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KSK Ksk Power Ventur Plc

2.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ksk Power Ventur Plc LSE:KSK London Ordinary Share IM00B1G29327 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.25 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Ksk Power Ventur Share Discussion Threads

Showing 76 to 99 of 175 messages
Chat Pages: 7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
18/4/2009
19:26
Interesting movement here. Im in OPG, no movement there!!?
rat attack
18/4/2009
10:52
did u see the comment in yesterday's FT on this stock - despite moving up to 280 approx, still at over 40% discount to the Indian listed equivalent ?
value viper
18/4/2009
07:02
Agreed. Now up from around 180p to 290p in under a month. Maybe it's down to indian power companies getting higher return per kw but more likely to be forthcoming update on year ending 31/3. Judging by share price movement this is likely to be positive.

Almost a shame to post on here - such a peaceful board.

RM

rampmeister
02/4/2009
16:34
seems like somethin's up here or have people just woken up to the potential?
parvez
15/9/2008
20:09
KSK hit hard today, Lehman JV going to be a drag now. Too complex for me to judge how it will affect KSK...

Dibbs

dibbs
20/8/2008
14:30
Dibbs ,

Drifting down on low volumes to be expected given recent news I guess .

Have you picked up the slightly disappointing news on Greenko ? Long term story there ( and here ) unchanged IMHO .

Par

par555
18/8/2008
23:15
Oh for the days when an IC tip put 10% on the price at the open and another 10% throughout the day!

Dibbs

dibbs
18/8/2008
16:05
Wisingup,

Thanks for the info on IC recommendation .

Hard to understand todays price fall with buy to sell ratio 3:1 , albeit low volume .

Continue to hold but makes you wonder ?

Par

par555
18/8/2008
10:49
Tip in Investors Chronicle as follows :

"Buy KSK Power Ventur at 390p; riding the boom for Indian power generation, although the shares trade at a 30% discount to the underlying value of its assets "


- but clearly no affect on share price up until now.

wisingup
15/8/2008
22:36
Hi Par,

I was pretty shocked to read that article highlighting the lack of coal currently at Indian power stations. It shows how fragile the whole Indian power situation is, not just a lack of current generating capacity but a real lack of feed stuff also. At least we can rest easy with GKO!

I'm glad that your coal stocks have perked up a little, looking oversold to me.. I watched CDN shooting up a while back and missed a great run there.

It never ceases to amaze me how prices overshoot in both directions. Markets are so fickle, crude falls a little, albeit to prices that would have seemed unbelieveable a few months ago and prices of oil services companies fall also. Understandable in many ways but will the spend on new projects fall greatly at current crude prices? I somehow doubt it!

I saw a summary on Citywire this morning, seemingly the IC has today tipped KSK, don't know the content I'm afraid. Nice also to see HMS heading in a better direction again also.

With KENZ, they are sitting on a very large cash pile (for their MKT Cap anyway) and are seeking an earnings enhancing aquisition, funded from cash, rumoured to be $40-50 million. I hope that they buy well and get a few million in extra profits for their money, should drop the PE nicely if they do. Finding the right point at which to take the plunge is of course the ultimate question, good luck.

I spotted CRM a few days ago, another interesting one I reckon, modestly rated and still trading very well. Maybe worth a look as you seem to like shares a little off the beaten track.

As you say there are rays of light in places.

Have a good weekend,

Dibbs

dibbs
14/8/2008
13:14
Dibbs,

Thanks for the info on Indian coal stocks , will keep my eye firmly fixed on KSK in relation to that .

I have been in and out of coal stocks for a while . Sold UKC near the 550p top and it had dropped to 400p before rallying 4.6 % today so have put a 'toe in the water 'again . Other coal stocks up today NWR 4.8% , WTN 4.4 %, CDN 4.3 % , could be indicative of general demand .

I hold Sibir Energy ( SBE ) which has staged a bit of a rally in the last few days , so I hope you are right about the energy sell off being over .

HMS is tempting me to top up too and I am keeping my eye on KENZ and hoping to get the entry point right !

Not all doom and gloom !!

Par

par555
13/8/2008
23:03
Par555,

There is an interesting post on the EBG thread regarding coal stockpiles at Indian power plants being at critical levels. Hopefully not something that will affect KSK. Link below, post 268.



