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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vision OP China | LSE:VOC | London | Ordinary Share | GG00B28DJ748 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.115 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMVOC
RNS Number : 7035D
Vision Opportunity China Fund Ltd
21 May 2012
VISION OPPORTUNITY CHINA FUND LIMITED
INTERIM REPORT AND UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 OCTOBER 2011 TO 31 MARCH 2012
Chairman's Statement
Period ended 31 March 2012
In the Annual Report which was published on 20 February 2012, I explained to Shareholders that the previous financial year had been very difficult, although the Company was able to fully exit six investments and opportunistically reduce its two largest holdings, QKL Stores and Shengkai Innovations, as liquidity in those stocks emerged. As a result, at 30 September 2011, the Company held six investments with a total value of US$10.55 million and cash and cash equivalents of US$8.37 million. If I were writing purely about the half year period ending 31 March 2012, I would not be able to report any significant progress in realising the Company's remaining investments. During much of that period, the Company was engaged in discussions regarding the potential sale of its entire investment portfolio which prevented it from reducing its holdings through the market. Those discussions were terminated in late March. Accordingly, at the period end, the Company's investment portfolio still comprised of six companies, which had an aggregate value of US$6.32 million, and the Company held US$7.21 million in cash and cash equivalents.
I am pleased to report that since then, the situation has improved slightly. As announced on 27 April 2012, since the period end the Company managed to monetise its remaining holding in Shengkai Innovations (VALV) and all its warrants in VALV, Tianyin Pharmaceuticals and Keyuan Petrochemicals, achieving gross sale proceeds of US$2.85 million. Whilst the Investment Manager reported to us that the sales were at prices near the historic lows for these positions, the market value of the companies had been falling for some time and, historically, liquidity had been scarce. We endorsed the Investment Manager's recommendation to sell at that time to capitalise on the available liquidity and in the knowledge that the market value of these companies could decline even further.
At 11 May 2012, the Company's portfolio comprised of three companies with an aggregate value of US$3.22 million and cash and cash equivalents of US$9.79 million. The Company's largest holding, QKL Stores, which represented 98.2% of the investment portfolio at 11 May 2012, reported in April the resignation of the director who served as Chairman of the Nominating and Corporate Governance committees and a member of the Audit and Compensation committees. Whilst that director confirmed to QKL Stores that he had no disagreements relating to its operations, policies or practices, he did recommend that it would benefit from a stronger internal governance mechanism and should review its development strategies. Although the Investment Manager has not informed us of any specific concerns flowing from such resignation, the resigning director's recommendations cause us concern in the current environment of heightened sensitivity for US-listed Chinese companies.
Your Board remains focussed on ensuring the Company's ongoing expenditure is kept to a minimum and remains focussed on returning cash to Shareholders once the Company is in a position to do so.
Until the Astrata matter becomes more clear, we are monitoring the market value of the shares in QKL Stores in the hope that the value can recover during the remaining life of the Company. In accordance with International Financial Reporting Standards, the Company's investment in QKL Stores is valued at fair value, which assumes that it will be realised in an orderly manner and sold at closing bid prices without any discount or premium resulting from the large stake the Company holds in it or the illiquid nature of its stock. The exact timing of the realisation of this investment, together with market conditions at the relevant time, could result in actual realised amounts differing significantly from its valuation at that time.
Christopher Fish
Chairman
Vision Opportunity China Fund Limited
Date:18 May 2012
Investment Manager's Report
Period ended 31 March 2012
The Company had net assets of US$13.47 million as at 31 March 2012 (US$0.206 per Ordinary Share), including investments in six portfolio companies valued at US$6.32 million and US$7.21 million in cash and cash equivalents. This level of net assets represents a decline of 25.7% from 30 September 2011, when the Company had net assets of US$18.50 million (US$0.283 per Ordinary Share). The decline is attributable to the performance of the Company's portfolio companies and net expenses of US$0.86 million.
As at 11 May 2012, the Company had net assets of US$13.01 million (US$0.197 per Ordinary Share) including investments valued at US$3.22 million and US$9.79 million in cash and cash equivalents.
Performance
The market value of the Company's portfolio companies fell 40.1% during the six month period ending 31 March 2012. This underperformance far exceeds that of weighted indices such as the MSCI China Index which gained 18.8%, Bloomberg China Reverse Mergers Index which gained 10.6% and Halter USX China Index which gained 12.9%. This underperformance is attributable to significant stock price declines of the Company's two largest holdings, QKL Stores (QKLS) and Shengkai Innovations (VALV). QKLS' stock price, already on a downtrend since it missed projected earnings in November 2010, declined further when, on 15 November 2011, QKLS announced earnings for the quarter ended 30 September 2011 which had missed its expectations. During the six month period ending 31 March 2012, QKLS' stock price declined 37.5%. During the period between 31 March 2012 and 11 May 2012, QKLS' stock price declined 17.3%. The market has also reacted very negatively to VALV's reports of its earnings for the quarters ending 30 September 2011 and 31 December 2011 (announced on 10 November 2011 and 9 February 2012, respectively), during which management issued guidance for each subsequent quarter that indicated further deterioration. During the six month period ending 31 March 2012, VALV's stock price declined 34.4%.
Portfolio Positions
During the 6 months ending 31 March 2012, the Company generated gross proceeds of US$0.54 million from sales of securities. The sale of these positions resulted in an aggregate of US$0.14 million in realised losses.
As at 31 March 2012, the Company's portfolio included two major positions, four minor positions, cash and cash equivalents.
QKL Stores (QKLS) is the Company's largest holding which represented 61.1% of the Company's non-cash portfolio as at 31 March 2012. As at 11 May 2012, QKLS represented 98.2% of the Company's non-cash portfolio. QKLS operates a chain of supermarkets and hypermarkets in Northern China. As at 11 May 2012, QKLS had had 53 store locations. This comprised 33 supermarkets, 16 hypermarkets and four department stores. QKLS has announced plans to open five additional store locations in 2012. On 25 April 2012, QKLS announced that Mr. Zhiguo Jin had resigned as a member of the Board of Directors of QKLS. Although Mr. Jin confirmed to QKLS that he had no disagreements with QKLS relating to its operations, policies or practices, he did suggest that QKLS would benefit from a stronger internal governance mechanism and should review its development strategies. Prior to his resignation, Mr. Jin also served as Chairman of the Nominating and Corporate Governance Committee and as a member of the Audit Committee and Compensation Committee.
