PMGR Securities 2025 Plc - Half-year Report
PR Newswire
London, July 29
PMGR SECURITIES 2025 PLC
Interim Report for the period from incorporation on 21 October 2020 to 30 June 2021
PMGR Securities 2025 PLC (the "Company") announces its interim results for the period ended 30 June 2021.
The Company's principal objective is to provide Zero Dividend Preference Shares with a predetermined final capital entitlement. It is recommended that these accounts are read in conjunction with those of Premier Miton Global Renewables Trust PLC (the "Parent Company"), also issued today.
Directors' Responsibility Statement
The Directors are responsible for preparing the Interim Report, in accordance with applicable law and regulations. The Directors confirm that, to the best of their knowledge:
• The condensed set of Financial Statements within the Interim Report has been prepared in accordance with IAS 34, "Interim Financial Reporting", as adopted by the United Kingdom; and
• The Interim Management Report includes a fair review of the information required by 4.2.7R (indication of important events during the first six months of the year) and 4.2.8R (disclosure of related party transactions and changes therein) of the FCA's Disclosure and Transparency Rules.
For and on behalf of the Board.
Gillian Nott OBE
Chairman
29 July 2021
Income Statement
For the period from incorporation on 21 October 2020 to 30 June 2021
| (Unaudited) | |
| Period from incorporation on 21 October 2020 to 31 December 2020 | |
| £'000 | |
| Finance costs* | (409) |
| Loss before taxation | (409) |
| Taxation | - |
| Loss for the period | (409) |
All items derive from continuing operations; the Company does not have any other recognised gains or losses.
*These costs relate to the provision for compound growth entitlement of the Zero Dividend Preference Shares.
Balance Sheet
As at 30 June 2021
| (Unaudited) | |
| As at 30 June 2021 | |
| £000 | |
| Current assets | |
| Amount due from Parent Company | 14,676 |
| Total assets | 14,676 |
| Creditors: amounts falling due after more than one year | |
| Zero Dividend Preference Shares | (14,626) |
| Net Assets | 50 |
| Equity Attributable to Ordinary Shareholders | |
| Share Capital | 50 |
| Capital reserve | 409 |
| Accumulated loss | (409) |
| Total Equity Attributable to Ordinary Shareholders | 50 |
Cashflow statement
For the period from incorporation on 21 October 2020 to 30 June 2021
| (Unaudited) | |
| Period from incorporation on 21 October 2020 to 30 June 2021 | |
| £000 | |
| Loss before taxation | (409) |
| Adjustments for: | |
| Increase in trade and other receivables | 409 |
| Increase in trade and other payables | _ |
| Net cash inflow from operating activities | - |
| Increase in cash and cash equivalents | - |
| Cash and cash equivalents at the start of the period | - |
| Cash and cash equivalents at the end of the period | - |
Statement of Changes in Equity
(Unaudited)
For the period from incorporation on 21 October 2020 to 30 June 2021
| Ordinary Share Capital | Capital Contribution | Accumulated Loss | Total | |
| £000 | £000 | £000 | £000 | |
| Balance at start of period | - | - | - | - |
| Issue of Ordinary Shares | 50 | - | - | 50 |
| Loss for the period | - | - | (409) | (409) |
| Contribution by Parent Company | - | 409 | - | 409 |
| Balance at 30 June 2021 | 50 | 409 | (409) | 50 |
Notes to the Financial Statements
For the period from incorporation on 21 October 2020 to 30 June 2021
1. General Information
PMGR Securities 2025 PLC (the "Company") was incorporated in England and Wales on 21 October 2020 and is a wholly owned subsidiary of the Parent Company which is an investment trust registered in England and Wales. The Company commenced operation on 2 November 2020 as part of the reconstruction of the Parent Company when it issued 14,217,339 New Zero Dividend Preference Shares.