Markets pretty poor today, HMS pulling back, GKO down, KENZ down. Hope for a better day tomorrow. Crude is up around $3 in the US tonight putting energy back in the spotlight a little more perhaps. Looking at a very basic chart of Nymex Crude, the recent 1 year uptrend remains intact, the bottom of that trend line being around our recent lows. Energy sell off over?

Some more HMS may be tempting if they fall much further, will see tomorrow! I'd prefer a rise though!

Dibbs

dibbs
13/8/2008
09:16
One to tuck away and bring back out to play in 5years. Looks a very likely long term winner, but thinly traded and not in the public eye for some strange reason. I have and hold for better days.
the drewster
13/8/2008
09:12
Dibbs ,

Agree your opinions on HML and the lag period on generating plants .
I continue to hold GKO as well as KSK in the expectation that there is an upside opportunity here given some patience .Fingers crossed as you say .

Will take a look at KENZ - thanks for that .

Cheers ,

Par

par555
12/8/2008
23:49
par555,

I'm really surprised that these Indian electricity plays are not attracting more investor interest at the moment. By comparison many of the Chinese AIM stocks seem to have pretty active discussion boards and more PI trades. Granted many of the Chinese stocks are on lower PE ratios, however their continued strong trading is maybe not so assured as Indian Power Generating companies in my opinion. GKO board is dead, OPG also. GKO has the additional carbon credit revenue. Really with all these guys we have this lag period whilst we await construction of generating plants and for the revenue to kick in. Indications seem to be that revenues from wholesale electricity sales are coming in at higher levels than set out in admission documents.

The herd will arrive at some time I guess!

Glad you sold half at the top, I think that the very steep downtrend of KSK is looking to have broken, hopefully your remaining KSK will head upwards again to. I'd say more chance of up than down from here but of course we never really know what will happen.

HMS are my biggest holding, very good prospects, low PE, bouyant trading that seems set to continue. Glad you have some! Results in September should be good and it is hard to see the forward statement being anything other than upbeat. Fingers crossed.

Have you looked at KENZ? Maybe worth a look....

Cheers,

Dibbs

dibbs
12/8/2008
19:39
Dibbs ,

Very quiet here as you say , but twas ever thus !

I sold about half my holding at around £6 and have hung in with the rest and watched them drop . Results appeared reassuring to me and hard to understand the drop in relation to them . I agree with you , one to watch IMHO .

See you are also in Hallin Marine good prospect IMO .

Par

par555
09/8/2008
15:04
PE dropped quite a bit now after the recent results, although investment income, probably not to be repeated has flattered EPS from what I can see. Surprised not to see any comments here at all though... KSK still looks like one to watch in the future IMO.

Dibbs

dibbs
06/6/2008
20:58
Rampmeister,

Yep, left the KSK building yesterday and today. I bought a few fairly late really, tempted in by a lovely chart which continued to develop nicely, even through poor market conditions.

After yesterdays fall I thought that the very strong recent uptrend was failing and that I would take a profit on what was really a momentum trade.

I bought some OPG yesterday and this morning, so pretty happy after the strong rise there. I also have some Greenko, poor performance there thus far but interesting and overlooked in my opinion.

I wish you further luck in KSK, bound to rally now that I have sold!

Dibbs

dibbs
06/6/2008
12:56
Dibbs - finals must be announced shortly maybe this will give them a lift. Do you still hold or have you left building?

RM

rampmeister
06/6/2008
09:42
Momentum seems to have left the building here IMO. Recent uptrend broken, wonder if a few investores are looking at the likes of OPG that offer better value. All good things come to an end...

Dibbs

dibbs
30/5/2008
20:23
New AIM float today OPG Power Ventures with KSK founder investing. Current market cap is just over 3 x 2010 profit forecast from Cenkos - worth a serious look imv.

RM

rampmeister
21/5/2008
22:31
Breaking out on very low volume, interesting to see if tomorrow sees a pullback after a bad night in the US, or with energy in focus will they swim against the tide?

Dibbs

dibbs
12/5/2008
07:21
Not for release, publication or distribution in, or into, the United States,
Canada, Australia, Japan, Israel, the Republic of Ireland or the Republic of
South Africa.


Press Release 12 May 2008




KSK Emerging India Energy Fund Limited

('KEF' or 'the Fund')

Intention to Float



KSK Emerging India Energy Fund Limited, an investment company focused on the
Indian power and energy sector, today announces its intention to seek admission
('Admission') of its Ordinary Shares to trading on the AIM Market of the London
Stock Exchange plc ('AIM') and on the Channel Islands Stock Exchange ('CISX').
Dealings are expected to commence in early June 2008.

