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Share Name Share Symbol Market Type Share ISIN Share Description
Ashmore Global Opportunities Limited LSE:AGOL London Ordinary Share GG00BJJMSL63 ORD NPV (GBP)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1.52 1.42 1.62 0.00 0.00 0.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -5.0 -53.3 - 55

Ashmore Global Op Ld Final Results

27/04/2020 8:51am

UK Regulatory (RNS & others)


 
TIDMAGOU TIDMAGOL 
 
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, 
                                    CANADA, 
AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A 
              VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION 
 
        Ashmore Global Opportunities Limited ("AGOL", or the "Company") 
     a Guernsey incorporated and registered limited liability closed-ended 
                       investment company with a Premium 
   Listing of its US Dollar and Sterling share classes on the Official List. 
                           LEI 549300D6OJOCNPBJ0R33 
 
                                Annual Results 
 
                      For the year ended 31 December 2019 
 
      (Classified Regulated Information, under DTR 6 Annex 1 section 1.1) 
 
The financial information set out in this announcement does not constitute the 
Company's statutory accounts for the year ended 31 December 2019. All figures 
are based on the audited financial statements for the year ended 31 December 
2019. 
 
The financial information for the year ended 31 December 2019 is derived from 
the financial statements delivered to the UK Listing Authority. The Auditors 
reported on those accounts, their report was unqualified and did not contain a 
statement under Section 263(2) and 263(3) of The Companies (Guernsey) Law, 
2008. 
 
The announcement is prepared on the same basis as will be set out in the annual 
accounts. 
 
The Annual Report and Audited Financial Statements will be available on the 
Company website: www.agol.com 
 
Financial Highlights 
 
                                                     31 December 2019     31 December 2018 
 
Total Net Assets                                        US$14,170,771        US$30,518,440 
 
Net Asset Value per Share 
 
US$ shares                                                    US$2.89              US$5.05 
 
GBP shares                                                        GBP2.63                GBP4.73 
 
Closing-Trade Share Price* 
 
US$ shares                                                    US$2.54              US$4.15 
 
GBP shares                                                        GBP1.52                GBP3.58 
 
Discount to Net Asset Value* 
 
US$ shares                                                   (12.11)%             (17.82)% 
 
GBP shares                                                     (42.21)%             (24.31)% 
 
* For further information, please refer to Supplementary Information 
(Unaudited) - Alternative Performance Measures ("APMs"). 
 
Chairman's Statement 
 
As at 31 December 2019, the Net Asset Value ("NAV") of Ashmore Global 
Opportunities Limited (the "Company" or "AGOL") was US$14.2m compared to 
US$30.5m as at 31 December 2018. The Company realised investments in 2019, 
which allowed it to make distributions to Shareholders of US$4.7m. The NAVs per 
share were US$2.89 and GBP2.63 as at 31 December 2019, down from US$5.05 and GBP 
4.73 respectively at the end of 2018. The share prices stood at US$2.54 and GBP 
1.52 as at 31 December 2019. On 31 March 2020 all remaining GBP shares 
outstanding were converted to $ shares. Due to the closure of the GBP share 
class, there will not be any conversions going forward. 
 
The main detractor from performance was the mark-down by the independent 
valuation agent in the value of Microvast in May and November. Further details 
on this and the other underlying exposures of the Company are given in the 
Investment Manager's Report. 
 
The US$4.7m distributions to Shareholders during the year were primarily the 
proceeds of the realisation of the investment in Kulon, and dividends from AEI. 
The Investment Manager is working towards the sale of the remaining assets, 
with a focus on the largest exposure of the Company, AEI, as well as the other 
remaining holdings. Further details on these are given in the Investment 
Manager's Report. There may be one or two small sales in 2020 but it is 
unlikely that AEI will be sold until the 1st quarter of 2021 at the earliest. 
 
Below is an overview of the distributions made since February 2013 when 
Shareholders voted to wind up the Company in an orderly fashion. 
 
Quarterly Distributions 
 
Quarter End Date                                        % of 31 December 2012  % of 31 December 2012 
                                Distributions 
 
                                         (US$)                   NAV           Market Capitalisation 
 
31 March 2013                         92,500,000                 19%                    28% 
 
30 June 2013                          13,000,000                 3%                      4% 
 
30 September 2013                     26,000,000                 5%                      8% 
 
31 December 2013                      36,900,000                 8%                     11% 
 
30 June 2014                           7,250,000                 2%                      2% 
 
30 September 2014                     21,500,000                 5%                      7% 
 
31 December 2014                      40,500,000                 8%                     12% 
 
31 March 2015                         19,500,000                 4%                      6% 
 
30 June 2015                          27,250,000                 6%                      8% 
 
31 December 2015                      16,200,000                 3%                      5% 
 
31 March 2016                          2,500,000                 0%                      1% 
 
30 September 2017                      3,000,000                 1%                      1% 
 
30 June 2018                          25,500,000                 5%                      8% 
 
31 December 2018                                                 0%                      0% 
                                             1,500,000 
                  * 
 
30 June 2019                           4,725,000                 1%                      1% 
 
Total                                337,825,000                 70%                    102% 
 
 
* was declared in January 2019 and distributed to Shareholders in Q2 2019. 
 
The Board has taken the decision to close the hedging programme and convert all 
the GBP shares into $ shares. Whilst the hedging was designed to eliminate 
exchange rate risk between the two share classes, it could generate cash losses 
to the fund if GBP fell against the $. To protect itself against that, AGOL 
always retained a cash reserve. Now that there are very few assets left, there 
seemed little point in maintaining the hedging programme, and that the cash 
reserve could be used to cover other expenses or returned to shareholders. 
 
With all the uncertainties surrounding COVID-19 and the economic outlook, the 
Board feels that it is prudent to reduce costs as much as possible. As a 
result, the Board is reviewing the listing of AGOL as significant costs savings 
could be made if AGOL were to be delisted. 
 
I would like to thank everyone involved with AGOL for their hard work. 
 
Richard Hotchkis 
 
24 April 2020 
 
Investment Manager's Report 
 
Performance 
 
As at 31 December 2019, the NAV of the Company was US$14.2m, compared to 
US$30.5m at the end of December 2018. During 2019, US$6.2m was distributed to 
Shareholders of which US$1.5m related to realisations completed in 2018 and the 
balance from realisations achieved and dividends received in 2019. 
Consequently, the performance to Shareholders was -38.03%. As at 31 December 
2019, the NAVs per share of the US$ and GBP classes stood at US$2.89 and GBP2.63 
respectively. 
 
Portfolio Review 
 
AEI, which remaining asset is a coal-fired power plant in Guatemala, continues 
to operate satisfactorily. Various efforts to dispose of the asset have not yet 
been successful. The final appeal by the original Chinese contractor was heard 
in November 2019 and in March 2020 we received a ruling in our favour on all 
points. That has cleared the path for a realisation of the asset in the medium 
term, subject to market conditions. 
 
The operating performance by Microvast worsened in 2019. First, the macro/ 
industry situation in China continues to deteriorate in the EV battery sector 
with the further decrease of government subsidies. Second, anticipating the 
above, Microvast embarked some years ago on a strategy of foreign expansion. 
While this has brought successes in places such as the UK, Germany and the 
Netherlands, among others, this expansion has not been rapid enough to offset 
lower profitability in China, added to which anticipated orders from large 
European car and truck manufacturers have not yet materialised. These two 
issues combined leave the company's balance sheet significantly weakened, and 
new funding will be required. The independent valuation agent took the view 
that unless new orders materialise quickly, such new funding may be hard to 
obtain, and that in turn may make the current enterprise unviable as a going 
concern. In two stages in May and November, the independent valuation agent 
wrote down the equity valuation to zero. Microvast's management continues to 
focus on raising additional capital and winning further orders in Europe and 
China. 
 
There was a full realisation of the Company's investment in Kulon in Russia, 
the proceeds of which were distributed to Shareholders in Q2 2019. 
 
Further details on the smaller holdings in the Company are given later in this 
Investment Manager's report. 
 
Outlook 
 
As described above, the focus remains on realising AGOL's remaining investments 
in an orderly manner, and we expect to start to make progress on this later 
this year. Nevertheless, realisations are very much influenced by the 
attraction and circumstances of each individual asset. 
 
Since the year end we have seen the development of the coronavirus covid-19 
outbreak initially in China and now reaching most continents. At present, it is 
not possible to assess the detailed impact of the emerging risk, on the 
investments in the Company but there is growing concern about the impact on the 
world economy. There has been a significant change in the financial markets in 
the last few weeks. The Board and the Investment Manager continue to watch the 
efforts of governments to contain the spread of the virus and monitor the 
economic impact, if any, on the investments in the Company. 
 
The Investment Manager, Custodian, Administrator and Secretary are monitoring 
developments relating to coronavirus covid-19 and are coordinating their 
operational response based on existing business continuity plans and on 
guidance from global health organisations, relevant governments, and general 
pandemic response best practices. 
 
Details on the Top 4 Underlying Holdings (on a look through basis) 
 
The table below shows the top 4 underlying investments as at 31 December 2019 
excluding the cash balance (cash was (0.39)% as at 31 December 2019). 
 
Investment Name           % of NAV       Country          Business Description 
 
   AEI                        80.62%      Guatemala       Power generation in Latin America 
 
   ZIM Laboratories            8.51%      India           Pharmaceutical research and 
   Ltd                                                    manufacturing 
 
   GZ Industries Ltd           6.17%      Nigeria         Aluminium can manufacturing 
 
   Numero Uno                  6.06%      India           Branded apparel manufacturers and 
                                                          retailers 
 
 
The tables below show the country and industry allocations of underlying 
investments over 1% at the end of December 2019: 
 
Country                          % of NAV     Industry                          % of NAV 
 
Guatemala                          80.62%     Electrical                          80.62% 
 
India                              13.59%     Pharmaceuticals                      8.51% 
 
Nigeria                             6.17%     Miscellaneous manufacturing          6.17% 
 
                                              Retail                               5.08% 
 
These tables form an integral part of the financial statements. 
 
Details on a Selection of the Underlying Holdings 
 
Microvast 
Industry: Technology/clean-tech 
Country: China 
Website: www.microvast.com 
Company Status: Private 
Investment Risk: Equity 
 
Operational update 
 
*     Microvast continues to supply batteries for pure e-bus and plug-in hybrid 
electric vehicles (PHEV) to almost all major Chinese original bus manufacturers 
(OEMs), with these being deployed in over 30 cities in China. Follow-on orders 
continue to be received for the European bus market, where increasingly 
stringent emission rules support the market. 
 
*     Microvast's gross margins have fallen due to lower prices under the new 
China e-bus subsidy policy. 2019 revenues were down YoY. 
 
*     The balance sheet is stretched with net debt exceeding current Enterprise 
Value, leading the independent valuation agent to mark down the equity value to 
zero during 2019. 
 
2020 operational strategy/priorities 
 
*     Securing new long term contracts for commercial vehicle and auto 
customers. 
 
*     Securing new financing and extending existing financing facilities both 
for existing operations and for capex and R&D. 
 
*     Hire and retain high quality staff. 
 
Key risks 
 
*     Not securing large long-term contracts, making financing difficult to 
obtain. 
 
*     Overcapacity in both Chinese and global battery companies. 
 
*     Warranty claims arising from defective cells or modules. 
 
*     Unfavourable changes to the Chinese government's New Energy Vehicle 
policy. 
 
Exit strategy 
 
*     Block sale pre- or post-IPO. 
 
AEI 
 
Industry: Power generation 
 
Country: Guatemala 
 
Company Status: Private 
 
Investment Risk: Equity 
 
Operational update 
 
*     The only operating entity remaining in AEI is Jaguar, in Guatemala. 
 
*     The final appeal by the original Chinese conractor was heard in November 
2019 and in March 2020 we received a ruling in our favour on all points. That 
has cleared the path for a realisation of the asset in the medium term, subject 
to market conditions. 
 
Key risks 
 
*     Final exit process. 
 
Exit strategy 
 
*     Trade sale of the asset. 
 
*     Wind up of AEI post the Jaguar exit. 
 
ZIM Laboratories 
Industry: Pharmaceuticals 
Country: India 
Website: zimlab.in 
Company Status: Public 
Investment Risk: Equity 
 
Operational update and priorities 
 
*     The company results are satisfactory albeit below ambitious targets. 
 
*     The focus is new delivery solutions for generic products as well as 
direct marketing in India and marketing partnerships in the rest of the world. 
 
*     Add manufacturing flexibility to deal with high value added, lower volume 
orders. 
 
Exit strategy and timing 
 
*     The share price performed poorly in 2019 on very low trading volumes. A 
block sale at a fair valuation is being sought. 
 
Numero Uno 
Industry: Retail 
Country: India 
Website: www.numerounojeanswear.com 
Company Status: Private 
Investment Risk: Equity 
 
Operational update and priorities 
 
*     Recent results have been on budget and the company remains profitable. 
Alternative distribution channels are being pursued. 
 
*     Management is focussed on efficiency in operations. 
 
Key risks 
 
*     Cash payments remain important to the company and any new tightening of 
liquidity conditions could impact revenues. 
 
Exit strategy and timing 
 
*     Discussions with the promotor of the company about possible avenues of 
realising our investment. 
 
GZI 
Industry: Aluminium can manufacturing 
Country: Nigeria 
Website: www.gzican.com 
Company Status: Private 
Investment Risk: Equity 
 
Operational update 
 
*     In Nigeria, a stable macro environment helped the business continue its 
strong performance in H1 2019, however in H2 2019 the business was affected by 
unseasonable weather and land border closings falling 10% short of its budget. 
 
*     In South Africa, GZI launched its two-line, 1.2bn capacity plant on 
schedule and budget. 70% of capacity has been contracted and production is 
ramping up and reached peak production by February 2020. 
 
*     Going forward we expect pricing pressure in Nigeria but that should be 
offset by larger volumes and growth in South Africa driving value in 2020. 
 
2020 operational strategy/priorities 
 
*     Sell land in Kenya. 
 
*     Leverage larger presence for global contracts with beverage contracts up 
for renewal. 
 
*     Manage foreign exchange exposures/requirements. 
 
Key risks 
 
*     Slowdown in the African beverages markets. 
 
*     Clients opting for cheaper competitors or alternatives. 
 
*     Access to US$ / local currency depreciation. 
 
*     Recruitment / talent sourcing. 
 
Exit strategy and timing 
 
*     2020 exit through IPO or strategic sale. 
 
Ashmore Investment Advisors Limited 
 
Investment Manager 
 
24 April 2020 
 
Board Members 
 
As at 31 December 2019, the Board consisted of four non-executive Directors. 
The Directors are responsible for the determination of the Company's investment 
policy and have overall responsibility for its activities. As required by the 
Association of Investment Companies Code on Corporate Governance (the "AIC 
Code"), the majority of the Board of Directors are independent of the 
Investment Manager. In preparing this annual report, the independence of each 
Director has been considered. 
 
Richard Hotchkis, Independent Chairman, (UK resident) appointed 18 April 2011 
 
Richard Hotchkis has over 40 years of investment experience. Until 2006, he was 
an investment manager at the Co-operative Insurance Society, where he started 
his career in 1976. He has a breadth of investment experience in both UK and 
overseas equities, including in emerging markets, and in particular, investment 
companies and other closed-ended funds, offshore funds, hedge funds and private 
equity funds. 
 
Steve Hicks, Non-Independent Director (connected to the Investment Manager), 
(UK resident) appointed 
16 January 2014 
 
Steve Hicks, who is a qualified UK lawyer, has held a number of legal and 
compliance roles over a period of more than 25 years. From June 2010 until 
January 2014, he was the Ashmore Group Head of Compliance. Prior thereto he was 
Director, Group Compliance at the London listed private equity company 3i Group 
plc. 
 
Nigel de la Rue, Independent Director, (Guernsey resident) appointed 16 October 
2007 
 
Nigel de la Rue graduated in 1978 from Pembroke College, Cambridge with a 
degree in Social and Political Sciences. He is qualified as an Associate of the 
Chartered Institute of Bankers, as a Member of the Society of Trust and Estate 
Practitioners ("STEP") and as a Member of the Institute of Directors. He was 
employed for 23 years by Baring Asset Management's Financial Services Division, 
where he was responsible for the group's Fiduciary Division and sat on the 
Executive Committee. He left Baring in December 2005, one year after that 
Division was acquired by Northern Trust. He has served on the Guernsey 
Committees of the Chartered Institute of Bankers and STEP, and on the Guernsey 
Association of Trustees, and currently holds a number of directorships in the 
financial services sector. 
 
Christopher Legge, Independent Director, (Guernsey resident) appointed 27 
August 2010 
 
Christopher Legge has over 25 years' experience in financial services. He 
qualified as a Chartered Accountant in London in 1980 and spent the majority of 
his career based in Guernsey with Ernst & Young, including being the Senior 
Partner of Ernst & Young in the Channel Islands. Christopher retired from Ernst 
& Young in 2003 and currently holds a number of directorships in the financial 
sector. He was appointed to the Board of Sherborne Investors (Guernsey) C 
Limited on 25 May 2017. He was also appointed as a non-executive director of NB 
Distressed Debt Investment Fund Limited with effect from 12 April 2018. 
 
Disclosure of Directorships in Public Companies Listed on Recognised Stock 
Exchanges 
 
The following summarises the Directors' directorships in other public 
companies: 
 
Company Name 
             Exchange 
 
Richard 
Hotchkis 
Nil 
 
Steve Hicks 
                    Nil 
 
Nigel de la Rue 
                  Nil 
 
Christopher Legge 
 
     NB Distressed Debt Investment Fund 
Limited                                   London 
 
     Sherborne Investors (Guernsey) B Limited 
      London 
 
     Sherborne Investors (Guernsey) C Limited 
            London 
 
     Third Point Offshore Investors Limited 
                     London 
 
     TwentyFour Select Monthly Income Fund Limited 
London 
 
Strategic Report 
 
The Directors submit their Strategic Report together with the Company's audited 
financial statements for the year ended 31 December 2019. 
 
The Strategic Report provides a review of the business for the financial year 
and describes how risks are managed. In addition, the report outlines the 
financial performance of the Company during the financial year and the position 
at the end of the year, and discusses the main factors that could affect the 
future performance, and financial position of the Company. 
 
Business Model and Strategy 
 
Investment Strategy 
 
Prior to the Extraordinary General Meeting ("EGM") of shareholders on 13 March 
2013, the Company's investment objective was to deploy capital in a diversified 
portfolio of global emerging market strategies and actively manage these with a 
view to maximising total returns. This was implemented by investing across 
various investment themes (Alternatives including Special Situations and Real 
Estate, External Debt, Local Currency, Equities, Corporate Debt and 
Multi-Strategy), with a principal focus on Special Situations. 
 
On 12 December 2012, the Board announced, following its review and in 
conjunction with its independent financial and legal advisers, options to 
address the structural issue of the discount to NAV at which the shares were 
trading, which included proposals to shareholders: to amend the investment 
strategy to make no new Special Situations investments (with any new 
investments to be shorter term in nature); to realise the Company's assets for 
cash over the next few years; and to return cash realised from the investment 
portfolio to shareholders (the "Managed Wind-Down"). Shareholders approved 
these proposals at an EGM held on 13 March 2013. The Board believes that the 
revised investment strategy is the best way of realising the value of the 
Company. 
 
Going Concern 
 
The Board of Directors called an EGM, which was held on 13 March 2013, to 
approve proposals for a managed wind-down of the Company`s portfolio. All 
proposals were duly passed at the EGM and accordingly the Board: 
 
1. changed the investment objective of the Company to the realisation of the 
Company's assets in an orderly manner in order to return cash to shareholders; 
 
2. amended the Articles of Incorporation to facilitate a regular, quarterly 
return of cash to shareholders; 
 
3. amended the Articles of Incorporation in relation to the removal of the 
continuation vote; 
 
4. amended the Articles of Incorporation to reduce the minimum number of 
Directors from five to one; and 
 
5. amended the terms of the Investment Management Agreement ("IMA") between the 
Company and Ashmore Investment Advisors Limited (the "Investment Manager"). 
 
The Company continues to realise its portfolio in an orderly manner which is 
taking longer than originally envisaged. The Board has reviewed the Company's 
annual operating costs with a view to reducing costs where possible and 
currently estimate such costs to be in the region of US$280,000. The Company 
currently has sufficient cash to meet those expenses for at least two years. 
 