The financial statements are prepared from incorporation on 21 October 2020 to
30 June 2021.
2. Accounting Policies
2.1 Basis of preparation
The Interim Financial Statements have been prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting and in accordance with the Statement of Recommended Practice ("SORP") for investment trusts issued by the Association of Investment Companies ("AIC") in November 2014 (and updated in April 2021), where the SORP is not inconsistent with IFRS.
The financial information contained in this Interim Report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006 and have not been audited.
The functional currency of the Company is Sterling as this is the currency of the primary economic environment in which the Company operates. Accordingly, the Financial Statements are presented in Sterling rounded to the nearest thousand pounds.
2.2 Presentation of Statement
In order to better reflect the activities of the Company as an investment trust company, and in accordance with guidance issued by the AIC, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement.
2.3 Use of estimates
The preparation of Financial Statements requires the Company to make estimates and assumptions that affect the items reported in the Balance Sheet and Statement of Comprehensive Income and the disclosure of contingent assets and liabilities at the date of the Financial Statements. Although these estimates are based on the Board's best knowledge of current facts, circumstances and, to some extent, future events and actions, the Company's actual results may ultimately differ from those estimates, possibly by a significant amount.
2.4 Segmental reporting
The chief operating decision maker has been identified as the Board of the Company. The Board reviews the Company's internal management accounts in order to analyse performance. The Directors are of the opinion that the Company is engaged in one segment of business, being the issue of Zero Dividend Preference shares to fund the operation of the Parent Company. As such, no additional segmental reporting disclosure has been prepared.
3. Administrative Expenses
The Company's administrative expenses are met by its Parent Company.
4. Amounts due from Parent Company
| (Unaudited) | |
| As at 30 June 2021 | |
| £000 | |
| Funds raised through ZDP share issue | 14,217 |
| Amount due in respect of issued share capital | 50 |
| Additions under undertaking agreement | 409 |
| Total due | 14,676 |
Funds raised through the ZDP 2025 share issue after the deduction of issue costs totaled £14.2m. These funds have been transferred to the Parent Company under an Undertaking Agreement pursuant to which the Parent Company agrees to contribute to the Company such amount as will result in the Company having sufficient assets to satisfy the then current or, as the case may be, the final capital entitlement of the ZDP shares (scheduled repayment date of 28 November 2025, however the facility is repayable on demand).
The Directors believe the carrying amount due from the Parent Company approximates its fair value.
5. Creditors
| (Unaudited) | |
| 31 December 2019 | |
| £000 | |
| 14,217,339 Zero Dividend Preference Shares of £0.01 | 14,626 |
The accrued capital entitlement of each Zero Dividend Preference Share was 102.87p as at 30 June 2021.
6. Zero Dividend Preference Shares
| 30 June 2021 | |
| Number of Shares | |
| Balance at start of period | ? |
| Share issued during the period | 14,217,339 |
| Balance at end of period | 14,217,339 |
The Company issued 14,217,339 Zero Dividend Preference Shares ("ZDP shares") at 100 pence per share on 2 December 2020. The ZDP shares have an entitlement to receive a fixed cash amount on 28 November 2025, being the maturity date, of 127.61 pence per share, but do not receive any dividends or income distributions.
The ZDP shares do not carry the right to vote at general meetings of the Company, although they carry the right to vote as a class on certain proposals which would be likely to materially affect their position. The ZDP shares also carry the right to vote, as a class, on certain matters that relate to the activities of the Group.
The fair value of the ZDP shares at 30 June 2021, based on the quoted bid price at that date, was £14,999,293. The fair value of the ZDP shares is classified as level 2 under the hierarchy of fair value measurements.
7. Share capital
The Company has one class of share which carries no right to fixed income. The authorised and issued share capital of the Company is 50,000 ordinary share issued at £1.
8. Related Parties
The Directors are all directors of the Parent Company and received no remuneration for their services to the Company during the period. The amount due from the Parent Company was £14,676,000.