KEF will target investment in businesses that operate across the Indian power
and energy sector value chain, including those involved in the development of
infrastructure. The Fund will be seeking to invest primarily in companies whose
assets and businesses are based in India although, if deemed appropriate, it may
also invest in companies based outside the region but which have the potential
to benefit from the Indian power and energy markets.

The Indian energy sector has historically been characterised by power shortages
which have been increasing in recent years. Over 40 per cent. of the Indian
population are without direct access to power and approximately 14 per cent. of
peak demand is unmet. To overcome this deficit, and to sustain the growth of
its economy, India needs energy.

The Indian Government has a stated mission to provide 'Power for All' by 2012.
This integrated strategy aims to support a GDP growth rate of eight per cent. by
securing sufficient, reliable and inexpensive power. This plan also requires
that India's installed generation capacity should grow from a present level of
143,000 MW to 200,000 MW by 2012, an increase that is expected to require a
capital investment of approximately US$120-150 billion over the next five years.
The Board believes this macro economic background will generate multiple
opportunities which fit with the Fund's proposed investment policy.

The Fund will appoint KSK Asset Management Services Private Limited to act as
the Investment Manager, who in turn, will appoint KSK Investment Advisor Private
Limited to act as the Investment Adviser, both of which are subsidiaries of KSK
Power Ventur plc ('KSK'). KSK is an Indian power developer listed on the AIM
market of the London Stock Exchange (KSK.L, market cap. c.US$1.5 billion). It
has relationships with General Electric, who have a 20 per cent. indirect
interest in KSK, and Lehman Brothers, who have a 33.4 per cent. interest in
KSK's operating subsidiary which has invested circa US$140 million in KSK
development projects. KSK also has an existing fund management business having
launched and managed the Small is Beautiful Fund, set up in 2004 to invest in
captive projects less than 100MW in size, which has delivered four exits to date
with an average realised IRR of 19 per cent. (unaudited).

The Fund intends to benefit from the network, order book and investments made by
KSK and through its prominent position in the Indian power market, it has
identified a pipeline of 14 proposed investments for the Fund. These
opportunities include equipment suppliers (turbine and boiler manufacturers) and
power developers (hydro electric, biomass and gas fired), and the Fund
anticipates that this pipeline will expand after Admission. KSK will have
completed two of these transactions prior to Admission and the Fund will have
the right to acquire these interests at cost.

KEF will seek to invest between US$5 million and US$75 million into each
investment over a typical two to eight year life cycle, aiming to achieve an IRR
in excess of 20 per cent. in each case, and typically exiting via an IPO or
trade sale. It is anticipated that the Fund will spread risk by investing no
more than 20 per cent. of its Net Asset Value into any one asset and the Board
anticipates that at least 80 per cent. of the Placing proceeds will be invested
within 12 months following Admission, and the remaining proceeds within 18
months from the date of Admission, subject to standard holdbacks for potential
follow-on investment and future management fees.

Commenting on the proposed flotation, Tanmay Das, Non-Executive Director of KSK
Emerging India Energy Fund Limited, said: 'KEF's planned admission to AIM is a
significant step in the evolution of KSK's fund management business within
India's power and energy sector.

'Large population expansion, rapid industrialisation, urbanisation and
increasing per capita income are all leading to a huge demand for energy in
India. With our business relationships and significant industrial expertise, we
are confident of exposing the fund to a number of the future success stories in
the sector, generating substantial returns for our shareholders along the way.'

Grant Thornton Corporate Finance, a division of Grant Thornton UK LLP, is acting
as Nominated Adviser to the Fund and Liberum Capital Limited is acting as
Financial Adviser and Broker.



