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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| North American | LSE:NAM | London | Ordinary Share | GB00B15MQH61 | ORD USD0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 154.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMNAM
RNS Number : 1629S
North American Banks Fund Ltd
03 September 2010
North American Banks Fund Limited
Unaudited Interim Results for the six months ended 30 June 2010
Investing policy
The investing policy of the Company is to invest in such a way as to achieve a
superior capital appreciation over the long term to that available in markets as
a whole. The Company intends to achieve this through investment in unquoted
start-up banks, which intend to offer banking services to small and medium sized
enterprises. The banks will be based in certain regions of the United States,
for example Georgia, Florida, Texas, California and the South Carolina coast,
where favourable economic, demographic and market factors are expected to
contribute to the growth of the banks. The Investment Manager may also use its
discretion to hold cash or cash equivalent investments from time to time.
Up to 100 per cent. of the Net Asset Value of the Company may be invested in
securities which are not quoted on a recognised stock exchange. These
investments are expected to include the provision of start-up capital and
secondary financing.
The Company may, from time to time, use borrowings for short-term liquidity
purposes and, if the Directors deem prudent, for longer term purposes. The
Directors intend to restrict borrowing on a longer term basis to an amount equal
to 20 per cent. of the issued share capital of the Company from time to time.
There will be one investment cycle and the Directors intend to return realised
capital from investments to Shareholders, with returns denominated in US$,
shortly after the Company has exited its investments. The Company is likely to
return this capital through share buy-backs, special dividends or liquidation.
Interim Management Report
North Atlantic Value LLP acts as the Investment Manager to the Company and has
overall responsibility for the Company's day to day activities and investment
decisions.
Portfolio Overview
+-----------------------------------+------------+-------------+
| Investment Portfolio | | Valuation |
| | Cost | as at |
| | US$ | 30 June |
| | | 2010 |
| | | US$ |
+-----------------------------------+------------+-------------+
| Bank of Atlanta | 4,000,003 | 1,000,000 |
+-----------------------------------+------------+-------------+
| DirecTex | 150,000 | - |
+-----------------------------------+------------+-------------+
| First American Financial Holdings | 3,882,500 | |
| Inc. - Avenue Bank | | 4,000,000 |
+-----------------------------------+------------+-------------+
| FirstAtlantic Bank of Florida | 3,500,000 | 3,100,000 |
+-----------------------------------+------------+-------------+
| Florida Capital Group | 3,420,000 | 300,000 |
+-----------------------------------+------------+-------------+
| Magnet Bank | 3,948,000 | - |
+-----------------------------------+------------+-------------+
| Metropolitan Bank | 3,500,000 | 4,000,000 |
+-----------------------------------+------------+-------------+
| Midwest Financial Holdings | 1,510,500 | - |
+-----------------------------------+------------+-------------+
| Mountain Commerce Bank (1) | 2,300,000 | 2,300,000 |
+-----------------------------------+------------+-------------+
| NHB Holdings Inc. | 4,000,000 | 1,000,000 |
+-----------------------------------+------------+-------------+
| TrustAtlantic Financial | 4,000,000 | 2,800,000 |
| Corporation (2) | | |
+-----------------------------------+------------+-------------+
| Investments | 34,211,003 | 18,500,000 |
+-----------------------------------+------------+-------------+
| Cash | 503,008 | 503,008 |
+-----------------------------------+------------+-------------+
| Total | 34,714,011 | 19,003,008 |
+-----------------------------------+------------+-------------+
(1)The Company holds 68,833 US$10 warrants in this investment which are valued
at nil.
(2)The Company holds 150,000 US$10 warrants in this investment which are valued
at nil.
As at 30 June 2010 the portfolio comprised eight unquoted start-up banks in the
US, with an aggregate value of $18,500,000. At the period end $443,144 was
invested in high interest cash deposits. The Company is fully invested and, in
accordance with the business plan, $503,008 of cash is available for the
administration of the Company.
