Our opinion on the current state of UPL

Universal Partners (UPL) is an investment holding company with a primary listing in Mauritius and a secondary listing on the Alt-X of the JSE. It listed in 2013 and has made five investments: (1) Dentex Healthcare Group, which owns 56 dental practices in the UK; (2) Yasa, a distributor of controllers for high power density electric motors. This company was sold to Mercedes Benz for GBP42,8m. (3) SC Lowy, a market-maker in distressed and high-yield debt especially in Asia; (4) Propelair, a supplier of water-efficient toilets in the UK; (5) JSA Services, a provider of personal service companies, payroll and umbrella services to temporary workers in the UK. In its results for the year to 30th June 2023 the company reported a net asset value (NAV) of GBP1,296 compared with GBP 1,438 in the previous year. The company made a headline loss of 4,21 pence per share compared with a profit of 19,25 pence in the previous year. The company said, "The Company recognised a fair value loss of £792,690 on the remeasurement of investments at fair value through profit or loss and an impairment loss of £836,745". This share is far too thinly traded to be of interest to private investors.