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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ashmore Global Opportunities Limited | LSE:AGOL | London | Ordinary Share | GG00BJJMSL63 | ORD NPV (GBP) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.52 | 1.42 | 1.62 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMAGOL TIDMAGOU
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
Ashmore Global Opportunities Limited ("AGOL", or the "Company")
a Guernsey incorporated and registered limited liability closed-ended
investment company with a Premium Listing of its US Dollar and Sterling share
classes on the Official List.
LEI 549300D6OJOCNPBJ0R33.
Interim Results
For the period ended 30 June 2017
(Classified Regulated Information, under DTR 6 Annex 1 section 1.2)
The financial information set out in this announcement does not constitute the
Company's statutory accounts for the six months ended 30 June 2017. All figures
are based on the unaudited financial statements for the six months ended 30
June 2017.
The financial information for the six months ended 30 June 2017 is derived from
the financial statements delivered to the UK Listing Authority.
The announcement is prepared on the same basis as will be set out in the
interim accounts.
The Interim Report and Unaudited Condensed Interim Financial Statements for the
six months ended 30 June 2017 will be available on the Company website:
www.agol.com.
Share Price Information
30 June 2017 31 December 2016
Total Net Assets US$61,875,840 US$53,604,913
Net Asset Value per Share
US$ shares US$5.79 US$5.08
GBP shares GBP5.57 GBP4.91
Closing-Trade Share Price
US$ shares US$3.39 US$3.73
GBP shares GBP3.77 GBP3.88
Discount to Net Asset Value
US$ shares (41.45)% (26.57)%
GBP shares (32.32)% (20.98)%
Chairman's Statement
As at 30 June 2017, the Net Asset Value ("NAV") of the Company was US$61.9m.
The NAVs per share increased to US$5.79 and GBP5.57 as at 30 June 2017, up from
US$5.08 and GBP4.91 respectively at the end of 2016. The share prices stood at
US$3.39 and GBP3.77 as at 30 June 2017, decreases of 9.12% and 2.84% respectively
compared with 31 December 2016 levels.
The main contributors to performance were mark-ups in the values of AEI and
Microvast. Further details on the underlying exposures of the Company are given
in the Investment Manager's Report.
There were no distributions to shareholders during the period. There were,
however, partial realisations of the investment in Microvast in June and July
2017, the proceeds of which will be received by AGOL after the reporting
period. The Board will then consider making a distribution to shareholders on
receipt of cash. The Investment Manager is working towards the sale of the
remaining assets, with a particular focus on the three largest exposures of the
Company, namely; Bedfordbury, Microvast and AEI. Your Board receives regular
updates on progress with the sales and remains confident that further
realisations are likely to occur in the next six months.
Below is an overview of the distributions made since February 2013 when
shareholders voted to wind up the Company in an orderly fashion.
Quarterly Distributions
Quarter End Date Distributions % of 31 December 2012 % of 31 December 2012
(US$) NAV Market Capitalisation
31 March 2013 92,500,000 19% 28%
30 June 2013 13,000,000 3% 4%
30 September 2013 26,000,000 5% 8%
31 December 2013 36,900,000 8% 11%
30 June 2014 7,250,000 2% 2%
30 September 2014 21,500,000 5% 7%
31 December 2014 40,500,000 8% 12%
31 March 2015 19,500,000 4% 6%
30 June 2015 27,250,000 6% 8%
31 December 2015 16,200,000 3% 5%
31 March 2016 2,500,000 0% 1%
Total 303,100,000 63% 92%
The Board continues to be in active dialogue with the Investment Manager on
completion of the asset sales, and subsequent winding up of the Company. As
further sales are realised, the Board will review again the benefits and costs
of the listing of the Company on the London Stock Exchange.
I would like to thank everyone involved with AGOL for their hard work.
Richard Hotchkis
25 August 2017
Investment Manager's Report
Performance
As at 30 June 2017, the NAVs per share of the US$ and GBP classes stood at
US$5.79 and GBP5.57 respectively, representing returns of 13.98% and 13.44% over
the last six months.
Portfolio Review
Strong operating performance, in particular by AEI and Microvast, led to upward
revisions in valuations and thus of the NAV of the Company.
There was a partial realisation of the investment in Microvast in June and July
2017, the proceeds of which will be received by AGOL after the reporting
period. Consequently, there were no distributions to shareholders during the
reporting period, and the Board will consider making a distribution to
shareholders on receipt of cash from the partial realisation of Microvast. We
expect to sell the last asset in AEI, a power plant in Guatemala, later this
calendar year which should allow for a significant distribution to
shareholders.
The three largest investee company exposures, Bedfordbury, Microvast and AEI
now account for around 75% of AGOL's NAV.
For Bedfordbury, attempts to settle the dispute with the partner in the land
bank in Manila have so far been unsuccessful, and the arbitration case is still
expected to be heard in Singapore by late 2017/early 2018. This process is
expected to push back the realisation of this asset, until either a settlement
is reached or the arbitration process is completed. The asset is valued
conservatively at a discount to a third party valuation of the land bank.
Microvast continues to grow strongly. New capital was raised in February from a
third party investor in China at a significantly higher valuation. Our
valuation of this asset was increased in March, and again in June, due to
strong operating performance, and the availability of new capital to finance
further expansion. A partial exit in the secondary market was executed in June
and July 2017, the proceeds of which will be received by AGOL post the
reporting period. A full exit of this asset will probably be through an IPO in
2018 or 2019.
Jaguar, the power plant in Guatemala, is operating at slightly above its listed
capacity. The sale process is progressing to plan, and we expect to realise
this asset later this year. Once sold the intention is to wind up AEI.
Further details on the smaller holdings in the Company are given later in this
Investment Manager's report.
Outlook
As described above, the focus remains on realising AGOL's remaining investments
in an orderly manner, and we expect to make progress on this later this year.
The general sentiment towards Emerging Markets ("EM") is improving, thus
providing a more positive backdrop to realisations. Nevertheless, realisations
are very much influenced by the attraction and circumstances of each individual
asset.
Details on the Top 10 Underlying Holdings (on a look through basis)
The table below shows the top 10 underlying investments as at 30 June 2017
excluding the cash balance (cash was 3.84% as at 30 June 2017).
