North Atlantic Smaller Companies Invesment Trust PLC

Interim / Quarterly Report • Sep 16, 2021

National Storage Mechanism | Additional information

RNS Number : 0600M

North Atlantic Smlr Co Inv Tst PLC

16 September 2021

North Atlantic Smaller Companies Investment Trust plc

Half-Yearly Report for the six months ended 31 July 2021

Registered in England and Wales number 1091347

objective of the company and financial highlights

North Atlantic Smaller Companies Investment Trust plc is a company incorporated and registered in England and Wales.

The objective of the Company is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.

	31 July 2021 (unaudited)	31 January 2021 (audited)	% Change
Net asset value ("NAV") per 5p Ordinary Share*:
Basic and diluted	6,280p	5,292p	18.7
Basic and diluted adjusted#	6,285p	5,355p	17.4
Mid-market price of the 5p Ordinary Shares	4,800p	3,850p	24.7
Discount to net asset value	23.6%	27.2%
Discount to adjusted net asset value	23.6%	28.1%
Standard & Poor's 500 Composite Index†	3,162.3	2,709.5	16.7
Russell 2000 Index†	1,601.7	1,512.7	5.9
Ongoing charges (annualised)	1.1%	1.2%

* Includes current period.

# Adjusted to reflect Oryx International Growth Fund plc ("Oryx") under the equity method of accounting, which is how the Company previously accounted for its share of Oryx, prior to the adoption of IFRS 10. This is useful to the shareholder as it shows the NAV based on valuing Oryx at NAV. See note 6.

† Sterling adjusted.

chief executive's review

During the six month period under review, the net asset value rose by 17.4% (with Oryx under the equity method of accounting) as compared to a rise in the Sterling adjusted Standard & Poors Composite Index of 16.7%.

The Company incurred a revenue loss for the period of £874,000 (31 July 2020: loss of £629,000) as dividends remain depressed following the very severe economic disruption caused during the pandemic.

During the period, the Company purchased for cancellation 24,518 ordinary shares at a favourable discount to NAV which benefits all long term shareholders.

quoted portfolio

Stocks continued to rise sharply following the opening up of economies and a better than expected growth in GNP, particularly in the US and the UK. As a consequence, the performance of the UK quoted portfolio was most encouraging during the period.

Hargreaves Services and Assetco were the standout performers both rising by approximately 100%. Polar Capital rose 45%; Augean 30% following a bid; Sureserve 90% and Frenkel Topping 40%. Trellus went public with the stock now trading at a 200% premium to our book cost. Sadly, Esken continued to underperform due to virtually no passenger activity at Southend Airport. Source Bioscience also fell by circa 20% due to concerns over the future level of PCR testing.

It is also pleasing to note that both Oryx and Odyssean continued to outperform their benchmarks.

US portfolio

The portfolio is relatively small but performed satisfactorily during the period.

unquoted portfolio

The principal event during the period was the agreed offer for Hamsard/Pelsis. The price achieved was a significant premium to the end January valuation and will bring in excess of £20m of cash into the Company by end September 2021.

Coventbridge and three of our smaller holdings are also expected to be sold in the next twelve months creating uplifts and further cash returns to the Company.

outlook

As at 31 July 2021, the Company had cash and US Treasury bills of £72m. Following the sale of Augean/Pelsis this will increase significantly creating ample firepower for new investments. Of critical important will be for Renalytix to secure FDA approval for its proprietary test for kidney failure and then to present a credible story to investors as to how this unique technology can be commercialized.

In conclusion, the stock market has had an extraordinary recovery with many companies now trading on the concept of normalized earnings as the economic impact of COVID-19 subsides. Doubtless there are good opportunities but it is becoming harder to find equities which are fundamentally undervalued.

C H B Mills

Chief Executive

16 September 2021

top ten investments as at 31 July 2021

		Fair value £'000	% of net assets
Oryx International Growth Fund Limited *	UK Listed	136,023	15.5
EKF Diagnostics Holdings plc	UK Quoted on AIM	72,000	8.2
Renalytix AI plc	UK Quoted on AIM	67,481	7.7
US Treasury Bills	US Treasury Stock	61,476	7.0
Polar Capital Holdings plc	UK Quoted on AIM	60,720	6.9
Augean plc	UK Quoted on AIM	49,300	5.6
MJ Gleeson Group plc	UK Listed	41,200	4.7
Hargreaves Services Plc	UK Quoted on AIM	35,438	4.0
Harwood Private Equity Fund IV LP	UK Unquoted	33,259	3.8
Odyssean Investment Trust Plc	UK Listed	26,080	2.9
		582,977	66.3

* Traded price under IFRS 10, incorporated in Guernsey.

