Half Yearly Report

 

TIDMTIL 
 
RNS Number : 3384T 
Tembusu Investments Limited 
28 September 2010 
 

TEMBUSU INVESTMENTS LIMITED 
                          ('Tembusu' or the 'Company') 
 
UNAUDITED HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2010 
 
 
28 September 2010 
 
 
CHAIRMAN'S STATEMENT 
 
As at 30 June 2010 the Company had cash balances of GBP1,027,193(31 December 
2009: GBP1,096,141). 
 
The Company has sought to guard its cash resources in difficult prevailing 
economic climate, whilst continuing to evaluate potential investments and 
transactions. 
 
With the ongoing recovery in the economic cycle, we remain cautiously confident 
that the opportunities available to, and prospects for, Tembusu can continue to 
improve for the remainder of 2010 and into 2011. 
 
Investing Policy 
 
The Company's Investing Policy is to focus on identifying and acquiring quoted 
and unquoted financial services businesses based in Asia, though other 
geographical areas will be considered should appropriate opportunities occur 
which could benefit the Company.  By actively investing in businesses with 
complementary areas of expertise, which may for example include real estate, 
mortgage financing and other such activities, the Directors believe that it is 
possible to generate considerable opportunities for the cross selling of 
services between the different operations and countries.  The Directors also 
intend to continue to make minority investments in such financial services 
businesses where it would be a passive investor but where those investments 
provide the opportunity for enhancing the growth prospects of the Company. 
 
In regard to the acquisitions that the Company expects to make, the Directors 
may adopt earn-out structures, with specific performance targets being set for 
the sellers of the businesses acquired, and with suitable metrics applied. 
 
The Company may invest by way of outright acquisition or by the acquisition of 
assets, including the intellectual property, of a relevant business, 
partnerships or joint venture arrangements.  Such investments may result in the 
Company acquiring the whole or part of a company (which in the case of an 
investment in a company may be private or listed on a stock exchange, and which 
may be pre-revenue), and such investments may constitute a minority stake in the 
company or project in question.  The Company's investments may take the form of 
equity, joint venture debt, convertible instruments, licence rights, or other 
financial instruments as the Directors deem appropriate. 
 
The Company will be both an active and a passive investor and the Directors will 
place no minimum or maximum limit on the length of time that any investment may 
be held. 
 
There is no limit to the number of projects into which the Company may invest, 
nor the proportion of the Company's gross assets that any investment may 
represent at any time and the Company will consider possible opportunities 
anywhere in the world. 
 
There are no borrowing limits in the Articles of Association of the Company. 
The Directors do not intend to acquire any cross-holdings in other corporate 
entities that have an interest in the ordinary shares. 
 
There are no restrictions in the type of investment that the Company might make 
nor on the type of opportunity that may be considered other than set out in this 
Investing Policy. 
 
As the Company's ordinary shares are traded on AIM this provides a facility for 
shareholders to realise their investment in the Company.  In addition, the 
Directors may consider from time to time other means of facilitating returns to 
shareholders including dividends, share repurchases, demergers, schemes of 
arrangement or liquidation. 
 
 
Jonathan Rowland 
Chairman 
 
 
For further information, contact: 
 
Tembusu Investments Limited 
Jonathan Rowland, Chairman 
      Tel:       + 44 (0)20 7087 7971 
Yun Zhang, Director 
              Tel:        + 65 6533 2233 
Mirza Yahya, Non-Executive Director 
 Tel:       + 1 416 9640728 
 
Religare Capital Markets 
             Tel:      + 44 (0)20 7444 0800 
Nick Harriss 
Ben Jeynes 
 