Investment Name Holding Country Business Description
Bedfordbury 32.98% Philippines Real estate development company
Microvast 24.47% China Electric battery and battery systems
supplier
AEI 17.76% Guatemala Power generation in Latin America
Kulon 6.19% Russia Real estate development company
Numero Uno 4.20% India Branded apparel manufacturers and
retailers
Everbright 3.81% China Real estate development company
ZIM Laboratories 2.71% India Pharmaceutical research and manufacturing
Ltd
Largo Resources 1.58% Brazil Brazilian provider of mining services
GZ Industries Ltd 0.91% Nigeria Aluminium can manufacturer
Seedinfo 0.84% India Enterprise software company
The tables below show the country and industry allocations of underlying
investments over 1% at the end of June 2017:
Country % of NAV Industry % of NAV
Philippines 32.98% Real Estate 42.98%
China 28.33% Electrical Components and 24.47%
Equipment
Guatemala 17.76% Electrical 17.76%
India 8.68% Retail 4.20%
Russia 6.19% Pharmaceuticals 2.71%
Brazil 1.58% Mining 1.58%
These tables form an integral part of the financial statements.
Details on a Selection of the Underlying Holdings
Bedfordbury
Industry: Real estate development company
Country: Philippines
Website: n/a
Company Status: Private
Investment Risk: Equity
Exit strategy and timing
* We initiated Singapore arbitration proceedings against BDC's partner in the
land bank in Q4 2016. Given a backlog of cases in Singapore, the procedural
timeline envisages the hearing will take place in late 2017/early 2018
* Exit is likely to be delayed until after the proceedings have concluded
Microvast
Industry: Technology/Clean-tech
Country: China
Website: www.microvast.com
Company Status: Private
Investment Risk: Equity
Operational update
* Microvast supplies both pure e-bus and plug-in hybrid-electric vehicles
("PHEV") batteries to a large number of Chinese original equipment
manufacturers ("OEMs"), with the resultant buses being deployed in over 30
cities in China. Follow-on orders continue to be received via Wright Bus
for the London market and Microvast expects further orders from the
European bus market
* Microvast is achieving gross margins of c. 35% and net margins of c.16%,
and its unaudited FY2016 revenues were US$210m yielding net income of
US$25m. There may well be margin pressure in 2017 as a result of the
Chinese Government lowering its e-bus subsidies
* Production capacity has been successfully increased to 2GWh per annum. Any
further increases will require external financing. The Company recently
raised US$400m in primary equity capital from a Citic Securities led group
of investors which will be used to fund the capacity expansions over the
next three years
* Microvast is working on Lithium-ion battery ("Li-B") systems for passenger
vehicles with some of the leading Chinese auto OEMs. A leading European car
company is also in testing
2017 operational strategy/priorities
* Managing growth by adding new facilities, increasing production capacity
and hiring/training new employees
* Building large scale production of Li-B systems for passenger vehicles,
growing the international business and innovating battery safety and energy
density
* Meeting short order timeframes from Chinese bus OEMs and ensuring customers
can claim Chinese New Energy Vehicle ("NEV") subsidies
Key risks
* Overcapacity in both Chinese and global battery companies
* Warranty claims arising from defective cells or modules
* Unfavourable changes to the Chinese government's New Energy Vehicle policy
Exit strategy
* All shareholders sold pro rata in a US$140m secondary sale of a 10.77%
minority stake in Microvast to a Chinese PE Fund. Proceeds of this sale
will be received by AGOL post the reporting period, and on receipt of cash,
the Board will consider distributing this to shareholders.
* Block sale pre or post IPO
AEI
Industry: Power generation
Country: Guatemala
Website: www.aeienergy.com
Company Status: Private
Investment Risk: Equity
Operational update
* The only operating entity remaining in AEI is Jaguar, in Guatemala, which
is now being prepared for sale
* Jefferies have been appointed as the investment bank to lead the sale
process which is ongoing
* China Machine New Energy Corporation ("CMNC") continues to appeal against
Jaguar's successful arbitration results
Key risks
* CMNC arbitration appeal
* The sale process
Exit strategy
* Sale of Jaguar with a target closure date during 2017
* Wind up of AEI post the Jaguar sale
Kulon
Industry: Real estate
Country: Russia
Website: n/a
Company Status: Private
Investment Risk: Equity
Operational update
* The Office and Warehouse spaces are almost fully leased. The Moscow market
remains competitive and rents are under pressure
* Inflation is being brought under control by Russian Central Bank policies
which should lead to a reduction in interest rates, which in turn should
support the values of Ruble-denominated fixed income assets such as this
one
Key risks
* Pressure on rental yields
* Retention of tenants
Exit strategy
* Trade sale by selling the shares in the holding company. Current market
liquidity is limited in Moscow
GZI
Industry: Aluminium can manufacturing
Country: Nigeria
Website: www.gzican.com
Company Status: Private
Investment Risk: Equity
Operational update
* H1 2017 sales volume is 8% ahead of plan as we see signs of improvement in
the Nigerian market
* GZI increased its market share lead due to its superior supply chain
* Going forward the outlook is brighter than was initially forecast for the
year, but we remain cautiously optimistic
2017 operational strategy/priorities
* Establish a plant in South Africa or Kenya
* Manage foreign exchange exposures/requirements
* Export cans in the region to expand sales and earn foreign currency
Key risks
* Continued slowdown in the African beverages markets
* Clients opting for cheaper alternatives
* Access to US$ / local currency depreciation
* Recruitment / talent sourcing
Exit strategy and timing
* 2018 exit through IPO or strategic sale
Largo
Industry: Materials and mining
Country: Brazil
Website: www.largoresources.com
Company Status: Public
Investment Risk: Equity
Operational update
* Vanadium prices continue to rebound nicely and costs are levelling out due
to operational leverage
* Vanadium demand has outstripped supply and is putting upward pressure on
price
* Largo's vanadium production has qualified as aviation grade
* Monthly average production at 840T per month, which is 5% above nameplate
capacity.
2017 operational strategy/priorities
* To continue consistent production at nameplate capacity
* Restructure the company's debt obligations to provide further liquidity
* Renegotiate and seek out richer offtake agreements
Key risks
* A decrease in vanadium pricing
* A drop in production or a decrease in the quality of vanadium
* Upcoming debt maturities which need to be termed out
Exit strategy and timing
* Block sale and/or strategic sale
Numero Uno
Industry: Retail
Country: India
Website: www.numerounojeanswear.com
Company Status: Private
Investment Risk: Equity
Operational update and priorities
* EBITDA has grown 30% year on year ("yoy") for several years. This halted
during the financial year to 31 March 2017 due to the
de-monetisation policy implemented by the Indian Government, but revenues
have improved again in the last two quarters and the company is back on
track with its original plan (with a one year delay)
Key risks
* Cash payments remain important to the company and any new tightening of
liquidity conditions could impact revenues
Exit strategy and timing
* Previous exit discussions ceased as the temporary drop in revenues as
described above affected valuations of the company
* The company will seek to achieve a few quarters of new growth post the
completion of the de-monetisation policy, in order to drive up the value of
the company, before re-embarking on the sales process.