All investments are valued at fair value.

interim management report

investment objective

The objective of North Atlantic Smaller Companies Investment Trust PLC is to provide capital appreciation to its shareholders through investing in a portfolio of smaller companies which are principally based in countries bordering the North Atlantic Ocean.

material events

The COVID-19 pandemic had a material impact on some of the Company's investments.

material transactions

There were no material transactions during the period.

risk profile

The principal risks and uncertainties for the remaining six months of the year continue to be as described in the Annual Report for the year ended 31 January 2021. The principal risks arising from the Company's financial instruments are market price risk, including currency risk, interest rate risk and other price risk, liquidity risk and credit risk. The Directors review and agree policies with the Manager, Harwood Capital LLP, for managing these risks. The policies have remained substantially unchanged in the six months since the year end.

The Company does not have any significant exposure to credit risk arising from any one individual party. Credit risk is spread across a number of counterparties, each having an immaterial effect on the Company's cash flows, should a default happen. The Company assesses the credit worthiness of its debtors from time to time to ensure that they are neither past due or impaired.

To support its investment in unquoted companies, the Company may periodically agree to guarantee all or part of the borrowings of investee companies. Provision is made for any costs that may be incurred when the Directors consider it likely that the guarantee will crystallise.

The Company's exposure to market price risk comprises mainly movements in the value of the Company's investments. It should be noted that the prices of options tend to be more volatile than the prices of the underlying securities. The Manager assesses the exposure to market risk when making each investment decision and monitors the overall level of market risk on the whole of the investment portfolio on an ongoing basis.

The functional and presentational currency of the Company is Sterling, and therefore, the Company's principal exposure to foreign currency risk comprises investments priced in other currencies, principally US Dollars.

The Company invests in equities and other investments that are realisable.

related party transactions

These are listed in note 9 to the half yearly condensed financial statements.

By Order of the Board

Peregrine Moncreiffe

Chairman

16 September 2021

responsibility statement

The Directors confirm to the best of their knowledge that:

·      The condensed set of financial statements contained within this half yearly financial report have been prepared in accordance with International Accounting Standard ("IAS") 34 'Interim Financial Reporting' in conformity with the requirement of the Companies Act 2006 and gives a true and fair view of the assets, liabilities, financial position and profit of the Company; and

·      The half yearly financial report includes a fair review of the information required by the FCA's Disclosure and Transparency Rule 4.2.7R being disclosure of important events that have occurred during the first six months of the financial year, 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 year; and

·      The half yearly financial report includes a fair review of the information required by the Disclosure and Transparency Rule 4.2.8R being disclosure of related party transactions during the first six months of the financial year, how they have materially affected the financial position of the Company during the period and any changes therein.

The half yearly financial report was approved by the Board on 16 September 2021 and the above responsibility statement was signed on its behalf by:

Peregrine Moncreiffe

Chairman

16 September 2021

condensed statement of comprehensive income (unaudited)

	Six months ended 31 July 2021			Six months ended 31 July 2020			Year ended 31 January 2021
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Income	3,735	-	3,735	3,061	-	3,061	7,889	-	7,889
Net gains/(losses) on investments at fair value	-	138,958	138,958	-	(57,495)	(57,495)	-	133,879	133,879
Currency exchange losses	-	(140)	(140)	-	(136)	(136)	-	(563)	(563)
total income	3,735	138,818	142,553	3,061	(57,631)	(54,570)	7,889	133,316	141,205
Expenses
Investment management fee (note 9)	(3,755)	-	(3,755)	(3,190)	-	(3,190)	(6,380)	(3,769)	(10,149)
Other expenses	(842)	-	(842)	(482)	-	(482)	(963)	-	(963)
return before taxation	(862)	138,818	137,956	(611)	(57,631)	(58,242)	546	129,547	130,093
Taxation	(12)	-	(12)	(18)	-	(18)	(15)	-	(15)
return for the period	(874)	138,818	137,944	(629)	(57,631)	(58,260)	531	129,547	130,078
earnings per ordinary share (note 5)
Basic and diluted			985.2p			(411.4)p			920.3p

The total column of the statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards ("IFRS") in conformity with the requirement of the Companies Act 2006. The supplementary revenue and capital columns are presented for information purposes as recommended by the Statement of Recommended Practice ("SORP") issued by the Association of Investment Companies ("AIC").

