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Summarised Audited Annual Results for the Year Ended 30 June 2024 and Dividend Declaration
London Finance & Investment Group PLC
(Incorporated in England with registered number 201151)
LSE code: LFI
JSE code: LNF
ISIN: GB0002994001
("London Finance" or "the Company")
Summarised Audited Financial Results for the year ended 30 June 2024 ("Summarised Financial
Statements") and Dividend Declaration – Short Form Announcement
Introduction to the Company
London Finance and Investment Group PLC. (LSE: LFI, JSE: LNF), the investment company whose
assets primarily consist of a General Portfolio of global blue chip equity stocks, today announces its
audited Summarised Financial Statements for the year ended 30 June 2024 and the Board's Dividend
Declaration.
Results
- Net assets per share have increased to 71.6p (2023 – 59.2p per share)
- The restructuring of Western Selection, which is our only Strategic investment, resulted in a
return of capital of £6,291,000 and a decrease in value of the Strategic Investments, from
£3,144,000 to £36,858.
- The value of the General Portfolio has decreased, including investment purchases and sales,
over the year, by 9.4% from £15,496,000 to £14,032,000.
- The unrealised fair value adjustment to the General Portfolio investments over the period has
decreased by £1,925,000.
- The decrease in Group operating costs is mainly a result of lower office costs
- A final dividend of 0.60p per share is recommended, making a total of 1.2p per share for the
year (2023 – 1.15p)
The Company and its subsidiaries (the "Group") recorded an operating profit for the year, before
interest, tax, profit on bargain purchase and changes to the fair value adjustments of investments of
£3,830,000, compared to operating profit for the previous year, before tax and changes to the fair value
adjustments of investments, of £762,000. Basic and headline earnings per share are 13.6p (2023
restated – 5.7p).
Dividend Declaration
The Board recommends a final dividend of 0.60p (ZAR 13.92988 cents) per share, making a total of
1.20p (ZAR 27.85976 cents) per ordinary share for the year (2023 – 1.15p). Subject to shareholders'
approval at the Company's Annual General Meeting to be held on [28] November 2024, the dividend
will be paid on Wednesday 18 December 2024 to those shareholders on the register at the close of
business on Friday, 6 December 2024. Shareholders on the South African register will receive their
dividend in South African Rand converted from Pounds Sterling at the closing rate of exchange on
Thursday, 19 September 2024 being GBP1 = ZAR 23.21646.
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, 6 December 2024.
• The number of shares in issue as at the dividend declaration date is 31,207,479;
• The dividend has been declared from income reserves. Funds are sourced from the Company's
main bank account in London and is regarded as a foreign dividend by South African
shareholders; and
• The Company's UK Income Tax reference number is 948/L32120.
Dividend dates:
Last date to trade (SA) Tuesday, 3 December 2024
Shares trade ex-dividend (SA) Wednesday, 4 December 2024
Shares trade ex-dividend (UK) Thursday, 5 December 2024
Record date (UK and SA) Friday, 6 December 2024
Pay date Wednesday, 18 December 2024
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 a dividend withholding tax will
be withheld from the gross final dividend amount of ZAR 13.92988 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 ZAR 11.14390 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 Proprietary
Limited, Tel: +27 11 370 5000.
Share certificates may not be de-materialised or re-materialised between Wednesday, 4 December
2024 and Friday, 6 December 2024, both days inclusive. Shares may not be transferred between the
registers in London and South Africa during this period either.
Full Announcement
This short-form announcement is the responsibility of the Directors of the Company, is a summary of the
information in the Summarised Financial Statements and does not contain full or complete details of the
Summarised Financial Statements, which are available for viewing on the following website:
JSE website: https://senspdf.jse.co.za/documents/2024/jse/isse/lojm/fy2024.pdf
Any investment decision by investors and/or shareholders should be based on consideration of the
information contained in the Summarised Financial Results and audited annual financial statements,
copies of which are also available for inspection at the Company's offices on workdays during business
hours (at no charge) or on request from the company secretary by e-mail: rod.venables@city-group.com
Audit Opinion
The auditor's report on the annual financial statements of the Company was unqualified and did not
contain any statements under section 498(2) or (3) of the Companies Act 2006.
The Company's 2024 Annual Report and Accounts will be finalised shortly and sent to shareholders.
On behalf of the Board
United Kingdom
26 September 2024
JSE Sponsor to London Finance
Questco Corporate Advisory Proprietary Limited
Date: 26-09-2024 12:00:00
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