ZIM Laboratories
Industry: Pharmaceuticals
Country: India
Website: zimlab.in
Company Status: Private
Investment Risk: Equity
Operational update and priorities
* The company continues to perform well in its existing pharmaceutical lines
* It is expanding its global presence and introducing new products such as
oral dispensing strips
Exit strategy and timing
* We are seeking an exit through a trade sale later this calendar year, prior
to the listing of the company on the Bombay Stock Exchange
Ashmore Investment Advisors Limited
Investment Manager
25 August 2017
Board Members
As at 30 June 2017, the Board consisted of four non-executive Directors. The
Directors are responsible for the determination of the investment policy of
Ashmore Global Opportunities Limited (the "Company" or "AGOL") and have overall
responsibility for the Company's activities. As required by the Association of
Investment Companies Code on Corporate Governance (the "AIC Code"), the
majority of the Board of Directors are independent of the Investment Manager.
In preparing this interim report, the independence of each Director has been
considered.
Richard Hotchkis, Independent Chairman, (French resident) appointed 18 April
2011
Richard Hotchkis has over 40 years of investment experience. Until 2006, he was
an investment manager at the Co-operative Insurance Society, where he started
his career in 1976. He has a breadth of investment experience in both UK and
overseas equities, including in emerging markets, and in particular, investment
companies and other closed-ended funds, offshore funds, hedge funds and private
equity funds. Richard is currently a director of a number of funds and has been
a director of Aberdeen Frontier Markets Company (formerly Advance Frontier
Markets Fund Limited) until the end of March 2017.
Steve Hicks, Non-Independent Director (connected to the Investment Manager),
(UK resident) appointed 16 January 2014
Steve Hicks, who is a qualified UK lawyer, has held a number of legal and
compliance roles over a period of more than 25 years. From June 2010 until
January 2014 he was the Ashmore Group Head of Compliance. Prior thereto he was
Director, Group Compliance at the London listed private equity company 3i Group
plc.
Nigel de la Rue, Independent Director, (Guernsey resident) appointed 16 October
2007
Nigel de la Rue graduated in 1978 from Pembroke College, Cambridge with a
degree in Social and Political Sciences. He is qualified as an Associate of
the Chartered Institute of Bankers, as a Member of the Society of Trust and
Estate Practitioners ("STEP") and as a Member of the Institute of Directors. He
was employed for 23 years by Baring Asset Management's Financial Services
Division, where he was responsible for the group's Fiduciary Division and sat
on the Executive Committee. He left Baring in December 2005, one year after
that Division was acquired by Northern Trust. He has served on the Guernsey
Committees of the Chartered Institute of Bankers and STEP, and on the Guernsey
Association of Trustees, and currently holds a number of directorships in the
financial services sector.
Christopher Legge, Independent Director, (Guernsey resident) appointed 27
August 2010
Christopher Legge has over 25 years' experience in financial services. He
qualified as a Chartered Accountant in London in 1980 and spent the majority of
his career based in Guernsey with Ernst & Young, including being the Senior
Partner of Ernst & Young in the Channel Islands. Christopher retired from Ernst
& Young in 2003 and currently holds a number of directorships in the financial
sector. He was appointed to the Board of Sherborne Investors (Guernsey) C
Limited on 25 May 2017.
Disclosure of Directorships in Public Companies Listed on Recognised Stock
Exchanges
The following summarises the Directors' directorships in other public
companies:
Company Name Exchange
Richard Hotchkis
Aberdeen Frontier Markets Company (formerly Advance AIM
Frontier Markets Fund Limited) (until end of March 2017)
Steve Hicks Nil
Nigel de la Rue Nil
Christopher Legge
John Laing Environmental Assets Group Limited London
Sherborne Investors (Guernsey) B Limited London
Sherborne Investors (Guernsey) C Limited (from 25 May 2017) London
(from 12 July 2017)
Third Point Offshore Investors Limited London
TwentyFour Select Monthly Income Fund Limited London
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
* the condensed set of financial statements in the interim financial report
has been prepared in accordance with IAS 34 Interim Financial Reporting;
and
* the interim financial report includes a fair view of the information
required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of the important events that have occurred during the first six months of the
financial year and their impact on the condensed set of interim financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year ending 31 December 2017; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period, and any changes in the related
party transactions described in the last annual report that could do so.
Signed on behalf of the Board of Directors on 25 August 2017
Richard Hotchkis Christopher Legge
Chairman Chairman of
the Audit Committee
Unaudited Schedule of Investments
As at 30 June 2017
Description of investments Fair value % of
US$ net assets
Ashmore Global Special Situations Fund 4 LP 27,879,905 45.06
Ashmore Global Special Situations Fund 5 LP 9,646,235 15.59
AEI Inc - Equity 6,526,325 10.55
AA Development Capital India Fund 1, LLC 5,245,637 8.48
VTBC Ashmore Real Estate Partners 1 LP 3,995,023 6.46
Ashmore Asian Recovery Fund 3,651,318 5.90
Everbright Ashmore China Real Estate Fund LP 2,318,636 3.75
Ashmore Global Special Situations Fund 3 LP 1,591,684 2.57
Ashmore Global Special Situations Fund 2 Limited 441,327 0.71
Ashmore Asian Special Opportunities Fund Limited 191,860 0.31
Ashmore SICAV 2 Global Liquidity US$ Fund 933 -
Total investments at fair value 61,488,883 99.38
Net other current assets 386,957 0.62
Total net assets 61,875,840 100.00
Unaudited Condensed Statement of Financial Position
As at 30 June 2017
30 June 2017 31 December 2016
Note US$ US$
Assets
Cash and cash equivalents 1,364,915 956,920
Other financial assets 5a 14,546 8,181
Financial assets at fair value through 3 61,539,995 53,653,286
profit or loss
Total assets 62,919,456 54,618,387
Equity
Capital and reserves attributable to
equity holders
of the Company
Special reserve 410,583,457 410,583,457
Retained earnings (348,707,617) (356,978,544)
Total equity 61,875,840 53,604,913
Liabilities
Current liabilities
Other financial liabilities 5b 1,043,616 914,223
Financial liabilities at fair value 3 - 99,251
through profit or loss
Total liabilities 1,043,616 1,013,474
Total equity and liabilities 62,919,456 54,618,387
Net asset values
Net assets per US$ share 8 US$5.79 US$5.08
Net assets per GBP share 8 GBP5.57 GBP4.91
The unaudited condensed interim financial statements were approved by the Board
of Directors on 25 August 2017, and were signed on its behalf by:
Richard Hotchkis Christopher Legge
Chairman Chairman of
the Audit Committee
Unaudited Condensed Statement of Comprehensive Income
For the six months ended 30 June 2017
Six months ended Six months ended
30 June 2017 30 June 2016
Note US$ US$
Interest income 1,778 1,184
Dividend income 1,110 1,969,306
Net foreign currency (loss)/gain (1,710) 64,602
Other net changes in fair value on 4 8,574,961 (2,343,760)
financial assets and liabilities at fair
value through profit or loss
Total net gain/(loss) 8,576,139 (308,668)
Expenses
Investment management fees (31,301) (53,458)
Incentive fees (150,949) (493,650)
Directors' remuneration (35,307) (44,728)
Fund administration fees (6,117) (5,713)
Custody fees (3,349) (2,661)
Other operating expenses (78,189) (70,528)
Total operating expenses (305,212) (670,738)
Gain/(loss) for the period 8,270,927 (979,406)
Total comprehensive gain/(loss) for the 8,270,927 (979,406)
period
Earnings per share
Basic and diluted gain per US$ share 9 US$0.72 US$0.14
Basic and diluted gain/(loss) per GBP share 9 US$1.13 US$(0.53)
All items derive from continuing activities.