As at 31 March 2012, Shengkai Innovations (VALV) was the Company's second largest holding, representing 36.7% of the Company's portfolio. As previously announced on 27 April 2012, the Company sold its entire holdings in VALV through a series of on-market transactions at close to market prices. The Company first undertook a partial realisation of its investment in VALV on 11 May 2009. The total proceeds from all sales of approximately US$11.94 million in cash had resulted in a realised loss of US$3.38 million on the Company's investment in VALV.
In addition, as at 31 March 2012, the Company had a small holding of shares in Wuhan General Group (WUHN) valued at US$69,582 and small warrant positions in Tianyin Pharmaceuticals (TPI), valued at US$68,248, and Keyuan Petrochemicals (KEYP), valued at US$5,160, accounting for a combined total of 2.3% of the non-cash portfolio. As previously announced, on 23 April 2012, the Company sold all its warrants in VALV, TPI and KEYP through a private sale for aggregate proceeds of US$46,250.
Investment Manager's Report, continued
Period ended 31 March 2012
The Company also continues to hold shares in China Integrated Energy (CBEH), a vertically integrated producer and distributor of biodiesel and petroleum-based fuels in China, which were written down to zero on 30 April 2011 after the NASDAQ halted trading in its shares. CBEH was at one time the Company's third-largest holding. Prior to the halt, the Company was able to realise 82.1%, or US$12.1 million, of the Company's total investment in CBEH.
As previously communicated, we are continuing to explore several avenues for generating liquidity in the remaining portfolio holdings.
Adam Benowitz
Chief Investment Officer, Senior Managing Director
Vision Capital Advisors
Date: 18 May 2012
DIRECTORS
At the date of this interim report, the Board comprises three Directors, all of whom are non-executive and entirely independent of the Investment Manager. Christopher Fish, Chairman, age 67 Mr Fish retired as Managing Director of Close International Private Banking in 2004 and as Chairman of Close Private Bank in 2011. He has over 40 years' experience in banking, investment and fiduciary businesses. Mr Fish was a Senior Executive Director and Group Head of Trusts for Rea Brothers (Guernsey) Limited from 1998 until it was acquired by Close Brothers Plc in 1999. Prior to joining Rea Brothers (Guernsey) Limited he worked for six years at Coutts & Co. in various senior roles including Managing Director of Coutts & Co (Cayman) Ltd and Senior Client Partner and Director of Coutts Offshore Businesses. Mr Fish worked from 1989 to 1992 as Chief Executive of Leopold Joseph Holdings (Guernsey) Limited and he worked from 1973 to 1989 in a number of senior positions for The Royal Bank of Canada. He started his banking career in 1963 at Lloyds Bank, where he remained for 10 years. Mr Fish is a director of a number of other investment funds. John Hallam, age 63 Mr Hallam is a Fellow of the Institute of Chartered Accountants in England and Wales and qualified as an accountant in 1971. Previously, he was a Partner at PricewaterhouseCoopers and retired in 1999 after 27 years with the firm in Guernsey and in other countries. Mr Hallam is currently Chairman of Cazenove Absolute Equity Ltd, Dexion Absolute Ltd and Partners Group Global Opportunities Ltd. He is also a director of a number of other financial services companies, some of which are traded on the London Stock Exchange. Mr Hallam served for many years as a member and latterly Chairman of the Guernsey Financial Services Commission, from which he retired in 2006. He is chairman of the Board's audit committee. Dr Christopher Polk, age 43 Dr Polk is a Professor of Finance at the London School of Economics and Political Science ("LSE"). He specialises in the behaviour of security prices and investment strategies and researches a wide range of topics, including stock market efficiency, behavioural finance and corporate investment decisions. He has advised several asset management companies on the effectiveness of their investment strategies. Prior to joining the faculty at LSE, Dr Polk was an Assistant Professor of Finance at Northwestern University's Kellogg School of Management for eight years. From 1990 to 1993 he was a senior consultant for Andersen Consulting before leaving to pursue a PhD. He received a BS in Physics and Economics from Duke University in 1990 and a PhD in Finance from the University of Chicago in 1998.
INVESTMENT POLICY
On 12 August 2011, Shareholders approved the Board's proposed new investment policy, which aimed to maximise Shareholder value through the orderly realisation of the Company's investments and to return surplus cash to Shareholders. Following the approval of the new investment policy at an extraordinary general meeting, the Board instructed the Investment Manager to make no further investments other than in cash equivalents.
In line with the new investment policy and in order to return surplus cash from realisations to Shareholders, on 30 August 2011 the Company returned US$20 million (US$0.3063 or GBP0.1850 per Ordinary Share) of its capital to Shareholders on the register as at 19 August 2011.
The Board continues to seek to implement the new investment policy in as effective and efficient a manner as possible. As announced on 27 April 2012, the Company sold its entire holding in Shangkai Innovations (VALV), which was the Company's second largest holding. However, the rate at which the Company's assets are realised and the subsequent returns of value will depend, in particular, on the ease and speed with which investments can be realised and the Board continues to monitor closely the Investment Manager's selling efforts. The timing and quantum of distributions to Shareholders are uncertain and will, in part, depend on the timing and quantum of the disposal of the assets and the liabilities resulting from the operations and management of the Group.
In the event of any breach of the Company's investment policy, Shareholders will be informed of the actions to be taken by the Investment Manager by an announcement issued through a Regulatory Information Service or a notice sent to Shareholders at their registered addresses in accordance with the Articles.
The Company's investment policy is:
The Company will not purchase or subscribe for new equity investments other than in connection with an exchange of its existing investments. The Company may, however, exercise warrants and convert its preferred stock so that the value of the resulting common stock may be realised.
The Company may invest in short-dated bonds or near cash equivalent securities pending distribution of cash to Shareholders.
The Company may not make any other investments or borrow, save to provide working capital.
Returns to Shareholders will be in such quantum, on such terms and in such manner as the Board may determine in its absolute discretion.
