Final Results Year ended 31 December 2022 TEKCAPITAL PLC

Final Results Year ended 31 December 2022 TEKCAPITAL PLC

Final Results for the year-ended 31 December 2022

Tekcapital plc (AIM: TEK), the UK intellectual property (IP) investment group focused on creating valuable companies from investing in university technologies that can improve people's lives, announces its audited results for the year ended 31 December 2022.

Financial highlights

Our investment objective is to achieve long-term growth of net assets and returns on invested capital through the commercialisation of university discoveries that can make a positive impact on people's lives. In 2022 we had a productive year for long-term value creation. Our portfolio companies achieved significant milestones, however due to unrealized reductions in the end of period valuations of Lucyd and Belluscura, our profitability, net assets and net assets per share were commensurately impacted.

•     Net Assets US$57.8m (2021: US$68.1m)

•     NAV per share US$0.38 (2021: US$0.48)

•     Portfolio valuation US$54.9m (2021: US$62.5m)

•     Total loss after tax: US$12.7m, resulting primarily from net unrealised fair value reduction of US$11.0m (2021: profit of US$26.4m),

•     Share placings totalling US$2.5m completed during the period (2021: US$9.7m).

The Annual General Meeting ("AGM") of Tekcapital Plc will be held at the offices of Bird & Bird LLP, 12 New Fetter Lane, London EC4A 1JP on 22 June 2023 at 9.00 a.m. (British Summer Time). The annual report and the formal notice of the 2023 AGM will be posted to shareholders on the 26 May 2023.

The notice of AGM will be available to review on the Company's website at:

Investment Portfolio

MicroSalt® Ltd (97.1%)

MicroSalt Ltd ("Microsalt") manufactures MicroSalt®, a new, patented, all natural, non-GMO, Kosher, low-sodium salt, that tastes great and has approximately half of the sodium of regular table salt.

Investment Rationale:

The snack food industry is focused on developing and providing better-for-you products that both taste good and help reduce sodium intake. Excess sodium consumption contributes to cardiovascular disease, a leading cause of premature death globally. In a recent report¹, the World Health Organization has indicated that reducing sodium consumption is one of the world's leading health imperatives. To help address this problem, MicroSalt has developed a patented process for producing micron sized salt crystals. Microsalt® has all the flavour of salt with roughly half the sodium for topical applications such as crisps, pretzels, nuts, popcorn and other salty snacks. Additionally, MicroSalt can be used in bakery products and precooked meals.

No Comments

Post a Comment