Unaudited Condensed Statement of Changes in Equity
For the six months ended 30 June 2017
Special Retained
reserve earnings Total
US$ US$ US$
Total equity as at 1 January 2017 410,583,457 (356,978,544) 53,604,913
Total comprehensive loss for the - 8,270,927 8,270,927
period
Total equity as at 30 June 2017 410,583,457 (348,707,617) 61,875,840
Total equity as at 1 January 2016 429,283,586 (353,633,654) 75,649,932
Total comprehensive loss for the - (979,406) (979,406)
period
Capital distribution (18,700,129) - (18,700,129)
Total equity as at 30 June 2016 410,583,457 (354,613,060) 55,970,397
Unaudited Condensed Statement of Cash Flows
For the six months ended 30 June 2017
Six months ended Six months ended
30 June 2017 30 June 2016
US$ US$
Cash flows from operating activities
Net bank interest received 1,778 1,184
Dividends received 1,110 1,969,306
Net operating expenses (charged)/received (182,184) 159,321
Net cash (used in)/from operating activities (179,296) 2,129,811
Cash flows from investment activities
Sales of investments - 6,510,958
Purchases of investments - (2,502,466)
Net cash flows on derivative instruments and 587,291 (1,560,195)
foreign exchange
Net cash from investment activities 587,291 2,448,297
Cash flows from financing activities
Capital distributions - (18,700,129)
Net cash used in financing activities - (18,700,129)
Net increase/(decrease) in cash and cash 407,995 (14,122,021)
equivalents
Reconciliation of net cash flows to movement in cash and cash
equivalents
Cash and cash equivalents at the beginning of 956,920 16,505,657
the period
Net increase/(decrease) in cash and cash 407,995 (14,122,021)
equivalents
Cash and cash equivalents at the end of the 1,364,915 2,383,636
period
Notes to the Unaudited Condensed Interim Financial Statements
1. Basis of Preparation
a) Statement of Compliance
These unaudited condensed interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting and on a going concern
basis, despite the managed wind-down of the Company approved by the
shareholders on 13 March 2013. The Directors have examined significant areas of
possible financial going concern risk and are satisfied that no material
exposures exist. The Directors consider that the Company has adequate resources
to continue in operational existence for the foreseeable future and believe
that it is appropriate to adopt the going concern basis despite the managed
wind-down of the Company over the next few years.
These unaudited condensed interim financial statements do not include as much
information as the annual financial statements, and should be read in
conjunction with the audited financial statements of the Company for the year
ended 31 December 2016. Selected explanatory notes are included to explain
events and transactions that are relevant to understanding the changes in
financial position and performance of the Company since the last annual
financial statements.
These unaudited condensed interim financial statements were authorised for
issue by the Board of Directors on 25 August 2017.
The Directors have assessed the impact of the AIFMD on the financial statements
of the Company and have concluded that the Company is exempt from following
Chapter V, Section 1, Articles 103 - 111 of the European Commission's Level 2
Delegated Regulation on the basis of the operations of the Company: it being
(i) a Non-EEA AIF, and (ii) not being marketed in the European Union, as
defined by the Directive.
b) Judgements and Estimates
Preparing the unaudited condensed interim financial statements requires
judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates. The significant judgements made
in applying the Company's accounting policies, and the key sources of
estimation uncertainty, were the same as those that applied to the audited
financial statements of the Company for the year ended 31 December 2016.
2. Summary of Significant Accounting Policies
The Board has concluded that at present the managed wind-down of the Company
has no significant impact on the valuation of the Company's investments.
The accounting policies applied in these unaudited condensed interim financial
statements are the same as those applied in the Company's audited financial
statements for the year ended 31 December 2016.
3. Financial Assets and Liabilities at Fair Value through Profit or Loss
30 June 2017 31 December
2016
US$ US$
Financial assets held for trading:
- Derivative financial assets 51,112 5,536
Total financial assets held for trading 51,112 5,536
Designated at fair value through profit or loss at
inception:
- Equity investments 61,488,883 53,647,750
Total designated at fair value through profit or loss 61,488,883 53,647,750
at inception
Total financial assets at fair value through profit or 61,539,995 53,653,286
loss
There were no significant changes to the Company's direct equity other than
valuation movements.
As at 30 June 2017, derivative financial assets comprised forward foreign
currency contracts as follows:
Currency Amount Currency Amount Maturity Unrealised
Bought Bought Sold Sold Date Gain
GBP 12,861,307 US$ 16,675,640 11/08/2017 51,112
Derivative financial assets 51,112
As at 31 December 2016, derivative financial assets comprised forward foreign
currency contracts as follows:
Currency Amount Currency Amount Maturity Unrealised
Bought Bought Sold Sold Date Gain
US$ 473,013 GBP 377,880 17/02/2017 5,536
Derivative financial assets 5,536
30 June 2017 31 December
2016
US$ US$
Financial liabilities held for trading:
- Derivative financial liabilities - (99,251)
Total financial liabilities held for trading - (99,251)
As at 30 June 2017, there were no derivative financial liabilities.
