Zurich                                        338                                    3.1
 Linde                                             335                                    3.1
 Givaudan                                          324                                    3.0
 United                                            319                                    3.0
 Technologies
 Corp
 Anheuser                                          317                                    2.9
 Busch Inbev
 Chevron Corp                                      313                                    2.9
 Exxon Mobil                                       311                                    2.9
 Corp
 Brown Forman                                      308                                    2.9
 (B)
 Imperial                                          307                                    2.9
 Brands
 Procter &                                         303                                    2.8
 Gamble Co
 BASF                                              299                                    2.8
 Becton                                            210                                    2.0
 Dickinson &
 Co
 Compagnie                                                                                 
 Financiere      209                                    1.9
 Richemont
                                                10,766                                  100.0
 Analysis by                                      £000                                      %
 currency
 Euro                                            3,215                                   29.8
 Sterling                                        2,398                                   22.3
 US Dollar                                       2,915                                   27.1
 Swiss Franc                                     1,735                                   16.1
 Swedish                                           503                                    4.7
 Kroner
                                                10,766                                  100.0

The portfolio is diverse with material interests in Food and Beverages,
Natural Resources, Chemicals and Tobacco.  We believe that the portfolio of
quality companies we hold has the potential to outperform the market in the
medium to long term.

At 30^th June 2017, the number of holdings in the General Portfolio was 30
(2016 – 26). We have increased the amount invested in the General Portfolio
over the year by £2,767,000 (2016 - decreased by £20,000).

The opening value of our General Portfolio investments at 30^th June 2016 was
£7,124,863 which compared with a cost of such investments at the same date of
£3,285,706.  After investment purchases (including purchase costs) during the
year of £2,854,593 and investment sales (including selling expenses) during
the same period of £206,560, the value of the General Portfolio investments as
at 30^th June 2017 had increased by 51% to £10,765,695.

Directorate Change

Michael Robotham, a non-executive director, will be retiring from the Board of
Lonfin at the Company’s forthcoming Annual General Meeting (“AGM”) to be held
on 5^th December 2017.

For itself and on behalf of the shareholders, the Board would like to thank
Michael for his considerable dedication and service to the Company.

Notwithstanding the loss to the Board of Lloyd Marshall, who passed away last
November, and Michael Robotham, after he has retired at the AGM, the Board is
satisfied that it has, for the time being, a sufficient spread of skills,
experience and support to operate the Company.

Operations and Employees

All of our operations and those of Western, except investment selection, are
outsourced to our subsidiary, City Group PLC (“City Group”). City Group also
provides office accommodation, company secretarial and head office finance
services to a number of other companies.  City Group has responsibility for
the initial identification and appraisal of potential new strategic
investments for the Company and the day to day monitoring of existing
strategic investments and employs 8 people.

Significant Events since the end of the financial year

On 30^th August 2017, a new relationship agreement between the Company and
Coutts & Co was signed in relation to the Company’s existing credit revolving
facility. This extended the available facilities to 30^th September 2022 and
set an interest rate of 2.75% per annum above the bank’s base rate (3% as at
30^th August 2017).

On 20^th September 2017, Western made available to Tudor Rose International a
working capital facility of £500,000 bearing interest at a rate of 6% per
annum which has been fully drawn down.

Dividend

The Board recommends a final dividend of 0.55p per share, making a total of
1.1p per ordinary share for the year (2016 – 1.05p).  Subject to shareholders’
approval at the Company’s AGM to be held on 5^th December 2017, the dividend
will be paid on 15^th December 2017 to those shareholders on the register at
the close of business on 24^th November 2017.  Shareholders on the South
African register will receive their dividend in South African rand converted
from sterling at the closing rate of exchange on 19^th  September 2017 being
GBP1= ZAR 18.0089.

In respect of the normal gross cash dividend, and in terms of the South
African Tax Act, the following dividend tax ruling only applies to those
shareholders who are registered on the South African register on Friday 15^th
September 2017.  All other shareholders are exempt.

  o The number of shares in issue now and as at the dividend declaration date
    is 31,207,479;
  o The dividend has been declared from income reserves, which funds are
    sourced from the Company’s main bank account in London and is regarded as
    a foreign dividend by South African shareholders; and
  o The Company’s UK Income Tax reference number is 948/L32120.

Dividend dates:

 Last date to trade (SA)        Tuesday, 21^st November 2017
 Shares trade ex-dividend (SA)  Wednesday, 22^nd November 2017
 Shares trade ex-dividend (UK)  Thursday, 23^rd November 2017
 Record date (UK and SA)        Friday, 24^th November 2017
 Pay date                       Friday, 15^th December 2017

The JSE Listings Requirements require disclosure of additional information in
relation to any dividend payments.