The Directors have examined significant areas of possible going concern risk 
and are satisfied that no material exposures exist. The Directors consider that 
the Company has adequate resources to continue in operational existence for the 
foreseeable future and believe it is appropriate to adopt the going concern 
basis in preparing the financial statements, despite the managed wind-down of 
the Company over the next few years. 
 
Long Term Viability Statement 
 
In accordance with the AIC Code the Directors have assessed the future 
prospects of the Company over the next two years. The Directors believe this to 
be a reasonable timeframe in which to realise the remaining portfolio of 
investments. As stated in the Going Concern section above the Company currently 
has sufficient cash resources to meet its operating expenses for that period. 
The principal risk affecting the Company is market price risk, although the 
Covid-19 pandemic may also affect the timing of disposals, as it seeks to 
realise its remaining portfolio. Once the majority of the investments have been 
sold the Board will propose that the Company enters into voluntary liquidation. 
The Directors consider that the Company has sufficient cash and liquid 
resources to complete its wind down and liquidation in an orderly manner 
including paying all associated costs. 
 
Business Environment 
 
Internal Controls 
 
The Board is ultimately responsible for the Company's system of internal 
control and for reviewing its effectiveness. The Board confirms that there is 
an ongoing process for identifying, evaluating and managing the significant 
risks faced by the Company. This process has been in place for the year under 
review and up to the date of approval of this annual report and accords with 
the Turnbull guidance. The Code requires Directors to conduct, at least 
annually, a review of the Company's system of internal control, covering all 
controls, including: financial, operational, compliance and risk management. 
 
The risk matrix is subject to an annual review by the Board. The Board has 
reviewed the effectiveness of the systems of internal control. In particular, 
it has reviewed and updated the process for identifying and evaluating the 
significant risks affecting the Company and the policies by which these risks 
are managed. The internal control systems are designed to meet the Company's 
particular needs and the risks to which it is exposed. Accordingly, the 
internal control systems are designed to manage rather than eliminate the risk 
of failure to achieve business objectives and by their nature can only provide 
reasonable and not absolute assurance against misstatement and loss. 
 
Risks and Uncertainties 
 
The principal risks and uncertainties faced by the Company include market risk 
(comprising currency risk, interest rate risk and other price risk), credit 
risk, concentration risk, liquidity risk, operational risk and capital 
management. These could have a material adverse effect separately or in 
combination on the Company's earnings and financial condition. Further 
information on these risks and uncertainties and how they are mitigated is set 
out in note 14 to the financial statements. 
 
The other risks and uncertainties which have been identified and the steps 
which are taken by the Board to mitigate them are as follows: 
 
-     Cyber risks: the Board is reliant on its key service providers in that 
regard who have confirmed to the Board that they have detailed cyber risk 
mitigation programmes and report any relevant issues to the Board on a timely 
basis. Similarly the Company must comply with the provisions of the Law and 
Listing Rules and the Board relies on its service providers and in particular 
the Company Secretary in that regard. The key service providers are contracted 
to provide investment, company secretarial, administration and accounting 
services and report to the Board on a quarterly basis. 
 
-     Emerging risks: in order to recognise any new risks that may impact the 
Company and to ensure that appropriate controls are in place to manage those 
risks, the Audit Committee undertakes regular reviews of the Company's risk 
matrix. This review took place on three occasions during the year during Audit 
Committee Meetings. 
 
Since the year end we have seen the development of the coronavirus covid-19 
outbreak initially in China and now reaching most continents. At present, it is 
not possible to assess the detailed impact of the emerging risk, on the 
investments in the Company but there is growing concern about the impact on the 
world economy. There has been a significant change in the financial markets in 
the last few weeks. The Board and the Investment Manager continue to watch the 
efforts of governments to contain the spread of the virus and monitor the 
economic impact, if any, on the investments in the Company. 
 
The Directors do not believe that any adjustments to the financial statements 
as at 31 December 2019 are required as a result of this subsequent event. 
 
The Investment Manager, Custodian, Administrator and Secretary are monitoring 
developments relating to coronavirus covid-19 and are coordinating their 
operational response based on existing business continuity plans and on 
guidance from global health organisations, relevant governments, and general 
pandemic response best practices. 
 
Board Diversity 
 
The Board considers that its members have a balance of skills and experience 
which are relevant to the Company. The Board has no plans to refresh the Board 
at the current time due the Company being in managed wind-down. If it becomes 
necessary to appoint new Directors and review the Board composition, the Board 
will consider, amongst other factors, diversity, balance of skills, knowledge, 
gender, ethnicity and experience. The Board does not consider it appropriate to 
establish targets or quotas in this regard. 
 
Social, Community and Human Rights 
 
The Company does not have any specific policies on social, community or human 
rights issues as it is an investment company which does not have any physical 
assets, property, employees or operations on its own. Please refer to the 
Chairman's Statement and Investment Manager's Report for more details on the 
Company's investments. 
 
Position and Performance 
 
Key Performance Indicators ("KPIs") 
 
Net Asset Value 
 
The NAV of the Company has decreased from US$30.5m as at 31 December 2018 to 
US$14.2m as at 31 December 2019. 
 
Net Asset Value per Share 
 
The NAVs per share of the US$ and GBP classes stood at US$2.89 and GBP2.63 
respectively as at 31 December 2019, compared to US5.05 and GBP4.73 respectively 
as at 31 December 2018. 
 
Closing-Trade Share Price 
 
The closing-trade share price of the US$ and GBP classes stood at US$2.54 and GBP 
1.52 respectively as at 31 December 2019, compared to US$4.15 and GBP3.58 
respectively as at 31 December 2018. 
 
Discount to Net Asset Value 
 
The discount to the NAV of the US$ and GBP classes was (12.11)% and (42.21)% 
respectively as at 31 December 2019, compared to (17.82)% and (24.31)% 
respectively as at 31 December 2018. 
 
Ongoing Charges 
 
The Company's ongoing charges ratio has increased from 0.75% as at 31 December 
2018 to 1.34% as at 31 December 2019. The increase in the ongoing charges 
percentage between 2018 and 2019 is due to the drop in the average NAV for 2019 
compared to 2018 while the expenses remained relatively similar year-on-year. 
 
Earnings per Share 
 
The Earnings per Share of the US$ and GBP classes were US$(1.90) and US$(2.19) 
respectively for the year ended             31 December 2019, compared to US$ 
(0.68) and US$(1.33) respectively for the year ended 31 December 2018. 
 
Dividends 
 
During 2019, US$6.2m was distributed to Shareholders of which US$1.5m related 
to realisations completed in 2018 and the balance from realisations achieved 
and dividends received in 2019. 
 
Performance 
 
The performance to Shareholders was -38.03% for the year ended 31 December 
2019, compared to -10.40% for the year ended 31 December 2018. 
 
Key Service Providers 
 
The Company does not have any employees and as such the Board delegates 
responsibility for its day to day operations to a number of key service 
providers. The activities of each service provider are closely monitored by the 
Board and they are required to report to the Board at the quarterly Board 
meetings or more frequently if required. 
 
In addition, a formal review of the performance of each service provider is 
carried out once a year by the Management Engagement Committee. 
 
Investment Manager 
 
Ashmore Investment Advisors Limited is the Investment Manager. In exchange for 
its services a fee is payable as detailed in note 11 to the financial 
statements. 
 
Brokers 
J.P. Morgan Cazenove is the Broker. 
 
Administrator and Secretary 
Northern Trust International Fund Administration Services (Guernsey) Limited is 
the Administrator and Secretary. Further details on fee structure are included 
in note 11 to the financial statements. 
 
Custodian 
Northern Trust (Guernsey) Limited is the Custodian. Further details on fee 
structure are included in note 11 to the financial statements. 
 
UK Registrar and Transfer Agent 
Computershare Investor Services PLC is the UK Registrar and Transfer Agent. 
 
Advocates 
Carey Olsen (Guernsey) LLP are the Advocates to the Company. 
 
UK Solicitor 
Slaughter and May are the Solicitor to the Company. 
 
Signed on behalf of the Board of Directors on 24 April 2020 
 
Richard Hotchkis                 Christopher Legge 
Chairman                             Chairman of the Audit Committee 
 
Directors' Report 
 
The Directors submit their Report together with the Company's audited financial 
statements for the year ended 31 December 2019, which have been prepared in 
accordance with International Financial Reporting Standards ("IFRS") as issued 
by the International Accounting Standards Board (the "IASB") and are in 
agreement with the accounting records, which have been properly kept in 
compliance with section 238 of the Companies (Guernsey) Law, 2008. 
 
The Company 
 
The Company was incorporated with limited liability in Guernsey, Channel 
Islands as an authorised closed-ended investment company on 21 June 2007. The 
Company was launched on 7 December 2007 and the Company's shares were admitted 
to the Official Listing of the London Stock Exchange on 12 December 2007, 
pursuant to Chapter 14 of the Listing Rules. Following changes to the Listing 
Rules on 6 April 2010, the listing became a Standard Listing. On 27 April 2011, 
the UK Listing Authority confirmed the transfer of the Company from a Standard 
Listing to a Premium Listing under Chapter 15 of the Listing Rules. 
 
Results and Dividends 
 
The results for the year are discussed in more detail in the Chairman's 
Statement and the Investment Manager's Report. The Company is returning cash to 
investors via regular compulsory partial redemptions and is therefore not 
paying dividends. 
 
Compulsory Partial Redemptions 
 
Following the approval by the Company's shareholders of the wind-down proposal 
as described in the circular published on 20 February 2013, during the year 
ended 31 December 2019, management announced returns of capital to shareholders 
by way of compulsory partial redemption of shares, with the following 
redemption date: 
 
  * 7 March 2019, US$1.5m using the 31 January 2019 NAV; and 
  * 6 June 2019, US$4.7m using the 30 April 2019 NAV. 
 
Between the end of the reporting year and the date when the financial 
statements were authorised for issue, there were no returns of capital to 
shareholders by way of compulsory partial redemptions of shares. 
 
The amounts applied to the partial redemptions of shares comprised monies from 
dividends received and from the realisation of the Company's investments up to 
31 December 2019 pursuant to the wind-down of the Company. 
 
Share Capital 
 
The number of shares in issue at the year end is disclosed in note 8 to the 
financial statements. 
 
The Board 
 
The Board of Directors has overall responsibility for safeguarding the 
Company's assets, for the determination of the investment policy of the 
Company, for reviewing the performance of the service providers and for the 
Company's activities. The Directors, all of whom are non-executive, are listed 
in the Board Members section. 
 
The Board has adopted a policy on tenure that is considered appropriate for an 
investment company. In accordance with the AIC Code all current Directors offer 
themselves for re-election at the 2020 AGM of the Company. Mr de la Rue and Mr 
Legge have both served as Directors for more than nine years. The Board does 
not believe that length of service, by itself, leads to a closer relationship 
with the Investment Manager or necessarily affects a Director's independence. 
The Board believes that it is not in the best interests of shareholders to 
refresh the Board at the current time when the Company is in managed wind-down. 
 
The Board holds Board meetings at least four times a year. At Board meetings, 
the Directors review the management of the Company's assets and all other 
significant matters so as to ensure that the Directors maintain overall control 
and supervision of the Company's affairs. The Board is responsible for the 
appointment and monitoring of all service providers to the Company, following 
updates and recommendations from the Management Engagement Committee. Between 
these formal meetings there is regular contact with the Investment Manager. The 
Directors are kept fully informed of investment and financial controls and 
other matters that are relevant to the business of the Company and should be 
brought to the attention of the Directors. The Directors also have access to 
the Secretary and, where necessary in the furtherance of their duties, to 
independent professional advice at the expense of the Company. 
 
The table below sets out the number of Board, Audit and Management Engagement 
Committee meetings during the year ended 31 December 2019: 
 
                            Board meetings         Audit Committee  Management Engagement 
                                  attended                meetings      Committee meeting 
                                                          attended               attended 
 
Richard Hotchkis                         6                       3                      1 
 
Steve Hicks                              4                       3                      - 
 
Nigel de la Rue                          7                       3                      1 
 
Christopher Legge                        7                       3                      1 
 
No. of meetings during the               7                       3                      1 
year 
 
In addition to the meetings above, four other committee meetings were held 
during the year. Any Directors who are not members of Board Committees are 
invited to attend meetings of such committees as necessary. 
 
Directors' Interests 
 
As at 31 December 2019, three Directors, Nigel de la Rue, Christopher Legge and 
Richard Hotchkis, had beneficial interests in the Company representing 373, 232 
and 139 GBP shares respectively. 
 
The Company has adopted a code of Directors' dealings in shares, which is based 
on the Model Code for directors' dealings contained in the LSE's Listing Rules. 
 
Directors' Indemnity 
 
Directors' and officers' liability insurance cover is in place in favour of the 
Directors. The Directors entered into indemnity agreements with the Company 
which provide for, subject to the provisions of the Companies (Guernsey) Law, 
2008, an indemnity for Directors in respect of costs which they may incur 
relating to the defence of proceedings brought against them arising out of 
their positions as Directors, in which they are acquitted or judgement is given 
in their favour by the Court. The agreement does not provide for any 
indemnification for liability which attaches to the Directors in connection 
with any negligence, unfavourable judgements, or breach of duty or trust in 
relation to the Company. 
 
Corporate Governance 
 
To comply with the UK Listing Regime, the Company must comply with the 
requirements of the UK Corporate Governance Code. The Company is also required 
to comply with the Code of Corporate Governance issued by the Guernsey 
Financial Services Commission. 
 
The Company is a member of the Association of Investment Companies ("AIC") and, 
by complying with the AIC Code, it is deemed to comply with both the UK 
Corporate Governance Code and Guernsey Code of Corporate Governance. 
 
The Guernsey Financial Services Commission's Code of Corporate Governance (the 
"GFSC Code") provides a framework that applies to all entities licensed by the 
Guernsey Financial Services Commission or which are registered or authorised as 
a collective investment scheme in Guernsey. Companies reporting against the UK 
Corporate Governance Code or the AIC Code are deemed to comply with the GFSC 
Code. 
 
The UK Corporate Government Code was revised in July 2018 and the updated AIC 
Code was issued in February 2019, applicable to financial years beginning on or 
after 1 January 2019. The Company reports against the revised UK Corporate 
Government Code and updated AIC Code in this annual report. 
 
By complying with the AIC Code and the UK Corporate Governance, the Board is 
confident that information provided to shareholders is of a high standard. To 
ensure ongoing compliance with the principles and recommendations of the AIC 
Code, the Board receives and reviews a report from the Secretary, at each 
quarterly meeting, identifying whether the Company is in compliance and 
recommending any changes that are necessary. 
 
The Company has complied with the recommendations of the AIC Code and the 
relevant provisions of the UK Corporate Governance Code, except as set out 
below. 
 
The UK Corporate Governance Code includes provisions relating to: 
 
* the role of the chief executive; 
 
* executive Directors' remuneration; 
 
* the need for an internal audit function; 
 
* whistle-blowing policies; 
 
* nomination committees; 
 
* remuneration committees; 
 
* Auditor's tenure and re-appointment. 
 
For the reasons explained in the UK Corporate Governance Code, the Board 
considers that these provisions are not relevant to the position of the Company 
as an investment company. The Company has therefore not reported further in 
respect of these provisions. The Directors are non-executive and the Company 
does not have employees, hence no whistle-blowing policy is required. The 
Directors have satisfied themselves that the Company's key service providers 
have appropriate whistle-blowing policies and procedures and seek regular 
confirmation from the service providers that nothing has arisen under those 
policies and procedures which should be brought to the attention of the Board. 
Details of compliance with the AIC Code are noted in the succeeding pages. The 
Company has not followed the provisions in relation to auditor's tenure and 
re-appointment due to the fact that the Company is in managed wind-down. There 
have been no instances of non-compliance, other than those noted above. 
 
Details and biographies for all the Directors can be found in the Board Members 
section of this annual report, and on the Company's website (www.agol.com). In 
considering the independence of the Chairman, the Board has taken note of the 
provisions of the Code relating to independence and has determined that Richard 
Hotchkis is an Independent Director. As the Chairman is an Independent 
Director, no appointment of a Senior Independent Director has been made. 
 
The Board has a breadth of experience relevant to the Company and the Directors 
believe that any changes to the Board's composition can be managed without 
undue disruption. 
 
The Board, Audit Committee and Management Engagement Committee undertake an 
evaluation of their own performance and that of the individual Directors on an 
annual basis. In order to review their effectiveness, the Board, Audit 
Committee and Management Engagement Committee carry out a process of formal 
self-appraisal in order to consider how they function as a whole and also to 
review the individual performance of their members. This process is conducted 
by the respective Chairman reviewing the Directors' performance, contribution 
and commitment to the Company. Given that the Company is in a managed 
wind-down, the Board considers that it would not be justified in incurring the 
expense of an independent evaluation of the Board's performance. 
 
With the appointment to the Board of any new Director, consideration will be 
given as to whether an induction process is appropriate. The Chairman regularly 
reviews and agrees with each Director their training and development needs. 
 
Ongoing Charges 
 
Ongoing charges for the year ended 31 December 2019 have been prepared in 
accordance with the AIC's recommended methodology and amounted to 1.34% of the 
average NAV (31 December 2018: 0.75%). The increase in the ongoing charges 
percentage between 2018 and 2019 is due to the drop in the average NAV for 2019 
compared to 2018 while the expenses remained relatively similar year-on-year. 
 
For further information, please refer to Supplementary Information (Unaudited) 
- Alternative Performance Measures ("APMs"). 
 
Audit Committee 
 
An Audit Committee has been established and holds meetings at least twice a 
year for the purpose, amongst others, of considering the appointment, 
independence, effectiveness and remuneration of the auditor and to review and 
recommend the statutory annual report and interim report to the Board of 
Directors. Full details of its functions and activities are set out in the 
Report of the Audit Committee. 
 
Nomination Committee 
 
The Board as a whole fulfils the function of a nomination committee. The Board 
considers that, given the size of the Board and that the Company has no 
executives, it would not be appropriate to establish a separate nomination 
committee as anticipated by the AIC Code. Neither external search consultancy 
nor open advertising have been used when appointing the Chairman or the 
non-executive Directors because of the specialist nature of the appointments 
and the knowledge amongst existing Directors and the Investment Manager. 
 
Conversion Committee 
 
The Company has established a Conversion Committee, which consists of Nigel de 
la Rue, Christopher Legge and Richard Hotchkis. The Conversion Committee holds 
meetings in order to determine the terms of monthly/quarterly share 
conversions, based on shareholders' requests received by the Company. The date 
on which conversion of the shares takes place (the "Conversion Date") is 
determined by the Conversion Committee, being not more than 20 business days 
after the relevant Conversion Calculation Date. 
 
The Directors approved share conversions during the year, the details of which 
can be found in note 8 to the financial statements. Conversions approved by the 
Directors subsequent to the year end are detailed in note 20 to the financial 
statements. 
 
Disclosure Committee 
 
The Company has established a Disclosure Committee with formally delegated 
duties and functions. The Disclosure Committee meets when required to consider 
any potential disclosures to be made by the Company through a Regulatory 
Information Service provider, in compliance with the Company's obligations 
under the Disclosure and Transparency Rules. The Disclosure Committee is 
comprised of Richard Hotchkis, Christopher Legge and Chairman, Nigel de la Rue. 
The principal duty of the Disclosure Committee is to consider and approve 
announcements and disclosures to be made on behalf of the Company in accordance 
with the Company's ongoing compliance with applicable law. 
 
Management Engagement Committee 
 
The function of the Management Engagement Committee, comprised of three 
independent Directors (Christopher Legge, Richard Hotchkis and Nigel de la 
Rue), is to ensure that the Company's Investment Management Agreement is 
competitive and reasonable for the shareholders, along with the Company's 
agreements with all other third-party service providers (other than the 
external auditor). The Committee also reviews the performance of the Investment 
Manager and the other third-party service providers on a periodic basis. 
 
The Company has entered into an agreement with the Investment Manager, Ashmore 
Investment Advisors Limited. This sets out the Investment Manager's key 
responsibilities, which include proposing an investment strategy to the Board 
and, within certain authority limits, selecting investments for acquisition and 
disposal and arranging appropriate lending facilities. The Investment Manager 
is also responsible for all issues pertaining to asset management. The 
Management Engagement Committee reviews the performance, fees and terms of the 
Investment Management Agreement on an annual basis. 
 
Despite the performance of the Company since incorporation, at its October 2018 
and October 2019 meetings it was the view of the Management Engagement 
Committee that it is in the best interests of the shareholders to continue with 
the current appointment of the Investment Manager. At the date of this report, 
the Board continues to expect that Ashmore Investment Advisors Limited will 
remain the Investment Manager for the remaining life of the Company. 
 