PERFORMANCE STATISTICS
Announced % change NAV per in NAV per Ordinary Ordinary % change Date Share Share Share Price in Share Price ------------------------ ----------- ------------ ------------- ---------- 28 November 2007 (date US$0.944 - US$1.000 - of Admission) ------------------------ ----------- ------------ ------------- ---------- 31 December 2007 US$0.953 0.95% US$1.050 5.00% ------------------------ ----------- ------------ ------------- ---------- 31 March 2008 US$0.957 0.42% US$1.040 -0.95% ------------------------ ----------- ------------ ------------- ---------- 30 June 2008 US$1.302 36.05% US$1.080 3.85% ------------------------ ----------- ------------ ------------- ---------- 30 September 2008 US$1.219 -6.37% US$1.030 -4.63% ------------------------ ----------- ------------ ------------- ---------- 31 December 2008 US$0.931 -23.63% US$0.800 -22.33% ------------------------ ----------- ------------ ------------- ---------- 31 March 2009 US$0.951 2.15% US$0.780 -2.50% ------------------------ ----------- ------------ ------------- ---------- 30 June 2009 US$1.304 37.12% US$0.760 -2.56% ------------------------ ----------- ------------ ------------- ---------- 30 September 2009 US$2.095 60.07% US$1.220 60.53% ------------------------ ----------- ------------ ------------- ---------- 31 December 2009 US$2.256 7.68% US$1.600 31.15% ------------------------ ----------- ------------ ------------- ---------- 31 March 2010 US$2.752 21.99% US$1.990 24.38% ------------------------ ----------- ------------ ------------- ---------- 30 June 2010 US$2.314 -15.92% US$1.810 -9.05% ------------------------ ----------- ------------ ------------- ---------- 30 September 2010 US$2.105 -9.03% US$1.580 -12.71% ------------------------ ----------- ------------ ------------- ---------- 31 December 2010 US$1.797 -14.63% US$1.525 -3.48% ------------------------ ----------- ------------ ------------- ---------- 31 March 2011 US$1.138 -36.67% US$1.085 -28.85% ------------------------ ----------- ------------ ------------- ---------- 30 June 2011 US$0.709 -37.70% US$0.565 -47.93% ------------------------ ----------- ------------ ------------- ---------- 30 September 2011* US$0.288 -59.38% US$0.230 -59.29% ------------------------ ----------- ------------ ------------- ---------- 31 December 2011* US$0.214 -25.69% US$0.175 -23.92% ------------------------ ----------- ------------ ------------- ---------- 31 March 2012* US$0.211 1.40% US$0.165 -5.72% ------------------------ ----------- ------------ ------------- ----------
* announced NAV per Ordinary Share differs to the NAV per Ordinary Share for statutory reporting purposes. A reconciliation of this difference is provided in Note 12 to these financial statements.
RETURNS OF CAPITAL
Payment Date Capital Returned (in Record Date Cash per Ordinary Share) --------------- -------------------------- --------------- 28 May 2010 US$0.0500 7 May 2010 --------------- -------------------------- --------------- 30 August 2011 US$0.3063 19 August 2011 --------------- -------------------------- ---------------
Consolidated Statement of Financial Position (Unaudited)
As at 31 March 2012
Notes Unaudited Audited Unaudited 31 March 30 September 31 March 2012 2011 2011 ----------------------------- ----- ------------ ------------- ----------- US$ US$ Investments: 6 Investment designated as: Fair value through profit or loss 6,190,505 9,787,168 52,202,445 Held for trading 127,315 767,629 10,193,120 ------------ ------------- ----------- Total investments 6,317,820 10,554,797 62,395,565 ------------ ------------- ----------- Current assets: Cash and cash equivalents 7 7,205,618 8,372,118 9,799,671 Other receivables 8 343,193 59,195 2,302,238 ------------ 7,548,811 8,431,313 12,101,909 ------------ ------------- ----------- Total assets 13,866,631 18,986,110 74,497,474 ------------ ------------- ----------- Current liabilities: Bank overdraft 7 - - 3 Other payables 9 280,173 368,601 70,588 ------------ ------------- ----------- 280,173 368,601 70,591 ------------ ------------- ----------- Non-current liabilities: C Ordinary Shares of GPCo 11 16,024 16,024 16,024 B Redeemable Preference Shares of GPCo 11 100,000 100,000 100,000 ------------ ------------- ----------- 116,024 116,024 116,024 Total liabilities 396,197 484,625 186,615 ------------ ------------- ----------- Total net assets 13,470,434 18,501,485 74,310,859 ------------ ------------- ----------- Represented by Shareholders' equity: Share capital 11 39,821,755 39,821,755 59,819,952 Reserves 10 (26,351,321) (21,320,270) 14,490,907 ------------ ------------- ----------- Total net assets 13,470,434 18,501,485 74,310,859 ------------ ------------- ----------- NAV per Ordinary Share 12 0.2063 0.2834 1.1382 ------------ ------------- -----------
The accompanying notes on pages 11 to 20 form an integral part of these financial statements.
Consolidated Statement of Comprehensive Income (Unaudited)
For the period 1 October 2011 to 31 March 2012
1 October 2011 1 October 2010 Notes to to 31 March 2012 31 March 2011 ------------------------------------ ------ --------------- --------------- US$ US$ Income Bank interest 622 1 Dividend income 331 64,787 Movement in net unrealised losses on investments 6 (4,046,293) (61,497,235) Net realised (losses)/gains on investments 6 (137,033) 16,253 Net foreign exchange gains/(losses) 12,368 (4,129) --------------- --------------- Net investment deficit (4,170,005) (61,420,323) --------------- --------------- Expenses Investment Manager's fees 3 163,846 1,284,732 Income allocation on B Redeemable Preference Shares of GPCo - (230,635) Administrator's fees 3 101,550 127,483 Directors' fees 4 98,592 112,668 Auditor's remuneration 37,795 40,510 Custodian's fees 3 (36,243) 51,693 Registrar's fees 3 28,283 13,329 NOMAD & Broker's fees 3 47,436 47,659 Prime Broker's commissions 3 772 88,306 D&O insurance 143,824 61,555 Annual listing fees 4,762 5,372 Legal costs and other professional fees 157,057 126,467 Transaction costs 82,972 307,782 Marketing fees 30,509 37,828 Other expenses (109) 68,502 --------------- --------------- Total expenses 861,046 2,143,251 --------------- --------------- Deficit for the period attributable to Shareholders from operations (5,031,051) (63,563,574) --------------- --------------- Total comprehensive deficit for the period 10 (5,031,051) (63,563,574) --------------- --------------- Deficit per Ordinary Share (basic and diluted) 5 (0.0771) (0.9681) --------------- ---------------
The results from the current and prior periods are derived from continuing operations.
The accompanying notes on pages 11 to 20 form an integral part of these financial statements.
