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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Adv. Front. Npv | LSE:AFMF | London | Ordinary Share | GG00B1W59J17 | 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% | 53.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAFMF
RNS Number : 7868P
Advance Frontier Markets Fund Ltd
22 February 2016
ADVANCE FRONTIER MARKETS FUND LIMITED
HALF-YEARLY FINANCIAL REPORT
For the six months ended 31 December 2015
Investment objective
The objective of the Company is to generate long-term capital growth for its shareholders. The Investment Manager invests predominantly in a diversified portfolio of funds and other investment products which derive their value from Frontier Markets. The proportion of the portfolio invested in each component of Frontier Markets varies according to where the Investment Manager perceives the most attractive investment opportunities to be. Investee funds may include closed and open-end funds, exchange traded funds, structured products, limited partnerships and managed accounts.
Performance
For the six months ended 31 December 2015
Net Asset Value ("NAV") per share (in US dollars) -14.7%
Share price (in US dollars) -18.1%
As at 31 December 2015
NAV per share (in US dollars) $0.8184
Share price (in US dollars) $0.7369
Share price (in GB pounds) GBP0.5000
Net Assets $138.7m
CHAIRMAN'S STATEMENT
On behalf of your Board, I present to you the Half Yearly Financial Report for Advance Frontier Markets Fund Limited ("the Company") for the half year ended 31 December 2015.
Advance Frontier Markets Fund saw a decline in its NAV of 14.7% during what proved to be a disappointing period for investors in frontier markets. The share price fell by 18.1% as the discount at which the Company's shares trade widened to 10.0%. While understandable given the market environment, I expect there to be natural discount narrowing once risk appetite recovers from current depressed levels. I would also remind investors of the forthcoming liquidity opportunity which I discuss in more detail below. In seeking to narrow the discount, we have instructed the Company's Investment Manager to continue sustained dialogue with existing and potential new investors. I expect the recent acquisition of the Investment Manager by Aberdeen Asset Management to help in that regard as Aberdeen will provide significant additional marketing resources.
Broad declines across frontier markets stemmed from a variety of factors. Concerns over slowing growth, notably in China, continued to impact commodity prices, whilst the glut in oil supply saw energy prices decline to levels not seen for a decade. A wide variety of frontier markets in Africa, the Middle East and Central Asia depend, to various degrees, on exports of commodities and/or energy as a source of revenue. In such a challenging environment, it is not surprising that currencies generally weakened alongside stock markets.
Board composition
In line with corporate governance best practice and as reported in the Company's last Annual Report, the Board has planned for succession. After nine years of service as a director of the Company, Helen Green retired as a director of the Company at the Annual General Meeting held in December 2015. Helen was also Chair of the Audit Committee and the Management Engagement Committee. Helen's technical skills and practical experience have been highly valued by her Board colleagues and she leaves with our thanks and best wishes. Following a search and rigorous selection process, the Board welcomed David Warr as a director of the Company with effect from 9 September 2015 and he was appointed as Chairman of the Audit Committee and Management Engagement Committee upon Helen's retirement. David has considerable experience in the investment funds sector and I am sure will prove to be a strong addition to the Board.
I am also pleased to announce the appointment of Lynne Duquemin as a non-executive director of the Company with effect from 18 February 2016. Prior to her appointment, Lynne attended the Company's recent Board meetings as a Board apprentice. Lynne has over 29 years of investment experience and has extensive knowledge of investment management and advisory services. Of particular relevance to the Company is her background in manager selection and investment manager due diligence, as the Company invests into frontier markets via both closed and open-end funds.
Having been a director of the Company since its launch in June 2007, I will be standing down as a director and Chairman of the Company with effect from 1 March 2016. John Whittle will become Chairman of the Company at that time.
Acquisition of Investment Manager
On 15 September 2015 it was announced that the Company's Investment Manager, Advance Emerging Capital Limited ("AECL") which was subsequently renamed Aberdeen Emerging Capital Limited, had reached an agreement with Aberdeen Asset Management PLC ("Aberdeen") whereby Aberdeen would acquire 100% ownership of AECL. The transaction received regulatory approval from the UK Financial Conduct Authority and was completed in December 2015.
