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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 | 0.00% | 1.52 | 1.42 | 1.62 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMAGOL TIDMAGOU
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.
Interim Results
For the period ended 30 June 2018
(Classified Regulated Information, under DTR 6 Annex 1 section 1.2)
The financial information set out in this announcement does not constitute the
Company's statutory accounts for the six months ended 30 June 2018. All figures
are based on the unaudited financial statements for the six months ended 30
June 2018.
The financial information for the six months ended 30 June 2018 is derived from
the financial statements delivered to the UK Listing Authority.
The announcement is prepared on the same basis as will be set out in the
interim accounts.
The Interim Report and Unaudited Condensed Interim Financial Statements for the
six months ended 30 June 2018 will be available on the Company website:
www.agol.com.
Share Price Information
30 June 2018 31 December 2017
Total Net Assets US$38,493,380 US$62,515,991
Net Asset Value per Share
US$ shares US$6.30 US$6.08
GBP shares GBP5.95 GBP5.82
Closing-Trade Share Price
US$ shares US$4.79 US$3.80
GBP shares GBP4.88 GBP3.90
Discount to Net Asset Value
US$ shares (23.97)% (37.50)%
GBP shares (17.98)% (32.99)%
Chairman's Statement
As at 30 June 2018, the Net Asset Value ("NAV") of Ashmore Global Opportunities
Limited (the "Company" or "AGOL") was US$38.5m compared to US$62.5m at 31
December 2017. The NAVs per share were US$6.30 and GBP5.95 as at 30 June 2018, up
from US$6.08 and GBP5.82 respectively at the end of 2017. The share prices stood
at US$4.79 and GBP4.88 as at 30 June 2018.
The main contributor to performance was a mark-up in the value of Microvast.
Further details on the underlying exposures of the Company are given in the
Investment Manager's Report.
There were significant realisations during the reporting period: Bedfordbury
and Largo were sold completely, and one of the two remaining assets in the
Everbright Ashmore China Real Estate Fund was sold as well. The Board approved
a capital distribution to shareholders of US$25.5m on 21 June 2018, with a
payment date of 10 July 2018. One of the underlying holdings of the Company,
ZIM Laboratories in India, was re-listed on the Bombay Stock Exchange, thus
providing another possible exit route for this holding.
The Investment Manager is working towards the sale of the remaining assets,
with a particular focus on the two largest exposures of the Company, namely
Microvast and AEI. Your Board receives regular updates on progress with these
and other sales.
Below is an overview of the distributions made since February 2013 when
Shareholders voted to wind up the Company in an orderly fashion.
Quarterly Distributions
Quarter End Date Distributions % of 31 December 2012 % of 31 December 2012
(US$) 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%
Total 331,600,000 69% 101%
The Board continues to be in active dialogue with the Investment Manager on
completion of the asset sales, and subsequent winding up of the Company. As
further sales are realised, the Board will review again the benefits and costs
of the listing of the Company on the London Stock Exchange.
I would like to thank everyone involved with AGOL for their hard work.
Richard Hotchkis
24 August 2018
Investment Manager's Report
Performance
As at 30 June 2018, the NAVs per share of the US$ and GBP classes stood at
US$6.30 and GBP5.95 respectively, representing returns of 3.62% and 2.23% over
the last six months.
Portfolio Review
Strong operating performance, in particular by Microvast, and realisations
slightly in excess of book values led to positive contributions to the NAV of
the Company.
There were full realisations of the investments in Bedfordbury and Largo during
Q1 2018. In addition, one of the two remaining assets in the Everbright Ashmore
China Real Estate Fund was also sold. The proceeds of these sales were
distributed to shareholders just after the reporting period, on 10 July 2018.
With the sale of Bedfordbury, we also withdrew the pending arbitration case.
The two largest investee company exposures, Microvast and AEI, now account for
around 42% of AGOL's NAV as at 30 June 2018 (or around 70% of the portfolio
excluding cash).
Microvast gross margins have fallen due to the lower prices under the new e-bus
subsidy policy. The company managed a small profit of US$4.7m which,
considering the manufacturing changes it had to make to meet new subsidy
requirements was a good result. A full exit of this asset will probably be
through an IPO in 2019 or 2020.