As all the Directors are non-executive, the Board has resolved that it is not 
appropriate to form a Remuneration Committee and remuneration is reviewed and 
discussed by the Board as a whole (with each Director abstaining when approving 
any changes to their own fee), with independent advice from the Administrator 
and the Broker. Details on Directors' remuneration can be found in the 
Directors' Remuneration Report of this annual report. 
 
The terms of reference of all the existing committees are made available by the 
Company to shareholders upon request. 
 
Alternative Investment Fund Managers Directive 
 
The Alternative Investment Fund Managers Directive ("AIFMD") establishes an 
EU-wide harmonised framework for monitoring and supervising risks relating to 
collective investment undertakings that are not subject to the Undertaking for 
Collective Investment in Transferable Securities ("UCITS") regime. AGOL meets 
the definition of an Alternative Investment Fund ("AIF") under this legislation 
and is subject to the AIFMD framework. 
 
Ashmore Investment Advisors Limited ("AIAL") was authorised as an Alternative 
Investment Fund Manager ("AIFM") by the Financial Conduct Authority ("FCA") on 
18 July 2014. Effective 18 July 2014, the Board appointed AIAL as the Company's 
AIFM and AIAL assumed the role of Investment Manager to the Company from 
Ashmore Investment Management Limited ("AIML"), pursuant to a Novation of the 5 
November 2007 Investment Management Agreement. Prior to 18 July 2014, AIML 
served as Investment Manager to the Company. The investment advisory services 
provided to the Company were novated to AIAL to comply with the new AIFMD 
legislation. 
 
AIAL and AIML are both wholly-owned subsidiaries of Ashmore Investments (UK) 
Limited, which is a wholly-owned subsidiary of the Ashmore Group plc ("Ashmore 
Group"). The novation of the Investment Management Agreement with the Company 
did not result in any change in: (i) the manner in which investment management 
services are provided (including the manner in which the Company is managed or 
operated) as contemplated by the Investment Management Agreement; (ii) the 
personnel who are responsible for providing or supervising the provision of 
investment management services (including those responsible for the management, 
portfolio management and operation of the Company); or (iii) the personnel 
ultimately responsible for overseeing such provision of services. 
 
Foreign Account Tax Compliance Act 
 
The Foreign Account Tax Compliance Act ("FATCA") is aimed at determining the 
ownership of US assets in foreign accounts and improving US tax compliance with 
respect to those assets. The legislation is wide-encompassing and affects all 
non-US funds, albeit some more than others. On 13 December 2013, the States of 
Guernsey entered into an Inter-Governmental Agreement ("IGA") with the US 
Treasury in order to facilitate the requirements of FATCA through local 
legislation. The IGA and the associated guidance notes set out the requirements 
and obligations of the Company under the rules. For the purposes of this 
agreement, the Company registered with the US Internal Revenue Services ("IRS") 
as a Guernsey reporting Foreign Financial Institution ("FFI"), received a 
Global Intermediary Identification Number (28C9PC.99999.SL.831), and can be 
found on the IRS FFI list. 
 
UK Guernsey Intergovernmental Agreement 
 
The Organisation for Economic Co-operation and Development ("OECD") introduced 
the Common Reporting Standard ("CRS") which acts as the single global standard 
governing the automatic exchange of financial account information between tax 
authorities of tax jurisdictions that have signed up to the standard. The CRS 
has been adopted by Guernsey and came into effect on 1 January 2016. It 
replaced the intergovernmental agreement between the UK and Guernsey to improve 
international tax compliance that had previously applied in respect of 2014 and 
2015. The first report for CRS was made to the Director of Income Tax by 30 
June 2017. 
 
The Board takes the necessary actions to ensure that the Company is compliant 
with Guernsey regulations and guidance in this regard. 
 
Criminal Finances Act 
 
In respect of the Criminal Finances Act 2017 which has introduced a new 
corporate criminal offence ("CCO") of 'failing to take reasonable steps to 
prevent the facilitation of tax evasion', the Board confirms that they are 
committed to zero tolerance towards the criminal facilitation of tax evasion. 
 
Relations with Shareholders 
 
The Investment Manager maintains a regular dialogue with institutional 
shareholders, the feedback from which is reported to the Board. In addition, 
Board members are available to respond to shareholders' questions at the Annual 
General Meeting. 
 
There were no significant votes (being greater than 20%) cast against the 
resolutions proposed at the 2019 AGM. 
 
The Company announces its NAV on a monthly basis to the London Stock Exchange. 
Shareholders who wish to communicate with the Board should contact the 
Administrator in the first instance, whose contact details can be found on the 
Company's website. 
 
As at 31 December 2019, the following entities had significant shareholdings in 
the Company: 
 
Significant Shareholder                            US$ shares      GBP shares  % holding in 
                                                         held          held       Company 
 
The Bank of New York Nominees Limited               1,590,800         7,107        32.66% 
 
Goldman Sachs Securities Nominees Limited             696,701        37,626        15.15% 
 
Chase Nominees Limited                                      2       615,693        15.11% 
 
Nortrust Nominees Limited                             416,331         3,937         8.60% 
 
Nordea Bank Danmark A/S                               250,284             -         5.11% 
 
Lynchwood Nominees Limited                             54,412       151,080         4.82% 
 
Aurora Nominees Limited                               174,590         6,362         3.72% 
 
Vidacos Nominees Limited                              178,586         1,014         3.67% 
 
HSBC Global Custody Nominees UK Limited               104,392        24,970         2.74% 
 
Signed on behalf of the Board of Directors on 24 April 2020 
 
Richard Hotchkis                                     Christopher Legge 
Chairman                                                 Chairman of the Audit 
Committee 
 
Report of the Audit Committee 
 
On the following pages, we present the Audit Committee (the "Committee") Report 
for 2019, setting out the Committee's structure and composition, principal 
duties and key activities during the year. As in previous years, the Committee 
has reviewed the Company's financial reporting, the independence and 
effectiveness of the independent auditor and the internal control and risk 
management systems of the Company's service providers. 
 
Structure and Composition 
 
The Committee consists of Nigel de la Rue, Richard Hotchkis and Chairman 
Christopher Legge. Appointment to the Committee is for a period of up to three 
years, which may be extended for two further three-year periods provided that 
the majority of the Committee remains independent of the Investment Manager. 
Despite Nigel de la Rue's tenure being extended on three occasions, it was 
deemed appropriate to extend his membership in the Committee due to the Company 
being in wind-down. Nigel de la Rue, Christopher Legge and Richard Hotchkis are 
currently serving their fifth, fourth and third, three-year terms respectively. 
Nigel de la Rue served more than nine years and was re-elected as a Director of 
the Company at the Annual General Meeting held on 23 August 2019. Nigel de la 
Rue and Christopher Legge also both served as directors for more than nine 
years but remain on the Board for the reasons stated as in the Directors' 
Report. 
 
An induction programme is provided for new Committee members and ongoing 
training is available for all members as required. 
 
The Board consider Mr Hotchkis to be independent and in view of the small size 
of the Board consider him to a valuable member of the Audit Committee. 
 
The Committee conducts formal meetings at least twice a year. The first table 
of the Directors' Report sets out the number of Committee meetings held during 
the year ended 31 December 2019 and the number of such meetings attended by 
each Committee member. The independent auditor is invited to attend meetings at 
which the annual reports are presented to the Committee as well as the annual 
audit planning meeting. 
 
Principal Duties 
 
The role of the Committee includes: 
 
·   to monitor the integrity of the financial statements of the Company and any 
formal announcements relating to the Company's financial performance, reviewing 
significant financial reporting judgements contained therein; 
 
·   to review the Company's internal financial controls and, unless expressly 
addressed by the Board itself, to review the Company's internal control and 
risk management systems; 
 
·   to make recommendations to the Board, and for them to be subsequently put 
to shareholders for their approval at the Annual General Meeting, in relation 
to the appointment, re-appointment or removal of the external auditor and to 
approve the remuneration and terms of engagement of the external auditor; 
 
·   to review and monitor the external auditor's independence and objectivity 
and the effectiveness of the audit process, taking into consideration relevant 
UK professional and regulatory requirements; 
 
·   to develop and implement policy on the engagement of the external auditor 
to supply non-audit services, taking into account relevant ethical guidance 
regarding the provision of non-audit services by the external audit firm; and 
to report to the Board, identifying any matters in respect of which it 
considers that action or improvement is needed, making recommendations as to 
the steps to be taken; and 
 
·   to report to the Board on how it has discharged its responsibilities. 
 
The complete details of the Committee's formal duties and responsibilities are 
set out in the Committee's terms of reference, which can be obtained from the 
Administrator. 
 
Independent Auditor (Independence and Effectiveness) 
 
KPMG Channel Islands Limited ("KPMG") have expressed their willingness to 
continue in office as auditor and a resolution proposing their re-appointment 
will be submitted at the Annual General Meeting. According to the AIC Code, the 
Committee is responsible for conducting a tender process and for making 
recommendations to the Board about the appointment, re-appointment and removal 
of the external auditor. However, this is not appropriate due to the Company 
being in wind-down. The audit engagement director rotates every five years. 
 
The independence and objectivity of the independent auditor is reviewed by the 
Committee, which also reviews the terms under which the independent auditor is 
appointed to perform non-audit services. The Committee has also established 
pre-approval policies and procedures for the engagement of KPMG to provide 
audit, assurance and tax services. 
 
The audit and non-audit fees proposed by the auditor each year are reviewed by 
the Committee taking into account the Company's structure, operations and other 
requirements during the year, and the Committee makes recommendations to the 
Board. 
 
Committee Evaluations during the Year 
 
The following sections discuss the assessments made by the Committee during the 
year. 
 
Effectiveness of the Audit 
 
The Committee had formal meetings with KPMG during the course of the year: 1) 
before the start of the audit to discuss formal planning, to discuss any 
potential significant issues and to agree the scope of the audit, and 2) after 
the audit work was concluded to discuss any significant issues encountered. 
 
The Board reviewed the effectiveness and independence of KPMG by using a number 
of qualitative measures, including but not limited to: 
 
·    the audit plan presented before the start of the audit; 
 
·    the post audit report and presentation, including deviations from the 
original plan; 
 
·    any changes to audit personnel; 
 
·    the auditor's own internal procedures to identify threats to independence; 
 
·    feedback from both the Investment Manager and the Administrator. 
 
Further to the above, on the conclusion of the 2019 audit, the Committee 
performed a specific evaluation of the performance of the independent auditor. 
This covered qualitative areas such as the quality of the audit team, business 
understanding, audit approach and management. 
 
There were no significant adverse findings from this evaluation. 
 
Significant Financial Statement Issues 
 
The Committee's review of the interim and annual financial statements focused 
on the following areas: 
 
The financial statements have been prepared on the going concern basis, despite 
the managed wind-down of the Company which was approved by the shareholders 
during the EGM of 13 March 2013. The Directors discussed the rationale for this 
accounting basis and they noted that they had examined significant areas of 
going concern risk, and were satisfied that no material exposures existed. 
 
The valuation of the Company's investment portfolio, given it represents the 
majority of the total assets of the Company requires the use of significant 
judgement for unlisted investments. The Directors are satisfied with the 
Investment Manager's Pricing Methodology and Valuation Committee ("PMVC")'s 
controls, and the appropriateness of the valuation techniques, inputs and 
assumptions used in relation to valuation of unlisted investments. The 
foregoing matters were discussed during the planning and testing stages of the 
audit and there were no significant disagreements noted between management and 
the independent auditor. 
 
The Committee is satisfied that the significant assumptions used for 
determining the value of assets and liabilities have been appropriately 
scrutinised and challenged and are sufficiently robust. The Committee further 
concludes that the financial statements, taken as a whole, are fair, balanced 
and understandable and provide the information necessary for shareholders to 
assess the Company's performance, business model and strategy. 
 
The Independent Auditor reported to the Committee that no material unadjusted 
misstatements were found in the course of its work. Furthermore, both the 
Investment Manager and the Administrator confirmed to the Committee that they 
were not aware of any material unadjusted misstatements, including matters 
relating to presentation. The Committee confirms that it is satisfied that the 
Independent Auditor has fulfilled its responsibilities with regard to diligence 
and professional scepticism. 
 
Audit Fees and Safeguards for Non-Audit Services 
 
Where non-audit services are to be provided to the Company by its auditor, full 
consideration of the financial and other implications for the independence of 
the auditor arising from any such engagement are considered prior to 
proceeding. 
 
The table below summarises the remuneration of KPMG and of other KPMG 
affiliates for audit and non-audit services provided to the Company for the 
years ended 31 December 2019 and 31 December 2018: 
 
                                                        Year ended             Year ended 
 
                                                  31 December 2019       31 December 2018 
 
                                                               US$                    US$ 
 
Audit and audit related 
services 
 
 - Annual audit                                             55,352                 48,664 
 
 
Internal Control 
 
The Committee has reviewed the need for an internal audit function. Based on 
reviews of control reports, the Committee has concluded that the systems and 
procedures employed by the Administrator and the Investment Manager, including 
their internal audit functions, provide sufficient assurance that a sound 
system of internal control which safeguards the Company's assets is maintained. 
An internal audit function specific to the Company is therefore considered 
unnecessary. 
 
Conclusions and Recommendations 
 
The Committee is satisfied that the external auditor remains independent and 
confirms that the Committee also met with the external auditor without the 
Investment Manager or Administrator (Northern Trust International Fund 
Administration Services (Guernsey) Limited) being present, so as to provide a 
forum for the external auditor to raise any matters of concern in confidence. 
 
Consequent to the review process on the effectiveness of the independent audit 
and the review of the audit and non-audit services that the Independent Auditor 
delivers, the Committee has recommended that KPMG be reappointed for the coming 
financial year. 
 
For any questions on the activities of the Committee not addressed in the 
foregoing, a member of the Committee remains available to attend each Annual 
General Meeting to respond to such questions. 
 
Christopher Legge 
Chairman of the Audit Committee 
 
24 April 2020 
 
Statement of Directors' Responsibility in respect of the Annual Report and 
Audited Financial Statements 
 
The Directors are responsible for preparing the Annual Report and the financial 
statements in accordance with applicable law and regulations. 
 
Company law requires the Directors to prepare financial statements for each 
financial year. Under that law they have elected to prepare the financial 
statements in accordance with International Financial Reporting Standards as 
issued by the IASB and applicable law. 
 
The financial statements are required by law to give a true and fair view of 
the state of affairs of the Company and of the profit or loss of the Company 
for that period. In preparing these financial statements, the Directors are 
required to: 
 
·   select suitable accounting policies and then apply them consistently; 
 
·   make judgements and estimates that are reasonable and prudent; 
 
·   state whether applicable accounting standards have been followed, subject 
to any material departures disclosed and explained in the financial statements; 
 
·   assess the Company's ability to continue as going concern, disclosing, as 
applicable, matters related to going concern; and 
 
·   use the going concern basis of accounting unless they either intend to 
liquidate the Company or to cease operations, or have no realistic alternative 
but to do so. 
 
The Directors are responsible for keeping proper accounting records which 
disclose with reasonable accuracy at any time the financial position of the 
Company and to enable them to ensure that the financial statements comply with 
the Companies (Guernsey) Law, 2008. They are responsible for such internal 
control as they determine is necessary to enable the preparation of financial 
statements that are free from material misstatement, whether due to fraud or 
error, and have general responsibility for taking such steps as are reasonably 
open to them to safeguard the assets of the Company and to prevent and detect 
fraud and other irregularities. 
 
The Directors are responsible for the maintenance and integrity of the 
corporate and financial information included on the Company's website and for 
the preparation and dissemination of financial statements. Legislation in 
Guernsey governing the preparation and dissemination of financial statements 
may differ from legislation in other jurisdictions. The Directors have carried 
out a robust assessment of the principal risks facing the Company, including 
those that would threaten its business model, future performance, solvency or 
liquidity. 
 
Disclosure of Information to the Auditor 
 
The Directors who held office at the date of approval of the financial 
statements confirm that, so far as they are each aware: 
 
·   there is no relevant audit information of which the Company's auditor is 
unaware; and 
 
·   each Director has taken all the steps that they ought to have taken as a 
Director to make themselves aware of any relevant audit information and to 
establish that the Company's auditor is aware of that information. 
 
Statement under the Disclosure Guidance and Transparency Rules 4.1.12 
 
We confirm that to the best of our knowledge and belief: 
 
·   the financial statements, prepared in accordance with International 
Financial Reporting Standards as issued by the IASB, give a true and fair view 
of the assets, liabilities, financial position and profit or loss of the 
Company; 
 
·   the Annual Report and financial statements, taken as a whole, are fair, 
balanced and understandable and provide the information necessary for the 
shareholders to assess the Company's performance, business model and strategy; 
and 
 
·   the Chairman's Statement, the Investment Manager's Report and the 
Directors' Report include a fair review of the development and performance of 
the business and the position of the Company. A description of the principal 
risks and uncertainties that the Company faces is provided in note 14 of the 
financial statements. 
 
Signed on behalf of the Board of Directors on 24 April 2020 
 
Richard Hotchkis                               Christopher Legge 
Chairman                                           Chairman of the Audit 
Committee 
 
Directors' Remuneration Report 
 
Introduction 
 
An ordinary resolution for the approval of the annual remuneration report will 
be put to shareholders at the Annual General Meeting. 
 
Remuneration Policy 
 
As all the Directors are non-executive, the Board has resolved that it is not 
appropriate to form a Remuneration Committee and remuneration is reviewed and 
discussed by the Board as a whole. Directors' remuneration is considered on a 
periodic basis. 
 
The Company's policy is that the fees payable to the Directors should reflect 
the time spent by the Directors on the Company's affairs in addition to the 
responsibilities borne by the Directors, and should be sufficient to attract, 
retain and motivate Directors of the quality required to run the Company 
successfully. The Chairman of the Board is paid a higher fee in recognition of 
his additional responsibilities, as is the Chairman of the Audit Committee. The 
policy is to review fee rates periodically, although such a review will not 
necessarily result in any changes to the rates, and account is taken of fees 
paid to the Directors of comparable companies. 
 
There are no long-term incentive schemes provided by the Company and no 
performance fees are paid to Directors. 
 
In accordance with Article 18.3 of the Company's Articles of Incorporation, at 
each Annual General Meeting one-third of the Directors retire from office via 
rotation and are put forward for re-election based on continued satisfactory 
performance. Any Director who serves nine years on the Board will thereafter be 
put forward for re-election on an annual basis. Directors' appointments can 
also be terminated in accordance with the Articles. Should shareholders vote 
against a Director standing for re-election, the Director affected will not be 
entitled to any compensation. There are no set notice periods and a Director 
may resign by giving notice in writing to the Board at any time. 
 
As Steve Hicks is connected to the Investment Manager and is therefore deemed 
not to be an Independent Director, he shall be put forward for re-election on 
an annual basis. 
 
Directors' Fees 
 
Directors are remunerated in the form of fees, payable monthly in arrears, to 
the Directors personally. No other remuneration or compensation was paid or 
payable by the Company during the year to any of the Directors apart from the 
reimbursement of allowable expenses. 
 
The fees payable by the Company in respect of each of the Directors who served 
during the years ended 31 December 2019 and 2018, were as follows: 
 
                                                      Year ended              Year ended 
                                                31 December 2019        31 December 2018 
 
                                                               GBP                       GBP 
 
Richard Hotchkis                                          21,240                  28,350 
 
Steve Hicks*                                                   -                       - 
 
Christopher Legge                                         21,240                  28,350 
 
Nigel de la Rue                                           20,040                  26,730 
 
Total                                                     62,520                  83,430 
 
* Non-independent Director 
 
The Directors' fees were reduced by 25% with effect from 1 January 2019. 
 
Signed on behalf of the Board of Directors on 24 April 2020 
 
Richard Hotchkis                                        Christopher Legge 
Chairman                                                    Chairman of the 
Audit Committee 
 
Our opinion is unmodified 
 
We have audited the financial statements of Ashmore Global Opportunities 
Limited (the "Company"), which comprise the statement of financial position as 
at 31 December 2019, the statements of comprehensive income, changes in equity 
and cash flows for the year then ended, and notes, comprising significant 
accounting policies and other explanatory information including a schedule of 
investments. 
 