Consolidated Statement of Changes in Equity (Unaudited)
For the period 1 October 2011 to 31 March 2012
1 October 2011 to 31 March 2012 Revenue Share Capital Treasury Total Notes Reserve Shares ------------------------- ------ ------------- ------------- -------- ------------ US$ US$ US$ US$ Balance brought forward (21,320,270) 39,821,755 - 18,501,485 Total comprehensive deficit for the period 10 (5,031,051) - - (5,031,051) Balance carried forward (26,351,321) 39,821,755 - 13,470,434 ------------- ------------- -------- ------------
For the period 1 October 2010 to 31 March 2011
1 October 2010 to 31 March 2011 Revenue Share Capital Treasury Total Notes Reserve Shares ---------------------------- ------ ------------- ------------- -------- ------------- US$ US$ US$ US$ Balance brought forward 78,054,481 61,259,952 - 139,314,433 Repurchase and cancellation of Ordinary Shares 11 (1,440,000) (1,440,000) Total comprehensive deficit for the period 10 (63,563,574) - - (63,563,574) Balance carried forward 14,490,907 59,819,952 - 74,310,859 ------------- ------------- -------- -------------
The accompanying notes on pages 11 to 20 form an integral part of these financial statements.
Consolidated Statement of Cash Flows (Unaudited)
For the period 1 October 2011 to 31 March 2012
1 October 2011 1 October 2010 to to Notes 31 March 2012 31 March 2011 --------------------------------------- ------ -------------- -------------- US$ US$ Cash flows from/(used in) operating activities Bank interest received 622 1 Dividends received 331 64,787 Operating expenses paid (1,233,473) (2,759,092) Amounts paid on purchases of investments - (5,192,853) Sales proceeds received from disposal of investments 53,651 12,952,840 -------------- Net cash (used in)/from operating activities (1,178,869) 5,065,683 -------------- -------------- Cash flows from/(used in) financing activities Amounts received on issue of C Ordinary Shares in GPCo 11 - 16,024 Amounts paid re buyback of Ordinary Shares 11 - (1,440,000) Net cash used in financing activities - (1,423,976) -------------- -------------- Net (decrease)/increase in cash and cash equivalents during the period (1,178,869) 3,641,707 Cash and cash equivalents, start of the period 8,372,118 6,162,090 Effect of exchange rate changes during the period 12,369 (4,129) -------------- -------------- Cash and cash equivalents, end of the period 7 7,205,618 9,799,668 -------------- -------------- Cash and cash equivalents comprise the following amounts: Bank deposits 7,205,618 9,799,671 Bank overdrafts - (3) 7,205,618 9,799,668 --------- ---------
The accompanying notes on pages 11 to 20 form an integral part of these financial statements.
Notes to the Consolidated Financial Statements (Unaudited)
For the period 1 October 2011 to 31 March 2012
1. The Company:
The Company is a Guernsey registered, closed-ended investment company and is subject to the Registered Collective Investment Scheme Rules 2008. The Company commenced business on 28 November 2007 when the Ordinary Shares were admitted to trading on AIM. The registered office of the Company is Sarnia House, Le Truchot, St Peter Port, Guernsey, GY1 4NA.
The Company's investment policy is disclosed on page 6.
The underlying investments of the Group are held by the Limited Partnership which was registered as a limited partnership in Guernsey under the Limited Partnership (Guernsey) Law, 1995. The Company is the limited partner of the Limited Partnership and the Company's subsidiary, GPCo, is the general partner of the Limited Partnership.
GPCo was incorporated in Guernsey and is licensed under The Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended. GPCo's principal activity is to manage the Limited Partnership which it does by employing the services of Vision Capital Advisors under the Investment Management Agreement. GPCo is responsible for the continuing fees of the Investment Manager.
The Company owns all of the issued A Ordinary Share capital of GPCo. The A Ordinary Shares give the Company the sole control rights over GPCo.
Vision Capital Advisors owns all of the issued B Redeemable Preference Share capital of GPCo. The B Redeemable Preference Shares give the Investment Manager the sole economic rights to the performance allocation to which GPCo is entitled under the terms of the Limited Partnership and the return on the US$100,000 capital invested by Vision Capital Advisors for the B Redeemable Preference Shares. It is not anticipated, based on the current wind down and performance of the Company, that Performance Partnership Units ("PPUs") will be issued in the future.
The C Ordinary Share of the GPCo issued to the Investment Manager entitles the Investment Manager to GBP10,000 which has been fully paid up (or equivalent) on liquidation or winding up of the Company and to no other rights.
Through its interest as a limited partner in the Limited Partnership, the Company is entitled to a return on the amount invested in the Limited Partnership.
The Company, GPCo and the Limited Partnership together form an integrated fund structure and consequently the Company has consolidated its interests in GPCo and the Limited Partnership.
2. Principal Accounting Policies:
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Group's financial statements:
(a) Basis of Preparation:
The condensed interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting", as adopted by the European Union and are in compliance with the Companies (Guernsey) Law, 2008.
(b) Significant Accounting Policies:
The same accounting policies, presentation and methods of computation are followed in the condensed interim financial statements as those followed in the preparation of the Group's annual audited financial statements for the year ended 30 September 2011.
These financial statements have been prepared on a break up basis as the Company may go into voluntary liquidation during the next 12 months. The only impact of adopting the break-up basis compared to the going concern basis on the financial statements is the provision of liquidation costs, because in the Directors opinion the Company's investments are being carried at the best estimate of their realisable value as at the period end.
Notes to the Consolidated Financial Statements, continued
For the period 1 October to 31 March 2012
3. Related Parties & Material Contracts:
The Company is responsible for the continuing fees of GPCo, the Administrator, the Custodian, the Prime Broker, the NOMAD & Broker and the Registrar in accordance with the Limited Partnership, Administration, Custodian, Prime Broker, NOMAD & Broker and Registrar agreements, respectively.
The Investment Manager is a related party of the Group.
Limited Partnership Agreement
Pursuant to the provisions of the Limited Partnership Agreement dated 22 November 2007, GPCo's compensation consists of all expenses incurred in relation to the constitution, administration and business of the Limited Partnership, without limitation or exception.
The GPCo is responsible for the continuing fees of the Investment Manager in accordance with the Investment Management Agreement.
Investment Management Agreement
Pursuant to the Investment Management Agreement, GPCo pays a management fee to the Investment Manager of 0.5% of the final month-end NAV of the previous quarter, paid quarterly in advance. The Investment Management Agreement will terminate with effect from 30 June 2012 unless the Company and the Investment Manager agree to extend it in writing.
As at 31 March 2012, the management fee creditor was US$Nil (30 September 2011: US$Nil & 31 March 2011: prepaid US$16,053).
