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Prosperity Vosk Share Discussion Threads
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Just finished a two part review of all the Russia focused/related closed-end funds out there, including PVF - hope you'll take a look & comment:
|Posted from Fool boards ... thanks to Hallucigenia
Prosperity Voshkod Fund is an AIM-traded that invests in Russia.
About 30% of the fund directly in O&G plus some mining, electricity etc.
Currently worth about $275m, trading at a ~8% discount to the NAV at the end of March.
Has nearly trebled in the last year, the chart is a thing of beauty.
More on Fool oil and gas boards.|
|29 May 2007
Prosperity Voskhod Fund Limited Results for the period ended 31 December 2006
Prosperity Voskhod Fund Limited ("PVF" or the "Company") a Guernsey
incorporated, closed-ended investment company admitted to AIM on 6 October
2006, today announced its results covering its maiden operating period from 31
August 2006 to 31 December 2006. The investment objective of the Company is to
achieve capital growth by investing in a portfolio of securities involved in
the corporate restructuring and consolidation which are taking place in Russia
and other Newly Independent States ("NIS") of the former Soviet Union.
* Fully subscribed placing and successful admission to AIM on 6 October 2006
raising a first tranche USD125 million (before expenses);
* The second tranche fully paid up on 18 January 2007 taking total funds
raised to USD250 million (before expenses);
* PVF over 93% invested at end April 2007;
* Key positions built in the power (26%), engineering (22%), oil & gas (17%)
and telecom (15%) sectors'
* Net Asset Value of USD1.13 per share (unaudited) at 30 April 2007 ;
* PVF Web site launched at www.voskhodfund.com
Commenting, Julian Reid, Chairman said:"Following the admission of the shares in the Company to trading on AIM, our investment manager, Prosperity Capital Management, has constructed a well diversified portfolio of investments across a range of corporates that it believes are ripe for continued or initial restructuring. The strong growth of the Russian economy continues apace and the Board looks positively to 2007."
|Dated: 9 October 2006
Prosperity Voskhod Fund Limited ('Prosperity' or the 'Company') is only aware of the following persons who, immediately following the Admission to AIM, directly or indirectly, hold or will hold 3 per cent or more of any class of AIM security of the Company:
Name Percentage of issued shares
HSBC Global Custody Nominee (UK) Ltd 26.12%
Mellon Nominees (UK) Ltd 26.05%
Vidacos Nominees Ltd 19.50%
Nortrust Nominees Ltd 8.23%
Euroclear Nominees Ltd 6.30%
State Street Nominees Ltd 4.20%
Bank of New York (Nominees) Ltd 3.52%
The investment objective of Prosperity Voskhod Fund Limited (the 'Company') is
to achieve capital growth by investing in a portfolio of securities involved in
the corporate restructuring and consolidation which are expected to take place
in Russia and other newly independent states ('NIS') of the former Soviet Union.
The Company will invest primarily in small and medium-sized companies, with the
aim of being an active and influential minority shareholder.
The Company has appointed Prosperity Capital Management Limited (the 'Manager'), to provide it with investment management services. The Manager is a leading manager of Russian equity funds. It had assets under management of approximately US$2.4 billion as at 31 July 2006. It has managed special situations funds since 1999.
The Company will invest at least 75% of its gross assets in the securities of
companies established or having their principal operations in Russia. The
Company may invest up to 25% of its gross assets in the securities of companies
established or having their principal operations in NIS countries other than
Russia, which the Company expects to be the Ukraine and Kazakhstan; however, the Company may, within such limitation and on an opportunistic basis, invest in the securities of companies established or having their principal operations in
other NIS countries. The Company may not invest more than 25% of its gross
assets in the securities of companies not listed on a recognised stock exchange
or traded on a recognised Over-the-counter securities market. The Manager
expects such unlisted investments to become more liquid as a result of the
ongoing corporate restructuring and consolidation process and will actively seek
to identify the most attractive of such unlisted investments. For all
investments, the Manager will take into consideration both foreign and domestic
potential strategic interest in such investments and the likely impact this will
have on their performance.
The Company will seek to fulfil its investment objective by making investments
in approximately 8-10 main investment opportunities arising from the expected
corporate restructuring and consolidation of the Russian and other NIS
economies. Each such investment opportunity may involve an initial investment in
a number of related companies. The Company is expected to invest in the
engineering, chemicals, mining and other energy and commodity-intensive sectors,
but may invest in other sectors of the economies of Russia and other NIS
countries which are subject to corporate restructuring and consolidation.
Investment will be directed towards companies considered attractive from a
fundamental value perspective.
The Company may exist for up to 12 months before making an investment or being
obliged to return funds to Shareholders.
DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):
Subject to their admission to AIM, up to 250,000,000 ordinary shares of US$0.01
nominal value will be issued to investors pursuant to placing arrangements
recently entered into by the Company with its placing agents. Under the terms of
the placing investors will be required to give an irrevocable commitment to
subscribe for the entirety of their placing commitment in two equal tranches.
This announcement relates to the admission of the first tranche (being 50% of
the total 250,000,000) of 125,000,000 ordinary shares of nominal value US$0.01
to be issued at US$1 each. An application will be made to AIM in accordance with
Rule 29 for the admission of the second tranche of a further 125,000,000 shares.
It is intended that admission of the second tranche should take place on 18
January 2007. (it did)|
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