In our opinion, the accompanying financial statements: 
 
·    give a true and fair view of the financial position of the Company as at 
31 December 2019, and of the Company's financial performance and the Company's 
cash flows for the year then ended; 
 
·    are prepared in accordance with International Financial Reporting 
Standards (IFRS); and 
 
·    comply with the Companies (Guernsey) Law, 2008. 
 
Basis for Opinion 
 
We conducted our audit in accordance with International Standards on Auditing 
(UK) (ISAs (UK)) and applicable law. Our responsibilities are described below. 
We have fulfilled our ethical responsibilities under, and are independent of 
the Company in accordance with, UK ethical requirements including FRC Ethical 
Standards as applied to listed entities. We believe that the audit evidence we 
have obtained is a sufficient and appropriate basis for our opinion. 
 
Key Audit Matters: our assessment of the risks of material misstatement 
 
Key audit matters are those matters that, in our professional judgment, were of 
most significance in the audit of the financial statements and include the most 
significant assessed risks of material misstatement (whether or not due to 
fraud) identified by us, including those which had the greatest effect on: the 
overall audit strategy; the allocation of resources in the audit; and directing 
the efforts of the engagement team. These matters were addressed in the context 
of our audit of the financial statements as a whole, and in forming our opinion 
thereon, and we do not provide a separate opinion on these matters. In arriving 
at our audit opinion above, the key audit matters were as follows (unchanged 
from 2018): 
 
             The risk                                 Our response 
 
 
Valuation of financial assets at fair value through profit or loss 
 
US$ 14.6m; (2018: US$ 31.2m) 
Refer to the Report of the Audit Committee, note 2d accounting policy and note 
7 disclosures 
 
 
Basis:                              Our audit procedures included: 
 
The Company invests in an unlisted  Internal Control: 
private equity investment and a     We evaluated the design and implementation of 
portfolio of unquoted investment    the Investment Manager's Pricing Methodology and 
funds (together the "investment     Valuation Committee ("PMVC")'s control in 
portfolio").                        relation to the valuation of the unlisted 
                                    private equity investment. 
The investment portfolio represents 
the most significant balance on the Challenging managements' assumptions and inputs 
statement of financial position and including use of our KPMG Specialist: 
is the principal driver of the 
Company's net asset value ("NAV")   For the investment into the unlisted private 
(2019: 103.0%; 2018: 102.2%).       equity investment (51.3% of NAV (US$ 7.3m)), we 
                                    used our own valuation specialist to evaluate 
The Company's investment in an      the methodology applied by the PMVC and 
unlisted private equity investment  challenge the key assumptions used in preparing 
is valued with the assistance of    the valuation by reference to observable 
the Company's third party valuation independent market data, information and 
agent based on a valuation model    industry expectations. We corroborated material 
following the International Private investee company inputs used in the valuation 
Equity and Venture Capital          model to supporting documentation. We also 
Valuation Guidelines (December      evaluated the Company's third party valuation 
2018)                               agent in the context of their ability to 
                                    appropriately challenge and review the fair 
The Company's investments in        value of the investment valuation, by assessing 
unquoted investment funds are       their objectivity, capabilities and competence. 
valued on the basis of the latest 
NAV provided by the respective      For unlisted investments in other funds (10.0% 
administrators of those unquoted    of NAV (US$ 1.4m)) we obtained net asset value 
investment funds.                   per share confirmations directly from the 
                                    underlying funds' administrators. We inspected 
Risk:                               the latest audited financial statements of these 
                                    underlying funds in order to assess the 
The valuation of the Company's      appropriateness of the accounting framework 
investment portfolio is considered  utilised, any modifications to the audit opinion 
a significant area of our audit,    and other disclosures which may be relevant to 
given that it represents the        the valuation of the Company's investments. 
majority of the net assets of the 
Company and in view of the          For investments in other Ashmore special 
significance of estimates involved. situation investment funds, which are also 
In addition, judgements are         audited by KPMG Channel Islands Limited (all 
involved in the determination of    with coterminous year ends), (41.7% of NAV (US$ 
fair value of the unlisted private  5.9m)) we undertook discussions on key audit 
equity investment.                  findings with the audit teams of those funds and 
                                    examined their coterminous audited financial 
                                    statements to assess the appropriateness of the 
                                    accounting framework utilized, any modifications 
                                    to the audit opinion and other disclosures which 
                                    may be relevant to the valuation of the 
                                    Company's investments. 
 
                                    Assessing disclosures: 
 
                                    We have also assessed the Company's disclosures 
                                    (see note 2d) in relation to the use of 
                                    estimates and judgements regarding fair value of 
                                    investments and the Company's valuation policies 
                                    adopted and fair value disclosures in note 7 for 
                                    compliance with IFRS. 
 
 
 
 
Ability to continue as a going concern entity 
 
Refer to note 2b accounting policies 
 
 
Basis:                              Our audit procedures included: 
 
At an Extraordinary General Meeting Holding discussions with the Board of Directors 
in March 2013, the shareholders     and the Investment Manager to understand the 
approved proposals for a managed    proposed investment portfolio realisation 
wind-down of the Company's          programme and to assess the implications of the 
investment portfolio, changing the  managed wind-down on the financial statements. 
investment objective of the Company We also challenged the Board of Directors' and 
to the realisation of the Company's Investment Manager's assessment of the Company's 
assets in an orderly manner in      ability to continue as a going concern against 
order to return cash to             our own audit knowledge and expectations about 
shareholders.                       the Company. 
 
Risk: 
 
There is a risk that the directors  Assessing disclosures: 
may not be able to achieve the 
wind-down in an orderly manner and  We also considered the Company's going concern 
if this was the case then it would  disclosure in note 2b of the financial 
impact their ability to continue as statements for compliance with IFRS. 
a going concern. 
 
 
Our application of materiality and an overview of the scope of our audit 
 
Materiality for the financial statements as a whole was set at US$ 283,000, 
determined with reference to a benchmark of net assets of $ 14.2m, of which it 
represents approximately 2.0% (2018: 3.0%). 
 
We reported to the Audit Committee any corrected or uncorrected identified 
misstatements exceeding US$ 14,000, in addition to other identified 
misstatements that warranted reporting on qualitative grounds. 
 
Our audit of the Company was undertaken to the materiality level specified 
above, which has informed our identification of significant risks of material 
misstatement and the associated audit procedures performed in those areas as 
detailed above. 
 
We have nothing to report on going concern 
 
We identified going concern as a key audit matter on this report. Based on the 
work described in our response to that key audit matter above, we are required 
to report to you if we have anything material to add or draw attention to in 
relation to the directors' statement in note 2b to the financial statements on 
the use of the going concern basis of accounting with no material uncertainties 
that may cast significant doubt over the Company's use of that basis for a 
period of at least twelve months from the date of approval of the financial 
statements.  We have nothing to report in this respect. 
 
Other information 
 
The directors are responsible for the other information. The other information 
comprises the information included in the annual report but does not include 
the financial statements and our auditor's report thereon. Our opinion on the 
financial statements does not cover the other information and we do not express 
an audit opinion or any form of assurance conclusion thereon. 
 
In connection with our audit of the financial statements, our responsibility is 
to read the other information and, in doing so, consider whether the other 
information is materially inconsistent with the financial statements or our 
knowledge obtained in the audit, or otherwise appears to be materially 
misstated. If, based on the work we have performed, we conclude that there is a 
material misstatement of this other information, we are required to report that 
fact. We have nothing to report in this regard. 
 
Disclosures of principal risks and longer-term viability 
 
Based on the knowledge we acquired during our financial statements audit, we 
have nothing material to add or draw attention to in relation to: 
 
  * the directors' confirmation within the long term viability statement that 
    they have carried out a robust assessment of the principal risks facing the 
    Company, including those that would threaten its business model, future 
    performance, solvency or liquidity; 
 
  * the disclosures describing these risks and explaining how they are being 
    managed or mitigated; 
 
  * the directors' explanation in the long term viability statement as to how 
    they have assessed the prospects of the Company, over what period they have 
    done so and why they consider that period to be appropriate, and their 
    statement as to whether they have a reasonable expectation that the Company 
    will be able to continue in operation and meet its liabilities as they fall 
    due over the period of their assessment, including any related disclosures 
    drawing attention to any necessary qualifications or assumptions. 
 
Corporate governance disclosures 
 
We are required to report to you if: 
 
  * we have identified material inconsistencies between the knowledge we 
    acquired during our financial statements audit and the directors' statement 
    that they consider that the annual report and financial statements taken as 
    a whole is fair, balanced and understandable and provides the information 
    necessary for shareholders to assess the Company's position and 
    performance, business model and strategy; or 
 
 
·    the section of the annual report describing the work of the Audit 
Committee does not appropriately address matters communicated by us to the 
Audit Committee. 
 
We are required to report to you if the Corporate Governance Statement does not 
properly disclose a departure from the provisions of the UK Corporate 
Governance Code specified by the Listing Rules for our review. 
 
We have nothing to report to you in these respects. 
 
We have nothing to report on other matters on which we are required to report 
by exception 
 
We have nothing to report in respect of the following matters where the 
Companies (Guernsey) Law, 2008 requires us to report to you if, in our opinion: 
 
  * the Company has not kept proper accounting records; or 
  * the financial statements are not in agreement with the accounting records; 
    or 
  * we have not received all the information and explanations, which to the 
    best of our knowledge and belief are necessary for the purpose of our 
    audit. 
 
Respective responsibilities 
 
Directors' responsibilities 
 
As explained more fully in their statement set out on 24, the directors are 
responsible for: the preparation of the financial statements including being 
satisfied that they give a true and fair view; such internal control as they 
determine is necessary to enable the preparation of financial statements that 
are free from material misstatement, whether due to fraud or error; assessing 
the Company's ability to continue as a going concern, disclosing, as 
applicable, matters related to going concern; and using the going concern basis 
of accounting unless they either intend to liquidate the Company or to cease 
operations, or have no realistic alternative but to do so. 
 
Auditor's responsibilities 
 
Our objectives are to obtain reasonable assurance about whether the financial 
statements as a whole are free from material misstatement, whether due to fraud 
or error, and to issue our opinion in an auditor's report. Reasonable assurance 
is a high level of assurance, but does not guarantee that an audit conducted in 
accordance with ISAs (UK) will always detect a material misstatement when it 
exists. Misstatements can arise from fraud or error and are considered material 
if, individually or in aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on the basis of the financial 
statements. 
 
A fuller description of our responsibilities is provided on the FRC's website 
at www.frc.org.uk/auditorsresponsibilities. 
 
The purpose of this report and restrictions on its use by persons other than 
the Company's members as a body 
 
This report is made solely to the Company's members, as a body, in accordance 
with section 262 of the Companies (Guernsey) Law, 2008.  Our audit work has 
been undertaken so that we might state to the Company's members those matters 
we are required to state to them in an auditor's report and for no other 
purpose. To the fullest extent permitted by law, we do not accept or assume 
responsibility to anyone other than the Company and the Company's members, as a 
body, for our audit work, for this report, or for the opinions we have formed. 
 
Steven Stormonth 
For and on behalf of KPMG Channel Islands Limited 
Chartered Accountants and Recognised Auditors, Guernsey 
24 April 2020 
 
Statement of Financial Position 
As at 31 December 2019 
 
                                                               31 December 2019           31 December 2018 
 
                                           Note                             US$                        US$ 
 
Assets 
 
Cash and cash equivalents                                             691,726 
                                                                                  413,401 
 
Other financial assets                       6 
                                                 -                                5,366 
 
Financial assets at fair value through       4                    14,713,255 
profit or loss ("FVTPL")                                                          31,179,252 
 
Total assets                                                      15,404,981 
                                                                                  31,598,019 
 
Equity 
 
Capital and reserves attributable to 
equity holders 
of the Company 
 
Special reserve                              8                  375,709,891 
                                                                                  381,934,791 
 
Retained earnings                                             (361,539,120) 
                                                                                  (351,416,351) 
 
Total equity                                                      14,170,771 
                                                                                  30,518,440 
 
Liabilities 
 
Current liabilities 
 
Financial liabilities at FVTPL               4                          12,409 
                                                                                  70,234 
 
Other financial liabilities                  6                     1,221,801 
                                                                                  1,009,345 
 
Total liabilities                                                  1,234,210 
                                                                                  1,079,579 
 
Total equity and liabilities                                      15,404,981 
                                                                                  31,598,019 
 
Net asset values 
 
Net assets per US$ share                     9                          US$2.89                    US$5.05 
 
Net assets per GBP share                       9                            GBP2.63                      GBP4.73 
 
The financial statements were approved by the Board of Directors on 24 April 
2020, and were signed on its behalf by: 
 
Richard Hotchkis                                       Christopher Legge 
Chairman                                                   Chairman of the 
Audit Committee 
 
Statement of Comprehensive Income 
 
For the year ended 31 December 2019 
 
                                                                 Year ended           Year ended 
                                                           31 December 2019     31 December 2018 
 
                                                Note                    US$                  US$ 
 
Interest income calculated using the effective   10 
interest method                                       18,073                  55,724 
 
Net foreign currency gain 
                                                      45,098                  46,734 
 
Net loss from financial instruments at FVTPL      5 
                                                      (9,637,810)             (6,094,473) 
 
Total net loss 
                                                      (9,574,639)             (5,992,015) 
 
Expenses 
 
Incentive fees                                   11a 
                                                      (237,746)               (30,175) 
 
Directors' remuneration                          11b 
                                                      (81,670)                (113,016) 
 
Investment management fees                       11a 
                                                      (69,273)                (60,397) 
 
Fund administration fees                         11c 
                                                      (4,658)                 (9,683) 
 
Custody fees                                     11d 
                                                      (749)                   (5,606) 
 
Other operating expenses                         12 
                                                      (154,034)               (137,937) 
 
Total operating expenses 
                                                      (548,130)               (356,814) 
 
Loss for the year 
                                                      (10,122,769)            (6,348,829) 
 
Total loss and comprehensive income 
for the year                                          (10,122,769)            (6,348,829) 
 
Earnings per share 
 
Basic and diluted loss per US$ share             13               US$(1.90)            US$(0.68) 
 
Basic and diluted loss per GBP share               13               US$(2.19)            US$(1.33) 
 
All items derive from continuing activities. 
 
Statement of Changes in Equity 
For the year ended 31 December 2019 
 
                                                          Special               Retained 
 
                                                          reserve               earnings          Total 
 
                                         Note                 US$                    US$            US$ 
 
Total equity as at 1 January 2019                     381,934,791          (351,416,351) 
                                                                                             30,518,440 
 
Total loss and comprehensive income for                                     (10,122,769) 
the year                                                        -                          (10,122,769) 
 
Capital distribution                      8         (6,224,900) 
                                                                                       -   (6,224,900) 
 
Total equity as at 31 December 2019               375,709,891          (361,539,120) 
                                                                                           14,170,771 
 
Total equity as at 1 January 2018                     407,583,513          (345,067,522) 
                                                                                           62,515,991 
 
Total loss and comprehensive income for                                      (6,348,829) 
the year                                                        -                           (6,348,829) 
 
Capital distribution                      8       (25,648,722) 
                                                                                       -   (25,648,722) 
 
Total equity as at 31 December 2018               381,934,791          (351,416,351) 
                                                                                           30,518,440 
 
 
 
 
 
Statement of Cash Flows 
For the year ended 31 December 2019 
 
                                                            Year ended             Year ended 
                                                      31 December 2019       31 December 2018 
 
                                              Note                 US$                    US$ 
 
Cash flows from operating activities 
 
Net bank interest received 
                                                   18,073                 55,724 
 
Dividends received 
                                                   1,083,815              21,243,875 
 
Net operating expenses paid 
                                                   (330,308)              (435,184) 
 
Net cash from operating activities 
                                                   771,580                20,864,415 
 
Cash flows from investment activities 
 
Sales of investments 
                                                   13,303,096             6,890,914 
 
Purchases of investments                                               *                      * 
                                                   (7,499,906)            (2,000,000) 
 
Net cash flows on derivative instruments and 
foreign exchange                                   (71,545)               (366,942) 
 
Net cash from investment activities 
                                                    5,731,645             4,523,972 
 
Cash flows from financing activities 
 
Capital distributions                          8 
                                                   (6,224,900)            (25,648,722) 
 
Net cash used in financing activities 
                                                   (6,224,900)            (25,648,722) 
 
Net increase/(decrease) in cash and cash 
equivalents                                        278,325                (260,335) 
 
Reconciliation of net cash flows to movement in cash and cash 
equivalents 
 
Cash and cash equivalents at the beginning of the 
year                                               413,401                673,736 
 
Net increase/(decrease) in cash and cash 
equivalents                                        278,325                (260,335) 
 
Cash and cash equivalents at the end of the 
year                                               691,726                413,401 
 
 
 
* This amount represents a purchase of shares in the Ashmore SICAV 2 Global 
  Liquidity US$ Money Market Fund, which is solely related to the cash 
  management of US$ on account. This is not the purchase of a new investment. 
 
 
Notes to the Financial Statements - Schedule of Investments 
As at 31 December 2019 
 
Description of investments                                      Fair value            % of 
                                                                       US$      net assets 
 
AEI Inc - Equity 
                                                             7,271,092           51.31 
 
Ashmore Global Special Situations Fund 4 LP 
                                                             2,803,057      19.78 
 
Ashmore Global Special Situations Fund 5 LP 
                                                             1,601,550      11.30 
 
AA Development Capital India Fund 1, LLC 
                                                             1,420,471          10.02 
 
Ashmore Global Special Situations Fund 3 LP 
                                                             718,268        5.07 
 
Ashmore Global Special Situations Fund 2 Limited 
                                                             472,037        3.33 
 
VTBC Ashmore Real Estate Partners 1 LP 
                                                             311,358                  2.20 
 
Total investments at fair value 
                                                             14,597,833     103.01 
 
Net other current liabilities 
                                                             (427,062)              (3.01) 
 
Total net assets 
                                                             14,170,771     100.00 
 
Notes to the Financial Statements 
 
1.   General Information 
 
Ashmore Global Opportunities Limited (the "Company" or "AGOL") is an authorised 
closed ended investment company incorporated in Guernsey on 21 June 2007 with 
an indefinite life and a listing on the London Stock Exchange. As an existing 
closed ended Company, AGOL is deemed to have been granted an authorisation in 
accordance with section 8 of the Protection of Investors (Bailiwick of 
Guernsey) Law, 1987, as amended, and rule 7.02(2) of the Authorised Closed 
Ended Investment Schemes Rules 2008 on the same date as the Company obtained 
consent under the Control of Borrowing (Bailiwick of Guernsey) Ordinances 1959 
to 1989. AGOL's investment objective is the realisation of the Company's assets 
in an orderly manner in order to return cash to shareholders. 
 
The Company was launched on 7 December 2007 and the Company's shares were 
admitted to the Official Listing of the London Stock Exchange on 12 December 
2007, pursuant to Chapter 14 of the Listing Rules. Following changes to the 
Listing Rules on 6 April 2010, the listing became a Standard Listing. On 27 
April 2011, the UK Listing Authority confirmed the transfer of the Company from 
a Standard Listing to a Premium Listing under Chapter 15 of the Listing Rules. 
 
On 20 February 2013, the Board of Directors proposed a managed wind-down of the 
Company following consultation with the Investment Manager and the main 
shareholders. The proposal was accepted during the Extraordinary General 
Meeting ("EGM") of shareholders on 13 March 2013. 
 
The Directors have assessed the impact of the Alternative Investment Fund 
Managers Directive ("AIFMD") on the financial statements of the Company and 
have concluded that the Company is exempt from following Chapter V, Section 1, 
Articles 103 - 111 of the European Commission's Level 2 Delegated Regulation on 
the basis of the operations of the Company: it being (i) a Non-EEA AIF, and 
(ii) not being marketed in the European Union, as defined by the Directive. 
 
Investment Strategy 
 
Prior to the Extraordinary General Meeting ("EGM") of shareholders on 13 March 
2013, the Company's investment objective was to deploy capital in a diversified 
portfolio of global emerging market strategies and actively manage these with a 
view to maximising total returns. This was implemented by investing across 
various investment themes (Alternatives including Special Situations and Real 
Estate, External Debt, Local Currency, Equities, Corporate Debt and 
Multi-Strategy), with a principal focus on Special Situations. 
 
The Company is domiciled in Guernsey, Channel Islands. Most of the Company's 
income is from investment entities incorporated in Guernsey. 
 