Under the terms of the Investment Management Agreement. the Investment Manager is entitled to a performance allocation, details of the circumstances under which it could become entitled to such an allocation are set out in the Company's Annual Report for the year end 30 September 2011. It is not anticipated based on the current wind down and performance that there will be any performance allocations in the future.
Administration Agreement
Praxis Fund Services Limited was appointed as Administrator to the Group under an administration agreement dated 16 November 2007 (the "Administration Agreement"). The Administrator provides day-to-day administration and secretarial services to the Group.
The Administration Agreement may be terminated by either party on not less than 180 days' written notice, or earlier upon certain breaches of the Administration Agreement or the insolvency or receivership of either party or if the Administrator ceases to be qualified to act as such.
Pursuant to the provisions of the Administration Agreement, the Administrator is entitled to receive the following administration fees from the Group:
-- Accounting and NAV calculation- a fee based upon 0.10% of NAV subject to a minimum of GBP4,500 per month;
-- Company Secretarial & US Shareholder Reporting- time based fee; and -- GPCo - time based fee subject to a minimum of GBP10,000 per annum.
As at 31 March 2012, the administration fee creditor was US$19,930 (30 September 2011: US$15,201 & 31 March 2011: US$19,582).
Other support services
In addition to the services catalogued above, the Group utilises support services from other providers. As at 31 March 2012, the fee creditor for such support services was US$3,882 (30 September 2011: US$3,827 & 31 March 2011: US$3,857).
Notes to the Consolidated Financial Statements, continued
For the period 1 October to 31 March 2012
3. Related Parties & Material Contracts, continued:
Custodian & Prime Broker Agreement
Jefferies & Company Inc. was appointed as custodian to the Group and in that capacity currently has custody of all of the Group's investments. In accordance with US securities laws, the assets of the Custodian's customers are required to be segregated from the Custodian's proprietary assets.
As at 31 March 2012, the custodian and prime broker fee creditor was US$863 (30 September 2011: US$2,872 & 31 March 2011: US$8,806).
Jefferies & Company Inc. has also been appointed as prime broker to the Limited Partnership. The Limited Partnership pays the Prime Broker commissions and other transaction fees (for the execution of sales of securities). These fees are payable at the Prime Broker's prevailing rates.
NOMAD & Broker Agreement
Canaccord is the NOMAD & Broker to the Company under a nominated adviser and Broker agreement dated 1 October 2009 between the Company and Canaccord (the "NOMAD & Broker Agreement"). The NOMAD & Broker Agreement is on normal market terms, and under those terms the Company has agreed, inter alia, to consult and discuss with Canaccord all of its announcements and statements and to provide Canaccord with any information which Canaccord reasonably requires to enable it to carry out its obligations as a NOMAD and Broker. The NOMAD & Broker Agreement is terminable by either party on 2 months' written notice and in certain other circumstances.
As at 31 March 2012, the fees paid in advance to Canaccord were US$Nil (30 September 2011 US$Nil & 31 March 2011: US$1,918).
Co-investments with the Master Fund
The Master Fund is a related party as a result of also being managed by the Investment Manager. As at 31 March 2012, the Group held investments in the two underlying investment companies noted below, which the Master Fund also held an interest in:
-- China Integrated Energy Inc
-- Wuhan General Group (China) Inc
The Limited Partnership, collectively with the Master Fund, does not hold an aggregated controlling interest in any of the above co-investments.
Directors Interests
As at 31 March 2012, the Directors, who held office during the period, had no interests in Ordinary Shares. There were no changes in the interests of the Directors prior to the date of this report.
No Director and no connected person of any Director has an interest in the Ordinary Shares which, is known to, (or could with reasonable diligence be ascertained by) the Directors, whether held directly or through a third party.
Additionally, as at 31 March 2012, Carl Kleidman and Lisa Snow, employees of Vision Capital Advisors, held a collective 85,000 (30 September 2011: Carl Kleidman and Lisa Snow, employees of Vision Capital Advisors, held a collective 85,000; 31 March 2011: Carl Kleidman, Lisa Snow and Jonathan Shane, employees of Vision Capital Advisors, held a collective 585,000) Ordinary Shares that carry certain restrictions.
Adam Benowitz and Randolph Cohen (a former Director of the Company), the principals of VCA, together beneficially hold 7,187,845 Ordinary Shares in the Company, which are held indirectly through their wholly owned holding company Tiberius Jersey.
Notes to the Consolidated Financial Statements, continued
For the period 1 October 2011 to 31 March 2012
4. Directors' Fees:
Each of the Directors has entered into an agreement with the Company providing for them to act as a non-executive Director of the Company. Their annual fees, excluding all reasonable expenses incurred in the course of their duties which will be reimbursed by the Company and are included in other expense, are as follows:
31 March 2012 30 September2011 31 March 2011 Annualised Annualised Annualised Fee Fee Fee -------------- ----------------- ----------- US$ US$ US$ Christopher Fish (Chairman) 52,500 70,000 70,000 David Benway (resigned - - - 24 January 2012) Ruiping Wang (resigned 21 March 2012) - 50,000 50,000 Dr Christopher Polk 37,500 50,000 50,000 John Hallam* 41,250 55,000 55,000
* as chairman of the Audit Committee, Mr Hallam's fee includes a further US$5,000 per annum.
All the Directors have taken a 25% reduction in fees with effect from 1 January 2012.
Mr Benway was not entitled to any Directors' fees during the period. As at 31 March 2012, the Directors' fees creditor was US$10,313 (30 September 2011 & 31 March 2011: US$Nil).
For the period ended 31 March 2012, Directors' fees were US$98,592 (30 September 2011: US$233,383 & 31 March 2011: US$112,668).
5. Basic & Diluted Deficit per Ordinary Share:
Basic and diluted deficit per Ordinary Share is based on the deficit for the period of US$5,031,051 (31 March 2011: US$63,563,574 loss) and on a weighted average of 65,289,574 (31 March 2011: 65,660,453) Ordinary Shares in issue.