+------------------------------------+----------+----------+----------+-+----------+----------+--+----------+-----------+----------+--+-+-------+------+-+-+--+--+------------------+----------+--+ 
|                                               |                                                |          |                      |                     | |     |                             |  | 
| Tembusu Investments Limited                   |                                                |          |                      |                     | |     |                             |  | 
+-----------------------------------------------+------------------------------------------------+----------+----------------------+---------------------+-+-----+-----------------------------+--+ 
| STATEMENT OF COMPREHENSIVE INCOME FOR SIX MONTHS ENDED 30 JUNE 2010                                                                                  | | |     |                             |  | 
+------------------------------------------------------------------------------------------------------------------------------------------------------+-+-+-----+-----------------------------+--+ 
|                                    |                     |                                  |             |           |             |         |             |                     |             | 
+------------------------------------+---------------------+----------------------------------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
|                                    |                     |                                  |             |           |    From     |         |    From     |                     |    From     | 
+------------------------------------+---------------------+----------------------------------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
|                                    |                     |                                  |             |           |  1 Jan 10   |         |  1 Jan 09   |                     |  1 Jan 09   | 
+------------------------------------+---------------------+----------------------------------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
|                                    |                     |          |                Notes                |           |  to 30 Jun  |         |  to 31 Dec  |                     |  to 30 Jun  | 
|                                    |                     |          |                                     |           |     10      |         |     09      |                     |     09      | 
+------------------------------------+---------------------+----------+-------------------------------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
|                                    |                     |                                  |             |           |(Unaudited)  |         |  (Audited)  |                     |(Unaudited)  | 
+------------------------------------+---------------------+----------------------------------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
|                                    |                     |                                  |             |           |    GBP      |         |    GBP      |                     |    GBP      | 
+------------------------------------+---------------------+----------------------------------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
|                                    |                     |                                  |             |           |             |         |             |                     |             | 
+------------------------------------+---------------------+----------------------------------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
| Other operating expenses                      |                                                |          |            (71,417)  |    |        (93,514)  |     |                (51,048)     |  | 
+-----------------------------------------------+------------------------------------------------+----------+----------------------+----+------------------+-----+-----------------------------+--+ 
| Unrealised losses on financial assets designated at fair value        |          |          |             |           | (107,079)   |         |  (261,991)  |                     | (438,317)   | 
+-----------------------------------------------------------------------+----------+----------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
|                                                                       |          |          |             |           |  ________   |         |  _________  |                     |  _________  | 
+-----------------------------------------------------------------------+----------+----------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
| Operating loss                                                                   |          |             |           |  (178,496)  |         |  (355,505)  |                     |  (489,365)  | 
+----------------------------------------------------------------------------------+----------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
| Income from sale of held-for-trading investments                      |          |          |             |           |             |         |     17,500  |                     |      -      | 
|                                                                       |          |          |             |           |             |         |             |                     |             | 
|                                                                       |          |          |             |           |      -      |         |             |                     |             | 
+-----------------------------------------------------------------------+----------+----------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
| Bank interest income                                                             |          |             |           |     89      |         |       4,326 |                     |    3,726    | 
+----------------------------------------------------------------------------------+----------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
|                                                                       |          |          |             |           |  _________  |         |  _________  |                     |  _________  | 
+-----------------------------------------------------------------------+----------+----------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
| Loss on ordinary activities before taxation                                                    |          |           (178,407)  |    |       (333,679)  |     |                  (485,641)  |  | 
+------------------------------------------------------------------------------------------------+----------+----------------------+----+------------------+-----+-----------------------------+--+ 
|                                                                       |          |          |             |           |             |         |             |                     |             | 
+-----------------------------------------------------------------------+----------+----------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
| Taxation                                                              |          |          |             |           |      -      |         |      -      |                     |      -      | 
+-----------------------------------------------------------------------+----------+----------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
|                                                                       |          |          |             |           |             |         |             |                     |             | 
+-----------------------------------------------------------------------+----------+----------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
| Retained loss for the financial period        |                                                |          |           (178,407)  |    |       (333,679)  |     |                (485,641)    |  | 
+-----------------------------------------------+------------------------------------------------+----------+----------------------+----+------------------+-----+-----------------------------+--+ 
|                                                                       |          |          |             |           |             |         |             |                     |             | 
+-----------------------------------------------------------------------+----------+----------+-------------+-----------+-------------+---------+-------------+---------------------+-------------+ 
| Loss per ordinary share (pence) - basic       |                       3                        |          |            (0.297)   |    |         (0.556)  |     |                 (0.8)       |  | 
+-----------------------------------------------+------------------------------------------------+----------+----------------------+----+------------------+-----+-----------------------------+--+ 
| Loss per ordinary share (pence) - diluted     |                                                |          |            (0.297)   |    |         (0.556)  |     |                 (0.8)       |  | 
+-----------------------------------------------+------------------------------------------------+----------+----------------------+----+------------------+-----+-----------------------------+--+ 
|                                               |                                                |          |                      |    |                  |     |                             |  | 
+-----------------------------------------------+------------------------------------------------+----------+----------------------+----+------------------+-----+-----------------------------+--+ 
|                                    |          |          |          | |          |          |  |          |           |          |  | |       |      | | |  |  |                  |          |  | 
+------------------------------------+----------+----------+----------+-+----------+----------+--+----------+-----------+----------+--+-+-------+------+-+-+--+--+------------------+----------+--+ 
 