Jaguar, the power plant in Guatemala owned by AEI, is operating at slightly
above its listed capacity. The appeal by China Machine New Energy Corporation
(CMNC) against the arbitration award took place before the Singapore High Court
in November 2017. The court gave judgement in April 2018 and CMNC lost their
appeal on all counts. CMNC have further appealed to the Court of Appeal in
Singapore. This will be the last stage of this legal appeal process. The
hearing before the Court of Appeal will take place early next year. We expect
to realise this asset after this last stage of the legal process, in 2019. Once
Jaguar has been sold, the intention is to wind up AEI.
Elsewhere, ZIM Laboratories was re-listed on the Bombay Stock Exchange at a
higher price than our book value. Current trading liquidity is limited, and
since listing, the Indian stock market fell in value so that the price for ZIM
Laboratories, at the time of writing, is below the listing price.
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 make further progress on this. The
general sentiment towards Emerging Markets (EM) has been improving, in spite of
some recent market volatility, thus providing a more positive backdrop to
realisations. Nevertheless, realisations are very much influenced by the
attraction and circumstances of each individual asset.
Details on the Top 5 Underlying Holdings (on a look through basis)
The table below shows the top 5 underlying investments as at 30 June 2018
excluding the cash balance (cash was 39.88% as at 30 June 2018).
Investment Name Holding Country Business Description
Microvast 25.36% China Electric battery and battery systems
supplier
AEI 16.55% Guatemala Power generation in Latin America
Kulon 7.02% Russia Real estate development company
ZIM Laboratories 4.94% India Pharmaceutical research and manufacturing
Ltd
Numero Uno 3.33% India Branded apparel manufacturers and
retailers
The tables below show the country and industry allocations of underlying
investments over 1% at the end of June 2018:
Country % of NAV Industry % of NAV
China 26.65% Electrical Components and 25.36%
Equipment
Guatemala 16.55% Electrical 16.55%
India 8.82% Real Estate 8.31%
Russia 7.02% Pharmaceuticals 4.94%
Nigeria 1.09% Retail 3.33%
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 a large number of Chinese original equipment
manufacturers (OEMs), with these being deployed in over 30 cities in China.
Follow-on orders continue to be received for the European bus market
- Microvast's gross margins have fallen due to lower prices under the new
e-bus subsidy policy. Full year 2017 revenues were US$203m at a c. 21% gross
margin. The company managed a small profit of US$4.7m, which considering the
manufacturing changes it had to make to meet new subsidy requirements, was a
good result. There will be further margin pressure in 2018 as a result of the
Chinese Government introducing further e-bus subsidy changes
- Production capacity has been successfully increased to 3.5GWh per annum.
Any further increases, particularly for e-cars, will require external financing
- Microvast is working on Lithium-ion battery (Li-B) systems for passenger
vehicles with some of the leading Chinese auto OEMs. A leading European car
company is also in testing
2018 operational strategy/priorities
- Managing growth by adding new facilities, increasing production capacity
and hiring/training new employees
- Building large scale production of Li-B systems for passenger vehicles,
growing the international business and innovating battery safety and energy
density
- Funding the capex programme and IPO/Exit planning
- Meeting short order timeframes from Chinese bus OEMs and ensuring
customers can claim Chinese New Energy Vehicle (NEV) subsidies
Key risks
- 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
Website: www.aeienergy.com
Company Status: Private
Investment Risk: Equity
Operational update
- The only operating entity remaining in AEI is Jaguar, in Guatemala, which
is currently being marketed for sale
- The appeal by China Machine New Energy Corporation (CMNC) against the
arbitration award took place before the Singapore High Court in November 2017.