6. Investments: 1 October 2011 1 October 2010 1 October Fair Value Through Profit to to 2010 or Loss Investments: 31 March 2012 30 September to 2011 31 March 2011 --------------- --------------- --------------- US$ US$ US$ Listed equity securities (freely tradeable) 6,190,505 4,180,905 15,875,148 Listed equity securities (restricted) - 5,606,263 36,327,297 --------------- --------------- 6,190,505 9,787,168 52,202,445 --------------- --------------- --------------- Opening fair value 9,787,168 99,696,687 99,696,687 Purchases - 5,201,963 5,192,853 Sales - proceeds (53,651) (32,990,882) (15,098,022) Sales - realised (losses)/gains on disposals (137,033) (5,558,528) 16,253 Movement in net unrealised (losses) (3,405,979) (56,562,072) (37,605,326) --------------- --------------- --------------- Closing fair value 6,190,505 9,787,168 52,202,445 --------------- --------------- --------------- Closing book cost 19,423,148 21,094,831 44,553,362 Closing net unrealised (losses)/gains 13,232,643 (11,307,663) 7,649,083 --------------- --------------- --------------- Closing fair value 6,190,505 9,787,168 52,202,445 --------------- --------------- ---------------
Notes to the Consolidated Financial Statements, continued
For the period 1 October 2011 to 31 March 2012
6. Investments, continued: 1 October 2010 Held for Trading Investments: 1 October to 1 October 2010 2011 30 September to to 2011 31 March 2011 31 March 2012 --------------- --------------- ---------------- US$ US$ US$ Unlisted investments-warrants 127,315 767,629 10,193,120 --------------- --------------- ---------------- Opening fair value 767,629 34,089,070 34,089,070 Purchases - - - Sales - proceeds - - (4,041) Movement in net unrealised losses (640,314) (33,321,441) (23,891,909) --------------- --------------- ---------------- Closing fair value 127,315 767,629 10,193,120 --------------- --------------- ---------------- Closing book cost 93,486 93,486 89,445 Closing net unrealised gains 33,829 674,143 10,103,675 --------------- --------------- ---------------- Closing fair value 127,315 767,629 10,193,120 --------------- --------------- ---------------- 1 October 1 October 2010 1 October 2010 2011 to to Total Investments: to 30 September 31 March 2011 31 March 2012 2011 --------------- --------------- --------------- US$ US$ US$ Listed equity securities (freely tradeable) 6,190,505 4,180,905 15,875,148 Listed equity securities (restricted) - 5,606,263 36,327,297 Warrants 127,315 767,629 10,193,120 --------------- --------------- --------------- 6,317,820 10,554,797 62,395,565 --------------- --------------- --------------- Opening fair value 10,554,797 133,785,757 133,785,757 Purchases - 5,201,963 5,192,853 Sales - proceeds (53,652) (32,990,882) (15,102,063) Sales - realised (losses)/gains on disposals (137,032) (5,558,528) 16,253 Movement in net unrealised losses (4,046,293) (89,883,513) (61,497,235) --------------- --------------- --------------- Closing fair value 6,317,820 10,554,797 62,395,565 --------------- --------------- --------------- Closing book cost 20,997,632 21,188,317 44,642,807 Closing net unrealised gains (14,679,812) (10,633,520) 17,752,758 --------------- --------------- --------------- Closing fair value 6,317,820 10,554,797 62,395,565 --------------- --------------- --------------- 7. Cash and Cash Equivalents: 31 March 2012 30 September 31 March 2011 2011 -------------- ------------- -------------- US$ US$ US$ Cash at bank 7,205,618 8,372,118 9,799,671 Bank overdraft - - (3) -------------- ------------- -------------- 7,205,618 8,372,118 9,799,668 -------------- ------------- --------------
Notes to the Consolidated Financial Statements, continued
For the period 1 Ocrober 2011 to 31 March 2012
8. Other Receivables: 31 March 2012 30 September 31 March 2011 2011 -------------- ------------- -------------- US$ US$ US$ Unsettled investment sales - - 2,149,224 Prepayments 343,193 59,195 153,014 -------------- ------------- -------------- 343,193 59,195 2,302,238 -------------- ------------- --------------
The Directors consider that the carrying amount of other receivables approximates fair value.
9. Other Payables: 31 March 2012 30 September 31 March 2011 2011 -------------- ------------- -------------- US$ US$ US$ Income allocation on B Redeemable Preference Shares (101,293) (101,293) (101,293) Administrator's fee 19,930 15,201 19,582 Registrar's fee 3,882 3,827 3,857 NOMAD & Broker's fees - - 1,918 Prime Broker fees 863 2,872 8,806 Legal & professional fees 273,523 325,444 69,566 Consultancy fees 5,387 5,387 8,558 Audit fee 40,408 74,803 48,581 Travel & marketing 4,513 4,790 - Directors' fees 10,313 - - Sundry payables 22,647 37,570 11,013 -------------- ------------- -------------- 280,173 368,601 70,588 -------------- ------------- --------------
The Directors consider that the carrying amount of other payables approximates fair value.
10. Reserves:
1 October 2011 1 October 2010 1 October 2010 to to to 31 March 2012 30 September 31 March 2011 2011 -------------- -------------- -------------- US$ US$ US$ Opening revenue reserve (21,320,270) 78,054,481 78,054,481 Total comprehensive deficit for the period/year (5,031,051) (99,374,751) (63,563,574) -------------- -------------- -------------- Closing revenue reserve (26,351,321) (21,320,270) 14,490,907 -------------- -------------- --------------
Notes to the Consolidated Financial Statements, continued
For the period 1 October 2011 to 31 March 2012
11. Share Capital:
31 March 2012, 30 September 2011 & 31 March 2011 ----------------- Authorised Share Capital: US$ Unlimited shares of no par value that may be issued as Ordinary Shares - ----------------- 1 October 2011 1 October 2010 1 October 2010 to to to 31 March 2012 30 September 31 March 2011 2011 -------------- -------------- -------------- Allotted, Issued and No. No. No. Fully Paid: Brought forward 65,289,574 66,189,574 66,189,574 Repurchased Ordinary Shares cancelled - (900,000) (900,000) Carried forward 65,289,574 65,289,574 65,289,574 -------------- -------------- -------------- 1 October 2011 1 October 2010 1 October 2010 to to to 31 March 2012 30 September 31 March 2011 2011 -------------- -------------- -------------- Share Capital: US$ US$ US$ Share capital brought forward 39,821,755 61,259,952 61,259,952 Capital distribution - (19,998,197) - Repurchase and cancellation of Ordinary Shares held in treasury during the period/year - (1,440,000) (1,440,000) -------------- -------------- -------------- Share capital carried forward 39,821,755 39,821,755 59,819,952 -------------- -------------- --------------
On 14 December 2010, in accordance with the Company's buy-back programme in relation to its distribution policy in respect of the year ended 30 September 2010, the Company acquired 900,000 Ordinary Shares from Shareholders for an aggregate price of US$1.44 million. On 17 December 2010, those Ordinary Shares of the Company that were being held in treasury were cancelled. Following the cancellation, as at 31 March 2012, the number of issued Ordinary Shares of the Company was 65,289,574.