The Company's loss arises from continuing operations. 
 
There were no recognised gains or losses other than those recognised in the 
income statements. 
 
 
 
+-----------------------------------+---+-+----------+----------+----+--+-+----------+---+-------+----------+-+--+----------+-+------+----------+-+-+-----------+-+----------+--+ 
| Tembusu Investments Limited                                        |  |            |                      |    |                   |              |                        |  | 
+--------------------------------------------------------------------+--+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2010                 |  |            |                      |    |                   |              |                        |  | 
+--------------------------------------------------------------------+--+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
|                                         |          |          |         |              |                    |               |                   |               |             | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
|                                         |          |          |         |              |       As at        |               |             As at |               |       As at | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
|                                         |          |          |         |              |    30 June 10      |               |         31 Dec 09 |               |     30 June | 
|                                         |          |          |         |              |                    |               |                   |               |          09 | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
|                                         |          |          |         |              |    (Unaudited)     |               |         (Audited) |               | (Unaudited) | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
| ASSETS                            |   |             Note              |            |         GBP          |    |               GBP |              |                    GBP |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
|                                   |   |                               |            |                      |    |                   |              |                        |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| Non-current assets                |   |                               |            |                      |    |                   |              |                        |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| INVESTMENTS                       |   |                               |            |                      |    |                   |              |                        |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| Investments                       |   |                               |            |                -     |    |             5,174 |              |                  5,000 |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| Financial assets designated at fair     |          |          |         |              | 599,645            |               | 706,723           |               | 547,897     | 
| value                                   |          |          |         |              |                    |               |                   |               |             | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
|                                         |          |          |         |              |      599,645       |               |    711,897        |               |  552,897    | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
|                                   |   |                               |            |                      |    |                   |              |                        |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| CURRENT ASSETS                          |          |          |         |              |                    |               |                   |               |             | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
| Prepayments                       |   |                               |            |                5,908 |    |             4,165 |              |               -        |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| Cash at bank                      |   |                               |            |    1,027,193         |    | 1,096,141         |              |  1,123,459             |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
|                                         |          |          |         |              |    1,033,101       |               | 1,100,306         |               |  1,123,459  | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
| LIABILITIES                       |   |                               |            |                      |    |                   |              |                        |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| Current liabilities               |   |                               |            |                      |    |                   |              |                        |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| Trade & other payables                |                               |            |   (31,700)           |    | (32,750)          |              | (48,865)               |  | 
+---------------------------------------+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| NET CURRENT ASSETS                    |                               |            |         1,001,401    |    |         1,067,556 |              |              1,074,594 |  | 
+---------------------------------------+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
|                                         |          |          |         |              |                    |               |                   |               |             | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
| NET ASSETS                        |   |                               |            |   1,601,046          |    | 1,779,453         |              | 1,627,491              |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
|                                         |          |          |         |              |                    |               |                   |               |             | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
| EQUITY                                  |          |          |         |              |                    |               |                   |               |             | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+---------------+-------------------+---------------+-------------+ 
| CAPITAL AND RESERVES                  |                               |            |                      |    |                   |              |                        |  | 
+---------------------------------------+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| Called up share capital           |   |                               |            |         600,000      |    |           600,000 |              |               600,000  |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| Share premium account                 |                               |            |        2,504,061     |    |         2,504,061 |              |              2,504,061 |  | 
+---------------------------------------+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
| Accumulated loss                  |   |                               |            |     (1,503,015)      |    |       (1,324,608) |              |            (1,476,570) |  | 
+-----------------------------------+---+-------------------------------+------------+----------------------+----+-------------------+--------------+------------------------+--+ 
|                                         |          |          |         |              |         -          |             |                   |               |     -      |  | 
+-----------------------------------------+----------+----------+---------+--------------+--------------------+-------------+-------------------+---------------+------------+--+ 
|                                         |          |          |         |          | 1,601,046 |                          | 1,779,453         |               | 1,627,491  |  | 
+-----------------------------------------+----------+----------+---------+----------+-----------+--------------------------+-------------------+---------------+------------+--+ 
|                                   |   | |          |          |    |  | |          |   |       |          | |  |          | |      |          | | |           | |          |  | 
+-----------------------------------+---+-+----------+----------+----+--+-+----------+---+-------+----------+-+--+----------+-+------+----------+-+-+-----------+-+----------+--+ 
 