The court gave judgement in April 2018 and CMNC lost their appeal on all
counts. CMNC have further appealed to the Court of Appeal in Singapore. This
will be the last stage of this legal appeal process. The hearing before the
Court of Appeal will take place early next year
Key risks
- CMNC arbitration appeal
Exit strategy
- Sale process ongoing with a trade sale the most likely route
- Wind up of AEI post the Jaguar sale
Kulon
Industry: Real estate
Country: Russia
Website: n/a
Company Status: Private
Investment Risk: Equity
Operational update
- The Office and Warehouse spaces are fully leased. The lease with the
anchor tenant has been renewed for another seven years, and we have taken on
additional tenants this year. The Moscow market remains competitive and rents
are under pressure
- The Russian Central bank has kept a firm lid on inflation, keeping it to
a little over 2%. This in turn has allowed the reduction in the key rate from
10% to 7.25%, which is supportive for rouble-denominated fixed income assets
such as this
Key risks
- Pressure on rental yields
Exit strategy
- Trade sale by selling the shares in the holding company
- The Russian economy is recovering from a recent recession, and the sale
of the asset is actively being pursued
ZIM Laboratories
Industry: Pharmaceuticals
Country: India
Website: zimlab.in
Company Status: Private
Investment Risk: Equity
Operational update and priorities
- The company continues to perform well in its existing pharmaceutical
lines
- It is seeing increasing registrations and further penetration with its
Oral Thin Film (OTF) products
Exit strategy
- The company is now listed on the BSE, but liquidity is low
Numero Uno
Industry: Retail
Country: India
Website: www.numerounojeanswear.com
Company Status: Private
Investment Risk: Equity
Operational update and priorities
- The introduction of the GST in India caused significant upheaval for the
company and its distributors as operational issues with invoicing caused a loss
of sales. This was a general problem, not specific to Numero Uno
- The company is progressing its foray into e-commerce
- Margins are starting to improve and further improvements are targeted in
the next two years
Key risks
- Cash payments remain important to the company and any new tightening of
liquidity conditions could impact revenues
- E-commerce strategy and competition will be important to realise the
margin improvement
Exit strategy
- Previous exit discussions ceased as the temporary drop in revenues as
described above affected valuations of the company
- The company will seek to achieve a few quarters of new growth post the
completion of the de-monetisation policy and the introduction of the GST, in
order to drive up the value of the company, before re-embarking on the sales
process
GZI
Industry: Aluminium can manufacturing
Country: Nigeria
Website: www.gzican.com
Company Status: Private
Investment Risk: Equity
Operational update
- The business experienced a strong rebound in 2017 as the macro picture in
Nigeria improved
- The market has stabilised in terms of both volumes and price
- Going forward the outlook is cautiously optimistic
2018 operational strategy/priorities
- Establish a plant in South Africa
- Manage foreign exchange exposures/requirements
- Export cans in the region to expand sales and earn foreign currency
Key risks
- Continued slowdown in the African beverages markets
- Clients opting for cheaper alternatives
- Access to US$ / local currency depreciation
- Recruitment / talent sourcing
Exit strategy and timing
- 2020 exit through IPO or strategic sale. May be brought forward
Ashmore Investment Advisors Limited
Investment Manager
24 August 2018
Board Members
As at 30 June 2018, 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 interim report, the independence of each
Director has been considered.
Richard Hotchkis, Independent Chairman, (French 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
John Laing Environmental Assets Group Limited London
NB Distressed Debt Investment Fund Limited (from 12 London
April 2018)
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
Directors' Responsibility Statement
The Directors are responsible for preparing the Interim Report and Unaudited
Condensed Interim Financial Statements, which have not been audited by an
independent auditor, and confirm that to the best of their knowledge:
? the condensed set of financial statements in the interim financial report
has been prepared in accordance with IAS 34 Interim Financial Reporting; and
? the interim financial report includes a fair view of the information
required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of the important events that have occurred during the first six months of the
financial year and their impact on the condensed set of interim financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year ending 31 December 2018; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period, and any changes in the related
party transactions described in the last annual report that could do so.
Signed on behalf of the Board of Directors on 24 August 2018
Richard Hotchkis Christopher Legge
Chairman Chairman of the Audit Committee
Unaudited Condensed Statement of Financial Position
As at 30 June 2018
30 June 2018 31 December 2017
Note US$ US$
Assets
Cash and cash equivalents 27,010,092 673,736
Other financial assets 5a 145 12,928
Financial assets at fair value through 3 38,693,602 62,924,603
profit or loss
Total assets 65,703,839 63,611,267
Equity
Capital and reserves attributable to
equity holders
of the Company
Special reserve 381,934,791 407,583,513
Retained earnings (343,441,411) (345,067,522)
Total equity 38,493,380 62,515,991
Liabilities
Current liabilities
Distribution payable 7 25,648,722 * -
Other financial liabilities 5b 1,022,023 1,095,276
Financial liabilities at fair value 3 539,714 -
through profit or loss
Total liabilities 27,210,459 1,095,276
Total equity and liabilities 65,703,839 63,611,267
Net asset values
Net assets per US$ share 8 US$6.30 US$6.08
Net assets per GBP share 8 GBP5.95 GBP5.82
* The distribution payable 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. This extra compulsory redemption of
US$148,589 is reflected in the GBP shares in issue figure on page 29.