As at 31 December 2016, derivative financial liabilities comprised forward
foreign currency contracts as follows:
Currency Amount Currency Amount Maturity Unrealised
Bought Bought Sold Sold Date Loss
GBP 12,999,408 US$ 16,180,884 17/02/2017 (99,251)
Derivative financial liabilities (99,251)
4. Net Gain/Loss from Financial Assets and Liabilities at Fair Value through
Profit or Loss
30 June 2017 30 June 2016
US$ US$
Other net changes in fair value through profit or loss:
- Realised gains on investments - 1,668,136 *
- Realised losses on investments - (12,264,589) *
- Realised gains on forward foreign currency contracts 614,486 376,040 *
- Realised losses on forward foreign currency contracts (25,482) (2,000,837) *
- Change in unrealised gains on investments 7,958,795 13,183,805 *
- Change in unrealised losses on investments (117,665) (2,592,946) *
- Change in unrealised gains on forward foreign 150,363 1,045,910 *
exchange contracts
- Change in unrealised losses on forward foreign (5,536) (1,759,279) *
exchange contracts
Total gain/(loss) 8,574,961 (2,343,760)
Other net changes in fair value on derivative assets held 733,831 (2,338,166)
for trading
Other net changes in fair value on assets designated at 7,841,130 (5,594)
fair value through profit or loss
Total net gain/(loss) 8,574,961 (2,343,760)
* The prior period comparatives have been amended to conform with the current
period's presentation whereby gains and losses from financial assets and
liabilities at fair value through profit or loss have been broken down to show
the gross gains and losses for each type of financial asset and liability.
5. Other Financial Assets and Liabilities
a) Other financial assets:
Other financial assets relate to accounts receivable and prepaid expenses and
comprise the following:
30 June 2017 31 December
2016
US$ US$
Prepaid Directors' insurance fees 11,294 6,833
Other receivables and prepaid expenses 3,252 1,348
14,546 8,181
b) Other financial liabilities:
Other financial liabilities relate to accounts payable and accrued expenses,
and comprise the following:
30 June 2017 31 December
2016
US$ US$
Investment management fees payable (5,364) (4,731)
Incentive fees payable (946,042) (795,093)
Other accruals (92,210) (114,399)
(1,043,616) (914,223)
6. Financial Instruments
a) Financial risk management
The Company's financial risk management objectives and policies are consistent
with those disclosed in the audited financial statements of the Company for the
year ended 31 December 2016.
b) Carrying amounts versus fair values
As at 30 June 2017, the carrying values of financial assets and liabilities
presented in the Unaudited Condensed Statement of Financial Position
approximate their fair values.
The table below sets out the classifications of the carrying amounts of the
Company's financial assets and financial liabilities into categories of
financial instruments as at 30 June 2017.
Held for Designated Loans and Other Total
trading at fair receivables financial
value liabilities
Cash and cash equivalents - - 1,364,915 - 1,364,915
Non-pledged financial assets at 51,112 61,488,883 - - 61,539,995
fair value
through profit or loss
Other receivables - - 14,546 - 14,546
Total 51,112 61,488,883 1,379,461 - 62,919,456
Other payables - - - (1,043,616) (1,043,616)
Total - - - (1,043,616) (1,043,616)
The table below sets out the classifications of the carrying amounts of the
Company's financial assets and financial liabilities into categories of
financial instruments as at 31 December 2016.
Held for Designated Loans and Other Total
trading at fair receivables financial
value liabilities
Cash and cash equivalents - - 956,920 -
956,920
Non-pledged financial assets at - -
fair value 5,536 53,647,750 53,653,286
through profit or loss
Other receivables - -
- 8,181 8,181
Total 5,536 53,647,750 965,101 - 54,618,387
Financial liabilities at fair (99,251) - - - (99,251)
value
through profit or loss
Other payables - - - (914,223) (914,223)
Total (99,251) - - (914,223) (1,013,474)
c) Financial instruments carried at fair value - fair value hierarchy
Fair value is defined as the price that would be received to sell an asset or
paid to transfer a liability (i.e. the exit price) in an orderly transaction
between market participants at the measurement date.
For certain of the Company's financial instruments including cash and cash
equivalents, prepaid/accrued expenses and other creditors, their carrying
amounts approximate fair value due to the immediate or short-term nature of
these financial instruments. The Company's investments and financial derivative
instruments are carried at market value, which approximates fair value.
The Company classifies financial instruments within a fair value hierarchy that
prioritises the inputs to valuation techniques used to measure fair value. The
hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). The three levels
of the fair value hierarchy are as follows:
Level 1 inputs are unadjusted quoted prices in active markets for identical
assets or liabilities that the reporting entity has the ability to access at
the measurement date.
Level 2 inputs are observable inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either directly or
indirectly, including:
- quoted prices for similar assets or liabilities in active markets;
- quoted prices for identical or similar assets or liabilities in markets that
are not active;
- inputs other than quoted prices that are observable for the asset or
liability;
- inputs that are derived principally from or corroborated by an observable
market.
Level 3 inputs are unobservable inputs for the asset or liability.
Inputs are used in applying various valuation techniques and broadly refer to
the assumptions that market participants use to make valuation decisions,
including assumptions about risk. Inputs may include price information,
volatility statistics, specific and broad credit data, liquidity statistics,
and other factors. A financial instrument's level within the fair value
hierarchy is based on the lowest level of any input that is significant to the
fair value measurement. However, the determination of what constitutes
"observable" requires significant judgement. The Company considers observable
data to be that market data which is readily available, regularly distributed
or updated, reliable and verifiable, not proprietary, and provided by
independent sources that are actively involved in the relevant market.
The categorisation of a financial instrument within the hierarchy is based upon
the pricing transparency of the instrument and does not necessarily correspond
to the Company's perceived risk of that instrument.
Investments: Investments whose values are based on quoted market prices in
active markets, and are therefore classified within Level 1, include active
listed equities, certain U.S. government and sovereign obligations, and certain
money market securities. The Company does not generally adjust the quoted price
for such instruments, even in situations where it holds a large position and a
sale could reasonably impact the quoted price.
Investments that trade in markets that are not considered to be active, but are
valued based on quoted market prices, dealer quotations or alternative pricing
sources supported by observable inputs are classified within Level 2. These may
include government and sovereign obligations, government agency securities,
corporate bonds, and municipal and provincial obligations.