Significant Shareholders 
 
The Company has a diversified shareholder population. As at 31 December 2019 
and 31 December 2018, The Bank of New York Nominees Limited, Goldman Sachs 
Securities Nominees Limited and Chase Nominees Limited held more than 10% of 
the Company's NAV. Significant shareholders are listed in the Directors' 
Report. 
 
2.   Summary of Significant Accounting Policies 
 
The principal accounting policies applied in the preparation of these financial 
statements are set out below. These policies have been consistently applied for 
the years presented, unless otherwise stated. 
 
a)   Statement of Compliance 
 
These audited financial statements, which give a true and fair view, are 
prepared in accordance with: International Financial Reporting Standards 
("IFRS"); and the Listing Rules of the UK Listing Authority. They comply with 
the Companies (Guernsey) Law, 2008 (the "Law"). 
 
b)   Basis of Preparation 
 
These audited financial statements have been prepared under the historical cost 
convention, except for financial assets and financial liabilities at fair value 
through profit and loss ("FVTPL"). 
 
These audited financial statements have been prepared on the going concern 
basis, despite the managed wind-down of the Company approved by the 
shareholders on 13 March 2013. The factors surrounding this are detailed in the 
Strategic Report. The Board has concluded that the managed wind-down of the 
Company has no significant impact on the valuation of the Company's investments 
or its ability to meet liabilities as they fall due for the foreseeable future, 
including for at least 12 months from the date of this report. 
 
The preparation of financial statements in conformity with IFRS requires 
judgements, estimates and assumptions that affect the application of policies 
and the reported amounts of assets, liabilities, income and expenses. 
 
These estimates and their associated assumptions are based on historical 
experience and various other factors that are believed to be reasonable under 
the circumstances, the results of which form the basis of making judgements 
about the carrying values of assets and liabilities that are not readily 
apparent from other sources. Actual results may differ from these estimates. 
 
The estimates and their underlying assumptions are reviewed on an ongoing 
basis. Revisions to accounting estimates are recognised in the period in which 
the estimate is revised if the revision affects only that period, or in the 
period of revision and future periods if the revision affects both current and 
future periods. 
 
The key estimates and judgements made by management in the application of IFRS 
that have a significant effect on the financial statements relate to the 
valuation of unquoted financial instruments as described in notes 2d and 7b. 
 
c)   Foreign Currency 
 
i)    Functional and presentational currency 
 
These audited financial statements have been prepared in US dollars ("US$"), 
which is the Company's functional and presentational currency, rounded to the 
nearest US$. The Board of Directors considers the US$ to be the currency that 
most faithfully represents the economic effect on the Company of the underlying 
transactions, events and conditions. The US$ is the currency in which the 
Company measures its performance and reports its results. 
 
ii)   Transactions and balances 
 
Foreign currency transactions are translated into the functional currency using 
the exchange rates prevailing at the date of the transaction. Foreign currency 
monetary assets and liabilities are translated into the functional currency 
using the exchange rate prevailing at the Statement of Financial Position date 
(the "reporting date"). 
 
Foreign exchange gains and losses arising from translation are included in net 
foreign currency gain in the Statement of Comprehensive Income. 
 
Foreign exchange gains and losses relating to the financial assets and 
liabilities carried at FVTPL are presented in the Statement of Comprehensive 
Income within "Net loss from financial instruments at FVTPL". 
 
d)   Financial Assets and Financial Liabilities 
 
i)    Recognition and initial measurement 
 
The Company recognises financial assets and financial liabilities at FVTPL on 
the trade date, which is the date on which the Company becomes a party to the 
contractual provisions of the instrument. Other financial assets and financial 
liabilities are recognised on the date on which they are originated. 
 
Financial assets and financial liabilities at FVTPL are initially measured at 
fair value, with transaction costs recognised as expenses in the Statement of 
Comprehensive Income. Financial assets or financial liabilities not at FVTPL 
are initially measured at fair value and include transaction costs that are 
directly attributable to their acquisition or issue. 
 
ii)   Classification of financial assets 
 
On initial recognition, the Company classifies financial assets as measured at 
amortised cost or FVTPL. 
 
A financial asset is measured at amortised cost if it meets both of the 
following conditions and is not designated as at FVTPL: 
 
·    it is held within a business model whose objective is to hold assets to 
collect contractual cash flows; and 
 
·    its contractual terms give rise on specified dates to cash flows that are 
solely payments of principal and interest ("SPPI"). 
 
On initial recognition of an equity investment that is not held for trading, 
the Company may irrevocably elect to present subsequent changes in the 
investment's fair value in other comprehensive income. This election is made on 
an investment-by-investment basis. All other financial assets of the Company, 
not classified as measured at amortised cost or fair value through other 
comprehensive income, are measured at FVTPL. 
 
-     Business model assessment 
 
In making an assessment of the objective of the business model in which a 
financial asset is held, the Company considers all of the relevant information 
about how the business is managed, including: 
 
·    the documented investment strategy and the execution of this strategy in 
practice. This includes whether the investment strategy focuses on earning 
contractual interest income, maintaining a particular interest rate profile, 
matching the duration of the financial assets to the duration of any related 
liabilities or expected cash outflows or realising cash flows through the sale 
of the assets; 
 
·    how the performance of the portfolio is evaluated and reported to the 
Company's management; 
 
·    the risks that affect the performance of the business model (and the 
financial assets held within that business model) and how those risks are 
managed; 
 
·    how the investment manager is compensated: e.g. whether compensation is 
based on the fair value of the assets managed or the contractual cash flows 
collected; and 
 
·    the frequency, volume and timing of sales of financial assets in prior 
periods, the reasons for such sales and expectations about future sales 
activity. 
 
Transfers of financial assets to third parties in transactions that do not 
qualify for derecognition are not considered sales for this purpose, consistent 
with the Company's continuing recognition of the assets. 
 
The Company has determined that it has two business models. 
 
·    Held-to-collect business model: this includes cash and cash equivalents, 
balances due from brokers and other assets. These financial assets are held to 
collect contractual cash flows. 
 
·    Other business model: this includes equity investments, investments in 
quoted and unquoted Funds and forward foreign currency contracts. These 
financial assets are managed and their performance is evaluated, on a fair 
value basis. 
 
-     Assessment of whether contractual cash flows are SPPI 
 
For the purposes of this assessment, 'principal' is defined as the fair value 
of the financial asset on initial recognition. 'Interest' is defined as 
consideration for the time value of money and for the credit risk associated 
with the principal amount outstanding during a particular period of time and 
for other basic lending risks and costs (e.g. liquidity risk and administrative 
costs) as well as a profit margin. 
 
In assessing whether the contractual cash flows are SPPI, the Company considers 
the contractual terms of the instrument. This includes assessing whether the 
financial asset contains a contractual term that could change the timing or 
amount of contractual cash flows such that it would not meet this condition. In 
making this assessment, the Company considers: 
 
·    contingent events that would change the amount or timing of cash flows; 
 
·    leverage features; 
 
·    prepayment and extension features; 
 
·    terms that limit the Company's claim to cash flows from specified assets 
(e.g. non-recourse features); and 
 
·    features that modify consideration of the time value of money (e.g. 
periodical reset of interest rates). 
 
-     Reclassifications 
 
Financial assets are not reclassified subsequent to their initial recognition 
unless the Company were to change its business model for managing financial 
assets, in which case all affected financial assets would be reclassified on 
the first day of the first reporting period following the change in the 
business model. 
 
ii)   Subsequent measurement of financial assets 
 
  * Fair value measurement 
 
Subsequent to initial recognition, all financial assets at FVTPL are measured 
at fair value. Fair value is the price that would be received to sell an asset 
or paid to transfer a liability in an orderly transaction between market 
participants at the measurement date. 
 
Gains and losses arising from changes in the fair value of financial assets at 
FVTPL are presented in the Statement of Comprehensive Income within "Net loss 
from financial instruments at FVTPL" in the period in which they arise and can 
be unrealised or realised. 
 
Unrealised gains and losses comprise changes to the fair value of financial 
instruments for the year and the reversal of prior period unrealised gains and 
losses for financial instruments which were realised in the reporting period. 
 
Realised gains and losses on the disposal of financial instruments classified 
as at FVTPL are calculated using the average cost method. 
 
  * Valuation of investments in Funds 
 
Investments in quoted open-ended Funds are valued by reference to the most 
recent prices quoted on a recognised investment exchange. Investments in 
unquoted Funds are valued on the basis of the latest NAV provided by the 
administrator of the unquoted Fund in question, as at the close of business on 
the relevant valuation day. 
 
  * Valuation of direct investments 
 
Direct investments may be effected via holding vehicles. The valuations of such 
positions are based on the valuation of the underlying investments. Where 
possible the fair values of direct debt or equity investments are based on 
their quoted market prices at the reporting date, without any deduction for 
estimated future selling costs. If a quoted market price is not available on a 
recognised stock exchange or from a broker/dealer for non-exchange traded 
financial instruments, the fair value is estimated using valuation techniques, 
as described in note 7. 
 
  * Valuation of forward foreign currency contracts 
 
Open forward foreign currency contracts at the reporting date are valued at 
forward currency rates prevailing on that date. The change in the fair value of 
open forward foreign currency contracts is calculated as the difference between 
the contract rate and the forward currency rate as at the reporting date. 
 
The Company does not apply hedge accounting. 
 
  * Financial assets at amortised cost 
 
These assets are subsequently measured at amortised cost using the effective 
interest method. Interest income is recognised in "Interest income calculated 
using the effective interest method", foreign exchange gains and losses are 
recognised in "Net foreign currency gain" and impairment (if any) is recognised 
in "Impairment losses on financial instruments" in the Statement of 
Comprehensive Income. Any gain or loss on derecognition is also recognised in 
profit or loss. 
 
Cash and cash equivalents, balances due from brokers and other financial assets 
are included in this category. 
 
iii)  Financial liabilities - Classification, subsequent measurement and gains 
and losses 
 
Financial liabilities are classified as measured at amortised cost or FVTPL. 
 
A financial liability is classified as at FVTPL if it is classified as 
held-for-trading, if it is a derivative or if it is designated as such on 
initial recognition. Financial liabilities at FVTPL are measured at fair value 
and net gains and losses, including any interest expense, are recognised in 
profit or loss. 
 
Other financial liabilities are subsequently measured at amortised cost using 
the effective interest method. Interest expense and foreign exchange gains and 
losses are recognised in profit or loss. Any gain or loss on derecognition is 
also recognised in profit or loss. 
 
Financial liabilities at FVTPL: 
 
·    Held-for-trading: derivative financial instruments. 
 
Financial liabilities at amortised cost: 
 
·    This includes accounts payable and accrued expenses. 
 
v)   Impairment of financial assets 
 
The Company recognises loss allowances for expected credit loss ("ECL") on 
financial assets measured at amortised cost. 
 
The Company measures loss allowances at an amount equal to lifetime ECLs, 
except for the following, which are measured at 12-month ECLs: 
 
·    financial assets that are determined to have low credit risk at the 
reporting date; and 
 
·    other financial assets for which credit risk (i.e. the risk of default 
occurring over the expected life of the asset) has not increased significantly 
since initial recognition. 
 
When determining whether the credit risk of a financial asset has increased 
significantly since initial recognition and when estimating ECLs, the Company 
considers reasonable and supportable information that is relevant and available 
without undue cost or effort. This includes both quantitative and qualitative 
information and analysis, based on the Company's historical experience and 
informed credit assessment and including forward-looking information. 
 
The Company assumes that the credit risk on a financial asset has increased 
significantly if it is more than 30 days past due. 
 
The Company considers a financial asset to be in default when: 
 
·    the borrower is unlikely to pay its credit obligations to the Company in 
full, without recourse by the Company to actions such as realising security (if 
any is held); or 
 
·    the financial asset is more than 90 days past due. 
 
Lifetime ECLs are the ECLs that result from all possible default events over 
the expected life of a financial instrument. 
 
12-month ECLs are the portion of ECLs that result from default events that are 
possible within the 12 months after the reporting date (or a shorter period if 
the expected life of the instrument is less than 12 months). 
 
The maximum period considered when estimating ECLs is the maximum contractual 
period over which the Company is exposed to credit risk. 
 
-     Measurement of ECLs 
 
ECLs are a probability-weighted estimate of credit losses. Credit losses are 
measured as the present value of all cash shortfalls (i.e. the difference 
between the cash flows due to the entity in accordance with the contract and 
the cash flows that the Company expects to receive). 
 
ECLs are discounted at the effective interest rate of the financial asset. 
 
-     Credit-impaired financial assets 
 
At each reporting date, the Company assesses whether financial assets carried 
at amortised cost are credit-impaired. A financial asset is 'credit-impaired' 
when one or more events that have a detrimental impact on the estimated future 
cash flows of the financial asset have occurred. As at 31 December 2019 and 
2018, the Company's financial assets measured at amortised cost were not 
impaired. 
 
Evidence that a financial asset is credit-impaired includes the following 
observable data: 
 
·    significant financial difficulty of the borrower or issuer; 
 
·    a breach of contract such as a default or being more than 90 days past 
due; or 
 
·    it is probable that the borrower will enter bankruptcy or other financial 
reorganisation. 
 
-     Presentation of allowance for ECLs in the Statement of Financial Position 
 
Loss allowances for financial assets measured at amortised cost are deducted 
from the gross carrying amount of the assets. 
 
-     Write-off 
 
The gross carrying amount of a financial asset is written off when the Company 
has no reasonable expectations of recovering a financial asset in its entirety 
or a portion thereof. 
 
v)   Derecognition 
 
Financial assets are derecognised when the contractual rights to receive cash 
flows from the assets have expired or the Company has transferred substantially 
all the risks and rewards of ownership. Financial liabilities are derecognised 
when their contractual obligations are discharged, cancelled or expired. 
 
vi)  Offsetting 
 
Financial assets and liabilities are offset and the net amount presented in the 
Statement of Financial Position when, and only when, the Company has a legal 
right to offset the recognised amounts and it intends either to settle on a net 
basis or to realise the asset and settle the liability simultaneously. 
 
The Company has adopted the amendments to IAS 32 on offsetting. These 
amendments clarify the offsetting criteria in IAS 32 by explaining when an 
entity currently has a legally enforceable right to set-off and when gross 
settlement is considered to be equivalent to net settlement. 
 
The Company does not hold any financial assets or financial liabilities that 
are subject to master netting agreements or similar agreements and, as such, 
has not presented any financial assets or liabilities net on the Statement of 
Financial Position. There were no financial assets or financial liabilities 
that are offset in the Statement of Financial Position. 
 
Income and expenses are presented on a net basis only when permitted under 
IFRS. 
 
e)   Amounts due from and due to Brokers 
 
Amounts due from and due to brokers represent receivables for securities sold 
and payables for securities purchased that have been contracted for but not yet 
settled or delivered on the reporting date respectively. The accounting policy 
for the recognition of amounts due from and due to brokers is discussed in note 
2d. 
 
f)    Cash and Cash Equivalents 
 
Cash and cash equivalents may comprise current deposits with banks, bank 
overdrafts and other short-term highly liquid investments that: are readily 
convertible to known amounts of cash; are subject to insignificant changes in 
value; and are held for the purpose of meeting short-term cash commitments 
rather than for investment or other purposes. Cash, deposits with banks and 
bank overdrafts are stated at their principal amount. 
 
g)   Share Capital 
 
Ordinary shares are classified as equity. Incremental costs directly 
attributable to the issue of new shares or options are included in equity as a 
deduction from issue proceeds, net of tax. 
 
h)   Interest Income 
 
Interest income is recognised in the Statement of Comprehensive Income as it 
accrues, on a time-proportionate basis using the effective interest rate 
method. It includes interest income from cash and cash equivalents and from 
debt securities at FVTPL. 
 
i)    Dividend Income 
 
Income distributions from quoted Funds are recognised in the Statement of 
Comprehensive Income within "Net loss from financial instruments at FVTPL" when 
declared. Dividend income from unquoted Funds and private equity investments is 
recognised when the right to receive payment is established. 
 
j)    Earnings per Share 
 
The Company presents basic and diluted earnings per share ("EPS") data for each 
class of its ordinary shares. The basic EPS of each share class is calculated 
by dividing the profit or loss attributable to the ordinary shareholders of 
each share class by the weighted average number of ordinary shares outstanding 
for the respective share class during the period. Where dilutive instruments 
are in issue, diluted EPS is determined by adjusting the profit or loss 
attributable to ordinary shareholders and the weighted average number of 
ordinary shares outstanding for the effects of the dilutive instruments. 
 
k)   Expenses 
 
All expenses are recognised in the Statement of Comprehensive Income on an 
accruals basis. 
 
l)    Segmental Reporting 
 
Although the Company has two classes of shares and invests in various 
investment themes, it is organised and operates as one business and one 
geographical segment, as the principal focus is on emerging market strategies, 
mainly achieved via investments in funds domiciled in Europe but investing 
globally. Accordingly, all significant operating decisions are based upon 
analysis of the Company as one segment. The financial results from this segment 
are equivalent to the financial statements of the Company as a whole. 
Additionally, the Company's performance is evaluated on an overall basis. The 
Company's management receives financial information prepared under IFRS and, as 
a result, the disclosure of separate segmental information is not required. 
 
m)   Consolidation 
 
The Company is not required to consolidate any of the investments listed in the 
Schedule of Investments or the underlying investments of the Funds held, as it 
does not control them and given that the Company is an investment entity under 
IFRS 10 - Investment Entities. All investments including those effected via 
holding vehicles are valued at FVTPL. 
 
Disclosure of Interests in Other Entities 
 
As a result of the application of IFRS 12 - Disclosure of Interests in Other 
Entities, the Company has made disclosures about its involvement with 
unconsolidated structured entities in note 16. 
 
The Company has concluded that unlisted Funds in which it invests, but which it 
does not consolidate, meet the definition of structured entities for the 
following reasons: 
 
·    the voting rights attached to the Funds are not considered to be dominant 
rights as the holder is unable to control the Funds. The rights relate only to 
influence over administrative tasks; 
 
·    each Fund's activities are restricted by its prospectus; and 
 
·    the Funds have narrow and well-defined objectives to provide investment 
opportunities to investors. 
 
n)    Related Parties 
 
IAS 24 - Related Party Disclosures defines a related party as a person or 
entity that is related to the entity that is preparing its financial statements 
(the "reporting entity"). A person or a close member of that person's family is 
related to a reporting entity if that person has control, joint control, or 
significant influence over the entity or is a member of its key management 
personnel. An entity is related to a reporting entity if, among other 
circumstances, it is a parent, subsidiary, fellow subsidiary, associate, or 
joint venture of the reporting entity, or it is controlled, jointly controlled, 
or significantly influenced or managed by a person who is a related party. For 
further information, please refer to Supplementary Information (Unaudited) - 
Remuneration Disclosure. 
 
o)   New Standards, Amendments and Interpretations 
 
The Company has initially applied IFRIC 23 - Uncertainty over Income Tax 
Treatments from 1 January 2019. A number of other new standards are also 
effective from 1 January 2019 but they do not have a material effect on the 
Company's financial statements. 
 
The Company has consistently applied the accounting policies as set out below 
to all periods presented in these financial statements. 
 
IFRIC 23 - Uncertainty over Income Tax Treatments 
 
On 7 June 2017, the IASB issued IFRIC Interpretation 23 - Uncertainty over 
Income Tax Treatments (the "Interpretation"). The Interpretation clarifies 
application of recognition and measurement requirements in IAS 12 - Income 
Taxes when there is uncertainty over income tax treatments. The Interpretation 
is effective for annual reporting periods beginning on or after 1 January 2019. 
Please refer to note 3 for further details. 
 
p)   New Standards and Interpretations not yet Adopted 
 
A number of new standards, amendments to standards and interpretations are 
effective for annual periods beginning after 1 January 2019 and early adoption 
is permitted; however, the Company has not early adopted the new or amended 
standards in preparing these financial statements. 
 
The following amended standards and interpretations are not expected to have a 
significant impact on the Company's financial statements: 
 
-     Amendments to References to Conceptual Framework in IFRS Standards; 
 
-     Definition of a Business (Amendments to IFRS 3); 
 
-     Definition of Material (Amendments to IAS 1 and IAS 8); 
 
-     IFRS 17 - Insurance Contracts; 
 
-     Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7). 
 
q)   Contingent Assets 
 
Contingent assets are not recognised in the financial statements, but are 
disclosed in the notes to the financial statements where an inflow of economic 
benefits is probable but not virtually certain. Please see note 19 for details 
about contingent assets as at 31 December 2019. 
 
