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OFFON

RIGHTS AND ISSUES INVESTMENT TRUST PUBLIC LIMITED COMPANY

(RIII)
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Rights and Issues Investment Trust PLC : Half Year -3-

08/03/2021 | 02:01am EDT
                                                                              1,621     1,621     2,432 

30th June

2021

GBP'000

Income

Proposed interim dividend of 10.75p per share ____811_

811

This proposed interim dividend was approved by the Board on 2nd August 2021, has been calculated based on shares in issue at 22nd July 2021, and has not been included as a liability at 30th June 2021.

4. Valuation of financial instruments

IFRS 13 requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The valuation techniques used by the Company are explained in the accounting policies note 1 Investments, as set out in the Company's Annual Report and Financial Statements for the year ended 31st December 2020.

The fair value hierarchy has the following levels:

Level 1 - Unadjusted prices quoted in active markets for identical assets and liabilities.

Level 2 - Having inputs other than quoted prices included within Level 1 that are observable for the asset or

liability, either directly (ie as prices) or indirectly (ie derived from prices).

Level 3 - Having inputs for the asset or liability that are not based on observable data.

30th June 2021                                        Level 1 Level 2 Level 3 Total 
Financial assets at fair value through profit or loss GBP'000   GBP'000   GBP'000   GBP'000 
UK Equity Listed                                      143,761 -       -       143,761 
AIM traded stocks                                     26,114  -       -       26,114 
Delisted stock                                        -       2       -       2 
Investment in subsidiary undertaking                  -       -       -       - 
Net fair value                                        169,875 2       -       169,877 
30th June 2020                                        Level 1 Level 2 Level 3 Total 
                                                      GBP'000   GBP'000   GBP'000   GBP'000 
Financial assets at fair value through profit or loss 
UK Equity Listed                                      98,621  -       -       98,621 
AIM traded stocks                                     24,138  -       -       24,138 
Delisted stock                                        -       2       -       2 
Investment in subsidiary undertaking                  -       -       758     758 
Net fair value                                        122,759 2       758     123,519 
31st December 2020                                    Level 1 Level 2 Level 3 Total 
Financial assets at fair value through profit or loss GBP'000   GBP'000   GBP'000   GBP'000 
UK Equity Listed                                      123,654 -       -       123,654 
AIM traded stocks                                     33,591  -       -       33,591 
Delisted stock                                        -       2       -       2 
Investment in subsidiary                              -       -       758     758 
Net fair value                                        157,245 2       758     158,005 

There were no transfers between Level 1 and Level 2 during the periods.

A reconciliation of fair value measurements in Level 3 is set out in the following table.

                                                                                30th June 30th June 31st December 
                                                                                2021      2020      2020 
                                                                                GBP'000     GBP'000     GBP'000 
Opening Balance                                                                 758       758       758 
Purchases                                                                       -         -         - 
Sales                                                                           -         -         - 
Total gains or losses included in gains on investments in the Income Statement: 
- on assets sold                                                                -         -         - 
- on assets held at period end                                                  (758)     -         - 
Closing Balance                                                                 -         758       758 

The Level 3 investment relates to the Company's subsidiary, Discretionary Unit Fund Managers Limited, which has been valued based on the most recent estimated NAV, the value of which was GBP2 as at 30th June 2021. 5. Related Party Transactions

Under IAS 24, the Directors have been identified as related parties. Their fees and interests for the year ended 31st December 2020 have been disclosed in the Directors' Annual Remuneration Report within the 2020 Annual Report and Financial Statements.

During the period the Company had the following transactions with Discretionary Unit Fund Managers Limited, its subsidiary undertaking:

30th June 30th June 31st December

2021 2020 2020

GBP'000 GBP'000 GBP'000

Dividends received 758 - -

758 - -

Amounts owed by/(due to) subsidiary undertaking - 78 (758) 6. Going Concern

The Company's assets comprise mainly realisable equity securities and cash and the value of its assets is greater than its liabilities. Additionally, after reviewing the Company's budget including the current financial resources and projected expenses for the next twelve months and its medium-term plans, the Directors believe that the Company's resources are adequate for continuing in business for the foreseeable future.