The unaudited condensed interim financial statements on pages 14 to 32 were
approved by the Board of Directors on 24 August 2018, and were signed on its
behalf by:
Richard Hotchkis Christopher Legge
Chairman Chairman of
the Audit Committee
Unaudited Condensed Statement of Comprehensive Income
For the six months ended 30 June 2018
Six months ended Six months ended
30 June 2018 30 June 2017
Note US$ US$
Interest income 16,955 1,778
Dividend income 19,792,062 1,110
Net foreign currency gain/(loss) 55,855 (1,710)
Other net changes in fair value on 4 (18,132,180) 8,574,961
financial assets and liabilities at fair
value through profit or loss
Total net gain 1,732,692 8,576,139
Expenses
Investment management fees (32,806) (31,301)
Incentive fees 82,756 * (150,949)
Directors' remuneration (58,939) (35,307)
Fund administration fees (5,887) (6,117)
Custody fees (3,306) (3,349)
Other operating expenses (88,399) (78,189)
Total operating expenses (106,581) (305,212)
Gain for the period 1,626,111 8,270,927
Total comprehensive gain for the period 1,626,111 8,270,927
Earnings per share
Basic and diluted gain per US$ share 9 US$0.20 US$0.72
Basic and diluted gain per GBP share 9 US$0.06 US$1.13
* Incentive fees are positive due to a reversal of prior year accruals.
All items derive from continuing activities.
Unaudited Condensed Statement of Changes in Equity
For the six months ended 30 June 2018
Special Retained
reserve earnings Total
Note US$ US$ US$
Total equity as at 1 January 2018 407,583,513 (345,067,522) 62,515,991
Total comprehensive gain for the - 1,626,111 1,626,111
period
Capital distribution 7 (25,648,722) * - (25,648,722)
Total equity as at 30 June 2018 381,934,791 (343,441,411) 38,493,380
Total equity as at 1 January 2017 410,583,457 (356,978,544) 53,604,913
Total comprehensive gain for the - 8,270,927 8,270,927
period
Total equity as at 30 June 2017 410,583,457 (348,707,617) 61,875,840
* The distribution payable 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. This extra compulsory redemption of
US$148,589 is reflected in the GBP shares in issue figure on page 29.
Unaudited Condensed Statement of Cash Flows
For the six months ended 30 June 2018
Six months ended Six months ended
30 June 2018 30 June 2017
US$ US$
Cash flows from operating activities
Net bank interest received 16,955 1,778
Dividends received 19,792,055 1,110
Net operating expenses charged (167,051) (182,184)
Net cash from/(used in) operating activities 19,641,959 (179,296)
Cash flows from investment activities
Sales of investments 6,137,712 -
Net cash flows on derivative instruments and 556,685 587,291
foreign exchange
Net cash from investment activities 6,694,397 587,291
Net increase in cash and cash equivalents 26,336,356 407,995
Reconciliation of net cash flows to movement in cash and cash
equivalents
Cash and cash equivalents at the beginning of 673,736 956,920
the period
Net increase in cash and cash equivalents 26,336,356 407,995
Cash and cash equivalents at the end of the 27,010,092 1,364,915
period
Note to the Unaudited Condensed Interim Financial Statements - Schedule of
Investments
As at 30 June 2018
Description of investments Fair value % of
US$ net assets
Ashmore Global Special Situations Fund 4 LP 15,108,765 39.25
AEI Inc - Equity 6,423,327 16.69
AA Development Capital India Fund 1, LLC 5,775,792 15.00
Ashmore Global Special Situations Fund 5 LP 5,347,072 13.89
VTBC Ashmore Real Estate Partners 1 LP 3,901,005 10.13
Everbright Ashmore China Real Estate Fund LP 775,904 2.02
Ashmore Global Special Situations Fund 3 LP 638,294 1.66
Ashmore Global Special Situations Fund 2 Limited 427,965 1.11
Ashmore Asian Special Opportunities Fund Limited 190,479 0.50
Ashmore Asian Recovery Fund 104,055 0.27
Ashmore SICAV 2 Global Liquidity US$ Fund 944 -
Total investments at fair value 38,693,602 100.52
Net other current liabilities (200,222) (0.52)
Total net assets 38,493,380 100.00
Notes to the Unaudited Condensed Interim Financial Statements
1. Basis of Preparation
a) Statement of Compliance
These unaudited condensed interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting and on a going concern
basis, despite the managed wind-down of the Company approved by the
shareholders on 13 March 2013. The Directors have examined significant areas of
possible financial 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
that it is appropriate to adopt the going concern basis despite the managed
wind-down of the Company over the next few years.