3.   Taxation 
 
The Director of Income Tax in Guernsey has confirmed that, for the year ended 
31 December 2019, the Company is exempt from Guernsey Income Tax under the 
Income Tax (Exempt bodies) (Guernsey) Ordinance 1989, and that any surplus 
income of the Company may be distributed without the deduction of Guernsey 
Income Tax. Pursuant to the exemption granted under the above-mentioned 
ordinance, the Company is subject to an annual fee of GBP1,200 (2018: GBP1,200) 
equivalent to US$1,531 (2018: US$1,600), payable to the States of Guernsey 
Income Tax. 
 
The Company is exposed to other taxes in its countries of investment. During 
the years ended 31 December 2019 and 31 December 2018, no dividend income or 
interest income received by the Company was subject to withholding tax imposed 
in the countries of investment. 
 
4.   Financial Assets and Liabilities at FVTPL 
 
                                                            31 December     31 December 
                                                                   2019            2018 
 
                                                                    US$             US$ 
 
Equity investments                                           14,597,833      31,179,252 
 
Derivative financial assets                                     115,422               - 
 
Total financial assets at FVTPL                              14,713,255      31,179,252 
 
During the years ended 31 December 2019 and 2018, the Company invested in the 
Ashmore SICAV 2 Global Liquidity US$ Money Market Fund, formerly known as the 
Ashmore SICAV 2 Global liquidity US$ Fund. During the year ended 31 December 
2019, the Company sold Ashmore Asian Recovery Fund, Ashmore Asian Special 
Opportunities Fund Limited and Ashmore SICAV 2 Global Liquidity US$ Money 
Market Fund. There were no other significant changes to the Company's direct 
equity investments other than valuation movements. 
 
As at 31 December 2019, derivative financial assets comprised forward foreign 
currency contracts as follows: 
 
Currency           Amount     Currency           Amount        Maturity      Unrealised 
Bought             Bought     Sold                 Sold            Date            Gain 
 
GBP               3,876,657     US$             5,024,360      31/01/2020         115,422 
 
Derivative financial assets                                                     115,422 
 
As at 31 December 2018, there were no derivative financial assets. 
 
                                                            31 December     31 December 
                                                                   2019            2018 
 
                                                                    US$             US$ 
 
Derivative financial liabilities                               (12,409)        (70,234) 
 
Total financial liabilities at FVTPL                           (12,409)        (70,234) 
 
As at 31 December 2019, derivative financial liabilities comprised forward 
foreign currency contracts as follows: 
 
Currency           Amount     Currency           Amount        Maturity       Unrealised 
Bought             Bought     Sold                 Sold            Date             Loss 
 
US$             1,144,714     GBP                 872,755      31/01/2020 
                                                                        (12,409) 
 
Derivative financial liabilities                                                (12,409) 
 
As at 31 December 2018, derivative financial liabilities comprised forward 
foreign currency contracts as follows: 
 
Currency           Amount     Currency           Amount        Maturity      Unrealised 
Bought             Bought     Sold                 Sold            Date            Loss 
 
GBP               8,082,702     US$            10,378,641      31/01/2019 
 
                                                                        (70,234) 
 
Derivative financial liabilities                                               (70,234) 
 
5. Net Loss from Financial Instruments at FVTPL 
 
                                                             31 December           31 December 2018 
                                                                    2019 
 
                                                                     US$                        US$ 
 
Derivative financial instruments                                                        (1,005,309) 
                                                          56,604 
 
Total derivative financial instruments                                               (1,005,309) 
                                                          56,604 
 
Financial assets mandatorily measured at 
FVTPL: 
 
- Equity investments                                         (9,694,414)                (5,089,164) 
 
Total financial assets mandatorily measured at FVTPL                                 (5,089,164) 
                                                          (9,694,414) 
 
Net loss from financial instruments at FVTPL                                         (6,094,473) 
                                                          (9,637,810) 
 
Net loss from financial instruments at FVTPL: 
 
- Dividend income                                                                    21,243,891 
                                                          1,100,458 
 
- Realised gains on investments                                                        2,412,475 
                                                          12,145 
 
- Realised losses on investments                               (910,967)               (12,720,885) 
 
- Realised gains on forward foreign currency contracts                                 1,919,582 
                                                          1,099,524 
 
- Realised losses on forward foreign currency contracts                              (2,333,258) 
                                                          (1,216,167) 
 
- Change in unrealised gains on investments                    2,995,306             11,113,449 
 
- Change in unrealised losses on investments                (12,891,356)               (27,138,094) 
 
- Change in unrealised gains on forward foreign                  185,656 
currency contracts                                                                                - 
 
- Change in unrealised losses on forward foreign                (12,409)                (591,633) 
currency contracts 
 
Net loss from financial instruments at FVTPL                 (9,637,810)             (6,094,473) 
 
6.   Other Financial Assets and Liabilities 
 
a) Other financial assets: 
 
Other financial assets relate to accounts receivable and prepaid expenses, and 
comprise the following: 
 
                                                            31 December     31 December 
                                                                   2019            2018 
 
                                                                    US$             US$ 
 
Prepaid expenses                                                      -           5,366 
 
                                                                      -           5,366 
 
b) Other financial liabilities: 
 
Other financial liabilities relate to accounts payable and accrued expenses, 
and comprise the following: 
 
                                                             31 December   31 December 2018 
                                                                    2019 
 
                                                                     US$                US$ 
 
Incentive fees payable 
                                                          (1,145,642)    (907,896) 
 
Investment management fees payable 
                                                          (6,059)        (5,069) 
 
Other accruals 
                                                          (70,100)       (96,380) 
 
 
                                                          (1,221,801)    (1,009,345) 
 
7.   Financial Instruments 
 
a) Carrying amounts versus fair values 
 
As at 31 December 2019, the carrying values of financial assets and liabilities 
presented in the Statement of Financial Position approximate their fair values. 
 
The table below sets out the classifications of the carrying amounts of the 
Company's financial assets and financial liabilities into categories of 
financial instruments as at 31 December 2019. 
 
                                  Mandatorily    Financial    Financial        Total 
                                     at FVTPL    assets at  liabilities 
                                                 amortised at amortised 
                                                      cost         cost 
 
Cash and cash equivalents                   -      691,726            - 
                                                                             691,726 
 
Non-pledged financial assets at    14,713,255            -            - 
FVTPL                                                                     14,713,255 
 
Total                              14,713,255      691,726            - 
                                                                          15,404,981 
 
Financial liabilities at FVTPL       (12,409)            -            -     (12,409) 
 
Other payables                              -            -  (1,221,801)  (1,221,801) 
 
Total                                (12,409)            -  (1,221,801)  (1,234,210) 
 
The table below sets out the classifications of the carrying amounts of the 
Company's financial assets and financial liabilities into categories of 
financial instruments as at 31 December 2018. 
 
                                  Mandatorily    Financial    Financial          Total 
                                     at FVTPL    assets at  liabilities 
                                                 amortised at amortised 
                                                      cost         cost 
 
Cash and cash equivalents                   -      413,401            - 
                                                                               413,401 
 
Non-pledged financial assets at    31,179,252            -            - 
FVTPL                                                                       31,179,252 
 
Other receivables                           -        5,366            - 
                                                                                 5,366 
 
Total                              31,179,252      418,767            - 
                                                                            31,598,019 
 
Financial liabilities at FVTPL       (70,234)            -            -       (70,234) 
 
Other payables                              -            -  (1,009,345)    (1,009,345) 
 
Total                                (70,234)            -  (1,009,345)    (1,079,579) 
 
b) Financial instruments carried at fair value - fair value hierarchy 
 
Fair value is defined as the price that would be received to sell an asset or 
paid to transfer a liability (i.e. the exit price) in an orderly transaction 
between market participants at the measurement date. 
 
For certain of the Company's financial instruments including cash and cash 
equivalents, prepaid/accrued expenses and other debtors and creditors, their 
carrying amounts approximate fair value due to the immediate or short-term 
nature of these financial instruments. The Company's investments and financial 
derivative instruments are carried at market value, which approximates fair 
value. 
 
The Company classifies financial instruments within a fair value hierarchy that 
prioritises the inputs to valuation techniques used to measure fair value. The 
hierarchy gives the highest priority to unadjusted quoted prices in active 
markets for identical assets or liabilities (Level 1 measurements) and the 
lowest priority to unobservable inputs (Level 3 measurements). The three levels 
of the fair value hierarchy are as follows: 
 
Level 1 inputs are unadjusted quoted prices in active markets for identical 
assets or liabilities that the reporting entity has the ability to access at 
the measurement date. 
 
Level 2 inputs are observable inputs other than quoted prices included within 
Level 1 that are observable for the asset or liability, either directly or 
indirectly, including: 
 
- quoted prices for similar assets or liabilities in active markets; 
 
- quoted prices for identical or similar assets or liabilities in markets that 
are not active; 
 
- inputs other than quoted prices that are observable for the asset or 
liability; 
 
- inputs that are derived principally from or corroborated by an observable 
market. 
 
Level 3 inputs are unobservable inputs for the asset or liability. 
 
Inputs are used in applying various valuation techniques and broadly refer to 
the assumptions that market participants use to make valuation decisions, 
including assumptions about risk. Inputs may include price information, 
volatility statistics, specific and broad credit data, liquidity statistics, 
and other factors. A financial instrument's level within the fair value 
hierarchy is based on the lowest level of any input that is significant to the 
fair value measurement. However, the determination of what constitutes 
"observable" requires significant judgement. The Company considers observable 
data to be that market data which is readily available, regularly distributed 
or updated, reliable and verifiable, not proprietary, and provided by 
independent sources that are actively involved in the relevant market. 
 
The categorisation of a financial instrument within the hierarchy is based upon 
the pricing transparency of the instrument and does not necessarily correspond 
to the Company's perceived risk of that instrument. 
 
Investments: Investments whose values are based on quoted market prices in 
active markets, and are therefore classified within Level 1, may include active 
listed equities, certain U.S. government and sovereign obligations, and certain 
money market securities. The Company does not generally adjust the quoted price 
for such instruments, even in situations where it holds a large position and a 
sale could reasonably impact the quoted price. 
 
Investments that trade in markets that are not considered to be active, but are 
valued based on quoted market prices, dealer quotations or alternative pricing 
sources supported by observable inputs are classified within Level 2. These may 
include government and sovereign obligations, government agency securities, 
corporate bonds, and municipal and provincial obligations. 
 
Investments classified within Level 3 have significant unobservable inputs, as 
they trade infrequently or not at all. Level 3 instruments may include private 
equity investments, certain loan agreements, less-liquid corporate debt 
securities (including distressed debt instruments) and collateralised debt 
obligations. Also included in this category are government and sovereign 
obligations, government agency securities and corporate bonds for which 
independent broker prices are used and information relating to the inputs of 
the price models is not observable. 
 
When observable prices are not available; e.g. if an asset does not trade 
regularly, the Company may rely on information provided by any person, firm or 
entity including any professional person whom the Directors consider to be 
suitably qualified to provide information in respect of the valuation of 
investments and who is approved by the Custodian (an "Approved Person"). 
Approved Persons may include certain brokers and the Pricing Methodology and 
Valuation Committee ("PMVC") of the Investment Manager. 
 
The PMVC may, upon request, provide assistance to the Administrator in 
determining a methodology for valuing assets where the Administrator cannot 
determine a price or methodology from another source. It is the Administrator's 
responsibility to determine whether to use any such assistance provided by the 
PMVC. These assets, which are classified within Level 3, may include all asset 
types but are frequently 'Special Situations' type investments, typically 
incorporating distressed, illiquid or private investments. 
 
For these hard-to-value investments, the methodology and models used to 
determine fair value are created in accordance with the International Private 
Equity and Venture Capital Valuation ("IPEV") guidelines. Smaller investments 
may be valued directly by the PMVC but material investments are valued by 
experienced personnel at an independent third-party valuation specialist. Such 
valuations are subject to review, amendment if necessary, then approval by the 
PMVC. The valuations are ultimately approved by the Directors and reviewed by 
the auditors as they make up part of the NAV in the financial statements. 
 
Valuation techniques used include the market approach, the income approach or 
the cost approach depending on the availability of reliable information. The 
market approach generally consists of using; comparable transactions, earnings 
before interest, tax, depreciation and amortisation ("EBITDA") multiples; or 
enterprise value ("EV") multiples (based on comparable public company 
information). The use of the income approach generally consists of the net 
present value of estimated future cash flows, adjusted as deemed appropriate 
for liquidity, credit, market and/or other risk factors. 
 
Inputs used in estimating the value of investments may include the original 
transaction price, recent transactions in the same or similar instruments, 
completed or pending third-party transactions in the underlying investment or 
comparable issuers, subsequent rounds of financing, recapitalisations and other 
transactions across the capital structure, offerings in the equity or debt 
capital markets and bids received from potential buyers. 
 
For the determination of the NAV, Level 3 investments may be adjusted to 
reflect illiquidity and/or non-transferability. However, any such adjustments 
are typically reversed in the financial statements where it is required by the 
accounting standards. 
 
The Company believes that its estimates of fair value are appropriate, however 
estimates and assumptions concerning the future, by definition, seldom equal 
the actual results and the estimated value may not be realised in a current 
sale or immediate settlement of the asset or liability. The use of different 
methodologies, assumptions or inputs would lead to different measurements of 
fair value and given the number of different factors affecting the estimate, 
specific sensitivity analysis cannot be reliably quantified. 
 
Financial Derivative Instruments: Financial derivative instruments can be 
exchange-traded or privately negotiated over-the-counter ("OTC"). 
Exchange-traded derivatives, such as futures contracts and exchange-traded 
option contracts, are typically classified within Level 1 or Level 2 of the 
fair value hierarchy depending on whether or not they are deemed to be actively 
traded. 
 
OTC derivatives, including forwards, credit default swaps, interest rate swaps 
and currency swaps, are valued by the Company using observable inputs, such as 
quotations received from the counterparty, dealers or brokers, whenever these 
are available and considered reliable. In instances where models are used, the 
value of an OTC derivative depends upon the contractual terms of, and specific 
risks inherent in, the instrument as well as the availability and reliability 
of observable inputs. Such inputs include market prices for reference 
securities, yield curves, credit curves, measures of volatility, prepayment 
rates and correlations of such inputs. Certain OTC derivatives, such as generic 
forwards, swaps and options, have inputs which can generally be corroborated by 
market data and are therefore classified within Level 2. 
 
Those OTC derivatives that have less liquidity or for which inputs are 
unobservable are classified within Level 3. While the valuations of these less 
liquid OTC derivatives may utilise some Level 1 and/or Level 2 inputs, they 
also include other unobservable inputs which are considered significant to the 
fair value determination. At each measurement date, the Company updates the 
Level 1 and Level 2 inputs to reflect observable inputs, though the resulting 
gains and losses are reflected within Level 3 due to the significance of the 
unobservable inputs. 
 
The Company recognises transfers between Levels 1, 2 and 3 based on the date of 
the event or change in circumstances that caused the transfer. This policy on 
the timing of recognising transfers is the same for transfers into a level as 
for transfers out of a level. There were no transfers between the three levels 
during the years ended 31 December 2019 and 31 December 2018. 
 
The following table analyses within the fair value hierarchy the Company's 
financial assets and liabilities at FVTPL (by class) measured at fair value as 
at 31 December 2019: 
 
                                       Level 1      Level 2      Level 3         Total 
 
Non-pledged financial assets at 
FVTPL 
 
Equity investments                           -            -   14,597,833 
                                                                            14,597,833 
 
Derivative financial assets                  -      115,422            - 
                                                                         115,422 
 
Total                                        -      115,422   14,597,833 
                                                                         14,713,255 
 
Financial liabilities at FVTPL 
 
Derivative financial liabilities             -     (12,409)            -      (12,409) 
 
Total                                        -     (12,409)            -      (12,409) 
 
The following table analyses within the fair value hierarchy the Company's 
financial assets and liabilities at FVTPL (by class) measured at fair value as 
at 31 December 2018: 
 
                                       Level 1      Level 2      Level 3         Total 
 
Non-pledged financial assets at 
FVTPL 
 
Equity investments                   2,000,954            -   29,178,298    31,179,252 
 
Total                                2,000,954            -   29,178,298    31,179,252 
 
Financial liabilities at FVTPL 
 
Derivative financial liabilities             -     (70,234)            -      (70,234) 
 
Total                                        -     (70,234)            -      (70,234) 
 
Level 1 assets include the Ashmore SICAV 2 Global Liquidity US$ Money Market 
Fund. 
 
Level 2 assets and liabilities include forward foreign currency contracts that 
are calculated internally using observable market data. 
 
Level 3 assets include all unquoted Funds, limited partnerships and unquoted 
investments. Investments in unquoted Funds and limited partnerships are valued 
on the basis of the latest NAV, which represents the fair value, as provided by 
the administrator of the unquoted Fund at the close of business on the relevant 
valuation day. Unquoted Funds have been classified as Level 3 assets after 
consideration of their underlying investments, lock-up periods and liquidity. 
 
The following tables present the movement in Level 3 instruments for the years 
ended 31 December 2019 and    31 December 2018: 
 
                                                                     Equity investments 
 
Opening balance as at 1 January                                              29,178,298 
2019 
 
Sales and returns of capital                                                (3,785,593) 
 
Gains and losses recognised in profit and loss                             (10,794,872) 
* 
 
Closing balance as at 31 December                                            14,597,833 
2019 
 
 
 
                                                                     Equity investments 
 
Opening balance as at 1 January                                              62,402,266 
2018 
 
Sales and returns of capital                                                (6,890,914) 
 
Gains and losses recognised in profit and loss                             (26,333,054) 
* 
 
Closing balance as at 31 December                                            29,178,298 
2018 
 
* The change in unrealised losses for the year ended 31 December 2019 
recognised in profit or loss and relating to Level 3 instruments held as at 31 
December 2019 amounted to US$10,042,824 (31 December 2018: change in net 
unrealised losses of U$21,913,937). 
 
Total gains and losses included in the Statement of Comprehensive Income are 
presented in "Net loss from financial instruments at FVTPL". 
 
The following table shows the valuation techniques and the key unobservable 
inputs used in the determination of fair value for the Level 3 investments as 
at 31 December 2019: 
 
          Balance as at      Valuation    Significant    Range of   Sensitivity to changes 
       31 December 2019      technique    unobservable  estimates   in significant 
                    US$                      inputs        for      unobservable inputs 
                                                       unobservable 
                                                          inputs 
 
Equity in a   7,271,092   Discounted Cash  Liquidity        - **    The estimated fair 
private                        Flows      discount at               value would increase 
company                                     adjusted                if: 
                                          equity level              - the liquidity 
                                                                    discount were lower 
                          Market approach    Listed         - **    - the EV/EBITDA 
                               using      company EV/               multiples were higher 
                            comparable       EBITDA 
                              traded        multiple 
                             multiples 
 
Investments   7,326,741   Unadjusted NAV   Inputs to    US$0.01 to  The estimated fair 
in unlisted                                   NAV*       US$7.95    value would increase 
Funds                                                               if the NAV was higher 
 
* The Company has assessed whether there are any discounts in relation to 
lock-in periods that are impacting liquidity. There were no discounts in 
relation to lock-in periods as at 31 December 2019. 
 
** Information has not been included as these are commercially sensitive. 
 
The following table shows the valuation techniques and the key unobservable 
inputs used in the determination of fair value for the Level 3 investments as 
at 31 December 2018: 
 
          Balance as at      Valuation    Significant    Range of   Sensitivity to changes 
       31 December 2018      technique    unobservable  estimates   in significant 
                    US$                      inputs        for      unobservable inputs 
                                                       unobservable 
                                                          inputs 
 
Equity in a   6,082,361   Discounted Cash  Liquidity        - **    The estimated fair 
private                        Flows      discount at               value would increase 
company                                     adjusted                if: 
                                          equity level              - the liquidity 
                                                                    discount were lower 
                          Market approach    Listed         - **    - the EV/EBITDA 
                               using      company EV/               multiples were higher 
                            comparable       EBITDA 
                              traded        multiple 
                             multiples 
 
Investments  23,095,937   Unadjusted NAV   Inputs to    US$0.02 to  The estimated fair 
in unlisted                                   NAV*       US$44.89   value would increase 
Funds                                                               if the NAV was higher 
 
* The Company has assessed whether there are any discounts in relation to 
lock-in periods that are impacting liquidity. There were no discounts in 
relation to lock-in periods as at 31 December 2018. 
 