- Ends -

For further information:

KSK Emerging India Energy Fund Limited
Tanmay Das, Non-Executive Director Tel: +44 (0) 20 7398 7715


Grant Thornton Corporate Finance

(Nominated Adviser)
Philip Secrett Tel: +44 (0) 20 7728 2578

philip.j.secrett@gtuk.com

www.gtuk.com



Liberum Capital Limited

(Financial Adviser and Broker)
Steve Pearce Tel: +44 (0) 20 3100 2224

steve.pearce@liberumcapital.com

www.liberumcapital.com




Media enquiries:

Abchurch Communications Limited
Henry Harrison-Topham / Justin Heath Tel: +44 (0) 20 7398 7702

justin.heath@abchurch-group.com

www.abchurch-group.com




Notes to editors



KEF and the proposed investment pipeline

KSK has identified 14 potential investments which encompass equipment suppliers
(including turbines and boilers) and power developers (including hydro electric,
biomass and gas fired). Detailed examples of four of these initial pipeline
investments are set out below:

'Company A' is a developer with particular expertise in hydro electric power
projects. It currently owns stakes in five power schemes with a total capacity
of 7290MW, including a 1200MW hydro power project in the Indian Himalaya which
is currently under construction.

'Company B' is a biomass power developer, operating a 4.5MW biomass generator in
South India that has been accredited with gold standard Certified Emission
Reductions ('CERs'). Company B has also established a vehicle with other
partners for the development of several biomass power plants in the State of
Punjab which, on commission, will have an aggregate capacity of 147MW.

'Company C' is a leading manufacturer of electricity generation turbines based
in the European Union, with decades of accumulated expertise in turbine design,
manufacture, installation and servicing. It offers a broad product range across
most fuel types (i.e. thermal, biomass, nuclear) and capacities (20MW to
1000MW), to a significant global customer base.

Its presence in India is sizeable, and it achieved global orders of 23 turbines
(5GW capacity) in 2007 and 24 turbines (6.8GW capacity) in 2008.

'Company D' is a manufacturer of boilers and an Engineering, Procurement and
Construction ('EPC') contractor for small and medium size power plants, based in
South-East India. During its 25 year operating history the company has
commissioned over 800 boiler orders and seven power plants.



KSK Power Ventur plc

KSK Power Ventur plc (AIM:KSK), a power project development company with
interests in multiple power plants across India, listed on the London Stock
Exchange in November 2006. KSK Power Ventur plc develops, operates and
maintains private sector power projects, predominantly through joint ventures
with heavy industrial consumers in the region.

Since its flotation KSK's shares have risen 420 per cent. to a market
capitalisation of circa US$1.5 billion. KSK operates in India through its
subsidiary, KSK Energy Ventures Limited, which is a leading developer in the
Indian power sector, having set up India's first merchant power plant and first
captive power plant under a build-operate-transfer model. KSK has 3 fully
operational power plants (144MW), two power projects under construction (675MW),
which are anticipated to be operational in October 2008 and December 2009
respectively, three projects under development (1,973MW) and five further
projects (6,345MW) in the planning stage.



KSK Emerging India Energy Fund Limited



Proposed Board of Directors



Michael Liston OBE, age 56

Mr. Liston is chief executive officer of Jersey Electricity plc which is listed
on the main market of the London Stock Exchange. He joined in 1986 as chief
engineer and became managing director in 1993. He previously held a number of
senior posts in the United Kingdom's electricity supply industry. He is chairman
of Channel Islands Electricity Grid Limited, non-executive chairman of AIM
traded, Renewable Energy Generation Limited, chairman of Foreshore Limited and
non-executive chairman of Jersey Post. Mr. Liston is a Fellow of the Royal
Academy of Engineering, a Fellow of the Institution of Engineering and
Technology and a Member of its Audit and Disciplinary Committees. He is a
Companion of the Chartered Management Institute and past chairman of its Jersey
branch. He was appointed by the States of Jersey in 2002 as chairman of the
Jersey Appointments Commission.



Scott Bayman, age 61

Mr. Bayman served over 13 years as president and chief executive officer of
General Electric India, transforming a company with US$100 million turnover and
a few hundred employees to one that represents all of GE's global businesses in
India with a turnover of almost US$3 billion and over 13,000 employees in 2007.
He is an independent non-executive director of KSK as well as being a member of
the Board of the U.S. India Business Council, a trustee for Aspen India, past
chairman of the American Chamber of Commerce India and sits on the corporate
boards of Crompton Greaves Limited, Punj Lloyd Limited and Jubilant Energy NV.



