Half-year Report

PGIT Securities 2020 Plc - Half-year Report

PR Newswire

London, August 4

PGIT SECURITIES 2020 PLC

Interim Report for the six months to 30 June 2020

PGIT Securities 2020 PLC (the “Company”) announces its interim results for the six months ended 30 June 2020.

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 its parent, Premier Global Infrastructure Trust PLC, 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 European Union; 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

4 August 2020

Income Statement

For the six months to 30 June 2020

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 2020

Cashflow statement

For the six months ended 30 June 2020

Statement of Changes in Equity

(Unaudited)

For the six months ended 30 June 2020

(Unaudited)

For the six months ended 30 June 2019

(Audited)

For the year ended to 31 December 2019

Notes to the Financial Statements

For the six months ended 30 June 2020

1. General Information

PGIT Securities 2020 PLC (the “Company”) was incorporated in England and Wales on 9 November 2015 and is a wholly owned subsidiary of Premier Global Infrastructure Trust PLC (the “Parent”) which is an investment trust registered in England and Wales. The Company commenced operation on 31 December 2015 as part of the reconstruction of the Parent when it issued 24,073,337 New Zero Dividend Preference Shares.

The financial statements are prepared from 31 December 2019 to 30 June 2020.

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 October 2019), 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

Funds raised through the ZDP share issue after the deduction of issue costs totaled £23.6m. 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 30 November 2020, however the facility is repayable on demand).

The Directors believe the carrying amount due from the Parent Company approximates its fair value.

5. Creditors

The accrued capital entitlement of each Zero Dividend Preference Share was 123.23p as at 30 June 2020.

6. Zero Dividend Preference Shares

The Company issued 24,073,337 Zero Dividend Preference Shares (“ZDP shares”) at 100 pence per share on 31 December 2015. The ZDP shares have an entitlement to receive a fixed cash amount on 30 November 2020, being the maturity date, of 125.65 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 2020, based on the quoted bid price at that date, was £27,684,338. 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 and received no remuneration for their services to the Company during the period. The amount due from the Parent Company was £29,716,000.