These unaudited condensed interim financial statements do not include as much
information as the annual financial statements, and should be read in
conjunction with the audited financial statements of the Company for the year
ended 31 December 2017. Selected explanatory notes are included to explain
events and transactions that are relevant to understanding the changes in
financial position and performance of the Company since the last annual
financial statements.
These unaudited condensed interim financial statements were authorised for
issue by the Board of Directors on
24 August 2018.
The Directors have assessed the impact of the 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.
b) Judgements and Estimates
Preparing the unaudited condensed interim financial statements requires
judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates. The significant judgements made
in applying the Company's accounting policies, and the key sources of
estimation uncertainty, were the same as those that applied to the audited
financial statements of the Company for the year ended 31 December 2017.
2. Summary of Significant Accounting Policies
The Board has concluded that at present the managed wind-down of the Company
has no significant impact on the valuation of the Company's investments.
The accounting policies applied in these unaudited condensed interim financial
statements are the same as those applied in the Company's audited financial
statements for the year ended 31 December 2017. As disclosed in those Annual
Financial Statements, IFRS 9,'Financial Instruments' was applicable for
financial reporting periods starting 1 January 2018. As such, these standards
have been adopted by the Company, but have not materially affected the Company.
There were no other new standards, interpretations or amendments to standards
issued and effective for the period which materially impacted the Company.
3. Financial Assets and Liabilities at Fair Value through Profit or Loss
30 June 2018 31 December
2017
US$ US$
Financial assets held for trading:
- Derivative financial assets - 521,399
Total financial assets held for trading - 521,399
Designated at fair value through profit or loss at
inception:
- Equity investments 38,693,602 62,403,204
Total designated at fair value through profit or loss 38,693,602 62,403,204
at inception
Total financial assets at fair value through profit or 38,693,602 62,924,603
loss
There were no significant changes to the Company's direct equity other than
valuation movements.
As at 30 June 2018, there were no derivative financial assets.
As at 31 December 2017, derivative financial assets comprised forward foreign
currency contracts as follows:
Currency Amount Currency Amount Maturity Unrealised
Bought Bought Sold Sold Date Gain
GBP 13,000,749 US$ 17,091,562 16/02/2018 521,399
Derivative financial assets 521,399
30 June 2018 31 December
2017
US$ US$
Financial liabilities held for trading:
- Derivative financial liabilities (539,714) -
Total financial liabilities held for trading (539,714) -
As at 30 June 2018, derivative financial liabilities comprised forward foreign
currency contracts as follows:
Currency Amount Currency Amount Maturity Unrealised
Bought Bought Sold Sold Date Loss
GBP 13,000,749 US$ 17,737,819 16/08/2018 (539,714)
Derivative financial liabilities (539,714)
As at 31 December 2017, there were no derivative financial liabilities.
4. Net Gain/Loss from Financial Assets and Liabilities at Fair Value through
Profit or Loss
30 June 2018 30 June 2017
US$ US$
Other net changes in fair value through profit or
loss:
- Realised gains on investments - -
- Realised losses on investments (2,564,465) -
- Realised gains on forward foreign currency contracts 1,270,047 614,486
- Realised losses on forward foreign currency (769,216) (25,482)
contracts
- Change in unrealised gains on investments 5,540,878 7,958,795
- Change in unrealised losses on investments (20,548,311) (117,665)
- Change in unrealised gains on forward foreign - 150,363
exchange contracts
- Change in unrealised losses on forward foreign (1,061,113) (5,536)
exchange contracts
Total (loss)/gain (18,132,180) 8,574,961
30 June 2018 30 June 2017
US$ US$
Other net changes in fair value on derivative assets held (560,282) 733,831
for trading
Other net changes in fair value on assets designated at (17,571,898) 7,841,130
fair value through profit or loss
Total net (loss)/gain (18,132,180)
8,574,961
5. Other Financial Assets and Liabilities
a) Other financial assets:
Other financial assets relate to accounts receivable and prepaid expenses and
comprise the following:
30 June 2018 31 December
2017
US$ US$
Prepaid Directors' insurance fees - 6,387
Other receivables and prepaid expenses 145 6,541
145 12,928
b) Other financial liabilities:
Other financial liabilities relate to accounts payable and accrued expenses,
and comprise the following:
30 June 2018 31 December 2017
US$ US$
Investment management fees payable
(5,353) (5,432)
Incentive fees payable
(925,443) (1,008,198)
Other accruals
(91,227) (81,646)
(1,022,023) (1,095,276)
6. Financial Instruments
a) Financial risk management
The Company's financial risk management objectives and policies are consistent
with those disclosed in the audited financial statements of the Company for the
year ended 31 December 2017.
b) Carrying amounts versus fair values
As at 30 June 2018, the carrying values of financial assets and liabilities
presented in the Unaudited Condensed 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 30 June 2018.