The Board of the Company is supportive of this change. The investment management team of AECL remains unchanged and AECL is expected to benefit from the significant additional resources available within Aberdeen.
Proposal to Change the Company's Name
As a consequence of the Aberdeen transaction the Board considered the merits of changing the Company's name. We believe that there are benefits that will accrue from Aberdeen's high profile and good reputation, notably in attracting additional retail demand for the Company's shares. Therefore we are proposing that the Company's name be changed to Aberdeen Frontier Markets Investment Company Limited. This will be proposed at an Extraordinary General Meeting of the Company's shareholders to be held on 14 April 2016. I and my fellow directors intend to vote our shareholdings in favour and I would encourage all other shareholders to support this change.
Liquidity Opportunity
As previously mentioned, at the time of the Company's Annual General Meeting in December 2016, the Board will put proposals to shareholders that will provide them with the opportunity to fully realise their investment in the Company at the then prevailing net asset value less costs. The directors intend to offer shareholders the same opportunity at five yearly intervals thereafter.
The Board has held a number of meetings with its advisors with regards to these proposals and a broad shareholder consultation exercise will take place during March and April of this year. The Board expects to notify shareholders of its formal proposals in the Annual Report for the year ending 30 June 2016 which will be published in late summer.
Future prospects
Frontier markets have endured a difficult period of performance, as investors globally have chosen to eschew risk assets in the face of rising global uncertainty. Whilst recent returns from frontier markets have been disappointing, your Investment Manager argues that volatility can present opportunities for long term investors. I am confident that by diligently pursuing its investment strategy investors will be rewarded when market conditions improve.
I conclude by thanking the Company's shareholders for their continued support, my colleagues on the Board for their diligence and professionalism, the Investment Manager for its continued efforts and all of our advisers for their advice and assistance.
Grant Wilson
22 February 2016
INVESTMENT MANAGER'S REPORT
Performance review
During the six months to 31st December 2015 the Company's net asset value per share (NAV) and share price declined by 14.7% and 18.1% respectively. As a point of reference, the MSCI Frontier Markets Net Total Return Index declined by 11.7% over the period while the MSCI Emerging Markets Net Total Return Index declined by 17.4%. The discount to NAV at which the Company's shares trade ended the period at 10.0%, having widened from 6.3% at the beginning of the period.
Figure 1: Advance Frontier Markets Fund Performance Report
6 Months 12 Months 3 Years 5 Years Since Inception -------- --------- ---------- -------- -------- ----------- NAV -14.7% -16.7% 1.8% -4.6% -15.5% -------- --------- ---------- -------- -------- ----------- Share price -18.1% -15.5% 6.1% -6.6% -26.3% -------- --------- ---------- -------- -------- -----------
Source: Aberdeen Emerging Capital Limited, Bloomberg, all figures in US dollar terms to 31 December 2015.
Inception was 15 June 2007 (initial NAV per share after share issue expenses was USD 0.9685).
Although the Company does not benchmark itself against the MSCI Frontier Markets Index we do conduct performance attribution against that index. In terms of relative performance, manager selection was broadly positive with the Company's investments in Pakistan, Argentina and Vietnam performing strongly. This was partially offset by a number of the Company's African holdings which lagged their benchmarks. Asset allocation was a negative with exposures to Egypt, Zimbabwe and Saudi Arabia detracting as those markets declined more sharply than the MSCI Frontier Index (of which they are not constituents) while the Company was also underweight the strongly performing markets of Morocco and Argentina. Significant allocations to Vietnam and Romania contributed positively as did an underweight allocation to Nigeria. Discount widening on closed end holdings hampered performance as continued negative sentiment towards the asset class impacted Africa Opportunity Fund, Picic Growth Fund and VinaCapital Vietnam Opportunity Fund.