+-----------+-----------+-----------+-----------+------+--+-------------+--+-----------+--+-------------+ 
| Tembusu Investments Limited                   |      |  |             |  |           |  |             | 
+-----------------------------------------------+------+--+-------------+--+-----------+--+-------------+ 
| CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 JUNE 2010                 |  |           |  |             | 
+-----------------------------------------------------------------------+--+-----------+--+-------------+ 
|           |           |           |           |      |  |             |  |           |  |             | 
+-----------+-----------+-----------+-----------+------+--+-------------+--+-----------+--+-------------+ 
|           |           |           |           |      |  |   Period    |  |  Period   |  |   Period    | 
|           |           |           |           |      |  |    ended    |  |  ended    |  |    ended    | 
+-----------+-----------+-----------+-----------+------+--+-------------+--+-----------+--+-------------+ 
|           |           |           |           |      |  |     30      |  |  31 Dec   |  |  30 June    | 
|           |           |           |           |      |  |    June     |  |    09     |  |     09      | 
|           |           |           |           |      |  |     10      |  |           |  |             | 
+-----------+-----------+-----------+-----------+------+--+-------------+--+-----------+--+-------------+ 
|           |           |           |           |      |  |(Unaudited)  |  |(Audited)  |  |(Unaudited)  | 
+-----------+-----------+-----------+-----------+------+--+-------------+--+-----------+--+-------------+ 
|           |           |           |           |Note  |  |    GBP      |  |    GBP    |  |    GBP      | 
+-----------+-----------+-----------+-----------+------+--+-------------+--+-----------+--+-------------+ 
|           |           |           |           |      |  |             |  |           |  |             | 
+-----------+-----------+-----------+-----------+------+--+-------------+--+-----------+--+-------------+ 
| Cashflows from operating activities           |      |  |             |  |           |  |             | 
+-----------------------------------------------+------+--+-------------+--+-----------+--+-------------+ 
| Cash (absorbed) / by operations               |  4   |  |  (69,037)   |  |(129,837)  |  |  (67,090)   | 
+-----------------------------------------------+------+--+-------------+--+-----------+--+-------------+ 
| Cashflow from investing           |           |  5   |  |     89      |  |  39,326   |  |    3,726    | 
| activities                        |           |      |  |             |  |           |  |             | 
+-----------------------------------+-----------+------+--+-------------+--+-----------+--+-------------+ 
| Cashflow from financing           |           |      |  |      -      |  |  (174)    |  |      -      | 
| activities                        |           |      |  |             |  |           |  |             | 
+-----------------------------------+-----------+------+--+-------------+--+-----------+--+-------------+ 
| (DECREASE) IN CASH FOR THE PERIOD                    |  |  (68,948)   |  | (90,685)  |  |  (63,364)   | 
+------------------------------------------------------+--+-------------+--+-----------+--+-------------+ 
| CASH AT THE BEGINNING OF THE PERIOD           |      |  | 1,096,141   |  | 1,186,826 |  | 1,186,823   | 
+-----------------------------------------------+------+--+-------------+--+-----------+--+-------------+ 
| CASH AT THE END OF THE PERIOD                 |      |  | 1,027,193   |  | 1,096,141 |  | 1,123,459   | 
+-----------+-----------+-----------+-----------+------+--+-------------+--+-----------+--+-------------+ 
 
