Friday 20th November 2020
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Following the IPO, Heartland owns 8,518,864 ordinary shares in HMY, representing 8.44% of HMY’s total shares on issue. Alongside other majority shareholders, employees and directors, Heartland has entered into escrow restrictions prohibiting the disposal of its shareholding until the occurrence of certain events.
Heartland will reassess the fair value of its equity investment in HMY as part of the preparation of its financial results for the six-month period ending 31 December 2020 (HY21). In determining fair value, Heartland will take into consideration the market value of HMY shares alongside a range of other relevant factors, including the escrow restrictions. This may result in an increase in the fair value of the investment.
Heartland’s equity investment in HMY is not significant in the context of Heartland’s total assets. However, any increase in the fair value of that investment would result in one-off increase to Heartland’s net profit after tax (NPAT) for the financial year ended 30 June 2021 (FY21). That increase has not been taken into account in Heartland’s forecast NPAT for FY21, which may accordingly need to be revised.
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