Interim | 31 July 2023 |
Financial Report |
The Schiehallion Fund Limited
The Schiehallion Fund Limited seeks to generate capital growth for investors through making long-term minority investments in later stage private businesses that the Company considers to have transformational growth potential and to have the potential to become publicly traded.
Principal risks and uncertainties
The principal and emerging risks facing the Company are:
Investment and strategic risks - liquidity of investments; market, economic, political and environmental risks; valuation risk; investment strategy risk; discount risk; and Environmental, Social and Governance (ESG).
External risks - political and associated economic risk; legal and regulatory risk.
Operational risks - performance and reliance on third party service providers; cyber security threats; and key professionals.
Emerging risks - geopolitical tensions, including the Russia-Ukraine conflict and US-China tensions, high energy prices, inflation and interest rates; cyber risk; and Environmental Social and Governance issues (ESG).
An explanation of these risks and how they are managed is set out on pages 7 to 10 of the Company's Annual Report and Financial Statements for the year to 31 January 2023 which is available on the Company's website: schiehallionfund.com
The Schiehallion Fund Limited
Responsibility statement
The Directors of The Schiehallion Fund Limited confirm that to the best of their knowledge:
a. the Interim Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Directors have elected to prepare financial statements that comply with International Financial Reporting Standards as issued by the International Accounting Standards Board;
b. the Interim Management Report includes a fair review of the information required by:
- DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
-
DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the enterprise during
that period.
By Order of the Board
Linda Yueh
Chairperson
8 September 2023
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website, and for the preparation and dissemination of financial statements. Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
01
Summary of unaudited results*
31 January 2023 | |||
Ordinary shares | 31 July 2023 | (audited) | % change |
Shareholders' funds | US$547.96$m | US$597.61m | |
Net asset value per ordinary share | 109.50¢ | 119.42¢ | (8.3%) |
Share price | 66.00¢ | 92.00¢ | (28.3%) |
Discount† | (39.7%) | (23.0%) | |
Number of shares in issue | 500,430,002 | 500,430,002 | |
Market capitalisation | US$330.28m | US$460.40m | |
Six months to | Six months to | ||
31 July 2023 | 31 July 2022 | ||
Revenue earnings per share | (0.30¢) | (0.57¢) | |
31 January 2023 | |||
C shares | 31 July 2023 | (audited) | % change |
Shareholders' funds | US$557.26m | US$555.57m | |
Net asset value per C share | 79.61¢ | 79.37¢ | 0.3% |
Share price | 39.50¢ | 49.00¢ | (19.4%) |
Discount† | (50.4%) | (38.3%) | |
Number of shares in issue | 700,000,000 | 700,000,000 | |
Market capitalisation | US$276.50m | US$343.00m | |
Six months to | Six months to | ||
31 July 2023 | 31 July 2022 | ||
Revenue earnings per share | 0.06¢ | (0.31¢) | |
Notes
- For a definition of terms see Glossary of Terms and Alternative Performance Measures on page 23.
- Alternative performance measure, see Glossary of Terms and Alternative Performance Measures on page 23.
All investment strategies have the potential for profit and loss. Past performance is not a guide to future performance.
02
Interim financial report 2023
The Schiehallion Fund Limited
Period's high and low
Six months to 31 July 2023 | Year to 31 January 2023 | |||
Ordinary shares | High | Low | High | Low |
Net asset value per ordinary share | 117.98¢ | 103.94¢ | 153.18¢ | 116.84¢ |
Share price | 87.00¢ | 59.50¢ | 214.00¢ | 91.50¢ |
(Discount)/premium† | (22.5%) | (44.9%) | 40.5% | (26.9%) |
Six months to 31 July 2023 | Year to 31 January 2023 | |||
C shares | High | Low | High | Low |
Net asset value per C share | 79.60¢ | 73.83¢ | 97.20¢ | 77.32¢ |
Share price | 48.00¢ | 39.50¢ | 129.00¢ | 49.00¢ |
(Discount)/premium† | (39.2%) | (50.4%) | 36.1% | (41.1%) |
Performance since inception
Ordinary shares | 31 July 2023 | 27 March 2019 | # | % change |
Net asset value per ordinary share | 109.50¢ | 99.66¢ | 9.9 | |
Share price | 66.00¢ | 100.00¢ | (34.0) | |
C shares | 31 July 2023 | 26 April 2021 | ‡ | % change |
Net asset value per C share | 79.61¢ | 99.25¢ | (19.8) | |
Share price | 39.50¢ | 124.00¢ | (68.2) | |
Notes
* For a definition of terms see Glossary of Terms and Alternative Performance Measures on page 23.
† Alternative performance measure, see Glossary of Terms and Alternative Performance Measures on page 23.
- 27 March 2019, the date the Company's ordinary shares were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange.
- 26 April 2021, the date the Company's C shares were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange.
03
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Schiehallion Fund Ltd. published this content on 22 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2023 08:39:09 UTC.