On 30 August 2011, in accordance with the Company's distribution policy, the Company paid to Shareholders (on the register as at close of business on 19 August 2011) a return of capital of US$0.3063 per Ordinary Share, amounting to US$20.0million in aggregrate.
The repurchase of Ordinary Shares by the Company was funded from the Company's cash resources.
The Company's authorised capital structure comprises an unlimited number of shares of no par value.
Notes to the Consolidated Financial Statements, continued
For the period 1 October 2011 to 31 March 2012
11. Share Capital, continued:
Ordinary Shareholders have the following rights:
(i) Dividends
During the year Shareholders (other than the Company itself where it holds its own Ordinary Shares as treasury Ordinary Shares) are entitled to receive, and participate in, any dividends or other distributions out of the profits of the Company available for dividend and resolved to be distributed in respect of any accounting period or other income or right to participate therein.
(ii) Winding up
On a winding up, Shareholders (other than the Company itself where it holds its own Ordinary Shares as treasury Ordinary Shares) shall be entitled to the surplus assets remaining after payment of all the creditors of the Company.
(iii) Voting
Shareholders (other than the Company itself where it holds its own Ordinary Shares as treasury Ordinary Shares) shall have the right to receive notice of and to attend and vote at general meetings of the Company and each Shareholder being present in person or by proxy or by a duly authorised representative (if a corporation) at a meeting shall upon a show of hands have one vote and upon a poll each such holder present in person or by proxy or by a duly authorised representative (if a corporation) shall have one vote in respect of every Ordinary Share held by him.
B Redeemable Preference Shares
Proceeds from the issue of B Redeemable Preference Shares in the GPCo are classified as debt in these financial statements in accordance with IFRS and have the following special rights:
a) At any time the B Redeemable Preference Shareholders of the GPCo shall be entitled on liquidation of the Company to a sum equal to any undistributed vested performance allocation, due from the Limited Partnership, plus any amounts due to the Company under the Limited Partnership Agreement allocated between such Shareholders pro rata to the number of B Redeemable Preference Shares they hold at the date of distribution in priority to any other distributions on the A Ordinary Shares of the GPCo.
b) Subject to the provisions of the Law, on each annual NAV publication date, of the Limited Partnership, an amount equal to any undistributed vested performance allocation, in the Limited Partnership, shall become distributable to the B Redeemable Preference Shareholders of the GPCo.
c) Should the Company be unable to pay a dividend equal to any undistributed vested performance allocation, due from the Limited Partnership, in accordance with (b) above, the Company shall pay a maximum dividend it is permitted to pay to the B Redeemable Preference Shareholders of the GPCo and the remainder of the undistributed vested performance allocation shall be dealt with in accordance with (d) below. There is no vested performance allocation at 31 March 2012 and it is not expected that any further performance allocation will vest in future.
Notes to the Consolidated Financial Statements, continued
For the period 1 October 2011 to 31 March 2012
11. Share Capital, continued:
d) The B Redeemable Preference Shares of the GPCo shall have no voting rights, save where any undistributed vested performance allocation remains outstanding for more than 5 business days when each B Redeemable Preference Share in the GPCo shall carry 10 votes at any general meeting of the GPCo.
e) The B Redeemable Preference Shareholders of the GPCo have the sole economic rights to the performance allocation to which the Company is entitled under the terms of the limited partnership agreement and the return on the US$100,000 capital invested by the B Redeemable Preference Shareholders of the GPCo for the B Redeemable Preference Shares in the GPCo. The value of the B Redeemable Preference Shares is classified as a liability in these financial statements.
C Ordinary Share
A C Ordinary Share in GPCo was issued to VCA to enable it to comply with certain capital adequacy requirements. The Share carries no rights to vote at general meetings, no rights to dividends or other distributions (including on a return of capital) and only the right to receive GBP10,000 on a liquidation or winding up of GPCo. The value of the C Ordinary Share is classified as a liability in these financial statements.
12. NAV per Ordinary Share:
The NAV per Ordinary Share is based on the net assets attributable to Shareholders of US$13,470,434 (30 September 2011: US$18,501,485 & 31 March 2011: US$74,310,859) and on the Ordinary Shares at the period end in issue of 65,289,574 (30 September 2011 & 31 March 2011: 65,289,574).
31 March 2012 30 September 31 March 2011 2011 -------------- ------------- -------------- US$ US$ US$ Announced NAV per Ordinary Share 0.210 0.288 1.138 Adjustment re litigation and liquidation fees 0.004 0.004 - -------------- ------------- -------------- Statutory financial statements NAV per Ordinary Share 0.206 0.284 1.138 -------------- ------------- --------------
13. Dividend:
The Directors do not recommend the payment of a dividend for the period ended 31 March 2012 (31 March 2011: US$Nil).
14. Distribution:
On 14 December 2010, in accordance with the Company's buy-back programme in relation to its distribution policy in respect of the year ended 30 September 2010, the Company acquired 900,000 Ordinary Shares from Shareholders for an aggregate price of US$1.44 million. On 17 December 2010, those Ordinary Shares of the Company that were being held in treasury were cancelled. Following the cancellation, as at 31 March 2012, the number of issued Ordinary Shares of the Company was 65,289,574.
On 30 August 2011, the Company paid to Shareholders a return of capital amounting to US$20 million in aggregate. The remaining amount to be distributed to Shareholders as at 30 September 2011 was US$Nil.
15. Taxation:
The Company is exempt from Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 and is charged an annual exemption fee of GBP600.
Notes to the Consolidated Financial Statements, continued
For the period 1 October 2011 to 31 March 2012
16. Capital Management:
The Company has the ability to borrow up to 25% of net assets in order to meet ongoing expenses and obligations. Any such borrowing requires Board approval.
The Company has been granted authority to make market purchases of up to 14.99% of its own Ordinary Shares. Any such purchases require Shareholders' approval.