All items in the above Statement derive from continuing operations. No operations were acquired or discontinued in the period.

The accompanying notes are an integral part of these financial statements.

condensed statement of changes in equity (unaudited)

	Share capital £'000	Share premium account £'000	Capital reserve £'000	Capital redemption reserve £'000	Revenue reserve £'000	Total £'000
six months ended 31 July 2021
31 January 2021	701	1,301	737,228	169	2,831	742,230
Total comprehensive income for the period	-	-	138,818	-	(874)	137,944
Shares purchased for cancellation	(1)	-	(971)	1	-	(971)
31 July 2021	700	1,301	875,075	170	1,957	879,203
six months ended 31 July 2020
31 January 2020	708	1,301	612,022	162	6,530	620,723
Total comprehensive income for the period	-	-	(57,631)	-	(629)	(58,260)
31 July 2020	708	1,301	554,391	162	5,901	562,463
year ended 31 January 2021
31 January 2020	708	1,301	612,022	162	6,530	620,723
Total comprehensive income for the year	-	-	129,547	-	531	130,078
Dividend paid	-	-	-	-	(4,230)	(4,230)
Shares purchased for cancellation	(7)	-	(4,341)	7	-	(4,341)
31 January 2021	701	1,301	737,228	169	2,831	742,230

The accompanying notes are an integral part of these financial statements.

condensed balance sheet (unaudited)

	As at 31 July 2021 £'000	As at 31 July 2020 £'000	As at 31 January 2021 £'000
non current assets
Investments at fair value through profit or loss	866,653	538,785	712,874
	866,653	538,785	712,874
current assets
Trade and other receivables	2,721	3,150	3,211
Cash and cash equivalents	10,397	21,044	33,918
	13,118	24,194	37,129
total assets	879,771	562,979	750,003
current liabilities
Trade and other payables	(568)	(516)	(7,773)
total liabilities	(568)	(516)	(7,773)
total assets less current liabilities	879,203	562,463	742,230
net assets	879,203	562,463	742,230
represented by:
Share capital	700	708	701
Share premium account	1,301	1,301	1,301
Capital reserve	875,075	554,391	737,228
Capital redemption reserve	170	162	169
Revenue reserve	1,957	5,901	2,831
total equity attributable to equity holders of the company	879,203	562,463	742,230
net asset value per ordinary share (note 6):
Basic and diluted	6,280p	3,972p	5,292p

The accompanying notes are an integral part of these financial statements.

condensed cash flow statement (unaudited)

	Six months ended 31 July 2021 £'000	Six months ended 31 July 2020 £'000	Year ended 31 January 2021 £'000
cash flows from operating activities
Investment income received	3,201	2,592	6,202
Deposit interest received	-	1	4
Other income	5	-	-
Investment Manager's fees and performance fees paid	(7,586)	(3,892)	(7,082)
Transfer from subsidiary	-	95	104
Other cash payments	(1,544)	(599)	(923)
cash expended from operations (note 7)	(5,924)	(1,803)	(1,695)
Taxation paid	(12)	(18)	(15)
net cash outflow from
operating activities	(5,936)	(1,821)	(1,710)
cash flows from investing activities
Purchases of investments	(162,543)	(100,948)	(265,471)
Sales of investments	146,174	106,166	292,209
net cash (outflow)/inflow from investing activities	(16,369)	5,218	26,738
cash flows from financing activities
Dividend paid	-	-	(4,230)
Repurchase of Ordinary Shares for cancellation	(1,153)	-	(4,159)
net cash outflow from financing activities	(1,153)	-	(8,389)
(decrease)/increase in cash and cash equivalents for the period	(23,458)	3,397	16,639
cash and cash equivalents at the start of the period	33,918	17,805	17,805
Revaluation of foreign currency balances	(63)	(158)	(526)
cash and cash equivalents at the end of the period	10,397	21,044	33,918

The accompanying notes are an integral part of these financial statements.

notes to the financial statements (unaudited)

1. a) basis of accounting

North Atlantic Smaller Companies Investment Trust plc is a company incorporated and registered in England and Wales. The principal activity of the Company is that of an investment trust company within the meaning of Sections 1158/1159 of the Corporation Tax Act 2010.

The condensed financial statements of the Company have been prepared in accordance with International Accounting Standard ("IAS") 34 - "Interim Financial Reporting" in conformity with the requirement of the Companies Act 2006. The accounting policies and methods of computation followed in these half-yearly condensed financial statements are consistent with the most recent annual financial statements for the year ended 31 January 2021 included in the Annual Report.