Shareholders registered on the South African register are advised that the
dividend withholding tax will be withheld from the gross final dividend amount
of 9.90489 SA cents per share at a rate of 20% unless a shareholder qualifies
for an exemption; shareholders registered on the South African register who do
not qualify for an exemption will therefore receive a net dividend of 7.92392
SA cents per share.  The dividend withholding tax and the information
contained in this paragraph is only of direct application to shareholders
registered on the South African register, who should direct any questions
about the application of the dividend withholding tax to Computershare
Investor Services (Pty) Limited, Tel: +27 11 370 5000.

Share certificates may not be de-materialised or re-materialised between
Wednesday, 22^nd November 2017 and Friday, 24^th November 2017, both days
inclusive.  Shares may not be transferred between the registers in London and
South Africa during this period either.

Outlook

We believe our mix of Strategic Investments and a General Portfolio gives us
every chance of outperforming the broader market in the medium to long term
notwithstanding any short term volatility in markets, currencies and
commodities.

Future Developments

The future development of the Group is dependent on the success of the Group’s
Investment Strategy in the light of economic and equity market developments
and the continued support of its Shareholders. The Board will maintain the
current Investment Policy for the foreseeable future and has no plans to
change the policy.

28^th September 2017

The annual report and accounts will be finalised shortly and sent to
shareholders.

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.

The directors of the Company accept responsibility for the contents of this
announcement.

For further information, please contact:

London Finance & Investment Group P.L.C.:              020 7796 9060

(David Marshall/Edward Beale)

Johannesburg Sponsor:

Sasfin Capital (a division of Sasfin Bank Limited)

Consolidated Statement of Total Comprehensive Income

For the year ended 30^th June
                                                                          
                                   

                                                                     Restated
 Operating Income                                           2017         2016
                                                            £000         £000
 Dividends received                                          608          550
 Rental and other income                                     109           82
 Profits on sales of investments                               3            4
 Management service fees                                     296          252
                                                           1,016          888
 Administrative expenses
 Investment operations                                     (352)        (346)
 Management services                                      (389)         (303)
 Total administrative expenses                             (741)        (649)
 Operating profit                                            275          239
 Unrealised changes in the carrying value of General         989        1,379
 Portfolio investments
 Interest payable                                           (33)         (16)
 Profit before taxation                                    1,231        1,602
 Tax expense                                               (121)          106
 Profit after taxation                                     1,110        1,708
 Non-controlling interest                                    (7)         (15)
 Profit attributable to shareholders                       1,103        1,693
 Other comprehensive income/(expense)
 Unrealised changes in the carrying value of Strategic       477        2,323
 investments
 Profit on sale of investments                              217           385
 Other taxation -
      Deferred tax                                            99        (543)
      Corporation tax                                      (238)            -
 Total Other Comprehensive Income                            555        2,165
 Total Comprehensive Income attributable to owners of      1,658        3,858
 the parent
 Reconciliation of headline earnings
 Basic and diluted earnings per share                       3.5p         5.4p
 Adjustment for the unrealised changes in the carrying    (2.5)p       (3.5)p
 value of investments, net of tax
 Headline earnings per share                                1.0p         1.9p

Consolidated Statement of Financial Position

At 30^th June

                                                                 2017    2016
                                                                 £000    £000
 Non-current Assets
 Property, Plant and Equipment                                     14      22
 Investments                                                   10,673  12,417
                                                               10,687  12,439
 Current Assets
 Listed investments                                            10,766   7,125
 Trade and other receivables                                      220     272
 Cash at bank                                                     222     588
                                                               11,208   7,985
 Current Liabilities
 Trade and other payables after tax                             (486)   (316)
 Net Current Assets                                            10,722   7,669
                                                                        
 Deferred Taxation                                              (829)   (850)
 Total Assets less Current Liabilities                         20,580  19,258
 Capital and Reserves
 Called up share capital                                        1,560   1,560
 Share premium account                                          2,320   2,320
 Unrealised profits and losses on investments                   8,265   8,539
 Share of retained realised profits and losses of               3,794   1,821
 subsidiaries
 Company’s retained realised profits and losses                 4,544   4,928
 Capital and reserves attributable to owners                   20,483  19,168
 Non-controlling equity interests                                  97      90
 Total Capital and Reserves                                    20,580  19,258

Company Statement of Financial Position

At 30^th June

                                                          2017    2016
                                                          £000    £000
 Non-current Assets
 Investments in Group companies                          1,071   3,847
 Current Assets
 Listed investments                                     10,766   7,125
 Trade and other receivables                                26      27
 Cash and cash equivalents                                 101     451
                                                        10,893   7,603
 Current Liabilities
 Trade and other payables: falling due within the year   (117)    (93)
 Net Current Assets                                     10,776   7,510
 Deferred Taxation                                       (408)   (330)
 Total Assets less Current Liabilities                  11,439  11,027
 Capital and Reserves
 Called up share capital                                 1,560   1,560
 Share premium account                                   2,320   2,320
 Unrealised profits and losses on investments            3,015   2,219
                                                         6,895   6,099
 Realised Profit and Loss
 Balance at 1^st July                                    4,928   5,412
 Net Loss for the period                                  (41)   (172)
 Dividends paid                                          (343)   (312)
 Balance at 30^th June                                   4,544   4,928
 Equity shareholders’ funds                             11,439  11,027
 .
 Registered in England and Wales – Number 201151

