CAMBRIDGE INNOVATION CAPITAL
DIRECTORS’ REPORT REPORT OF THE DIRECTORS The Directors present their report together with the audited consolidated financial statements for the year ended 31 March 2022. The objectives and future developments of the Company are addressed within the Strategic Report.
RESULTS AND DIVIDENDS During the year, the Group made a profit after tax for the year ended 31 March 2022 of £38.85 million (2021: £64.82 million) and the Company paid an interim dividend of 6.345 pence per share (2021: £nil). The Directors do not recommend the payment of a final dividend (2021: £nil).
SHARE BUYBACK During the year, the Company bought back at £1.29 each, and subsequently cancelled, 35,033,253 ordinary shares for total consideration of £45.19 million (2021: £nil).
DIRECTORS The Directors who served during the year and up to the date of signing the financial statements were as follows: Edward Benthall
Chairperson
Andrew Williamson
Managing Partner
Rob Sprawson
Partner and CFO
Humphrey Battcock
Non-executive Director
Clive Birch
Non-executive Director
Anne Ferguson-Smith
Non-executive Director
Appointed 11 October 2021
Ian Leslie
Non-executive Director
Resigned 11 October 2021
Andy Neely
Non-executive Director
DIRECTORS’ EMOLUMENTS Directors’ emoluments are disclosed in note 7 to the consolidated financial statements.
DIRECTORS’ INTERESTS IN SHARES The Directors who held office during the year ended 31 March 2022 had the following beneficial interests in the shares of the Company: At 31 March 2022
At 31 March 2021
Number of ordinary shares
Number of class A commitment shares
% of voting share capital
Number of ordinary shares
Number of class A commitment shares
% of voting share capital
Humphrey Battcock
250,052
–
0.08%
227,992
54,494
0.08%
Edward Benthall
569,824
–
0.19%
589,242
54,494
0.19%
43,009
–
0.01%
39,215
9,373
0.01%
1
–
0.00%
–
–
–
Clive Birch Rob Sprawson
The Directors who held office during the year ended 31 March 2022 had the following beneficial interests in options over the ordinary shares of the Company:
Rob Sprawson
Andrew Williamson
At 31 March 2021
Granted during the year
Exercised during the year
At 31 March 2022
Exercise price (pence)
29,228
–
(3,356)
25,872
0.17
118,425
–
(1)
118,424
0.01
236,722
–
–
236,722
0.01
DIRECTORS’ INDEMNITIES As detailed in the Company’s Articles of Association, indemnities were in force during the financial year and also at the date of approval of the financial statements between the Company and each of its Directors, under which the Company has agreed to indemnify each Director, to the extent permitted by law, in respect of certain liabilities incurred as a result of carrying out their duties as a Director of the Company. The Company has Directors’ and Officers’ Liability Insurance and it is the intention to maintain such a policy in the future.
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