Based on the above, the Board is satisfied that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Financial Statements for the year ended 31st December 2020.

In the view of the Board, the outbreak of an infectious respiratory illness caused by coronavirus known as COVID-19 has fundamentally altered the nature of the risks reported in the Annual Report and Financial Statements. COVID-19 has resulted in travel restrictions, closed international borders, disrupted supply chains and adversely affected consumer demand. The impact of COVID-19 has severely affected the economies of many nations across the entire global economy and capital markets and could continue with extents that cannot necessarily be foreseen.

DIRECTORS' STATEMENT OF RESPONSIBILITY FOR THE HALF YEARLY FINANCIAL REPORT

The Directors are responsible for preparing the Half Yearly financial report in accordance with applicable law and regulations.

The Directors confirm that to the best of their knowledge: ? the condensed set of financial statements has been prepared in accordance with IAS 34 "Interim financial

reporting"; and ? the Half Yearly management report includes a fair review of the information required by DTR 4.2.7R and 4.2.8R.

This report was approved on 2nd August 2021.

Dr D. M. BRAMWELL Chairman

PORTFOLIO STATEMENT

Details of the investments held within the portfolio as at 30th June 2021 are given below by market value:

                                                Holdings                          Market Value 
UK Investments                                                     30th June 2021 31st December 2020 
                                 30th June 2021 31st December 2020 
                                                                   GBP'000          GBP'000 
Treatt                           2,500,000      3,500,000          29,125         28,490 
Hill & Smith                     1,434,230      1,434,230          21,427         20,194 
Macfarlane                       17,250,000     17,250,000         20,010         14,869 
Vp                               1,800,000      1,800,000          16,488         13,500 
Spirax-Sarco Engineering         120,714        120,714            16,423         13,635 
Electrocomponents                1,300,000      1,300,000          13,364         11,317 
Colefax                          2,365,000      2,365,000          11,352         9,696 
Renold                           30,000,000     30,000,000         6,330          3,600 
Eleco                            4,520,781      4,520,781          5,967          3,526 
Vitec                            400,000        400,000            5,600          3,656 
IMI                              275,000        275,000            4,727          3,204 
Morgan Advanced Materials        1,000,000      1,000,000          3,530          3,110 
Menzies (John)                   882,142        882,142            2,748          2,276 
Bellway                          80,000         80,000             2,591          2,364 
Carr's                           1,750,000      1,750,000          2,424          2,223 
Titon                            1,265,000      1,265,000          1,670          1,139 
Castings                         400,000        400,000            1,576          1,448 
National Grid                    137,500        137,500            1,266          1,189 
GlaxoSmithKline                  70,000         70,000             994            939 
Dialight                         238,095        238,095            760            600 
Santander UK 10.375% 
                                 400,000        400,000            708            640 
Non Cumulative Preferred 
LPA                              650,000        650,000            455            520 
Coral Products                   2,000,000      2,000,000          250            170 
Chamberlin                       1,000,000      1,000,000          90             60 
Dyson                            1,000,000      1,000,000          2              2 
Costain                          41             41                 -              - 
Discretionary Unit Fund Managers 2              93,600             -              758 
Scapa                            -              8,000,000          -              14,880 

(MORE TO FOLLOW) Dow Jones Newswires

August 03, 2021 02:00 ET (06:00 GMT)

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Financials
Sales 2020 1,95 M 2,69 M 2,69 M
Net income 2020 1,21 M 1,66 M 1,66 M
Net cash 2020 12,5 M 17,2 M 17,2 M
P/E ratio 2020 132x
Yield 2020 1,53%
Capitalization 205 M 283 M 283 M
EV / Sales 2019 10,6x
EV / Sales 2020 74,9x
Nbr of Employees 1
Free-Float 61,9%
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Managers and Directors
Simon John Bradley Knott Chief Executive & Investment Director, Director
David Munting Financial Director
David Matthew Bramwell Chairman
Danielle Jones Director-Legal, Risk & Compliance
Jonathan Burnell Roper Independent Non-Executive Director
Sector and Competitors