The Annual Report and Accounts for the year ended 31 December 2009 were posted
to shareholders on 30 June 2010 and included a comprehensive Investment
Manager's Report as at 16 June 2010. Further to that report, we are
increasingly confident that five of your Company's investments will survive the
downturn. Unfortunately however, our three troubled banks continue to experience
major problems. NHB Holdings Inc., which we have already written down to $1
million, from its original cost of $4 million, is facing an expected Cease and
Desist Order from the Federal Deposit Insurance Corporation ("FDIC"). Whilst it
is possible they will be able to raise further capital or execute a spin off of
its profitable relocation business, we have decided to write down this
investment to zero. Florida Capital Group has already been written down to
$300,000 and it is currently trying to raise substantial amounts of capital.
Taking account of current market conditions for raising capital, we have decided
to write off the remaining $300,000. Bank of Atlanta which we have written down
from $4million to $1 million, has recently had an independent appraisal of its
loan book which management believes will require it to raise $5million of
further capital at a price of $1.5 per share. If it is successful in raising
capital at this price we will be forced to make a further provision of
$142,856.50 and we have decided to reflect this and the above provisions for NHB
Holdings Inc and Florida Capital Group in the month of August 2010.
Whilst it is regrettable to record further write offs, the Company is now in a
position where it has five bank investments which are profitable and only one
where further provisions seem likely. These further provisions against the above
three investments will result in a 7.8% decline in the net asset value as at 31
July 2010.
North Atlantic Value LLP
Investment Manager
Date : 2 September 2010
Unaudited Condensed Statement of Comprehensive Income
+----------------+--------+-----------------------+------------+-------------+
| | | Six | Six | |
| | | months | months | Year |
| | | ended | ended | ended |
+----------------+--------+-----------------------+------------+-------------+
| | | 30 | 30 | 31 |
| | | June | June | December |
| | | 2010 | 2009 | 2009 |
+----------------+--------+-----------------------+------------+-------------+
| | Notes | US$ | US$ | US$ |
+----------------+--------+-----------------------+------------+-------------+
| | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Income | | | | |
| | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Net | | (2,100,000) | | |
| loss | | | - | (3,750,000) |
| on | | | | |
| investments | | | | |
| designated | | | | |
| at fair | | | | |
| value | | | | |
| through | | | | |
| profit or | | | | |
| loss | | | | |
+----------------+--------+-----------------------+------------+-------------+
| | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Total | | (2,100,000) | - | (3,750,000) |
| investment | | | | |
| loss | | | | |
+----------------+--------+-----------------------+------------+-------------+
| | | | | |
+----------------+--------+-----------------------+------------+-------------+
| | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Expenses | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Administration | 2 | 45,199 | 45,701 | 95,216 |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Audit | | 12,666 | 14,953 | 33,634 |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Bank | | 1,293 | 973 | 2,295 |
| charges | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Insurance | | 10,421 | 10,363 | 21,713 |
+----------------+--------+-----------------------+------------+-------------+
| Custody | 2 | 3,363 | 4,268 | 8,026 |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Listing | | 4,873 | 4,535 | 9,339 |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Telegraph | | 1,112 | 2,289 | 5,157 |
| prices | | | | |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Directors' | | 58,764 | 59,723 | 124,022 |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Disbursements | | - | 771 | 772 |
+----------------+--------+-----------------------+------------+-------------+
| Investment | 2 | 140,118 | 168,240 | 324,809 |
| manager | | | | |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Printing | | 2,975 | 2,975 | 3,513 |
| costs | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Regulatory | | 3,210 | 2,399 | 5,662 |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Registrar | | 9,267 | 8,703 | 19,903 |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Travel | | 27,854 | 11,901 | 48,382 |
| costs | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Broker | | 11,882 | 11,838 | 23,478 |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Legal | | - | 3,553 | 3,554 |
| fees | | | | |
+----------------+--------+-----------------------+------------+-------------+
| | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Total | | 332,997 | 353,185 | 729,475 |
| expenses | | | | |
+----------------+--------+-----------------------+------------+-------------+
| | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Loss | | (2,432,997) | | |
| for | | | (353,185) | (4,479,475) |
| the | | | | |
| period | | | | |
| / year | | | | |
| attributable | | | | |
| to equity | | | | |
| shareholders | | | | |
+----------------+--------+-----------------------+------------+-------------+
| | | | | |
+----------------+--------+-----------------------+------------+-------------+
| Basic | 3 | (US$0.640) | (US$0.093) | (US$1.179) |
| and | | | | |
| diluted | | | | |
| loss | | | | |
| per | | | | |
| share | | | | |
+----------------+--------+-----------------------+------------+-------------+
| | | | | |
+----------------+--------+-----------------------+------------+-------------+
All items in the above statement are derived from continuing operations. The
loss attributable to equity shareholders is also the total comprehensive income.