Investments classified within Level 3 have significant unobservable inputs, as
they trade infrequently or not at all. Level 3 instruments may include private
equity investments, certain loan agreements, less-liquid corporate debt
securities (including distressed debt instruments) and collateralised debt
obligations. Also included in this category are government and sovereign
obligations, government agency securities and corporate bonds for which
independent broker prices are used and information relating to the inputs of
the price models is not observable.
When observable prices are not available; e.g. if an asset does not trade
regularly, the Company may rely on information provided by any person, firm or
entity including any professional person whom the Directors consider to be
suitably qualified to provide information in respect of the valuation of
investments and who is approved by the Custodian (an "Approved Person").
Approved Persons may include certain brokers and the Pricing Methodology and
Valuation Committee ("PMVC") of the Investment Manager.
The PMVC may provide assistance to the Administrator in determining the
valuation of assets where the Administrator cannot determine a valuation from
another source. These assets, which are classified within Level 3, may include
all asset types but are frequently 'Special Situations' type investments,
typically incorporating distressed, illiquid or private investments.
For these hard-to-value investments, the methodology and models used to
determine fair value are created in accordance with the International Private
Equity and Venture Capital Valuation ("IPEV") guidelines. Smaller investments
may be valued directly by the PMVC but material investments are valued by
experienced personnel at an independent third-party valuation specialist. Such
valuations are subject to review, amendment if necessary, then approval by the
PMVC. The valuations are ultimately approved by the Directors and the auditors
to a material extent in so far as they make up part of the Net Asset Value
("NAV") in the financial statements.
Valuation techniques used include the market approach, the income approach or
the cost approach depending on the availability of reliable information. The
market approach generally consists of using; comparable transactions, earnings
before interest, tax, depreciation and amortisation ("EBITDA") multiples; or
enterprise value ("EV") multiples (based on comparable public company
information). The use of the income approach generally consists of the net
present value of estimated future cash flows, adjusted as deemed appropriate
for liquidity, credit, market and/or other risk factors.
Inputs used in estimating the value of investments may include the original
transaction price, recent transactions in the same or similar instruments,
completed or pending third-party transactions in the underlying investment or
comparable issuers, subsequent rounds of financing, recapitalisations and other
transactions across the capital structure, offerings in the equity or debt
capital markets and bids received from potential buyers.
For the determination of the NAV, Level 3 investments may be adjusted to
reflect illiquidity and/or non-transferability. However, any such adjustments
are typically reversed in the financial statements where it is determined that
this is required by the accounting standards.
The Company believes that its estimates of fair value are appropriate, however
estimates and assumptions concerning the future, by definition, seldom equal
the actual results and the estimated value may not be realised in a current
sale or immediate settlement of the asset or liability. The use of different
methodologies, assumptions or inputs would lead to different measurements of
fair value and given the number of different factors affecting the estimate,
specific sensitivity analysis cannot be reliably quantified. It is reasonably
possible, on the basis of existing knowledge, that outcomes within the next
financial year that are different from the assumptions used could require a
material adjustment to the carrying amounts of affected assets.
Financial Derivative Instruments: Financial derivative instruments can be
exchange-traded or privately negotiated over-the-counter ("OTC").
Exchange-traded derivatives, such as futures contracts and exchange-traded
option contracts, are typically classified within Level 1 or Level 2 of the
fair value hierarchy depending on whether or not they are deemed to be actively
traded.
OTC derivatives, including forwards, credit default swaps, interest rate swaps
and currency swaps, are valued by the Company using observable inputs, such as
quotations received from the counterparty, dealers or brokers, whenever these
are available and considered reliable. In instances where models are used, the
value of an OTC derivative depends upon the contractual terms of, and specific
risks inherent in, the instrument as well as the availability and reliability
of observable inputs. Such inputs include market prices for reference
securities, yield curves, credit curves, measures of volatility, prepayment
rates and correlations of such inputs. Certain OTC derivatives, such as generic
forwards, swaps and options, have inputs which can generally be corroborated by
market data and are therefore classified within Level 2.
Those OTC derivatives that have less liquidity or for which inputs are
unobservable are classified within Level 3. While the valuations of these less
liquid OTC derivatives may utilise some Level 1 and/or Level 2 inputs, they
also include other unobservable inputs which are considered significant to the
fair value determination. At each measurement date, the Company updates the
Level 1 and Level 2 inputs to reflect observable inputs, though the resulting
gains and losses are reflected within Level 3 due to the significance of the
unobservable inputs.
The Company recognises transfers between Levels 1, 2 and 3 based on the date of
the event or change in circumstances that caused the transfer. This policy on
the timing of recognising transfers is the same for transfers into a level as
for transfers out of a level. There were no transfers between the three levels
during the period ended 30 June 2017 and the year ended 31 December 2016.
The following table analyses within the fair value hierarchy the Company's
financial assets and liabilities at fair value through profit and loss (by
class) measured at fair value as at 30 June 2017:
Level 1 Level 2 Level 3 Total balance
Financial assets at fair value
through profit and loss
Financial assets held for trading:
- Derivative financial assets - 51,112 - 51,112
Financial assets designated at
fair value through profit or loss
at inception:
- Equity investments 933 - 61,487,950 61,488,883
Total 933 51,112 61,487,950 61,539,995
The following table analyses within the fair value hierarchy the Company's
financial assets and liabilities at fair value through profit and loss (by
class) measured at fair value as at 31 December 2016:
Level 1 Level 2 Level 3 Total balance
Financial assets at fair value
through profit and loss
Financial assets held for trading:
- Derivative financial assets - 5,536 - 5,536
Financial assets designated at
fair value through profit or loss
at inception:
- Equity investments 930 - 53,646,820 53,647,750
Total 930 5,536 53,646,820 53,653,286
Financial liabilities at fair
value
through profit and loss
Financial liabilities held for
trading:
- Derivative financial liabilities - (99,251) - (99,251)
Total - (99,251) - (99,251)
Level 1 assets include the Ashmore SICAV 2 Global Liquidity US$ Fund.
Level 2 assets and liabilities include forward foreign currency contracts that
are calculated internally using observable market data.
Level 3 assets include all unquoted Ashmore Funds ("Funds"), limited
partnerships and unquoted investments. Investments in unquoted Funds and
limited partnerships are valued on the basis of the latest NAV, which
represents the fair value, as provided by the administrator of the unquoted
Fund at the close of business on the relevant valuation day. Unquoted Funds
have been classified as Level 3 assets after consideration of their underlying
investments, lock-up periods and liquidity.