The financial statements have also been prepared in accordance with the AIC SORP for the financial statements of investment trust companies and venture capital trusts, except to any extent where it is not consistent with the requirements of IFRS.

The financial information contained in this Half-Yearly Report does not constitute statutory accounts as defined in the Companies Act 2006. The financial information for the periods ended 31 July 2021 and 31 July 2020 have not been audited or reviewed by the Company's Auditor. The figure and financial information for the year ended 31 January 2021 are an extract from the latest published audited financial statements, which have been filed with the Registrar of Companies. The report of the Auditor on those financial statements was unqualified and did not contain a statement under either Section 498(2) or 498(3) of the Companies Act 2006.

b) functional currency

The functional currency of the Company is Pounds Sterling because this is the primary economic currency in which the Company operates. The financial statements are presented in Pounds Sterling rounded to the nearest thousand, except where otherwise indicated.

c) significant accounting policies

The accounting policies applied are consistent with those of the Annual Financial Report for the year ended 31 January 2021. Since the year end no new standards have been adopted.

d) accounting developments

In the current period, the Company has applied a number of amendments to IFRS, issued by the IASB mandatorily effective for an accounting period that begins on or after 1 January 2021. These include annual improvements to IFRS, changes in standards, legislative and regulatory amendments, changes in disclosure and presentation requirements. The adoption of these has not had any material impact on these condensed financial statements.

e) segmental reporting

The Directors are of the opinion that the Company is engaged in a single segment of business, being investment business. The Company invests in smaller companies principally based in countries bordering the North Atlantic Ocean.

f) going concern

The financial statements have been prepared on a going concern basis and on the basis that approval as an investment trust company will continue to be met. The Directors have made an assessment of the Company's ability to continue as a going concern and are satisfied that the Company has the resources to continue in business for the foreseeable future, being a period of 12 months from the date when these financial statements were approved. In making the assessment, the Directors have considered the likely impacts of the current COVID-19 pandemic on the Company, operations and the investment portfolio. The Directors noted the cash balance exceeds any short term liabilities; the Company holds a portfolio of liquid investments and is able to meet the obligations of the Company as they fall due. The surplus cash enables the Company to meet any funding requirements and finance future additional investments. The Company is a closed end fund, where assets are not required to be liquidated to meet day to day redemptions. The Directors have completed stress tests assessing the impact of changes in market value and income with associated cashflows. Whilst the economic future is uncertain, and the Directors believe it is possible the Company could experience further reductions in income and/or market value that this should not be to a level which would threaten the Company's ability to continue as a going concern. The Directors, the Manager and other service providers have put in place contingency plans to minimise disruption. Furthermore, the Directors are not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern, having taken into account the liquidity of the Company's investment portfolio and the Company's financial position in respect of its cash flows, borrowing facilities and investment commitments (of which there are none of significance). Therefore, the financial statements have been prepared on the going concern basis.

2. investment management and performance fees

A Performance Fee is only payable if the investment portfolio, including Oryx at the adjusted price, outperforms the Sterling adjusted Standard & Poor's 500 Composite Index at the end of each financial year and is limited to a maximum payment of 0.5% of Shareholders' Funds, and is allocated 100% to capital.

An amount would be included in these financial statements for the Performance Fee that could be payable based on investment performance to 31 July 2021. At that date, no Performance Fee, exclusive of VAT, has been accrued for in the accounts (31 July 2020: £nil; 31 January 2021: £3,774,000).

Further details of fees paid to the investment manager can be found in Note 10, Related Party transactions.

3. taxation

The Company has an effective tax rate of 0%. The estimated effective tax rate is 0% as investment gains are exempt from tax owing to the Company's status as an Investment Trust and there is expected to be an excess of management expenses over taxable income and thus there is no charge for corporation tax.

During the half year to 31 July 2021, the Company recognised a total charge of £12,000 (half year to 31 July 2020: £18,000, year ended 31 January 2021: £15,000), representing irrecoverable withholding tax paid on overseas investment income.

4. dividends

For the year ended 31 January 2021, there was no final dividend proposed by the Board (31 January 2020; 30p per Ordinary Share).