Unaudited Condensed Statement of Changes in Equity
for the six months ended 30 June 2010
+---------------+---------+---------------+--------------+--------------+
| | Share | Distributable | Accumulated | |
| | capital | reserve | deficit | Total |
+---------------+---------+---------------+--------------+--------------+
| | US$ | US$ | US$ | US$ |
+---------------+---------+---------------+--------------+--------------+
| | | | | |
+---------------+---------+---------------+--------------+--------------+
| Equity | 38,000 | 36,893,502 | (16,050,974) | 20,880,528 |
| at 1 | | | | |
| January | | | | |
| 2010 | | | | |
+---------------+---------+---------------+--------------+--------------+
| | | | | |
+---------------+---------+---------------+--------------+--------------+
| Loss | | | (2,432,997) | (2,432,997) |
| for | - | - | | |
| the | | | | |
| period | | | | |
| attributable | | | | |
| to equity | | | | |
| shareholders | | | | |
| and total | | | | |
| comprehensive | | | | |
| loss for the | | | | |
| period | | | | |
+---------------+---------+---------------+--------------+--------------+
| | | | | |
+---------------+---------+---------------+--------------+--------------+
| Equity | 38,000 | 36,893,502 | (18,483,971) | (18,447,531) |
| at 30 | | | | |
| June | | | | |
| 2010 | | | | |
+---------------+---------+---------------+--------------+--------------+
| | | | | |
+---------------+---------+---------------+--------------+--------------+
Unaudited Condensed Statement of Changes in Equity
for the six months ended 30 June 2009
+---------------+---------+---------------+--------------+------------+
| | Share | Distributable | Accumulated | |
| | capital | reserve | deficit | Total |
+---------------+---------+---------------+--------------+------------+
| | US$ | US$ | US$ | US$ |
+---------------+---------+---------------+--------------+------------+
| | | | | |
+---------------+---------+---------------+--------------+------------+
| Equity | 38,000 | 36,893,502 | (11,571,499) | 25,360,003 |
| at 1 | | | | |
| January | | | | |
| 2009 | | | | |
+---------------+---------+---------------+--------------+------------+
| | | | | |
+---------------+---------+---------------+--------------+------------+
| Loss | | | | |
| for | - | - | (353,185) | (353,185) |
| the | | | | |
| period | | | | |
| attributable | | | | |
| to equity | | | | |
| shareholders | | | | |
| and total | | | | |
| comprehensive | | | | |
| loss for the | | | | |
| period | | | | |
+---------------+---------+---------------+--------------+------------+
| | | | | |
+---------------+---------+---------------+--------------+------------+
| Equity | 38,000 | 36,893,502 | (11,924,684) | 25,006,818 |
| at 30 | | | | |
| June | | | | |
| 2009 | | | | |
+---------------+---------+---------------+--------------+------------+
| | | | | |
+---------------+---------+---------------+--------------+------------+
Condensed Statement of Changes in Equity
for the year ended 31 December 2009
+---------------+---------+---------------+--------------+-------------+
| | Share | Distributable | Accumulated | |
| | capital | reserve | deficit | Total |
+---------------+---------+---------------+--------------+-------------+
| | US$ | US$ | US$ | US$ |
+---------------+---------+---------------+--------------+-------------+
| | | | | |
+---------------+---------+---------------+--------------+-------------+
| Equity | 38,000 | 36,893,502 | (11,571,499) | 25,360,003 |
| at 1 | | | | |
| January | | | | |
| 2009 | | | | |
+---------------+---------+---------------+--------------+-------------+
| | | | | |
+---------------+---------+---------------+--------------+-------------+
| Loss | | | | |
| for | - | - | (4,479,475) | (4,479,475) |
| the | | | | |
| year | | | | |
| attributable | | | | |
| to equity | | | | |
| shareholders | | | | |
| and total | | | | |
| comprehensive | | | | |
| loss for the | | | | |
| period | | | | |
+---------------+---------+---------------+--------------+-------------+
| | | | | |
+---------------+---------+---------------+--------------+-------------+
| Equity | 38,000 | 36,893,502 | (16,050,974) | 20,880,528 |
| at 31 | | | | |
| December | | | | |
| 2009 | | | | |
+---------------+---------+---------------+--------------+-------------+
| | | | | |
+---------------+---------+---------------+--------------+-------------+