(MORE TO FOLLOW) Dow Jones Newswires
February 22, 2016 12:00 ET (17:00 GMT)
Market environment(1)
The second half of 2015 proved to be a disappointing period for investors in frontier markets with MSCI's Frontier Markets Index losing 11.7%. Market declines can be attributed to a number of factors, with the most obvious being the slowdown in China, weak commodity and energy prices and the impact of these on sovereign balance sheets and currencies.
The dispersion of individual market returns during the reporting period was wide, with Estonia gaining 8.5% while Ukraine lost 37.5%. Simply put, those markets seen as either being heavily reliant upon commodity or energy exports or having weak government finances were amongst the worst performers. That said, being a net commodity importer was no guarantee of positive returns either as Bangladesh, Pakistan and Sri Lanka proved with market declines of 14.6%, 13.8% and 9.0% respectively. In the case of Pakistan the market consolidated after a lengthy period of strong performance as the earnings outlook weakened while in Sri Lanka political uncertainty contributed to the losses as it also did in Bangladesh where the market de-rated from high valuation levels.
Currency weakness continued to contribute in a meaningful way to the overall losses seen in many markets along with politics. Nigeria suffered from both, with the post-election positivity of early 2015 giving way to renewed stress and pressure on the naira as energy prices continued to fall. In Argentina, politics was a positive catalyst with a change in President and the expectation of more rational polices ahead.
Figure 2: Market returns over the six months to 31 December 2015 in US dollar terms
SEE HALF YEARLY REPORT
Source: Bloomberg, MSCI, S&P and local market indices, total return indices where available in US dollar terms, six months to 31 December 2015
[1] All performance numbers quoted in this report are in US dollar terms
Portfolio
The Company's asset allocation at the end of the period is shown on page 7 and the portfolio is shown on page 6, being composed of 31 holdings, with the top 20 investments representing 88.4% of NAV. At the period end, the portfolio was 65.4% invested through open-end investments, 29.7% through closed-end holdings, 2.3% through individual equities with cash and other net assets of 2.6%. The average discount to NAV on the closed-end holdings within the portfolio was 23.7%.
Changes made to the portfolio during the period included an increased allocation to Eastern Europe, where highly attractive valuations, moderate growth and the potential for further stimulus point to better times ahead for investors. We continued to maintain a higher than historical allocation to Asian frontier markets as clear beneficiaries of lower commodity and energy prices. By period end, the Company's exposure to frontier markets in Africa and the Middle East stood at less than half of what it was eighteen months ago as we continued to reduce exposure to those regions in favour of allocating to markets with stronger fundamentals. Having said this, we do not envisage a complete exit from these regions given the now attractive valuations in many countries and our desire to continue managing a broadly diversified portfolio.
Market outlook
The drop in risk appetite seen in the second half of last year has continued into 2016, with the MSCI Frontier Markets Index down a further 4.2% at the time of writing. Driven, as these declines are, by now well-established trends in energy, commodity and currency markets, investors could be forgiven for asking "what could possibly go right for frontier markets?"
In asking ourselves the same question, we conclude that the recent market weakness masks many positives. GDP growth, whilst slowing, remains in excess of developed markets, and will remain so for years to come based on long term trends in consumption and demographics. Asian and Eastern European frontier economies in particular are showing resilience, helped by cheaper imports of energy and raw materials. In Argentina, the recent political change provides the potential for this perennially under-achieving country to finally fulfil some of its potential.
In those exporting countries that are negatively impacted by lower energy and commodity prices, the most obvious source of relief would be a cessation or reversal of these trends. Whilst being far from experts on energy markets, it does seem unlikely that, over the long term, oil can remain at prices where much production is uneconomic. The Middle East in particular has experience of dealing with low oil prices for long periods of time in the past and should not be entirely written off as an investment destination.