5. earnings per ordinary share

		Revenue			Capital			Total
	Net return £'000	Ordinary Shares	Per Share pence	Net return £'000	Ordinary Shares	Per Share pence	Net return £'000	Ordinary Shares	Per Share pence
six months ended 31 July 2021
Basic and diluted return per Share	(874)	14,001,025	(6.2)	138,818	14,001,025	991.4	137,944	14,001,025	985.2
six months ended 31 July 2020
Basic and diluted return per Share	(629)	14,160,000	(4.4)	(57,631)	14,160,000	(407.0)	(58,260)	14,160,000	(411.4)
year ended 31 January 2021
Basic and diluted return per Share	531	14,133,859	3.7	129,547	14,133,859	916.6	130,078	14,133,859	920.3

Basic return per Ordinary Share has been calculated using the weighted average number of Ordinary Shares in issue during the period.

6. net asset value per ordinary share

The net asset value per Ordinary Share is based on net assets of £879,203,000 (31 July 2020: £562,463,000; 31 January 2021: £742,230,000) and on 14,000,000 Ordinary Shares (31 July 2020: 14,160,000; 31 January 2021: 14,024,518) being the number of Ordinary Shares in issue at the period end.

During the period to 31 July 2021, 24,518 shares were bought back for cancellation at a total cost, including stamp duty, of £971,000.

adjustment for Oryx

The Company has also reported an adjusted net asset value per share using equity accounting, in accordance with its previous method of valuing its investment in Oryx. The Company has chosen to report this net asset value per share to show the difference derived if equity accounting were to be used. Equity accounting permits the use of net asset value pricing for listed assets which in the case of Oryx is higher than its fair value.

The values of Oryx, as at each period end, are as follows:

	31 July 2021 £'000	31 July 2020 £'000	31 January 2021 £'000
Oryx at Fair value (traded price)	136,023	74,831	104,321
Oryx value using Equity Accounting	136,760	88,544	113,168
Increase in net assets using Equity Accounting	737	13,713	8,847

	31 July 2021	31 July 2020	31 January 2021
Net asset value per Share
- Basic	6,280p	3,972p	5,292p
- Diluted	6,280p	3,972p	5,292p
Net asset value per Share adjusted
- Basic	6,285p	4,069p	5,355p
- Diluted	6,285p	4,069p	5,355p

7. reconciliation of total return before taxation to cash expended from operations

	Six months ended 31 July 2021 £'000	Six months ended 31 July 2020 £'000	Year ended 31 January 2021 £'000
Total return before taxation	137,956	(58,242)	130,093
(Gains)/losses on investments	(138,818)	57,631	(133,316)
Interest reinvested	-	-	(1,901)
Transfer from Subsidiary	-	95	104
Increase in debtors and accrued income	(569)	(584)	(518)
(Decrease)/increase in creditors and accruals	(4,493)	(703)	3,843
Cash expended from operations	(5,924)	(1,803)	(1,695)

8. investments

financial assets at fair value through profit or loss

This requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy consists of the following three levels:

·      Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

·      Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

·      Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.

For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes 'observable' requires significant judgement by the Company. The Company considers observable data from investments actively traded in organised financial markets, fair value is generally determined by reference to Stock Exchange quoted market bid prices at the close of business on the Balance Sheet date, without adjustment for transaction costs necessary to realise the asset.

The table below sets out fair value measurements as at the period end, by the level in the fair value hierarchy into which the fair value measurement is categorised.

## six months ended 31 July 2021	Total £'000	Level 1 £'000	Level 2 £'000	Level 3 £'000
Equity investments at fair value	774,174	678,567	-	95,607
Fixed interest investments at fair value	92,479	61,476	-	31,003
Total	866,653	740,043	-	126,610
## six months ended 31 July 2020	Total £'000	Level 1 £'000	Level 2 £'000	Level 3 £'000
Equity investments at fair value	451,559	380,890	-	70,669
Fixed interest investments at fair value	87,226	43,982	-	43,244
Total	538,785	424,872	-	113,913
## year ended 31 January 2021	Total £'000	Level 1 £'000	Level 2 £'000	Level 3 £'000
Equity investments at fair value	634,685	552,579	-	82,106
Fixed interest investments at fair value	78,189	54,615	-	23,574
Total	712,874	607,194	-	105,680

reconciliation of level 3 movement - financial assets at 31 July 2021

	Total £'000	Equity investments £'000	Fixed interest investments £'000
Opening fair value at 31 January 2021	105,680	82,106	23,574
Purchases	16,867	10,732	6,135
Sales	(3,764)	(3,764)	-
Total gains included in gains on investments in the statement of comprehensive income:
- on assets sold	(146)	(146)	-
- on assets held at the end of the period	7,973	6,679	1,294
Closing fair value	126,610	95,607	31,003

unquoted at directors' estimate of fair value

Unquoted investments are valued in accordance with the International Private Equity and Venture Capital Valuation ("IPEV") Guidelines. Their valuation incorporates all factors that market participants would consider in setting a price. The primary valuation techniques employed to value the unquoted investments are earnings multiples, recent transactions and the net asset basis. Valuations in local currency are translated into Sterling at the exchange rate ruling on the Balance Sheet date.