Held for Designated Loans and Other Total
trading at fair receivables financial
value liabilities
US$ US$ US$ US$ US$
Cash and cash equivalents - - 27,010,092 - 27,010,092
Non-pledged financial assets - 38,693,602 - - 38,693,602
at fair
value through profit or
loss
Other receivables - - 145 - 145
Total - 38,693,602 27,010,237 - 65,703,839
Financial liabilities at fair (539,714) - - - (539,714)
value
through profit or loss
Other payables - - - (26,670,745) (26,670,745)
Total (539,714) - - (26,670,745) (27,210,459)
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 2017.
Held for Designated Loans and Other Total
trading at fair receivables financial
value liabilities
US$ US$ US$ US$ US$
Cash and cash equivalents - - 673,736 - 673,736
Non-pledged financial assets 521,399 62,403,204 - - 62,924,603
at fair
value through profit or
loss
Other receivables - - 12,928 - 12,928
Total 521,399 62,403,204 686,664 - 63,611,267
Financial liabilities at fair - - - - -
value
through profit or loss
Other payables - - - (1,095,276) (1,095,276)
Total - - - (1,095,276) (1,095,276)
c) 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 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, 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 provide assistance to the Administrator in determining the
valuation of assets where the Administrator cannot determine a valuation from
another source. 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 the auditors
to a material extent in so far as they make up part of the Net Asset Value
("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 determined that
this 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. 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.
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.
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 period ended 30 June 2018 and the year ended 31 December 2017.
The following table analyses within the fair value hierarchy the Company's
financial assets and liabilities at fair value through profit and loss (by
class) measured at fair value as at 30 June 2018:
Level 1 Level 2 Level 3 Total balance
US$ US$ US$ US$
Financial assets at fair value
through profit and loss
Financial assets designated at
fair value through profit or loss
at inception:
- Equity investments 944 - 38,692,658 38,693,602
Total 944 - 38,692,658 38,693,602
Financial liabilities at fair
value
through profit and loss
Financial liabilities held for
trading:
- Derivative financial liabilities - (539,714) - (539,714)
Total - (539,714) - (539,714)
The following table analyses within the fair value hierarchy the Company's
financial assets and liabilities at fair value through profit and loss (by
class) measured at fair value as at 31 December 2017:
Level 1 Level 2 Level 3 Total balance
US$ US$ US$ US$
Financial assets at fair value
through profit and loss
Financial assets held for trading:
- Derivative financial assets - 521,399 - 521,399
Financial assets designated at
fair value through profit or loss
at inception:
- Equity investments 938 - 62,402,266 62,403,204
Total 938 521,399 62,402,266 62,924,603
Level 1 assets include the Ashmore SICAV 2 Global Liquidity US$ 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 Ashmore Funds ("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 table presents the movement in Level 3 instruments for the period
ended 30 June 2018.
Equity investments
US$
Opening balance as at 1 January 62,402,266
2018
Sales and returns of capital (6,137,713)
Gains and losses recognised in profit and (17,571,895)
loss *
Closing balance as at 30 June 38,692,658
2018
* Gains and losses recognised in profit and loss include net unrealised losses
on existing assets as at 30 June 2018 of US$365,621,810.
Total gains and losses included in the Unaudited Condensed Statement of
Comprehensive Income are presented in "Other net changes in fair value on
financial assets and liabilities at fair value through profit or loss".