 
+-----------+-----------+-----------+-----------+---------+-----------+-------------+-----------+ 
| Tembusu Investments Limited                   |         |           |             |           | 
+-----------------------------------------------+---------+-----------+-------------+-----------+ 
| STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR PERIOD ENDED 30 JUNE 2010        |           | 
+-----------------------------------------------------------------------------------+-----------+ 
|           |           |           |           |         |           |             |           | 
+-----------+-----------+-----------+-----------+---------+-----------+-------------+-----------+ 
|           |           |           |           |  Share  |  Share    |Accumulated  |  Total    | 
+-----------+-----------+-----------+-----------+---------+-----------+-------------+-----------+ 
|           |           |           |           |capital  |  premium  |   losses    |           | 
+-----------+-----------+-----------+-----------+---------+-----------+-------------+-----------+ 
|                       |           |           |         |           |             |           | 
+-----------------------+-----------+-----------+---------+-----------+-------------+-----------+ 
| Balance at 31 December 2008       |           |600,000  |2,504,061  |  (990,929)  |2,113,132  | 
+-----------------------------------+-----------+---------+-----------+-------------+-----------+ 
| Loss for the period   |           |           |    -    |    -      |  (485,641)  |(485,641)  | 
+-----------------------+-----------+-----------+---------+-----------+-------------+-----------+ 
| Balance at 30 June 2009           |           |600,000  |2,504,061  |(1,476,570)  |1,627,491  | 
+-----------------------------------+-----------+---------+-----------+-------------+-----------+ 
| Profit for the period             |           |    -    |    -      |  151,962    |  151,962  | 
+-----------------------------------+-----------+---------+-----------+-------------+-----------+ 
| Balance at 31 December 2009       |           |600,000  |2,504,061  |(1,324,608)  |1,779,453  | 
+-----------------------------------+-----------+---------+-----------+-------------+-----------+ 
| Loss for the period               |           |    -    |    -      |  (178,407)  |(178,407)  | 
+-----------------------------------+-----------+---------+-----------+-------------+-----------+ 
| Balance at 30 June 2010           |           | 600,000 | 2,504,061 | (1,503,015) | 1,601,046 | 
+-----------+-----------+-----------+-----------+---------+-----------+-------------+-----------+ 
 
 
 
 
NOTES TO THE HALF-YEARLY REPORT 
 
1       The Company was incorporated in Bermuda on 21 March 2007 and was 
admittedto the AIM market of the London Stock Exchange ('AIM') on 11 May 2007, 
when it commenced its business.  This half-yearly report has been prepared in 
accordance with International Financial Reporting Standards and on the 
historical cost basis, using generally recognised accounting principles and 
using the accounting policies which are consistent with those set out in the 
Company's Annual Report and Accounts for the year ended 31 December 2009. 
 
The half-yearly report for the six months to 30 June 2010, which complies with 
IAS34, was approved by the Board on 27  September 2010. 
 