** Information has not been included as these are commercially sensitive. 
 
Unobservable inputs are developed as follows: 
 
·    EBITDA and revenue multiples represent amounts that market participants 
would use when pricing an investment. These multiples are selected from 
comparable publicly listed companies based on geographic location, industry 
size, target markets and other factors that are considered to be reasonable. 
The traded multiples for the comparable companies are determined by dividing 
its respective enterprise value by its EBITDA or revenue. 
 
·    The Company used a combination of market multiples and discounted cash 
flows methodologies to derive the fair value. 
 
The Company believes that its estimates of fair value are appropriate; however 
the use of different methodologies or assumptions could lead to different 
measurements of fair value. For fair value investments in Level 3, changing one 
or more of the assumptions used to alternative assumptions could result in an 
increase or decrease in net assets attributable to investors. Due to the 
numerous different factors affecting the assets, the impact cannot be reliably 
quantified. It is reasonably possible, on the basis of existing knowledge, that 
outcomes within the next financial year that are different from the assumptions 
used could require a material adjustment to the carrying amounts of affected 
assets. 
 
7.   Capital and Reserves 
 
The Company's capital is represented by two classes of ordinary shares, namely 
the US$ share class and the GBP share class. The holders of ordinary shares are 
entitled to dividends as declared from time to time and have no redemption 
rights. 
 
The total comprehensive gain or loss during the year is allocated 
proportionately to each share class except for the results of hedging the US$ 
exposure of the assets attributable to the Pound Sterling-denominated GBP share 
class, which are allocated solely to this share class. 
 
The Company is authorised to issue an unlimited number of US$ and GBP shares at 
no par value. 
 
Ordinary Shares 
 
The following table presents a summary of changes in the number of shares 
issued and fully paid during the year ended 31 December 2019: 
 
                                                          US$ shares                         GBP shares 
 
Shares outstanding as at 1 January 
2019                                  4,449,792                           1,334,501 
 
Share                                                                                        (14,866) 
conversions                           16,410 
 
Compulsory partial redemptions 
                                      (849,134)                           (254,584) 
 
Shares outstanding as at 31 December 
2019                                  3,617,068                           1,065,051 
 
The following table presents a summary of changes in the number of shares 
issued and fully paid during the year ended 31 December 2018: 
 
                                                          US$ shares                          GBP shares 
 
Shares outstanding as at 1 January 
2018                                  7,357,618                           2,258,946 
 
Share 
conversions                           34,474                              (26,859) 
 
Compulsory partial redemptions 
                                                         (2,942,300)      (897,586) 
 
Shares outstanding as at 31 December 
2018                                  4,449,792                           1,334,501 
 
Share Conversion 
 
A shareholder has the right, as the Directors may determine for this purpose at 
each "Conversion Calculation Date", to elect to convert some or all of the 
shares of any class they hold into a different class of shares by giving at 
least five business days' notice to the Company before the relevant Conversion 
Calculation Date. Prior to the 2011 AGM, shareholders were able to convert 
their shares on a quarterly basis at the NAV Calculation Dates in March, June, 
September and December. As per the amended Articles of Incorporation dated 18 
April 2011, shareholders were able to convert their shares on a monthly basis. 
 
On 30 August 2013, the Directors of the Company announced that share conversion 
opportunities would be offered at the end of February, May, August and 
November. Share conversion opportunities for all other month ends were no 
longer offered and this decision was taken due to the timings and processes 
surrounding the anticipated returns of capital as part of the orderly wind-down 
of the Company. 
 
The following share conversions took place during the year ended 31 December 
2019: 
 
Transfers from   Transfers to              Number of shares           Number of shares 
                                              to switch out               to switch in 
 
GBP shares         US$ shares                          14,866                     16,410 
 
The following share conversions took place during the year ended 31 December 
2018: 
 
Transfers from   Transfers to              Number of shares           Number of shares 
                                              to switch out               to switch in 
 
GBP shares         US$ shares                          52,928                     66,684 
 
US$ shares       GBP shares                            32,210                     26,069 
 
Compulsory Partial Redemptions 
 
Following the approval by the Company's shareholders of the wind-down proposal 
as described in the circular published on 20 February 2013, during the year 
ended 31 December 2019, management announced partial returns of capital to 
shareholders by way of compulsory partial redemption of shares with the 
following redemption dates: 
 
  * 7 March 2019, US$1.5m using the 31 January 2019 NAV; and 
  * 6 June 2019, US$4.7m using the 30 April 2019 NAV. 
 
During the year ended 31 December 2018, management announced partial returns of 
capital to shareholders by way of compulsory partial redemptions of shares with 
the following redemption date: 
 
  * 21 June 2018, US$25.5m using the 31 May 2018 NAV. 
 
The amounts applied to the partial redemptions of shares comprised monies from 
dividends received and from the realisation of the Company's investments up to 
and including the reference NAV calculation dates pursuant to the wind-down of 
the Company. 
 
During the year ended 31 December 2019, the following shares were redeemed by 
way of compulsory partial redemptions of shares (consideration in US$ has been 
determined using the exchange rates at the redemption date): 
 
                                         Number of ordinary       Consideration in US$ 
                                            shares redeemed 
 
US$ shares                                          849,134                  4,552,860 
 
GBP shares                                            254,584                  1,672,040 
 
                                                                             6,224,900 
 
During the year ended 31 December 2018, the following shares were redeemed by 
way of compulsory partial redemptions of shares (consideration in US$ has been 
determined using the exchange rates at the redemption date): 
 
                                         Number of ordinary       Consideration in US$ 
                                            shares redeemed 
 
US$ shares                                        2,942,300                 18,497,624 
 
GBP shares                                            897,586                  7,151,098 
 
                                                                            25,648,722  * 
 
* The capital distribution differs by US$148,722 to the amount declared, 
because during the distribution process, shareholders of the GBP share class were 
overpaid by US$148,589 (the US$133 difference is FX). The Company had to 
compulsory redeem shares from the GBP shareholders to the value of the amount by 
which they were overpaid, and these proceeds were then distributed as cash to 
the US$ shareholders who were underpaid. 
 
Voting Rights 
 
The voting rights each share is entitled to in a poll at any general meeting of 
the Company (applying the Weighted Voting Calculation as described in the 
Prospectus published by the Company on 6 November 2007) are as follows: 
 
US$ shares:        1.0000 
 
GBP shares:          2.0288 
 
The above figures may be used by shareholders as the denominator for 
calculations to determine if they are required to notify their interest in, or 
a change to their interest in the Company under the FCA's Disclosure Guidance 
and Transparency Rules. 
 
Special Reserve 
 
On 5 November 2007, the Company passed a special resolution that, subject to 
the admission of the Company's shares to the London Stock Exchange becoming 
unconditional and with the approval of the Royal Court, the amount standing to 
the credit of the share premium account of the Company following completion of 
the offering be cancelled and the amount of the share premium account so 
cancelled be credited as a distributable reserve to be established in the books 
of account of the Company. This reserve is able to be applied in any manner in 
which the Company's profits available for distribution (as determined in 
accordance with the Laws) are able to be applied, including in the purchase of 
the Company's own shares and in the payment of dividends. 
 
Distribution Policy 
 
Subject to the Laws and the Listing Rules, the Company may by ordinary 
resolution from time to time declare dividends. No dividend shall exceed the 
amount recommended by the Board. 
 
No dividends were declared during the years ended 31 December 2019 and 2018. 
 
Following the EGM on 13 March 2013, shareholders approved proposals to 
distribute surplus cash held by the Company on a quarterly basis by way of pro 
rata compulsory partial redemptions of shares. 
 
8.   Net Asset Value 
 
The NAV of each US$ and GBP Share is determined by dividing the total net assets 
of the Company attributable to the US$ and GBP Share classes by the number of US$ 
and GBP shares in issue respectively at the year end as follows: 
 
As at 31 December            Net assets  Shares in issue    Net assets       Net assets 
2019                    attributable to                      per share        per share 
                                   each                         in US$         in local 
                     share class in US$                                        currency 
 
US$ shares                   10,466,558        3,617,068          2.89             2.89 
 
GBP shares                      3,704,213        1,065,051          3.48             2.63 
 
                             14,170,771 
 
 
 
As at 31 December            Net assets  Shares in issue    Net assets       Net assets 
2018                    attributable to                      per share        per share 
                                   each                         in US$         in local 
                     share class in US$                                        currency 
 
US$ shares                   22,475,297        4,449,792          5.05             5.05 
 
GBP shares                      8,043,143        1,334,501          6.03             4.73 
 
                             30,518,440 
 
The allocation of the Company's NAV between share classes is further described 
in the Company's Prospectus. 
 
9.   Interest Income Calculated using the Effective Interest Method 
 
                                                          Year ended         Year ended 
                                                         31 December        31 December 
                                                                2019               2018 
 
                                                                 US$                US$ 
 
Interest income calculated using the effective 
interest method on financial assets carried at 
amortised cost: 
 
- Cash and cash equivalents                                   18,073             55,724 
 
                                                              18,073             55,724 
 
10. Significant Agreements 
 
a)   Investment Manager 
 
Effective 18 July 2014, the Board appointed Ashmore Investment Advisors Limited 
("AIAL") as the Company's Alternative Investment Fund Manager ("AIFM") and AIAL 
assumed the role of Investment Manager to the Company pursuant to a Novation of 
the 5 November 2007 Investment Management Agreement. 
 
The Investment Manager is remunerated at a monthly rate of one twelfth of 1% of 
the NAV excluding investments made in Funds (calculated before deduction of the 
investment management fee for that month and before the deduction of any 
accrued incentive fee). In relation to investments made in the Funds, the 
Investment Manager is entitled only to management fees at the rate charged by 
it to the Funds. 
 
The net investment management fees during the year were as follows: 
 
                                                         Year ended         Year ended 
                                                        31 December        31 December 
                                                               2019               2018 
 
                                                                US$                US$ 
 
Investment management fees                                                    (60,397) 
                                                    (69,273) 
 
 
                                                    (69,273)           (60,397) 
 
The Investment Manager is entitled to incentive fees based on the performance 
of investments other than investments in Funds, if those investments achieve a 
return in excess of 6% per annum compounded annually. Provided that the 6% 
return hurdle is cleared, the residual return is allocated to the Investment 
Manager until it has received the incentive fee which is calculated as 20% of 
the aggregate of (i) the amount received by the Company in excess of the cost 
of investment and (ii) the returns achieved on investments above 6% per annum 
compounded annually. Incentive fees are payable only upon the realisation of 
investments. During the year ended 31 December 2019, no incentive fees were 
paid and US$237,746 were charged (31 December 2018: US$130,477 paid and 
US$30,175 charged). 
 
b)   Directors' Remuneration 
 
With effect from 1 January 2019, the Directors' remuneration was reduced by 
25%. 
 
During the years ended 31 December 2019 and 31 December 2018, Directors' 
remuneration was as follows: 
 
                                                          Year ended        Year ended 
                                                    31 December 2019  31 December 2018 
 
Chairman:                                          GBP21,240 per annum GBP28,350 per annum 
 
Chairman of the Audit Committee:                   GBP21,240 per annum GBP28,350 per annum 
 
Independent Directors:                             GBP20,040 per annum GBP26,730 per annum 
 
Non-Independent Director:                                     waived            waived 
 
c)   Administrator 
 
The Administrator, Northern Trust International Fund Administration Services 
(Guernsey) Limited, performs administrative duties for which it is remunerated 
at an annual rate of 0.02% of the Company's Total Net Assets. 
 
d)   Custodian 
 
Northern Trust (Guernsey) Limited (the "Custodian") is remunerated at an annual 
rate of 0.01% of the Company's Total Net Assets. 
 
12. Other Operating Expenses 
 
                                                             Year ended           Year ended 
                                                       31 December 2019     31 December 2018 
 
                                                                    US$                  US$ 
 
Audit fees 
                                                      (55,352)             (48,664) 
 
Professional fees 
                                                      (42,272)             (2,011) 
 
Legal fees                                                               * 
                                                      11,997               (9,263) 
 
Miscellaneous fees 
                                                      (68,407)             (77,999) 
 
 
                                                              (154,034)            (137,937) 
 
* The credits to legal fees for the year ended 31 December 2019 represents the 
reversal of accruals as a result of a reduction in expenses as the Company 
continues to wind down. 
 
13. Earnings per Share ("EPS") 
 
The calculation of the earnings per US$ and GBP share is based on the profit/ 
(loss) for the year attributable to US$ and GBP shareholders and the respective 
weighted average number of shares in issue for each share class during the 
year. 
 
The loss attributable to each share class for the year ended 31 December 2019 
was as follows: 
 
                                                              US$ share            GBP share 
 
Issued shares at the beginning of the 
year                                                      4,449,792        1,334,501 
 
Effect on the weighted average number of shares: 
 
- Conversion of shares 
                                                          4,103            (3,717) 
 
- Compulsory partial redemption of 
shares                                                        (486,906)          (145,976) 
 
Weighted average number of shares 
                                                              3,966,989          1,184,808 
 
Loss for the year attributable to each class of 
shareholders (US$)                                          (7,524,408)        (2,598,361) 
 
EPS (US$) 
                                                                 (1.90)             (2.19) 
 
There were no dilutive instruments in issue during the year ended 31 December 
2019. 
 
The profit attributable to each share class for the year ended 31 December 2018 
was as follows: 
 
                                                              US$ share            GBP share 
 
Issued shares at the beginning of the 
year                                                          7,357,618          2,258,946 
 
Effect on the weighted average number of shares: 
 
- Conversion of shares 
                                                                 20,646           (16,197) 
 
- Compulsory partial redemption of 
shares                                                      (1,500,573)          (457,769) 
 
Weighted average number of shares 
                                                              5,877,691          1,784,980 
 
Loss for the year attributable to each class of 
shareholders (US$)                                          (3,976,174)        (2,372,655) 
 
EPS (US$) 
                                                                 (0.68)             (1.33) 
 
There were no dilutive instruments in issue during the year ended 31 December 
2018. 
 
14. Financial Risk Management 
 
The Company's activities expose it to a variety of financial and operational 
risks which include: market risk (including currency risk, interest rate risk 
and price risk), credit risk and liquidity risk. 
 
The Company is also exposed to certain risk factors peculiar to investing in 
Emerging Markets. These require the consideration of matters not usually 
associated with investing in the securities of issuers in the developed capital 
markets of North America, Japan or Western Europe. The economic and political 
conditions in Emerging Markets differ from those in developed markets, and 
offer less social, political and economic stability. The value of investments 
in Emerging Markets may be affected by changes in exchange regulations, tax 
laws, withholding taxes or economic and monetary policies. The absence, in many 
cases until relatively recently, of any move towards capital markets structures 
or to a free market economy means investing in Emerging Markets may be 
considered more risky than investing in developed markets. 
 
The Company puts policies and processes in place to measure and manage the 
various types of risk to which it is exposed; these are explained below. 
 
Market Risk 
 
All of the Company's investments are recognised at fair value, and changes in 
market conditions directly affect net investment income. 
 
i) Currency Risk 
 
The Company's principal exposure to currency risk arises from underlying 
investments denominated in currencies other than US$ and from the exposure of 
its underlying portfolio companies to local currencies in their countries of 
operation. The value of such investments may be affected favourably or 
unfavourably by fluctuations in exchange rates, notwithstanding any efforts 
made to hedge such exposures. 
 
The Investment Manager may hedge currency exposures by reference to the most 
recent NAV of the Company's underlying investments via the use of forward 
foreign currency contracts or similar instruments. 
 
As at the reporting date, the Company is not exposed to any significant direct 
currency risk arising on its financial assets and liabilities, as all direct 
investments of the Company are denominated in US$, and a sensitivity analysis 
of currency risk is not meaningful at this time. However, the Company has put 
in place hedging mechanisms to hedge the currency risk arising on the GBP share 
class. 
 
Shares in the Company are denominated in US$ and GBP. The base currency is the 
US$, and therefore non-US$ subscription monies for shares are typically 
converted into US$ for operational purposes. The costs and any benefit of 
hedging the foreign currency exposure of the assets attributable to shares 
denominated in Pound Sterling against the US$ is allocated solely to the GBP 
share class. This may result in variations in the NAVs of the two classes of 
shares as expressed in US$. 
 
As at 31 December 2019, the net foreign currency exposure on the GBP share class 
was as follows: 
 
                                                                   US$          % of net 
                                                                                  assets 
 
Currency exposure of GBP share class 
                                                          3,704,213         26.14 
 
Nominal value of currency hedges 
                                                           (3,879,646)           (27.38) 
 
Net foreign currency exposure 
                                                          175,433)        (1.24) 
 
As at 31 December 2018, the net foreign currency exposure on the GBP share class 
was as follows: 
 
                                                                   US$    % of net assets 
 
Currency exposure of GBP share class 
                                                          8,043,143       26.36 
 
Nominal value of currency hedges 
                                                          (10,378,641)            (34.01) 
 
Net foreign currency exposure 
                                                           (2,335,498)             (7.65) 
 
ii) Interest Rate Risk 
 
The majority of the Company's financial assets and liabilities are non-interest 
bearing (31 December 2019: 95.39%, 31 December 2018: 98.65%). As at 31 December 
2019, interest-bearing financial assets comprised cash and cash equivalents of 
US$691,726 (31 December 2018: US$413,401). The Company's investment portfolio 
is composed entirely of non-interest bearing assets as at 31 December 2019 (31 
December 2018: 100%). As a result, the Company is subject to limited direct 
exposure to interest rate risk through fluctuations in the prevailing levels of 
market interest rates and a sensitivity analysis of interest rate risk is not 
meaningful at this time. 
 
iii) Other Price Risk 
 
Other price risk is the risk that the value of financial instruments will 
fluctuate as a result of changes in market prices (other than those arising 
from interest rate risk or currency risk), whether caused by factors specific 
to an individual investment, its issuer or any other relevant factors. 
 
The Company's strategy for the management of price risk is to seek to maximise 
the exit prices that it obtains for its direct and indirect investments. 
 
The table below summarises the sensitivity of the Company's net assets 
attributable to equity holders to investment price movements as at the 
reporting date. The analysis is based on the assumption that the prices of the 
investments increase by 5% (2018: 5%), with all other variables held constant. 
 
                                                           31 December      31 December 
                                                                  2019             2018 
 
                                                                   US$              US$ 
 
Equity investments                                             729,892        1,558,963 
 
                                                               729,892        1,558,963 
 
A 5% decrease in prices of the investments would result in an equal but 
opposite effect on the net assets attributable to equity holders, on the basis 
that all other variables remain constant. The price risk sensitivity analysis 
provided is a relative estimate of risk rather than a precise and accurate 
number. 
 
Credit Risk 
 
The Company is exposed to credit risk, which is the risk that a counterparty to 
a financial instrument will fail to discharge an obligation or commitment that 
it has entered into with the Company. 
 
The Company's financial instruments include non-exchange traded financial 
instruments. Credit risk for non-exchange traded financial instruments is 
generally higher because the counterparty for the instrument is not backed by 
an exchange clearing house. 
 
The Company's financial instruments include direct and indirect holdings of 
securities and other obligations of companies that are experiencing significant 
financial or business distress, including companies involved in bankruptcy or 
other reorganisation and liquidation proceedings. Although such holdings may 
result in significant returns, they involve a substantial degree of risk. The 
level of analytical sophistication, both financial and legal, necessary for 
successful investment in companies experiencing significant business and 
financial distress is unusually high. There is no assurance that the Investment 
Manager will correctly evaluate the nature and magnitude of the various factors 
that could affect the prospects for a successful reorganisation or similar 
action. The completion of debt and/or equity exchange offers, restructurings, 
reorganisations, mergers, takeover offers and other transactions can be 
prevented or delayed, or the terms changed, by a variety of factors. If a 
proposed transaction appears likely not to be completed or in fact is not 
completed or is delayed, the market price of the investments held by the 
Company may decline sharply and result in losses which could have a material 
adverse effect on the performance of the Company and returns to shareholders. 
 
The administrative costs in connection with a bankruptcy or restructuring 
proceeding are frequently high and will be paid out of the debtor's assets 
prior to any return to creditors (other than out of assets or proceeds thereof, 
which may be subject to valid and enforceable liens and other security 
interests) and equity holders. In addition, certain claims that have priority 
by law over the claims of other creditors (for example, claims for taxes) may 
reduce any entitlement of the Company. In any reorganisation or liquidation 
proceeding relating to a company or sovereign issuance in which the Company 
invests, the Company may lose its entire investment or may be required to 
accept cash or securities with a value less than its original investment. Under 
such circumstances, the returns generated from such investments may not 
compensate investors adequately for the risks assumed, which could have a 
material adverse effect on the performance of the Company and returns to 
shareholders. 
 