The following tables show the valuation techniques and the key unobservable
inputs used in the determination of the fair value of Level 3 direct
investments:
Balance as Valuation Significant Range of Sensitivity to changes
at Technique unobservable estimates for in significant
30 June inputs unobservable unobservable inputs
2018 inputs
US$
Equity in a 6,423,327 Discounted Liquidity - ** The estimated fair
private Cash Flows discount at value would increase
company adjusted if:
equity level - the liquidity
discount were lower
Market Listed - ** - the EV/EBITDA
approach company EV/ multiples were higher
using EBITDA
comparable multiple
traded
multiples
Investments 32,269,331 Unadjusted Inputs to US$0.02 - The estimated fair
in unlisted NAV NAV* US$52.86 value would increase if
Funds the NAV was higher
Balance as Valuation Significant Range of Sensitivity to changes
at Technique unobservable estimates for in significant
31 December inputs unobservable unobservable inputs
2017 inputs
US$
Equity in a 6,837,105 Discounted Liquidity - ** The estimated fair
private Cash Flows discount at value would increase
company adjusted if:
equity level - the liquidity
discount were lower
Market Listed - ** - the EV/EBITDA
approach company EV/ multiples were higher
using EBITDA
comparable multiple
traded
multiples
Investments 55,565,161 Unadjusted Inputs to US$0.04 - The estimated fair
in unlisted NAV NAV* US$52.25 value would increase if
Funds the NAV was higher
* The Company has assessed whether there are any discounts in relation to
lock-in periods that are impacting liquidity. There were no discounts in
relation to lock-in periods as at 30 June 2018 and 31 December 2017.
** Information has not been included as these are commercially sensitive.
Unobservable inputs are developed as follows:
? EBITDA and revenue multiples represent amounts that market participants
would use when pricing an investment. These multiples are selected from
comparable publicly listed companies based on geographic location, industry
size, target markets and other factors that management considered to be
reasonable. The traded multiples for the comparable companies are determined by
dividing its respective enterprise value by its EBITDA or revenue.
? The Company used a combination of market multiples and discounted cash
flows methodologies to derive the fair value.
The Company believes that its estimates of fair value are appropriate; however
the use of different methodologies or assumptions could lead to different
measurements of fair value. For fair value investments in Level 3, changing one
or more of the assumptions used to alternative assumptions could result in an
increase or decrease in net assets attributable to investors. Due to the
numerous different factors affecting the assets, the impact cannot be reliably
quantified. It is reasonably possible on the basis of existing knowledge, that
outcomes within the next financial period that are different from the
assumptions used could require a material adjustment to the carrying amounts of
affected assets.
7. Capital and Reserves
Ordinary Shares
The following table presents a summary of changes in the number of shares
issued and fully paid during the period ended 30 June 2018:
US$ shares GBP shares
Shares outstanding as at 1 January 7,357,618 2,258,946
2018
Share 55,834 (44,175)
conversions
Compulsory partial redemptions (2,942,300) (897,586)
Shares outstanding as at 30 June 2018 4,471,152 1,317,185
Share Conversion
The following share conversions took place during the period ended 30 June
2018:
Transfers from Transfers to Number of shares Number of shares
to switch out to switch in
GBP shares US$ shares 47,047 59,613
US$ shares GBP shares 3,779 2,872
Compulsory Partial Redemptions
During the period ended 30 June 2018, management announced partial returns of
capital to shareholders by way of compulsory partial redemptions of shares with
the following redemption dates:
* 21 June 2018, US$25.5m using the 31 May 2018 NAV.
Voting rights
The voting rights each share is entitled to in a poll at any general meeting of
the Company (applying the Weighted Voting Calculation as described in the
Prospectus published by the Company on 6 November 2007) are as follows:
US$ 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 and
Transparency Rules.
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 period and year ends as follows:
As at 30 June 2018 Net assets Shares in issue Net assets Net assets
attributable to per share per share
each in US$ in local
share class in US$ currency
US$ shares 28,148,921 4,471,152 6.30 6.30
GBP shares 10,344,459 1,317,185 7.85 5.95
38,493,380
As at 31 December Net assets Shares in issue Net assets Net assets
2017 attributable to per share per share
each in US$ in local
share class in US$ currency
US$ shares 44,735,598 7,357,618 6.08 6.08
GBP shares 17,780,393 2,258,946 7.87 5.82
62,515,991
The allocation of the Company's NAV between share classes is further described
in the Company's Prospectus.
9. Earnings per Share ("EPS")
The calculation of the earnings per US$ and GBP share is based on the gain/loss
for the period attributable to US$ and GBP shareholders and the respective
weighted average number of shares in issue for each share class during the
period.
The gain attributable to each share class for the period ended 30 June 2018 was
as follows:
US$ share GBP share
Issued shares at the beginning of 7,357,618 2,258,946
the period
Effect on the weighted average number of shares:
- Conversion of shares 474 546
- Compulsory partial redemption of (58,846) (18,893)
shares
Weighted average number of shares 7,299,246 2,240,599
Profit for the period attributable to each class 1,487,467 138,644
of shareholders (US$)
EPS (US$) 0.20 0.06
There were no dilutive instruments in issue during the period ended 30 June
2018.