Finally, as we often do, we return to valuation. After the challenges of the last 18 months, frontier markets now trade at valuations not seen since 2009, with the MSCI Frontier Markets Index trading at 10.5 times trailing earnings, 1.5 times book value and offering investors a dividend yield of 4.3%. This latter point is evidence of the unleveraged, cash-generative businesses that exist within this asset class.
Figure 3: Trailing Price to Earnings ratio for Frontier, Emerging and Developed Markets
SEE HALF YEARLY REPORT
At a bottom up level, discount widening and market volatility have thrown up selective opportunities for nimble investors in the short term, as well as for more patient ones over the longer term. We are actively taking advantage of such opportunities. The same type of inefficiency at a stock specific level should enable many of our underlying managers to skew their portfolios towards high quality companies trading at attractive levels of valuation and, in so doing, benefit when fundamentals re-exert themselves.
We look forward to 2016 and the opportunities it may present.
Aberdeen Emerging Capital Limited
22 February 2016
TWENTY LARGEST INVESTMENTS
Name Asset Class Investment Style* Structure At 31 At 31 Manager December December 2015 2015 Valuation GBP'000 % of net assets GBP'000 ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Romanian listed Romanian Fondul and private Templeton closed-end Proprietatea equities AM Value fund 11,668 8.4% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- VinaCapital Vietnam Cayman Opportunity Vietnam Growth closed-end Fund equities VinaCapital and value fund 10,888 7.9% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Advance Copernico Copernico Argentinian Capital Deep Cayman Argentina equities Partners value OIEC 9,405 6.8% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Vietnam listed Cayman PXP Vietnam and private PXP Vietnam closed-end Fund equity AM Value fund 8,371 6.0% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Sustainable Capital Africa African Consumer consumer Sustainable Mauritius Fund equities Capital Value OEIC 8,074 5.8% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- SCM Africa African Deep Maltese Fund equities Steyn Capital value SICAV 7,858 5.7% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Sustainable Capital Nigeria Nigerian Sustainable Mauritius Fund equities Capital Value OEIC 7,675 5.5% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- East African PineBridge equities Sub-Saharan & fixed PineBridge Cayman Fund income Investments Value OEIC 6,662 4.8% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Tundra Fonder
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February 22, 2016 12:00 ET (17:00 GMT)
Pakistan Pakistani Tundra Swedish Fund equities Fonder Value OEIC 6,592 4.8% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Sturgeon Central Asia Equities Central Sturgeon Luxembourg Fund Asian equities Capital Value SICAV 5,520 4.0% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Bottom Ashmore up fundamental EMM Middle Middle Ashmore value Dublin East Fund East equities Group and quality OEIC 5,518 4.0% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Pakistani Index Participatory MSCI Pakistan equities N/A Tracker Note 4,771 3.4% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Africa Emerging Markets African Ashmore Cayman Fund equities Group Value OEIC 4,130 3.0% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- East Capital Balkan Balkan East Capital Growth Swedish Fund equities AM and value OEIC 3,994 2.9% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- EFG Hermes - Saudi Arabia Equity Saudi Arabian EFG-Hermes Growth Saudi open-end Fund Equities KSA and value fund 3,894 2.8% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Blackrock Frontiers Frontier BlackRock Investment Markets Fund Managers Growth UK investment Trust Plc equities Ltd and value trust 3,607 2.6% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Pakistan Picic Growth Pakistani closed-end Fund equities Picic AMC Growth fund 3,544 2.6% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Africa African Africa Cayman Opportunity equities Opportunities Value closed-end Fund & debt Partners and arbitrage fund 3,540 2.6% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- DB MSCI Bangladeshi DB Platinum Index Luxembourg Bangladesh equities Advisors Tracker SICAV 3,439 2.5% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Isle of Qatar Investment Qatari Qatar Insurance Growth Man closed-end Fund equities Company and value fund 3,235 