Unaudited Condensed Statement of Financial Position
+---------------+--------+--------------+--------------+--------------+
| | | 30 | 30 | 31 |
| | | June | June | December |
| | | 2010 | 2009 | 2009 |
+---------------+--------+--------------+--------------+--------------+
| | Notes | US$ | US$ | US$ |
+---------------+--------+--------------+--------------+--------------+
| | | | | |
+---------------+--------+--------------+--------------+--------------+
| Non-current | | | | |
| assets | | | | |
+---------------+--------+--------------+--------------+--------------+
| Investments | 4 | 18,500,000 | 24,350,000 | 20,600,000 |
| designated | | | | |
| at fair | | | | |
| value | | | | |
| through | | | | |
| profit or | | | | |
| loss | | | | |
+---------------+--------+--------------+--------------+--------------+
| | | | | |
+---------------+--------+--------------+--------------+--------------+
| Current | | | | |
| assets | | | | |
+---------------+--------+--------------+--------------+--------------+
| Prepayments | | 34,546 | 7,365 | 13,453 |
+---------------+--------+--------------+--------------+--------------+
| Cash | 5 | 503,008 | 956,000 | 736,733 |
| and | | | | |
| cash | | | | |
| equivalents | | | | |
+---------------+--------+--------------+--------------+--------------+
| | | 537,554 | 963,365 | 750,186 |
+---------------+--------+--------------+--------------+--------------+
| | | | | |
+---------------+--------+--------------+--------------+--------------+
| Total | | 19,037,554 | 25,313,365 | 21,350,186 |
| assets | | | | |
+---------------+--------+--------------+--------------+--------------+
| | | | | |
+---------------+--------+--------------+--------------+--------------+
| Current | | | | |
| liabilities | | | | |
+---------------+--------+--------------+--------------+--------------+
| Creditors | 6 | 590,023 | 306,547 | 469,658 |
+---------------+--------+--------------+--------------+--------------+
| | | 590,023 | 306,547 | 469,658 |
+---------------+--------+--------------+--------------+--------------+
| | | | | |
+---------------+--------+--------------+--------------+--------------+
| Net | | 18,447,531 | 25,006,818 | 20,880,528 |
| assets | | | | |
+---------------+--------+--------------+--------------+--------------+
| | | | | |
+---------------+--------+--------------+--------------+--------------+
| Shareholders | | | | |
| equity | | | | |
+---------------+--------+--------------+--------------+--------------+
| Share | 7 | 38,000 | 38,000 | 38,000 |
| capital | | | | |
+---------------+--------+--------------+--------------+--------------+
| Distributable | 8 | 36,893,502 | 36,893,502 | 36,893,502 |
| reserve | | | | |
+---------------+--------+--------------+--------------+--------------+
| Accumulated | | (18,483,971) | (11,924,684) | (16,050,974) |
| deficit | | | | |
+---------------+--------+--------------+--------------+--------------+
| | | | | |
+---------------+--------+--------------+--------------+--------------+
| Total | | 18,447,531 | 25,006,818 | 20,880,528 |
| equity | | | | |
+---------------+--------+--------------+--------------+--------------+
| | | | | |
+---------------+--------+--------------+--------------+--------------+
| Net | 9 | US$4.85 | US$6.58 | US$5.49 |
| Asset | | | | |
| Value | | | | |
| per | | | | |
| Share | | | | |
+---------------+--------+--------------+--------------+--------------+
Unaudited CondensedStatement of Cash Flows
+--------------+--------+-------------+-----------+-------------+
| | | Six | Six | |
| | | months | months | Year |
| | | ended | ended | ended |
+--------------+--------+-------------+-----------+-------------+
| | | 30 | 30 | 31 |
| | | June | June | December |
| | | 2010 | 2009 | 2009 |
+--------------+--------+-------------+-----------+-------------+
| | | US$ | US$ | US$ |
+--------------+--------+-------------+-----------+-------------+
| | | | | |
+--------------+--------+-------------+-----------+-------------+
| Operating | | | | |
| Activities | | | | |
+--------------+--------+-------------+-----------+-------------+
| Loss | | (2,432,997) | | |
| for | | | (353,185) | (4,479,475) |
| the | | | | |
| period | | | | |
| / year | | | | |
| attributable | | | | |
| to equity | | | | |
| shareholders | | | | |
+--------------+--------+-------------+-----------+-------------+
| | | | | |
+--------------+--------+-------------+-----------+-------------+
