| As at 31 January 2022 | Level 1
US'000 | Level 2
US'000 | Level 3
US'000 | Total
US'000 |
|---|
| Listed equities | 211,039 | – | – | 211,039 |
|---|
| Unlisted ordinary shares | – | – | 167,268 | 167,268 |
|---|
| Unlisted preference shares* | – | – | 765,207 | 765,207 |
|---|
| Unlisted convertible promissory notes | – | – | 4,808 | 4,808 |
|---|
| Total financial asset investments | 211,039 | – | 937,283 | 1,148,322 |
|---|
* The investments in preference shares are not classified as equity holdings as they include liquidation preference rights that determine the repayment (or multiple thereof) of the original investment in the event of a liquidation event such as a take-over.
During the six months to 31 July 2022, no investments were transferred from Level 3 to Level 1 on becoming listed. During the year ended 31 January 2022, investments with a fair value (IPO price) of US$197,699,000 were transferred from Level 3 to Level 1 on becoming listed.
The valuation techniques used by the Company are explained in the accounting policies on page 46 of the Company's Annual Report and Financial Statements for the year to 31 January 2022. Listed investments are categorised as Level 1 if they are valued using unadjusted quoted prices for identical instruments in an active market and as Level 2 if they do not meet all these criteria but are, nonetheless, valued using market data. The Company's holdings in unlisted investments are categorised as Level 3 as unobservable data is a significant input to their fair value measurements.
31 July 2022 Number 31 July 2022 US$'000 31 January 2022 Number 31 January 2022 US$'000
Allotted, called up and fully paid ordinary shares of US$1 each 500,430,002 521,701 500,430,002 521,701
Allotted, called up and fully paid C shares of US$1 each 700,000,000 694,802 700,000,000 694,802
By way of a special resolution dated 15 March 2019 the Directors have a general authority to allot up to 720,000,000 ordinary shares or C shares, such figure to include the ordinary shares issued at the initial placing. 477,250,000 ordinary shares were issued at the Company's initial placing, with a further 23,180,002 ordinary shares subsequently issued, the Company has the ability to issue a further 219,570,000 shares under this existing authority which expires at the end of the period concluding immediately prior to the Annual General Meeting of the Company to be held in 2024 (or, if earlier, five years from the date of the resolution). During the six months to 31 July 2022 the Company issued no ordinary shares. As at 31 July 2022 the Company has the authority to issue 75,014,457 ordinary shares. In the period from 1 August 2022 to 1 September 2022 the Company issued no further shares.
By way of a special resolution dated 18 March 2021 the Directors have a general authority to allot up to 700,000,000 C shares. On 26 April 2021, the Company issued 700,000,000 C shares of US$1 each and raised gross proceeds of US$700,000,000. The issue costs in respect of the C share issue were US$5,198,000. These costs consisted of mainly broker commission (US$4,066,000), legal fees (US$601,000) and listing fees (US$396,000).