Included within the Statement of Comprehensive Income as at 31 July 2021, is a gain of £7,973,000 relative to the movement in the fair value of the unquoted investments valued using IPEV valuation techniques.

the valuation techniques applied are based on the following assumptions:

Unquoted investments are usually valued by reference to the valuation multiples of similar listed companies or from transactions of similar businesses. Where appropriate discounts are then applied to those comparable multiples to reflect differences in size and liquidity. These enterprise values are then adjusted for net debt to arrive at an equity valuation. Where companies are in compliance with the loan note terms these loans are generally held at par plus accrued interest (where applicable) unless the enterprise value suggests that the debt cannot be recovered.

9. related party transactions

There have been no changes to the related party arrangements or transactions as reported in the Statutory Annual Financial Report for the year ended 31 January 2021.

The Administrator, Harwood Capital LLP, is regarded as a related party of the Company. The amounts incurred by Harwood Capital LLP and Growth Financial Services Limited in respect of investment management for the period are as follows:

	Six months ended 31 July 2021 £'000	Six months ended 31 July 2020 £'000	Year ended 31 January 2021 £'000
Fees incurred by Harwood Capital LLP	2,253	1,914	3,828
Fees incurred by GFS	1,502	1,276	2,552
Performance fee	-	-	3,774
Irrecoverable VAT thereon	-	-	30
Irrecoverable VAT thereon - PYA	-	-	(35)
	3,755	3,190	10,149

At 31 July 2021, £376,000 was payable to Harwood Capital in respect of outstanding management fees (31 July 2020: £319,000, 31 January 2021: £270,000). At 31 July 2021, there was no fee payable to GFS in respect of outstanding performance fees (31 July 2020: £nil, 31 January 2021: £501,000) net of VAT.

Fees paid to Directors, for the six months ended 31 July 2021 amounted to £65,000 (six months ended 31 July 2020: £65,000; year ended 31 January 2021: £130,000).

At 31 July 2021, £11,000 was payable to Directors in respect of outstanding fees (31 July 2020: £11,000, 31 January 2021 £11,000).

shareholder information

financial calendar

Announcement of results and annual report	May
Annual General Meeting	June
Half Yearly figures announced	September
Half Yearly Report posted	September

share price

The Company's mid-market share price is quoted daily in the Financial Times appearing under "Investment Companies".

It also appears on:

SEAQ Ordinary Shares: NAS

Trustnet: www.trustnet.com

net asset value

The latest net asset value of the Company can be found on the Company's website: www.nascit.co.uk

share dealing

Investors wishing to purchase more Ordinary Shares or dispose of all or part of their holding may do so through a stockbroker. Many banks also offer this service.

The Company's registrars are Link Group. In the event of any queries regarding your holding of shares, please contact the registrars on: 0871 664 0300, or by email on enquiries@linkgroup.co.uk

Changes of name or address must be notified to the registrars in writing at:

Link Group

10th Floor

Central Square

29 Wellington Street

Leeds LS1 4DL

Directors

Peregrine Moncreiffe (Chairman)

Christopher Mills (Chief Executive)

Lord Howard of Rising

G Walter Loewenbaum

Sir Charles Wake

Administrator

Harwood Capital LLP

(Authorised and regulated by the Financial Conduct Authority)

6 Stratton Street

Mayfair

London W1J 8LD

Telephone: 020 7640 3200

Financial Adviser and Stockbroker

Winterflood Investment Trusts

The Atrium Building

Cannon Bridge

25 Dowgate Hill

London EC4R 2GA

Registered Office

6 Stratton Street

Mayfair

London W1J 8LD

Telephone: 020 7640 3200

Registrars

Link Group

10th Floor

Central Square

29 Wellington Street

Leeds LS1 4DL

Auditors

RSM UK Audit LLP

25 Farringdon Street

London EC4A 4AB

Company Secretary

Derringtons Limited

Hyde Park House

5 Manfred Road

London SW15 2RS

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