2       The Directors do not recommend the payment of a dividend. 
 
3       The basic and diluted earnings per share are based on the loss for the 
financial period of GBP178,407 (30 June 2009: -GBP485,641; 31 December 2009: 
-GBP333,679) and the following weighted average number of shares in issue during 
the period ended 30 June 2010: 
 
                   basic and diluted: 60,000,000 (30 June 2009: 60,000,000; 31 
December 2009: 60,000,000) 
4       Reconciliation of operating loss to net cash inflow from operating 
activities 
+----+----------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
|    |                |       |       |          |          |   Period    |  |  Period   |  |   Period    | 
|    |                |       |       |          |          |    ended    |  |  ended    |  |    ended    | 
+----+----------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
|    |                |       |       |          |          |  30 June    |  |31 Dec 09  |  |  30 June    | 
|    |                |       |       |          |          |     10      |  |           |  |     09      | 
+----+----------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
|    |                |       |       |          |          |(Unaudited)  |  |(Audited)  |  |(Unaudited)  | 
+----+----------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
|    |                |       |       |          |          |    GBP      |  |    GBP    |  |    GBP      | 
+----+----------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
|    |                |       |       |          |          |             |  |           |  |             | 
+----+----------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
| Operating loss      |       |       |          |          |  (178,496)  |  |(355,505)  |  |  (489,365)  | 
+---------------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
| Provision for       |       |       |          |          | 107,079     |  | 261,991   |  | 438,317     | 
| quoted investments  |       |       |          |          |             |  |           |  |             | 
+---------------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
|                     |       |       |          |          |  (71,417)   |  | (93,514)  |  |  (51,048)   | 
+---------------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
| Increase /          |       |       |          |          |    4,123    |  | (34,658)  |  |  (18,542)   | 
| (decrease) in       |       |       |          |          |             |  |           |  |             | 
| creditors           |       |       |          |          |             |  |           |  |             | 
+---------------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
| (Increase) / decrease in    |       |          |          |  (1,743)    |  |  (1,665)  |  |    2,500    | 
| debtors                     |       |          |          |             |  |           |  |             | 
+-----------------------------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
|    |                |       |       |          |          |             |  |           |  |             | 
+----+----------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
|    |                |       |       |          |          | (69,037)    |  | (129,837) |  | (67,090)    | 
+----+----------------+-------+-------+----------+----------+-------------+--+-----------+--+-------------+ 
5       Cashflow from investing activities 
 
+----+-------+-----------+---+-----+--+---------+--+--------+--+-------------+ 
|    |       |           |   |     |  | Period  |  |Period  |  |   Period    | 
|    |       |           |   |     |  |  ended  |  | ended  |  |    ended    | 
+----+-------+-----------+---+-----+--+---------+--+--------+--+-------------+ 
|    |       |           |   |     |  |30 June  |  |31 Dec  |  | 30 June 09  | 
|    |       |           |   |     |  |   10    |  |  09    |  |             | 
+----+-------+-----------+---+-----+--+---------+--+--------+--+-------------+ 
|    |       |           |   |     |  |  GBP    |  |  GBP   |  |    GBP      | 
+----+-------+-----------+---+-----+--+---------+--+--------+--+-------------+ 
|    |       |           |   |     |  |         |  |        |  |             | 
+----+-------+-----------+---+-----+--+---------+--+--------+--+-------------+ 
| Sale of                |   |     |  |    -    |  |35,000  |  |      -      | 
| held-for-trading       |   |     |  |         |  |        |  |             | 
| investment             |   |     |  |         |  |        |  |             | 
+------------------------+---+-----+--+---------+--+--------+--+-------------+ 
| Bank       |           |   |     |  | 89      |  | 4,326  |  | 3,726       | 
| interest   |           |   |     |  |         |  |        |  |             | 
+------------+-----------+---+-----+--+---------+--+--------+--+-------------+ 
| Net cash inflow from       |     |  | 89      |  | 39,326 |  | 3,726       | 
| investing activities       |     |  |         |  |        |  |             | 
+----+-------+-----------+---+-----+--+---------+--+--------+--+-------------+ 
 
6       The issued share capital as at 30 June 2010 and 31 December 2009 was 
60,000,000 ordinary shares of 1p each. 
 
7       The preceding unaudited results for the period ended 30 June 2010 do not 
constitute statutory accounts under the Bermuda Act 1981. The comparative 
figures for the year ended 31 December 2009 are extracted from the statutory 
financial statements, which contain an unqualified report. 
 
8       The half-yearly report is available from the Company's website 
(www.tembusuinvestments.com). 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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