The following table presents the movement in Level 3 instruments for the period
ended 30 June 2017.
Equity investments
Opening balance as at 1 January 53,646,820
2017
Gains and losses recognised in profit and 7,841,130
loss *
Closing balance as at 30 June 61,487,950
2017
* Gains and losses recognised in profit and loss include net unrealised losses
on existing assets as at 30 June 2017 of US$351,227,164.
Total gains and losses included in the Unaudited Condensed Statement of
Comprehensive Income are presented in "Other net changes in fair value on
financial assets and liabilities at fair value through profit or loss".
The following tables show the valuation techniques and the key unobservable
inputs used in the determination of the fair value of Level 3 direct
investments:
Balance as at Valuation
30 June 2017
US$ methodology Unobservable inputs
Equity in 6,526,325 Discounted Cash Flows / - Forecast annual revenue
private Comparable listed growth rate
companies company EV/EBITDA - Forecast EBITDA margin
multiples - Risk adjusted discount rate
- Market multiples
Investments in 54,961,625 Net Asset Value Inputs to NAV*
unlisted Funds
Balance as at Valuation
31 December
2016
US$ methodology Unobservable inputs
Equity in 5,771,581 Discounted Cash Flows / - Forecast annual revenue
private Comparable listed growth rate
companies company EV/EBITDA - Forecast EBITDA margin
multiples - Risk adjusted discount rate
- Market multiples
Investments in 47,875,239 Net Asset Value Inputs to NAV*
unlisted Funds
* Management has assessed whether there are any discounts in relation to
lock-in periods that are impacting liquidity. There were no discounts in
relation to lock-in periods as at 30 June 2017 or at 31 December 2016.
The Company believes that its estimates of fair value are appropriate; however
the use of different methodologies or assumptions could lead to different
measurements of fair value. For fair value investments in Level 3, changing one
or more of the assumptions used to alternative assumptions could result in an
increase or decrease in net assets attributable to investors. Due to the
numerous different factors affecting the assets, the impact cannot be reliably
quantified. It is reasonably possible on the basis of existing knowledge, that
outcomes within the next financial period that are different from the
assumptions used could require a material adjustment to the carrying amounts of
affected assets.
7. Capital and Reserves
Ordinary Shares
The following table presents a summary of changes in the number of shares
issued and fully paid during the period ended 30 June 2017:
US$ shares GBP shares
Shares outstanding as at 1 January 7,465,478 2,586,288
2017
Share 232,582 (193,480)
conversions
Shares outstanding as at 30 June 2017 7,698,060 2,392,808
Share Conversion
The following share conversions took place during the period ended 30 June
2017:
Transfers from Transfers to Number of shares Number of shares
to switch out to switch in
GBP shares US$ shares 196,572 236,300
US$ shares GBP shares 3,718 3,092
Compulsory Partial Redemptions
During the period ended 30 June 2017, the Company did not announce any partial
returns of capital to shareholders by way of compulsory partial redemptions of
shares following the approval by the Company's shareholders of the wind-down
proposal as described in the circular published on 20 February 2013.
Voting rights
The voting rights each share is entitled to in a poll at any general meeting of
the Company (applying the Weighted Voting Calculation as described in the
Prospectus published by the Company on 6 November 2007) are as follows:
US$ shares: 1.0000
GBP shares: 2.0288
The above figures may be used by shareholders as the denominator for
calculations to determine if they are required to notify their interest in, or
a change to their interest in the Company under the FCA's Disclosure and
Transparency Rules.
8. Net Asset Value
The NAV of each US$ and GBP share is determined by dividing the total net assets
of the Company attributable to the US$ and GBP share classes by the number of US$
and GBP shares in issue respectively at the period and year ends as follows:
As at 30 June 2017 Net assets Shares in issue Net assets Net assets
attributable to per share per share
each in US$ in local
share class in US$ currency
US$ shares 44,557,744 7,698,060 5.79 5.79
GBP shares 17,318,096 2,392,808 7.24 5.57
61,875,840
As at 31 December Net assets Shares in issue Net assets Net assets
2016 attributable to per share per share
each in US$ in local
share class in US$ currency
US$ shares 37,910,997 7,465,478 5.08 5.08
GBP shares 15,693,916 2,586,288 6.07 4.91
53,604,913
The allocation of the Company's NAV between share classes is further described
in the Company's Prospectus.
9. Earnings per Share ("EPS")
The calculation of the earnings per US$ and GBP share is based on the gain/loss
for the period attributable to US$ and GBP shareholders and the respective
weighted average number of shares in issue for each share class during the
period.
The gain attributable to each share class for the period ended 30 June 2017 was
as follows:
US$ share GBP share
Issued shares at the beginning of 7,465,478 2,586,288
the period
Effect on the weighted average number of shares:
- Conversion of shares 116,291 (96,740)
Weighted average number of shares 7,581,769 2,489,548
Gain per share class (US$) 5,455,908 2,815,019
EPS (US$) 0.72 1.13
There were no dilutive instruments in issue during the period ended 30 June
2017.
The gain/(loss) attributable to each share class for the period ended 30 June
2016 was as follows:
US$ share GBP share
Issued shares at the beginning of 7,739,867 4,971,508
the period
Effect on the weighted average number of shares:
- Conversion of shares 560,500 (408,816)
- Compulsory partial redemption of (1,468,832) (922,440)
shares
Weighted average number of shares 6,831,535 3,640,252
Gain/(loss) per share class (US$) 940,878 (1,920,284)
EPS (US$) 0.14 (0.53)
There were no dilutive instruments in issue during the period ended 30 June
2016.
10. Segmental Reporting
Although the Company has two share classes and invests in various investment
themes, it is organised and operates as one business and one geographical
segment, as the principal focus is on emerging market strategies, mainly
achieved via investments in funds domiciled in Europe but investing globally.
Accordingly, all significant operating decisions are based upon analysis of the
Company as one segment. The financial results from this segment are equivalent
to the financial statements of the Company as a whole. Additionally, the
Company's performance is evaluated on an overall basis. The Company's
management receives financial information prepared under IFRS and, as a result,
the disclosure of separate segmental information is not required.
11. Ultimate Controlling Party
In the opinion of the Directors and on the basis of shareholdings advised to
them, the Company has no ultimate controlling party.
12. Involvement with Unconsolidated Structured Entities
The table below describes the types of structured entities that the Company
does not consolidate but in which it holds an interest.
Type of structured Nature and purpose Interest held by the Company
entity
Investment Funds To manage assets on behalf Investments in units issued
of third party investors. by the Funds
These vehicles are financed
through the issue of units
to investors.