The gain attributable to each share class for the period ended 30 June 2017 was
as follows:
US$ share GBP share
Issued shares at the beginning of 7,465,478 2,586,288
the period
Effect on the weighted average number of shares:
- Conversion of shares 116,291 (96,740)
Weighted average number of shares 7,581,769 2,489,548
Gain/(loss) per share class (US$) 5,455,908 2,815,019
EPS (US$) 0.72 1.13
There were no dilutive instruments in issue during the period ended 30 June
2017.
10. Segmental Reporting
Although the Company has two share classes 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.
11. Ultimate Controlling Party
In the opinion of the Directors and on the basis of shareholdings advised to
them, the Company has no ultimate controlling party.
12. 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 30 June 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 fair value Funds
through profit or
loss"
Special Situations Private 7 141,943,446 27,592,422 19.44
Equity Funds
Real Estate Funds 2 43,975,363 4,676,909 10.64
The maximum exposure to loss is the carrying amount of the financial assets
held.
During the period, the Company did not provide financial support to these
unconsolidated structured entities and the Company has no intention of
providing financial or other support, except for the outstanding commitments
disclosed in note 14 to the financial statements.
13. 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 period ended 30 June 2018, the Company had the following related
party transactions:
Expense Payable
Related Party Nature US$ US$
AIAL Investment management (32,806) (5,353)
fees
AIAL Incentive fees 82,756 * (925,443)
Board of Directors Directors' remuneration (58,939) -
Investment
Activity
Related Party Nature US$
Related Funds Sales 6,137,713
Related Funds Dividends 19,755,109
Ashmore SICAV 2 Global Liquidity US$ Dividends 7
Fund
* Incentive fees are positive due to a reversal of prior year accruals.
During the period ended 30 June 2017, the Company engaged in the following
related party transactions:
Expense Payable
Related Party Nature US$ US$
AIAL Investment management (31,301) (5,364)
fees
AIAL Incentive fees (150,949) (946,042)
Board of Directors Directors' remuneration (35,307) -
Investment
Activity
US$
Ashmore SICAV 2 Global Liquidity US$ Dividends 3
Fund
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$ Fund ("Global
Liquidity Fund") were solely related to the cash management of US dollars on
account. Funds are swept into the S&P AAA 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.
During the periods ended 30 June 2018 and 30 June 2017, Directors' remuneration
was as follows:
Chairman: GBP28,350 per annum
Chairman of the Audit Committee: GBP28,350 per annum
Independent Directors: GBP26,730 per annum
Non-Independent Director: waived
The Directors had the following beneficial interests in the Company:
30 June 2018 31 December 2017
GBP ordinary shares GBP ordinary shares
Nigel de la Rue 469 779
Christopher Legge 293 487
Richard Hotchkis 176 293
14. Commitments
During the year ended 31 December 2010, the Company entered into a subscription
agreement with Everbright Ashmore China Real Estate Fund LP for a total
commitment of US$10 million. As at 30 June 2018, the outstanding commitment was
US$529,455 (31 December 2017: US$529,455).
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 30
June 2018, the outstanding commitment was EUR243,474 (31 December 2017: EUR
243,474).
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$23,581,027. 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 30 June 2018, the outstanding commitment was
US$5,959,809 (31 December 2017: US$5,959,809).
15. Subsequent Events
The capital distribution of US$25.5 million that was declared on 21 June 2018
was paid on 10 July 2018. The additional compulsory redemption of US$148,589 as
a result of the overpayment to GBP shareholders (as described on page 14) was
paid on the 6 August 2018.
There were no other significant events subsequent to the period-end date that
require adjustment to, or disclosure in, the financial statements.
Corporate Information
Directors Custodian
Richard Hotchkis Northern Trust (Guernsey) Limited
Nigel de la Rue P.O. Box 71
Christopher Legge Trafalgar Court
Steve Hicks Les Banques
St Peter Port
Guernsey
GY1 3DA
Channel Islands
Registered Office Auditor
P.O. 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, Secretary and Registrar Advocates to the Company
Northern Trust International Fund Carey Olsen
Administration Services (Guernsey) Carey House
Limited Les Banques
P.O. 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 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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