17. Contingent Liability:
In 2010, legal proceedings were brought against the Company, the Limited Partnership and other defendants in the United States Bankruptcy Court for the District of Nevada by the Trustee of the Litigation Trust of Astrata Group, Inc., a former Investee of the Company. At a hearing on 23 January 2012, the court allowed certain causes of action against the Company and the Limited Partnership to continue but dismissed the more substantial damage claims related to the loss of certain contracts. The remaining damage claims alleged in the complaint are those related to other lost "key contracts", bankruptcy administrative costs, the loss of "enterprise value" and cash flow, disgorgement and restitution. Based on the advice of counsel that has been engaged to defend the Company, the Company disputes the merits of the remaining claims. However, mindful of the potential litigation costs in this matter, and also with the advice and assistance of counsel, the Company is engaged in settlement negotiations with the Litigation Trustee.
Based on the complaint, the alleged value of the claims relating to other lost "key contracts" and bankruptcy administrative costs is now approximately US$35 million. An amount has not yet been alleged in relation to the claims for loss of "enterprise value" and cash flow, or for punitive and exemplary damages, attorneys' fees, pre-judgment interest, disgorgement or restitution. At the present time, the Company considers it not possible to know the outcome of the remaining claims. The legal costs incurred to date have been expensed. The Directors have decided to make a provision of US$250,000 against the future costs of vigorously defending or otherwise settling the proceedings and pursuing counterclaims and/or setoffs and defences against the plaintiff.
18. Post Period End Events:
Since the period end the Company managed to monetise its remaining holding in Shengkai Innovations (VALV) and all its warrants in VALV, Tianyin Pharmaceuticals and Keyuan Petrochemicals, achieving gross sale proceeds of US$2.86 million.
There were no other significant post period end events that require disclosure in these financial statements.
DEFINITIONS
Adjusted Closing NAV the NAV at the end of a performance period per Ordinary Share (for the avoidance of doubt, after deducting the performance allocation accrued in any previous performance period) divided by the number of Ordinary Shares in issue at the time Administrator Praxis Fund Services Limited Admission the admission of the Ordinary Shares to trading on AIM which occurred on 28 November 2007 AIM AIM, a market operated by the London Stock Exchange AIM Rules the AIM Rules for Companies of the London Stock Exchange A Ordinary Shares A Ordinary Shares issued by GPCo B Redeemable Preference B Redeemable Preference Shares issued by GPCo Shares Board the board of directors of the Company Canaccord Canaccord Genuity Limited, the Company's nominated adviser & broker Company or VOC Vision Opportunity China Fund Limited C Ordinary Shares C Ordinary Shares issued by GPCo Custodian Jefferies & Company Inc. Directors the directors of the Company GPCo Vision Opportunity China GP Limited Group the Company, GPCo, the Limited Partnership and their subsidiary undertakings from time to time High Watermark the highest previously recorded Opening NAV per Ordinary Share as reduced by the sum of all dividends and distributions paid, made or declared per Ordinary Share since the date such highest Opening NAV per Ordinary Share was established Hurdle NAV the greater of (a) the Opening NAV per Ordinary Share and (b) the High Watermark, increased over the relevant performance period by a rate equal to 10% per annum Investee Company a company in which an investment is held Investment Management the investment management agreement dated 16 Agreement November 2007, amended and restated investment management agreement dated 12 August 2011 and the 3 month extension agreement dated 31 March 2012 between the Company and the Investment Manager Investment Manager Vision Capital Advisors, LLC, a limited liability or Vision Capital Advisors corporation incorporated in Delaware, US and the investment manager of the Company Limited Partnership Vision Opportunity China LP Limited Partnership the agreement between VOC and GPCo establishing Agreement the Limited Partnership London Stock Exchange London Stock Exchange plc Master Fund Vision Opportunity Master Fund, Ltd, a Cayman Island exempt corporation managed by Vision Capital Advisors, including any other fund to which Vision Opportunity Master Fund, Ltd transfers a portion of its assets and which will continue to be managed by Vision Capital Advisors
DEFINITIONS, continued
NAV the net asset value of the Group or of an Ordinary Share (as the context requires) calculated in accordance with the investment valuation policy and the accounting policies of the Group from time to time NOMAD & Broker Canaccord Opening NAV per Ordinary the NAV at the beginning of a performance period Share (for the avoidance of doubt, after deducting the performance allocation accrued in any previous performance period) divided by the number of Ordinary Shares in issue at the time Ordinary Shares or ordinary shares of no par value in the share Shares capital of the Company Prime Broker Jefferies & Company Inc. Registrar Capita Registrars (Guernsey) Limited Shareholders the shareholders of the Company Treasury Shares Ordinary Shares held in treasury by the Company US the United States of America US$ US dollars, the lawful currency of the US GBP or Sterling pounds sterling, the lawful currency of the United Kingdom
COMPANY INFORMATION
Directors: Christopher Fish (Non-executive Independent Chairman)
John Hallam(Non-executive Independent Director)
Dr Christopher Polk (Non-executive Independent Director)
David Benway (Non-executive Director), (resigned 24 January 2012)
Ruiping Wang (Non-executive Independent Director), (resigned 21 March 2012)
Registered Office: Sarnia House
Le Truchot
St Peter Port
Guernsey, GY1 4NA
Administrator & Secretary Praxis Fund Services Limited
Sarnia House
Le Truchot
St Peter Port
Guernsey, GY1 4NA
Registrar: Capita Registrars (Guernsey) Limited
Mont Crevelt House
Bulwer Avenue
St Sampson
Guernsey, GY2 4LH
Investment Manager: Vision Capital Advisors, LLC
20 West 55(th) Street
5(th) Floor
New York, NY10019
USA
Auditors: KPMG Channel Islands Limited
PO Box 20
New Street, St Peter Port
Guernsey, GY1 4AN
Nominated Adviser & Broker: Canaccord Genuity Limited
9(th) Floor
88 Wood Street
London, EC2V 7QR
English Solicitors: Travers Smith LLP
10 Snow Hill
London, EC1A 2AL
Guernsey Advocates: Mourant Ozannes
1 Le Marchant Street
St Peter Port
Guernsey, GY1 4HP
Custodian, Prime Broker & Banker: Jefferies & Company Inc.
520 Madison Avenue
12(th) Floor
New York, NY10022
USA
Banker: Lloyds TSB Offshore Limited
Corporate Banking
PO Box 123
Sarnia House
Le Truchot
St Peter Port
Guernsey, GY1 4EF
Company Number: 47999 (Registered in Guernsey)
Sources of Further Information:
The Ordinary Shares are quoted on AIM. Information updates are available on the Company's website, www.vocfund.com.
Frequency of NAV Publication:
The Company's NAV is released via a Regulatory Information Service weekly.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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