It is frequently difficult to obtain accurate information as to the condition 
of distressed entities. Such investments may be adversely affected by laws 
relating to, among other things, fraudulent transfers and other voidable 
transfers or payments, lender liability and the bankruptcy court's power to 
disallow, reduce, subordinate or disenfranchise particular claims. The market 
prices of such securities are subject to abrupt and erratic market movements 
and above-average price volatility, and the spread between the bid and offer 
prices of such securities may be greater than those prevailing in other 
securities markets. 
 
Securities issued by distressed companies may have a limited trading market, 
resulting in limited liquidity. As a result, the Company may have difficulties 
in valuing or liquidating positions, which could have a material adverse effect 
on the performance of the Company and returns to shareholders. 
 
As at the reporting date, the maximum exposure to direct credit risk before any 
credit enhancements is the carrying amount of the financial assets, as set out 
below. This excludes credit risk relating to underlying debt instruments held 
by the Funds. 
 
                                                           31 December      31 December 
                                                                  2019             2018 
 
                                                                   US$              US$ 
 
Cash and cash equivalents*                                     691,726          413,401 
 
Forward currency contracts*                                    115,422                - 
 
                                                               807,148          413,401 
 
* Held with Northern Trust (Guernsey) Limited. 
 
None of these assets are impaired nor past due but not impaired. 
 
The Investment Manager monitors the credit ratings of the Company's 
counterparties, maintains an approved counterparty list and periodically 
reviews all counterparty limits. 
 
The credit risk arising on transactions with brokers relates to transactions 
awaiting settlement. The risk relating to unsettled transactions is considered 
small due to the short settlement period involved. 
 
Substantially all of the assets of the Company are held with the Custodian; 
Northern Trust (Guernsey) Limited, which is an indirect wholly-owned subsidiary 
of the Northern Trust Corporation. Bankruptcy or insolvency of the Custodian 
may cause the Company's rights with respect to cash and securities held by the 
Custodian to be delayed or limited. This risk is managed by monitoring the 
credit quality and financial positions of the Custodian. The credit rating 
assigned by S&P to the Northern Trust Corporation as at the year-end date was 
A+ (2018: A+). Depending on the requirements of the jurisdictions in which the 
investments of the Company are issued, the Custodian may use the services of 
one or more sub-custodians. 
 
Concentration Risk 
 
Due to the managed wind-down, the Company is in the process of reducing the 
number and diversification of assets held and as such is considered to have 
exposure to concentration risk. The concentration of underlying assets is set 
out in the "Details on Top 4 Underlying Holdings". Country and industry 
concentrations are also set out in the "Details on Top 5 Underlying Holdings". 
 
Liquidity Risk 
 
Liquidity risk is the risk that the Company may not be able to generate 
sufficient cash resources to settle its obligations in full as they fall due or 
can only do so on terms that are materially disadvantageous. 
 
The Company is not exposed to any significant liquidity risk arising from 
redemptions because shareholders do not have the right to redeem. 
 
Most of the investments of the Company are traded only on over the counter 
markets and there may not be an organised public market for such securities. 
The effect of this is to increase the difficulty of valuing the investments and 
certain investments may generally be illiquid. There may be no established 
secondary market for certain of the investments made by the Company. Reduced 
secondary market liquidity may adversely affect the market price of the 
investments and the Company's ability to dispose of particular investments. Due 
to the lack of adequate secondary market liquidity for certain securities, it 
may be more difficult to obtain accurate security valuations for the purposes 
of valuing the Company. Valuations may only be available from a limited number 
of sources and may not represent firm bids for actual sales. In addition, the 
current or future regulatory regime may adversely affect liquidity. 
 
All residual maturities of the financial liabilities of the Company in US$ as 
at 31 December 2019 and                 31 December 2018 are less than three 
months, except for incentive fees payable to the Investment Manager on 
realisation of investments. 
 
Liquidity risk is primarily related to outstanding commitments and recallable 
distributions from investments in limited partnerships. The outstanding 
investment commitments of the Company are disclosed in note 18. 
 
Operational Risk 
 
Operational risk is the risk of direct or indirect loss arising from a wide 
variety of causes associated with the Company's processes and infrastructure, 
or from external factors other than market, credit, or liquidity issues, such 
as those arising from legal or regulatory requirements and generally accepted 
standards of corporate behaviour. Operational risks arise from all of the 
Company's operations. 
 
Capital Management 
 
The Company is not subject to externally imposed capital requirements. The 
shares issued by the Company provide an investor with the right to require 
redemption for cash at a value proportionate to the investor's share in the 
Company's net assets at redemption date and are classified as equity. See note 
8 for a description of the terms of the shares issued by the Company. The 
Company's objective is to realise the assets in orderly manner to return cash 
to shareholders. The Articles of Incorporation of the Company were amended to 
facilitate regular returns of cash to shareholders. 
 
14. Ultimate Controlling Party 
 
In the opinion of the Directors on the basis of shareholdings advised to them, 
the Company has no ultimate controlling party. 
 
15. Involvement with Unconsolidated Structured Entities 
 
The table below describes the types of structured entities that the Company 
does not consolidate but in which it holds an interest. 
 
Type of structured       Nature and purpose              Interest held by the Company 
entity 
 
Investment Funds         To manage assets on behalf      Investments in units issued 
                         of third party investors.       by the Funds 
                         These vehicles are financed 
                         through the issue of units 
                         to investors. 
 
The table below sets out interests held by the Company in unconsolidated 
structured entities as at 31 December 2019. 
 
Investment in unlisted           Number of      Total net    Carrying amount     % of net 
investment Funds                  investee         assets        included in    assets of 
                                     Funds                 "Financial assets  underlying 
                                                                   at FVTPL"        Funds 
 
Special Situations Private               5     63,963,243          7,015,383        10.97 
Equity Funds 
 
Real Estate Funds                        1      2,557,626            311,358        12.17 
 
The table below sets out interests held by the Company in unconsolidated 
structured entities as at 31 December 2018. 
 
Investment in unlisted           Number of      Total net    Carrying amount     % of net 
investment Funds                  investee         assets        included in    assets of 
                                     Funds                 "Financial assets  underlying 
                                                                   at FVTPL"        Funds 
 
Special Situations Private               7    109,261,120         19,855,680        18.17 
Equity Funds 
 
Real Estate Funds                        1     31,019,749          3,240,257        10.45 
 
The maximum exposure to loss is the carrying amount of the financial assets 
held. 
 
During the year, the Company did not provide financial support to these 
unconsolidated structured entities and has no intention of providing financial 
or any other support, except for the outstanding commitments as disclosed in 
note 18 to the financial statements. 
 
16. Related Party Transactions 
 
Parties are considered to be related if one party has the ability to control 
the other party or to exercise significant influence over the other party in 
making financial or operational decisions. 
 
The Directors are responsible for the determination of the investment policy of 
the Company and have overall responsibility for the Company's activities. The 
Company's investment portfolio is managed by AIAL. 
 
The Company and the Investment Manager entered into an Investment Management 
Agreement under which the Investment Manager has been given responsibility for 
the day-to-day discretionary management of the Company's assets (including 
uninvested cash) in accordance with the Company's investment objectives and 
policies, subject to the overall supervision of the Directors and in accordance 
with the investment restrictions in the Investment Management Agreement and the 
Articles of Incorporation. 
 
During the year ended 31 December 2019, the Company engaged in the following 
related party transactions: 
 
                                                                     Expense       Payable 
 
Related Party                                  Nature                    US$           US$ 
 
AIAL                                           Investment                          (6,059) 
                                               management fees      (69,273) 
 
AIAL                                           Incentive fees      (237,746)   (1,145,642) 
 
Board of Directors                             Directors' 
                                               remuneration         (81,670)             - 
 
                                                                                Investment 
                                                                                  Activity 
 
Related Party                                  Nature                                  US$ 
 
Related Funds                                  Sales                             3,785,593 
 
Related Funds                                  Dividends                         1,083,815 
 
Ashmore SICAV 2 Global Liquidity US$ Money     Purchases 
Market Fund                                                                    (7,499,906) 
 
Ashmore SICAV 2 Global Liquidity US$ Money     Sales                             9,517,503 
Market Fund 
 
Ashmore SICAV 2 Global Liquidity US$ Money     Dividends                            16,643 
Market Fund 
 
During the year ended 31 December 2018, the Company engaged in the following 
related party transactions: 
 
                                                                    Expense       Payable 
 
Related Party                                 Nature                    US$           US$ 
 
AIAL                                          Investment                          (5,069) 
                                              management fees      (60,397) 
 
AIAL                                          Incentive fees                    (907,896) 
                                                                   (30,175) 
 
Board of Directors                            Directors'          (113,016) 
                                              remuneration                              - 
 
                                                                               Investment 
                                                                                 Activity 
 
                                                                                      US$ 
 
Related Funds                                 Sales                             6,890,914 
 
Related Funds                                 Dividends                        20,316,058 
 
Ashmore SICAV 2 Global Liquidity US$ Fund     Purchases                       (2,000,000) 
 
Ashmore SICAV 2 Global Liquidity US$ Fund     Dividends 
                                                                              16 
 
Related Funds are other Funds managed by Ashmore Investment Advisors Limited or 
its associates. 
 
Purchases and sales of the Ashmore SICAV 2 Global Liquidity US$ Money Market 
Fund ("Global Liquidity Fund") were solely related to the cash management of 
US$ on account. Funds are swept into the S&P AAAm rated Global Liquidity Fund 
and returned as and when required for asset purchases or distributions. The 
Global Liquidity Fund is managed under the dual objectives of the preservation 
of capital and the provision of daily liquidity, investing exclusively in very 
highly rated short-term liquid money market securities. 
 
The Directors had the following beneficial interests in the Company: 
 
                                               31 December 2019    31 December 2018 
 
                                               GBP ordinary shares   GBP ordinary shares 
 
Nigel de la Rue                                       373                 462 
 
Christopher Legge                                     232                 288 
 
Richard Hotchkis                                      139                 173 
 
17. Commitments 
 
During the year ended 31 December 2011, the Company increased its commitment to 
VTBC Ashmore Real Estate Partners 1 LP to a total of EUR11.4 million. As at 31 
December 2019, the outstanding commitment was EUR243,474 
(31 December 2018: EUR243,474). 
 
During the year ended 31 December 2011, the Company entered into a subscription 
agreement with AA Development Capital India Fund LP for an initial commitment 
of US$4,327,064, which was subsequently increased to US$23,851,027. AA 
Development Capital India Fund LP was dissolved by its General Partner on 
28 June 2013 with all outstanding commitments transferred to AA Development 
Capital India Fund 1 LLC. As at 31 December 2019, the outstanding commitment 
was US$5,959,809 (31 December 2018: US$5,959,809). 
 
18. Contingent Assets 
 
The Company has submitted a claim in connection with the settlement of a 
securities class action lawsuit preliminarily approved by the US District Court 
for the Southern District of New York captioned In Re Foreign Exchange 
Benchmark Rates Antitrust Litigation. The inflow of economic benefits from the 
settlement fund is deemed to be probable, but not virtually certain. As the 
value of the settlement fund cannot be determined in advance, it is not 
possible to estimate the settlement amount of the Company. 
 
19. Subsequent Events 
 
Share Conversions 
 
The following share conversions occurred subsequent to 31 December 2019: 
 
Transfers from   Transfers to                           Number of shares                        Number of shares 
                                                           to switch out                            to switch in 
 
GBP shares         US$ shares 
                                                               1,065,656                               1,230,563 
 
US$ shares       GBP shares 
                                                                     709                                     605 
 
As a result, the total number of GBP shares outstanding as at 31 March 2020 was 
nil. Due to the closure of the GBP share class, there will not be any conversions 
going forward. 
 
Emerging Risks 
 
Since the year end we have seen the development of the coronavirus covid-19 
outbreak initially in China and now reaching most continents. At present, it is 
not possible to assess the detailed impact of the emerging risk, on the 
investments in the Company but there is growing concern about the impact on the 
world economy. There has been a significant change in the financial markets in 
the last few weeks. The Board and the Investment Manager continue to watch the 
efforts of governments to contain the spread of the virus and monitor the 
economic impact, if any, on the investments in the Company. 
 
The Directors do not believe that any adjustments to the financial statements 
as at 31 December 2019 are required as a result of this subsequent event. 
 
There were no other significant events subsequent to the year-end date that 
require adjustment to, or disclosure in, the financial statements. 
 
Supplementary Information (Unaudited) 
 
Remuneration Disclosure 
 
Ashmore Investment Advisors Limited ("AIAL") is a full-scope UK Alternative 
Investment Fund Manager ("AIFM") that manages many alternative investment funds 
("AIFs"). These AIFs implement a number of investment strategies including; 
equity, fixed income and alternatives; and invest in many different regions and 
industry sectors. AIAL manages both open-ended and closed-ended AIFs, several 
of its AIFs are leveraged and some are listed on regulated markets. Its AuM was 
approximately US$7.6 billion at 30 June 2019. AIAL's parent company ("Ashmore") 
is listed on a regulated market, counts ten offices worldwide and has a number 
of subsidiaries both in the UK and abroad. Taking into account guidance from 
the UK Financial Conduct Authority ("FCA"), AIAL has complied with the full 
AIFM Remuneration Code. 
 
AIAL does not have any direct employees, and as such the amount of remuneration 
paid to staff by AIAL is zero. All AIAL AIFM Remuneration Code Staff are 
employed and paid by Ashmore. Ashmore's remuneration principles have remained 
unchanged since it was listed, and are designed to align all employees with the 
long-term success of the business. These include significant levels of 
deferral, a clear link between performance and levels of remuneration and 
strong alignment of executive directors and employees with shareholders and 
clients through significant employee share ownership. The culture is therefore 
a collaborative one, with clients' interests and the creation of shareholder 
value, including for employee shareholders, the overarching factors for 
success. 
 
Executive directors, members of the investment team, and indeed all other 
employees, participate in a single capped incentive pool and are paid under a 
similar structure, with an annual cash bonus and share award, meaning that all 
employees are long-term shareholders in the business. 
 
The policy includes: 
 
-     a capped basic salary to contain the fixed cost base; 
 
-     a cap on the total variable compensation including any awards made under 
Ashmore's share plan, available for all employees at 25% of profits, which to 
date has not been fully utilised; and 
 
-     a deferral for five years of a substantial portion of variable 
compensation into Ashmore shares (or equivalent), which, in the case of 
executive directors in lieu of a separate LTIP, is also partly subject to 
additional performance conditions measured over five years. 
 
AIAL's board of directors reviews the general principles of the remuneration 
policy and is responsible for its implementation with regard to AIAL's AIFM 
Remuneration Code Staff. Ashmore's Remuneration Committee periodically reviews 
the ongoing appropriateness and relevance of the remuneration policy, including 
in connection with the provision of services to AIAL. Ashmore employs the 
services of; McLagan to provide advice on remuneration benchmarking; Deloitte 
to provide advice on tax compliance, share plan design and administration; and 
the Remuneration Committee's advisors are Aon. The Remuneration Committee's 
terms of reference can be found here: 
 
http://www.ashmoregroup.com/investor-relations/corporate-governance. 
 
Performance assessment for AIAL's AIFM Remuneration Code Staff for their work 
relating to AIAL is based on a combination of quantitative and qualitative 
criteria related to the performance of AIAL, the performance of relevant AIF(s) 
or business units and the performance of the individual. Qualitative criteria 
include adherence to Ashmore Group plc's risk and compliance policies. This 
performance assessment is adjusted for relevant current and future risks 
related to the AIFs managed by AIAL. 
 
The compensation of control function staff is based on function specific 
objectives and is independent from the performance of AIAL and/or the AIFs 
managed by AIAL. The remuneration of the senior officers in AIAL's control 
functions is directly overseen by the Remuneration Committee. 
 
Variable remuneration awarded to AIAL's Remuneration Code Staff in respect of 
AIFMD work is subject to performance adjustment which allows Ashmore to reduce 
the deferred amount, including to nil, in light of the ongoing financial 
situation and/or performance of Ashmore, AIAL, the AIFs that AIAL manages and 
the individual concerned. 
 
The total contribution of AIAL's AIFM Remuneration Code Staff to the business 
of Ashmore is apportioned between work carried out for AIAL and work carried 
out for the other businesses and subsidiaries of Ashmore. Their remuneration is 
similarly apportioned between AIAL and the other businesses and subsidiaries 
where required. 
 
The remuneration attributable to AIAL for its AIFMD identified staff for the 
financial year ended 30 June 2019 was as follows: 
 
                                       Number of      Variable        Fixed          Total 
                                   beneficiaries  remuneration remuneration   remuneration 
 
 Ashmore Global Opportunities                 14        GBP1,976         GBP255         GBP2,231 
Limited 
 
 Total AIAL                                   21    GBP2,348,230     GBP202,102     GBP2,550,332 
 
All of the remuneration above was attributable to senior management who have a 
material impact on the funds risk profile. The Company's allocation of the AIAL 
remuneration has been made on the basis of NAV. 
 
Alternative Performance Measures ("APMs") 
 
An APM is a financial measure of historical or future performance, financial 
position, or cash flows, other than a financial measure defined and specified 
in the applicable financial reporting framework. 
 
Closing-Trade Share Price 
 
A share price is the amount it would cost to buy one share in the Company. The 
closing-trade share price of a share of a share class is derived from the 
trading price on the London Stock Exchange. 
 
The closing-trade share prices are disclosed in the Financial Highlights and in 
the Strategic Report. 
 
Premium/Discount to Net Asset Value 
 
The premium/discount to NAV is calculated for each share class by using the 
following formula: 
 
                                          A - B 
 
                                            B 
 
Where: 
 
·    'A' is the closing market price as at 31 December 2019 of a share of the 
share class as derived from the trading price on the London Stock Exchange; and 
 
·    'B' is the final NAV per share of the share class as at 31 December 2019. 
 
If the share price of a share is lower than the NAV per share, the shares are 
said to be trading at a discount. 
 
The discount to NAV is disclosed in the Financial Highlights and in the 
Strategic Report. 
 
Ongoing Charges 
 
The ongoing charges represent the Company's management fees and all other 
operating expenses, excluding incentive fees and transaction costs, expressed 
as a percentage of the average monthly NAV during the year. The ongoing charges 
are disclosed in the Strategic Report and in the Directors' Report. 
 
Corporate Information 
 
Directors                               Custodian 
Richard Hotchkis                        Northern Trust (Guernsey) Limited 
Nigel de la Rue                         PO Box 71 
Christopher Legge                       Trafalgar Court 
Steve Hicks                             Les Banques 
                                        St Peter Port 
                                        Guernsey 
                                        GY1 3DA 
                                        Channel Islands 
 
Registered Office                       Independent Auditor 
PO Box 255                              KPMG Channel Islands Limited 
Trafalgar Court                         Glategny Court 
Les Banques                             Glategny Esplanade 
St Peter Port                           St Peter Port 
Guernsey                                Guernsey 
GY1 3QL                                 GY1 1WR 
Channel Islands                         Channel Islands 
 
Administrator and Secretary             Advocates to the Company 
Northern Trust International Fund       Carey Olsen (Guernsey) LLP 
Administration Services (Guernsey)      Carey House 
Limited                                 Les Banques 
PO Box 255                              St Peter Port 
Trafalgar Court                         Guernsey 
Les Banques                             GY1 4BZ 
St Peter Port                           Channel Islands 
Guernsey 
GY1 3QL 
Channel Islands 
 
Alternative Investment Fund Manager     UK Solicitor to the Company 
Ashmore Investment Advisors Limited     Slaughter and May 
61 Aldwych                              One Bunhill Row 
London                                  London 
WC2B 4AE                                EC1Y 8YY 
United Kingdom                          United Kingdom 
 
Brokers                                 UK Registrar and Transfer Agent 
J.P. Morgan Cazenove                    Computershare Investor Services PLC 
20 Moorgate                             The Pavilions 
London                                  Bridgewater Road 
EC2R 6DA                                Bristol 
United Kingdom                          BS13 8AE 
                                        United Kingdom 
Jefferies International Limited 
Vintners Place                          Website 
68 Upper Thames Street                  Performance and portfolio 
London                                  information for shareholders can be 
EC4V 3BJ                                found at: 
United Kingdom                          www.agol.com 
 
 
 
END 
 

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