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LONDON (Alliance News) - Braveheart Investment Group PLC on Friday said it holds five strategic investments alongside its existing portfolio and reiterated its audit will take longer to complete than usual.
Braveheart, a fund management and strategic investment firm, said the audit of its accounts for the year to March 31 is proceeding. Its financial 2018 audited results were published on June 18 last year.
However, this is likely to take longer than in previous years as Braveheart now holds a more than 50% stake in two strategic investments, Kirkstall Ltd and Paraytec Ltd, and exerts "significant managerial control" over them. This means that, unlike in financial 2018, these companies must be consolidated into Braveheart's accounts.
For this reason, Braveheart expects to post its annual results in late July with an annual general meeting to follow in late August.
Braveheart has continued its focus on existing strategic investments, which includes Kirkstall and Paraytec as well as Gyrometric Systems Ltd.
Paraytec recently spun out Sentinel Medical Ltd to shareholders, which will use technology developed by Paraytec to detect cancer cells in urine. Braveheart has a 33% interest in Sentinel and classes this as a separate investment.
Further, Braveheart recently acquired a 21% stake in PhaseFocus Holdings Ltd - owner of revenue-producing technology company Phase Focus Ltd.
In combination, PhaseFocus, Paraytec, Sentinel, Gyrometric, and Kirkstall take Braveheart's total number of strategic investments to five. These are held alongside Braveheart's "portfolio of other historic investments".
Shares in Braveheart were untraded at 11.25 pence on Friday morning.