Tanmay Das, age 37

Mr. Das has a bachelor's degree in electrical engineering and a postgraduate
diploma in management from the Xavier's Institute of Management. He has worked
in the Industrial Finance Corporation of India Limited, as credit officer in the
area of project finance. Mr. Das joined KSK in December 1999. He held the
position of chief financial officer, where, in addition to performing his role
of capital budgeting, control, compliance and raising capital, was actively
involved in the strategic decision making of KSK. He was instrumental in the
launch of KSK's asset management business, being actively involved in raising
and deployment of the ''Small is Beautiful'' fund. He has also been chief
executive officer of the KSK's hydro business group. Currently, Mr. Das is on
the board of KSK Energy Ventures Limited, KSK's operating subsidiary, as an
executive director, and is responsible for KSK's asset management business.



Huw Evans, age 50

Mr. Evans has extensive experience in the financial services industry. He
qualified as a chartered accountant with Peat, Marwick Mitchell (which became
part of KPMG) and subsequently worked in corporate finance at Schroders. In 1986
Mr Evans joined Phoenix Securities where he worked for twelve years in London
advising companies principally in the financial services industry on mergers and
acquisitions and more general corporate strategy. He advised companies in a wide
variety of sectors, including asset management, stockbroking, insurance and
insurance broking and banking. Mr. Evans is a non-executive director of European
Capital Limited, a W1 billion private equity fund listed on the main market of
the London Stock Exchange. He is resident in Guernsey.



KSK Investment Advisor Private Limited - The Investment Adviser



The proposed directors of the Investment Adviser include Tanmay Das and the
following:



Sethuraman Kishore, director, age 45

Mr. Kishore is a founder and executive director of KSK and is a chartered
accountant. He is head of the business development and capital formation group
of KSK. He has co-chaired the Energy Committee of Federation of Andhra Pradesh
Chambers of Commerce and Industry. Prior to founding KSK, Mr. Kishore had
advised and provided consulting services to a number of power projects in India.
His areas of specialisation are handling investments for power equity funds in
small-to-medium sized power projects, regulatory reform and restructuring of the
power sector, distributed power generation, and advising on and arranging
project finance for the infrastructure sector.



Kolluri Ayyappa Sastry, director, age 48

Mr. Sastry is a founder and executive director of KSK and is also a chartered
accountant. He heads the execution and operations divisions of KSK and is also
responsible for its financial accounting and records. His areas of
specialisation are financial accounting, contracting, commercial implications,
taxation, legal/regulatory affairs and company law. He has extensive experience
in system design and implementation of corporate business models and its
accounting. Prior to founding KSK, Mr. Sastry has advised many companies on
matters relating to company law, taxation and foreign investment and foreign
exchange regulations.



The Investment Adviser team also includes:



Umesh Kudalkar, fund manager, age 45

Mr. Kudalkar has a bachelors degree in mechanical engineering, a masters in
management studies and is a chartered financial analyst. He most recently acted
as chief executive officer of Sicom Capital Management Private Limited for 8
years, where he was responsible for conceptualising the funds, raising funds
from institutions and high net worth individuals, developing investment and
divestment strategy, selecting investment opportunities, profitable fund
deployment, corporate governance and overseeing support functions. Before this,
Mr. Kudalkar worked for 13 years with SICOM Ltd., a financial institution
focused on corporate financing. He handled a variety of assignments in SICOM,
including business development and project funding.



Ajay Bhaskar Limaye, fund manager, age 38

Mr. Limaye has a bachelors degree in production engineering, an MBA in finance
and is a chartered financial analyst. He has most recently worked for 8 years as
senior vice president at Sicom Capital Management Private Limited where he was
responsible for deploying the funds, deal structuring, legal agreements,
divestments, investor presentations and other fund management activities. Prior
to this, Mr. Limaye worked for 6 years with GVFL Limited, a pioneer in the
Indian venture capital industry that managed multiple funds raised from domestic
and overseas investors. He started his career with RPG Enterprises, a
diversified Indian business house, where he worked in areas such as MIS and IPO
management.



Sandhya Rani Sama, chief financial officer, age 38

Ms. Sama is a chartered accountant with 12 years of experience in financial
auditing and accounting. She was previously a vice-president at S.R. Batliboi &
Co (a member firm of Ernst & Young Global), and has extensive experience in risk
management, financial reporting and has been involved in capital market
transactions such as preferential allotments, qualified institutional placements
and foreign currency convertible bonds for large corporations.