2.3% ----------------- ----------------- ----------------- ----------------- ----------------- ----------- ---------- Top twenty holdings 122,385 88.4% --------------------------------------------------------------------------------------------- ----------- ---------- Other holdings 12,657 9.0% --------------------------------------------------------------------------------------------- ----------- ---------- Total holdings 135,042 97.4% --------------------------------------------------------------------------------------------- ----------- ---------- Cash and other net assets 3,646 2.6% --------------------------------------------------------------------------------------------- ----------- ---------- Net assets 138,688 100.0% --------------------------------------------------------------------------------------------- ----------- ----------
OEIC = open ended investment company
*As determined by Aberdeen Emerging Capital Limited
ASSET ALLOCATION
PERCENTAGE OF NET COUNTRY SPLIT ASSETS AFRICA 27.4% ------------------------------------- ------------- Botswana 1.3% Dem. Rep. of Congo 0.0% Egypt 3.4% Ghana 1.0% Ivory Coast 0.3% Kenya 5.4% Mauritius 0.1% Morocco 0.8% Namibia 0.2% Nigeria 9.9% Senegal 0.6% Tanzania 0.9% Tunisia 0.1% Zambia 1.5% Zimbabwe 1.6% Other Africa 0.3% ASIA 33.0% ------------------------------------- ------------- Bangladesh 2.8% Kazakhstan 1.9% Pakistan 11.5% Sri Lanka 1.2% Vietnam 15.2% Other Asia 0.4% EASTERN EUROPE 14.4% ------------------------------------- ------------- Croatia 0.2% Romania 9.2% Serbia 0.5% Slovenia 0.8% Ukraine 0.2% Other Eastern Europe 3.5% MIDDLE EAST 9.2% ------------------------------------- ------------- Bahrain 0.4% Kuwait 0.7% Oman 0.1% Qatar 2.6% Saudi Arabia 4.0% UAE 1.1% Other Middle East 0.3% LATIN AMERICA 7.8% ------------------------------------- ------------- Argentina 7.5% Other Latin America 0.3% ------------- NON-SPECIFIED 1.5% CASH (INCLUDING CASH IN UNDERLYING FUNDS) AND BORROWINGS 6.7% TOTAL 100.0% ------------------------------------- -------------
The above analysis has been prepared on a portfolio look through basis.
(UNAUDITED) STATEMENT OF COMPREHENSIVE INCOME
6 months to 6 months to 6 months to 6 months to 31 6 months to 31 6 months to 31 31 December 31 December 31 December December 2014 December 2014 December 2014 2015 2015 2015 Revenue Capital Total Revenue Capital Total $'000 $'000 $'000 $'000 $'000 $'000 Losses on investments - (22,880) (22,880) - (17,300) (17,300) Capital losses on currency movements - (34) (34) - (36) (36) -------------- -------------- -------------- --------------- --------------- --------------- Net investment losses - (22,914) (22,914) - (17,336) (17,336) -------------- -------------- -------------- --------------- --------------- ---------------
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February 22, 2016 12:00 ET (17:00 GMT)
Investment income 439 - 439 2,495 - 2,495 -------------- -------------- -------------- --------------- --------------- --------------- Total income / (loss) 439 (22,914) (22,475) 2,495 (17,336) (14,841) -------------- -------------- -------------- --------------- --------------- --------------- Investment management fees (286) (571) (857) (357) (714) (1,071) Other expenses (397) - (397) (353) - (353) -------------- -------------- -------------- --------------- --------------- --------------- Net (loss) / profit from operations before finance costs and taxation (244) (23,485) (23,729) 1,785 (18,050) (16,265) Finance costs (66) (132) (198) (139) (113) (252) -------------- -------------- -------------- --------------- --------------- --------------- Net (loss) / profit before taxation (310) (23,617) (23,927) 1,646 (18,163) (16,517) Taxation (10) - (10) (131) - (131) -------------- -------------- -------------- --------------- --------------- --------------- Net (loss) / profit after taxation (320) (23,617) (23,937) 1,515 (18,163) (16,648) -------------- -------------- -------------- --------------- --------------- --------------- (Loss)/earnings per ordinary share (0.19c) (13.94c) (14.13c) 0.89c (10.72c) (9.82c)
The total column of this statement represents the Company's Statement of Comprehensive Income, prepared under IFRS. The revenue and capital columns, including the revenue and capital earnings per share data, are supplementary information prepared under guidance published by the Association of Investment Companies. The Company does not have any income or expenses that are not included in the profit for the period and therefore the "Profit on ordinary activities after taxation" is also the total comprehensive income for the period.