| Unrealised | | 2,100,000 | - | 3,750,000 |
| losses on | | | | |
| investments | | | | |
+--------------+--------+-------------+-----------+-------------+
| (Increase) | | (21,093) | 3,641 | (2,447) |
| / decrease | | | | |
| in | | | | |
| receivables | | | | |
+--------------+--------+-------------+-----------+-------------+
| Increase | | 120,365 | 165,460 | 328,571 |
| in | | | | |
| payables | | | | |
+--------------+--------+-------------+-----------+-------------+
| Cash | | (233,725) | (184,084) | (403,351) |
| flow | | | | |
| from | | | | |
| operating | | | | |
| activities | | | | |
+--------------+--------+-------------+-----------+-------------+
| | | | | |
+--------------+--------+-------------+-----------+-------------+
| Net | | (233,725) | | (403,351) |
| decrease | | | (184,084) | |
| in cash | | | | |
| and cash | | | | |
| equivalents | | | | |
+--------------+--------+-------------+-----------+-------------+
| | | | | |
+--------------+--------+-------------+-----------+-------------+
| Cash | | 736,733 | 1,140,084 | 1,140,084 |
| and | | | | |
| cash | | | | |
| equivalents | | | | |
| at 1 | | | | |
| January | | | | |
+--------------+--------+-------------+-----------+-------------+
| | | | | |
+--------------+--------+-------------+-----------+-------------+
| Cash | | 503,008 | | 736,733 |
| and | | | 956,000 | |
| cash | | | | |
| equivalents | | | | |
| at 30 June | | | | |
| / 31 | | | | |
| December | | | | |
+--------------+--------+-------------+-----------+-------------+
| | | | | |
+--------------+--------+-------------+-----------+-------------+
Notes
North American Banks Fund Limited is a closed-ended investment company
registered and incorporated in Guernsey. The Company has been established to
invest predominantly in start-up banks based in the US.
The functional currency of the Company is US dollars because that is the
currency of the primary economic environment in which the Company operates.
These financial statements are presented in US Dollars.
The financial statements of the Company are prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by the European
Union and International Accounting Standards and Standing Interpretations
Committee interpretations approved by the International Accounting Standards
Committee ("IASC") that remain in effect, together with applicable legal and
regulatory requirements of Guernsey Law. The condensed set of financial
statements included in this half-yearly financial report has been prepared in
accordance with International Accounting Standard (IAS) 34, Interim Financial
Reporting. The same accounting policies, presentation and methods of
computation are followed in the condensed set of financial statements as applied
in the Company's latest annual audited financial statements.
The financial statements have been prepared on the historical cost basis except
for the inclusion at fair value of certain financial instruments. The principal
accounting policies are set out below. The preparation of financial statements
in conformity with International Financial Reporting Standards requires the
Company to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. It also requires
the Board of Directors to exercise its judgement in the process of applying the
Company's accounting policies.
The basic and diluted earnings per share is based on the net loss for the period
of US$2,432,997 (six months ended 30 June 2009 - loss of US$353,185, year ended
31 December 2009 - loss of US$4,479,475) and a weighted average number of
Ordinary Shares in issue during the period of 3,800,000 (six months ended 30
June 2009 & year ended 31 December 2009 - 3,800,000).
The net asset value per ordinary share is based on net assets at the period end
and on 3,800,000 ordinary shares, being the number of ordinary shares in issue
at the period end.
The Directors do not propose the payment of a dividend for the period.
The unaudited interim report and condensed set of financial statements are being
posted to shareholders shortky and will be available on the Company's website in
accordance with the AIM Rule 26:
www.northamericanbanksfund.co.uk.
Enquiries:
Sara Bourne
BNP Paribas Fund Services (Guernsey) Limited Tel: 01481 750858
Alastair Moreton
Arbuthnot Securities Limited Tel: 020 7012 2000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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