The table below sets out interests held by the Company in unconsolidated
structured entities as at 30 June 2017.
Investment in unlisted Number of Total net Carrying amount % of net
investment Funds investee assets included in assets of
Funds "Financial assets underlying
at fair value Funds
through profit or
loss"
Special Situations Private 7 263,032,567 48,647,966 18.50
Equity Funds
Real Estate 2 68,422,349 6,313,659 9.23
The maximum exposure to loss is the carrying amount of the financial assets
held.
During the period, the Company did not provide financial support to these
unconsolidated structured entities and the Company has no intention of
providing financial or other support, except for the outstanding commitments
disclosed in note 14 to the financial statements.
13. Related Party Transactions
Parties are considered to be related if one party has the ability to control
the other party or to exercise significant influence over the other party in
making financial or operational decisions.
The Directors are responsible for the determination of the investment policy of
the Company and have overall responsibility for the Company's activities. The
Company's investment portfolio is managed by AIAL.
The Company and the Investment Manager entered into an Investment Management
Agreement under which the Investment Manager has been given responsibility for
the day-to-day discretionary management of the Company's assets (including
uninvested cash) in accordance with the Company's investment objectives and
policies, subject to the overall supervision of the Directors and in accordance
with the investment restrictions in the Investment Management Agreement and the
Articles of Incorporation.
During the period ended 30 June 2017, the Company had the following related
party transactions:
Expense Payable
Related Party Nature US$ US$
AIAL Investment management (31,301) (5,364)
fees
AIAL Incentive fees (150,949) (946,042)
Board of Directors Directors' remuneration (35,307) -
Investment
Activity
Related Party Nature US$
Ashmore SICAV 2 Global Liquidity US$ Dividends 3
Fund
During the period ended 30 June 2016, the Company engaged in the following
related party transactions:
Expense Payable
Related Party Nature US$ US$
AIAL Investment management (53,458) (5,656)
fees
AIAL Incentive fees (493,650) (1,017,077)
Board of Directors Directors' remuneration (44,728) (924)
Investment
Activity
US$
Related Funds Sales 586,817
Related Funds Dividends 1,893,933
Ashmore SICAV 2 Global Liquidity US$ Purchases (2,500,000)
Fund
Ashmore SICAV 2 Global Liquidity US$ Sales 4,256,007
Fund
Ashmore SICAV 2 Global Liquidity US$ Dividends 2,466
Fund
Related Funds are other Funds managed by Ashmore Investment Advisors Limited or
its associates.
Purchases and sales of the Ashmore SICAV 2 Global Liquidity US$ Fund ("Global
Liquidity Fund") were solely related to the cash management of US dollars on
account. Funds are swept into the S&P AAA rated Global Liquidity Fund and
returned as and when required for asset purchases or distributions. The Global
Liquidity Fund is managed under the dual objectives of the preservation of
capital and the provision of daily liquidity, investing exclusively in very
highly rated short-term liquid money market securities.
During the periods ended 30 June 2017 and 30 June 2016, Directors' remuneration
was as follows:
Chairman: GBP28,350 per annum
Chairman of the Audit Committee: GBP28,350 per annum
Independent Directors: GBP26,730 per annum
Non-Independent Director: waived
The Directors had the following beneficial interests in the Company:
30 June 2017 31 December 2016
GBP ordinary shares GBP ordinary shares
Nigel de la Rue 785 785
Christopher Legge 490 490
Richard Hotchkis 295 295
14. Commitments
During the year ended 31 December 2010, the Company entered into a subscription
agreement with Everbright Ashmore China Real Estate Fund LP for a total
commitment of US$10 million. As at 30 June 2017, the outstanding commitment was
US$529,455 (31 December 2016: US$529,455).
During the year ended 31 December 2011, the Company increased its commitment to
VTBC Ashmore Real Estate Partners 1 LP to a total of EUR11.4 million. As at 30
June 2017, the outstanding commitment was EUR243,474 (31 December 2016: EUR
243,474).
During the year ended 31 December 2011, the Company entered into a subscription
agreement with AA Development Capital India Fund LP for an initial commitment
of US$4,327,064, which was subsequently increased to US$23,581,027. AA
Development Capital India Fund LP was dissolved by its General Partner on 28
June 2013 with all outstanding commitments transferred to AA Development
Capital India Fund 1 LLC. As at 30 June 2017, the outstanding commitment was
US$6,261,340 (31 December 2016: US$6,261,340).
15. Subsequent Events
On 25 August 2017, the Board approved a US$3,000,000 distribution to
shareholders following partial realisations of the investment in Microvast in
June and July 2017.
Nigel de la Rue reached nine years of services in October 2016 and was
re-elected as a Director of the Company at the Annual General Meeting held on
20 July 2017.
There were no other significant events subsequent to the period-end date that
require adjustment to, or disclosure in, the financial statements.
Corporate Information
Directors Custodian
Richard Hotchkis Northern Trust (Guernsey) Limited
Nigel de la Rue PO Box 71
Christopher Legge Trafalgar Court
Steve Hicks Les Banques
St Peter Port
Guernsey
GY1 3DA
Channel Islands
Registered Office Auditor
PO Box 255 KPMG Channel Islands Limited
Trafalgar Court Glategny Court
Les Banques Glategny Esplanade
St Peter Port St Peter Port
Guernsey Guernsey
GY1 3QL GY1 1WR
Channel Islands Channel Islands
Administrator, Secretary and Registrar Advocates to the Company
Northern Trust International Fund Carey Olsen
Administration Services (Guernsey) Carey House
Limited Les Banques
PO Box 255 St Peter Port
Trafalgar Court Guernsey
Les Banques GY1 4BZ
St Peter Port Channel Islands
Guernsey
GY1 3QL
Channel Islands
Alternative Investment Fund Manager UK Solicitor to the Company
Ashmore Investment Advisors Limited Slaughter and May
61 Aldwych One Bunhill Row
London London
WC2B 4AE EC1Y 8YY
United Kingdom United Kingdom
Brokers UK Transfer Agent
J.P. Morgan Cazenove Computershare Investor Services PLC
20 Moorgate The Pavilions
London Bridgewater Road
EC2R 6DA Bristol
United Kingdom BS13 8AE
United Kingdom
Jefferies International Limited
Vintners Place Website
68 Upper Thames Street Performance and portfolio
London information for shareholders can be
EC4V 3BJ found at:
United Kingdom www.agol.com
END
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