All capital and revenue items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.
(UNAUDITED) STATEMENT OF FINANCIAL POSITION
At 31 At 31 At 30 June December December 2015 2015 2014 $'000 $'000 $'000 Non-current assets Investments designated as fair value through profit or loss 135,042 158,555 164,982 Current assets Financial commitments paid - 5,500 - Other receivables 303 337 1,388 Cash and cash equivalents 12,586 12,203 5,573 ------------ -------------- -------------- 12,889 18,040 6,961 Total assets 147,931 176,595 171,943 ------------ -------------- -------------- Current liabilities Loans payable 9,000 4,500 9,000 Purchases for future settlement 243 5,300 - Other payables - 239 318 ------------ -------------- -------------- 9,243 10,039 9,318 Total assets less current liabilities 138,688 166,556 162,625 ------------ -------------- -------------- Share premium account 88,788 88,788 88,788 Share purchase reserve 82,319 82,319 82,319 Capital reserve (33,521) (6,549) (9,904) Revenue reserve 1,102 1,998 1,422 ------------ -------------- -------------- Total equity 138,688 166,556 162,625 ------------ -------------- -------------- Net asset value per ordinary share (US cents) 81.84c 98.29c 95.97c Number of ordinary shares in issue 169,460,000 169,460,000 169,460,000
(UNAUDITED) STATEMENT OF CHANGES IN EQUITY
Share Share 6 months to 31 December premium purchase Capital Revenue 2015 account reserve reserve reserve Total $'000 $'000 $'000 $'000 $'000 Opening shareholders' funds 88,788 82,319 (9,904) 1,422 162,625 Loss for the period - - (23,617) (320) (23,937) -------- --------- --------- --------- -------- Closing equity 88,788 82,319 (33,521) 1,102 138,688 -------- --------- --------- --------- -------- Share Share 6 months to 31 December premium purchase Capital Revenue 2014 account reserve reserve reserve Total $'000 $'000 $'000 $'000 $'000 Opening shareholders' funds 88,788 82,319 11,614 483 183,204 (Loss) / profit for the period - - (18,163) 1,515 (16,648) -------- --------- --------- --------- -------- Closing equity 88,788 82,319 (6,549) 1,998 166,556 -------- --------- --------- --------- --------
(UNAUDITED) STATEMENT OF CASH FLOWS
6 months 6 months to 31 to 31 December December 2015 2014 $'000 $'000 Operating activities Cash inflow from investment income and bank interest 897 2,244 Cash outflow from management expenses (1,303) (3,510) Cash inflow from disposal of investments 22,350 36,283 Cash outflow from purchase of investments (14,717) (23,340) Cash outflow on foreign exchange costs (34) (36) Cash outflow from taxation (10) (132) ---------- ---------- Net cash flow from operating activities 7,183 11,509 ---------- ---------- Financing activities Decrease in bank borrowings - (2,000) Finance charges and interest paid (170) (160) ---------- ---------- Net cash flow used in financing activities (170) (2,160) ---------- ---------- Net increase in cash and cash equivalents 7,013 9,349 ---------- ---------- Cash and cash equivalents opening balance 5,573 2,854 Cash inflow 7,013 9,349 ---------- ---------- Cash and cash equivalents closing balance 12,586 12,203 ---------- ----------
NOTES
1. Company information
The Company is a closed ended investment company incorporated and resident in Guernsey. Its ordinary shares are listed on the Channel Islands Securities Exchange and quoted on AIM.
2. Basis of preparation
(MORE TO FOLLOW) Dow Jones Newswires
February 22, 2016 12:00 ET (17:00 GMT)
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