Consolidated Statement of Cash Flows

For the year ended 30^th June

                                                                  Restated
                                                         2017     2016
                                                         £000     £000
 Cash flows from operating activities
 Profit before tax                                       1,231    1,602
 Adjustments for non-cash -
 Finance expense                                         33       16
 Depreciation charges                                    8        9
 Unrealised changes in the fair value of investments     (989)    (1,379)
 Decrease/(Increase)in trade and other receivables       52       (55)
 (Decrease)/Increase in trade and other payables         (66)     96
 Overseas Taxes paid                                     (45)     (28)
 Net cash inflow from operating activities               224      261
 Cash flows from investment activity
 (Increase)/Decrease in current asset investments        (2,652)  56
 Disposal of investment                                  2,438    1,984
 Net cash inflow/(outflow) from investment activity      (214)    2,040
 Cash flows from financing
 Interest paid                                           (33)     (16)
 Equity dividends paid                                   (343)    (312)
 Net drawdown/(repayment) of loan facilities             -        (1,500)
 Net cash outflow from financing                         (376)    (1,828)
 (Decrease)/Increase in cash and cash equivalents        (366)    473
 Cash and cash equivalents at the beginning of the year  588      115
 Cash and cash equivalents at end of the year            222      588

Consolidated Statement of Changes in Shareholders’ Equity

                   Ordinary  Share    Restated     Restated       Restated         Restated  Non-Controlling  Total
                   Share     Premium  Unrealised   Share of       Retained         Total     Interests        Equity
                   Capital   Account  Profits on   Undistributed  RealisedProfits
                                      Investments  Results of     &   Losses
                                                   Subsidiaries
                   £000      £000     £000         £000           £000             £000      £000             £000
 Year ended 30^th
 June 2016
 Balances at 1^st  1,560     2,320    6,304        26             5,412            15,622    75               15,697
 July 2015
 Profit for the    -         -        1,180        685            (172)            1,693     15               1,708
 Year
 Other             -         -        1,055        1,110          -                2,165     -                2,165
 Comprehensive
 Income/(Expense)
 Total             -         -        2,235        1,795          (172)            3,858     15               3,873
 comprehensive
 income
 Dividends paid    -         -        -            -              (312)            (312)     -                (312)
 and total
 transactions
 with
 shareholders
 Balances at       1,560     2,320    8,539        1,821          4,928            19,168    90               19,258
 30^th June 2016

   

 Year ended 30^th
 June 2017
 Balances at 1^st     1,560  2,320  8,539    1,821  4,928  19,168  90  19,258
 July 2016
 Profit for the Year  -      -      913      231    (41)   1,103   7   1,110
 Other Comprehensive  -      -      (1,187)  1,742  -      555     -   555
 Income/(Expense)
 Total comprehensive  -      -      (274)    1,973  (41)   1,658   7   1,665
 income
 Dividends paid and   -      -      -        -      (343)  (343)   -   (343)
 total transactions
 with shareholders
 Balances at 30^th    1,560  2,320  8,265    3,794  4,544  20,483  97  20,580
 June 2017

Notes:

1.       Basic earnings per share and Headline earnings per share

Basic earnings per share, based on the profit attributable to the shareholders
after tax and non-controlling interests of £1,103,000 (2016 restated -
£1,693,000) and on 31,207,479 shares (2016 – 31,207,479) being the weighted
average of the number of shares in issue during the year.

             Headline earnings are required to be disclosed by the JSE.

Headline earnings per share are based on the profit attributable to the
shareholders after tax and  non-controlling interests, before unrealised
changes in the fair value of investments net of tax, of £309,000 (2016 -
£589,000) and on 31,207,479 (2016 – 31,207,479) shares being the weighted
average of the number of shares in issue during the year.

The adjustments for the unrealised changes in the carrying value of
investments, net of tax of £(794,000) and 2016 restated £(1,104,000)

2.        Net assets per share

The net assets per share are calculated taking investments at fair value and
on 31,207,479 shares (2016 – 31,207,479) being the weighted average of the
number of shares in issue during the year.

3.       The financial information in this preliminary announcement of audited
group results does not constitute the company’s statutory accounts for the
years ended 30^th June 2017 or 30^th June 2016 but is derived from those
accounts.  The accounts have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union and with
those parts of the Companies Act 2006 applicable to companies reporting under
IFRS.  The accounts are prepared on the historical cost bases, except for
certain assets and liabilities which are measured at fair value, in accordance
with IFRS and comply with IAS 34.  The audited accounts for the group for the
year ended 30^th June 2016 were reported on with an unqualified audit report
and have been delivered to the Registrar of Companies.

Copies of this notification are held at the Company’s office, 6 Middle Street,
London, EC1A 7JA (tel. 020 7796 9060) and are available for a period of 14
days from the date of this announcement.
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