Disclaimer



The contents of this press release, which have been prepared by and are the sole
responsibility of the Fund, have been approved by Grant Thornton Corporate
Finance and Liberum Capital Limited. Grant Thornton Corporate Finance and
Liberum Capital Limited are authorised and regulated by the Financial Services
Authority and are acting for the Fund in connection with the placing and
admission to trading on AIM and the CISX and will not regard any other person as
their respective clients and will not be responsible to anyone other than the
Fund for providing the protections afforded to their respective clients or for
providing advice in relation to the placing, the admission to trading on AIM and
the CISX, the contents of this press release or any matters referred to herein.

This press release is not for distribution (directly or indirectly) in or to the
United States, Canada, Australia, Japan, Israel, the Republic of Ireland or the
Republic of South Africa. This press release is not an offer of securities for
sale in or into the United States, Canada, Australia, Japan, Israel, the
Republic of Ireland or the Republic of South Africa. This press release does not
constitute or form part of any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for, any Ordinary Shares of
the Fund or any other securities, nor shall the fact of its distribution, form
the basis of, or be relied on in connection with, any contract therefor, and any
purchase of or application to subscribe for securities of the Fund should be
made only on the basis of information contained in the listing document and the
AIM admission document in its final form. In particular, this press release
refers to certain events as having occurred which have not occurred at the date
it is made available but are expected to occur prior to the publication of the
listing document and the AIM and CISX admission document in its final form
relating to the Fund.

This press release is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the 'Order') or (iii) high net worth entities,
and other persons to whom it may otherwise be lawfully communicated, falling
within Article 49(2)(a) to (e) of the Order (all such persons together being
referred to as 'relevant persons'). The Ordinary Shares are only available to,
and any invitation, offer or agreement to subscribe, purchase or otherwise
acquire such Ordinary Shares will be engaged in only with, relevant persons.
Any person who is not a relevant person should not act or rely on this press
release or any of its contents.


This press release is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
under the US Securities Act of 1933, as amended or an exemption therefrom. The
issuer has not registered and does not intend to register any securities under
the US Securities Act of 1933, as amended, and does not intend to offer any
securities in the United States or to US Persons (as defined in Regulation S).
The Company will not be registered under the US Investment Company Act of 1940,
as amended, and investors will not be entitled to the benefits of that Act. No
money, securities or other consideration from any person inside the United
States or US Person is being solicited and, if sent in response to the
information contained in these written materials, will not be accepted.

Consent under the Control of Borrowing (Bailiwick of Guernsey) Ordinance, 1959
as amended has not yet been obtained for the raising of monies by the Fund. The
Fund intends to apply for consent under the Guernsey Financial Services
Commission's framework relating to Registered Closed-ended Investment Funds.
Neither the Guernsey Financial Services Commission nor the States of Guernsey
Policy Council takes any responsibility for the financial soundness of the Fund
or for the correctness of any of the statements made or opinions expressed with
regard to it. Interests in the Fund may not be offered directly to members of
the public in the Bailiwick of Guernsey. The 'public' means any person not
regulated under any of Guernsey's financial services regulatory laws within the
Bailiwick of Guernsey.

The distribution of this press release and other information in connection with
the admission in certain jurisdictions may be restricted by law and persons into
whose possession any document or other information referred to herein comes
should inform themselves about and observe any such restriction. Any failure to
comply with these restrictions may constitute a violation of the securities laws
of any such jurisdiction.

Some of the information contained in this press release contains statements that
are, or may be deemed to be forward-looking statements. Forward-looking
statements are based on our current expectations and assumptions regarding our
business, the economy and other future conditions. Because forward-looking
statements relate to the future, they are, by their nature, subject to inherent
uncertainties, risks and changes in circumstances that are difficult to predict.
We caution you not to rely on any such statements as statements of historical
fact or as guarantees or assurances of future performance. Save as required by
law or by the Listing Rules, Disclosure and Transparency Rules or Prospectus
Rules of the Financial Services Authority, we undertake no obligation publicly
to release the results of any revisions and updates to any forward-looking
statements in this press release that may occur due to any change in our
expectations or to reflect events or circumstances after the date of this press
release.

Information in this press release relating to the Fund and the Admission cannot
be relied upon as a guide to future performance.

ron manager
12/4/2008
12:26
Looking at the chart we appear to be either breaking out above long term uptrend established from November last year or returning back towards lower trend line. Next week's movements should establish which way we are going.

RM

rampmeister
Chat Pages: 7  6  5  4  3  2  1

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