Ashmore Global Opportunities Ltd - Half-year Report

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$6.08
£ shares		£5.95		£5.82
Closing-Trade Share Price
US$ shares		US$4.79		US$3.80
£ shares		£4.88		£3.90
Discount to Net Asset Value
US$ shares		(23.97)%		(37.50)%
£ 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 £5.95 as at 30 June 2018, up from US$6.08 and £5.82 respectively at the end of 2017. The share prices stood at US$4.79 and £4.88 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 £ classes stood at US$6.30 and £5.95 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 Ltd	4.94%			India	Pharmaceutical research and manufacturing
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 Equipment	25.36%
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 April 2018)	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

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 profit or loss	3	38,693,602		62,924,603
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 through profit or loss	3	539,714		-
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 £ share	8	£5.95		£5.82

* The distribution payable differs by US$148,722 to the amount declared, because during the distribution process, shareholders of the £ share class were overpaid by US$148,589 (the US$133 difference is FX). The Company had to compulsory redeem shares from the £ shareholders to the value of the amount by which they were overpaid, and these proceeds were then distributed as cash to the US$ shareholders who were underpaid. This extra compulsory redemption of US$148,589 is reflected in the £ 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 30 June 2018		Six months ended 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 financial assets and liabilities at fair value through profit or loss	4	(18,132,180)		8,574,961
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 £ 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 period		-		1,626,111		1,626,111
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 period		-		8,270,927		8,270,927
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 £ share class were overpaid by US$148,589 (the US$133 difference is FX). The Company had to compulsory redeem shares from the £ shareholders to the value of the amount by which they were overpaid, and these proceeds were then distributed as cash to the US$ shareholders who were underpaid. This extra compulsory redemption of US$148,589 is reflected in the £ shares in issue figure on page 29.

Unaudited Condensed Statement of Cash Flows

For the six months ended 30 June 2018

	Six months ended 30 June 2018		Six months ended 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 foreign exchange	556,685		587,291
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 the period	673,736		956,920
Net increase in cash and cash equivalents	26,336,356		407,995
Cash and cash equivalents at the end of the period	27,010,092		1,364,915

Note to the Unaudited Condensed Interim Financial Statements - Schedule of Investments

As at 30 June 2018

Description of investments	Fair value US$		% of 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 at inception						38,693,602	62,403,204
Total financial assets at fair value through profit or loss						38,693,602	62,924,603

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 Bought	Amount Bought		Currency Sold	Amount Sold		Maturity Date	Unrealised Gain
£	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 Bought	Amount Bought		Currency Sold	Amount Sold		Maturity Date	Unrealised Loss
£	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 contracts						(769,216)	(25,482)
- 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 exchange contracts						-	150,363
- Change in unrealised losses on forward foreign exchange contracts						(1,061,113)	(5,536)
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 for trading						(560,282)	733,831
Other net changes in fair value on assets designated at fair value through profit or loss						(17,571,898)	7,841,130
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 trading	Designated at fair value	Loans and receivables		Other financial liabilities	Total
	US$	US$	US$		US$	US$
Cash and cash equivalents	-	-	27,010,092		-	27,010,092
Non-pledged financial assets at fair    value through profit or loss	-	38,693,602	-		-	38,693,602
Other receivables	-	-	145		-	145
Total	-	38,693,602	27,010,237		-	65,703,839
Financial liabilities at fair value    through profit or loss	(539,714)	-	-		-	(539,714)
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 trading	Designated at fair value	Loans and receivables		Other financial liabilities	Total
	US$	US$	US$		US$		US$
Cash and cash equivalents	-	-	673,736		-	673,736
Non-pledged financial assets at fair    value through profit or loss	521,399	62,403,204	-		-	62,924,603
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 2018				62,402,266
Sales and returns of capital				(6,137,713)
Gains and losses recognised in profit and loss *				(17,571,895)
Closing balance as at 30 June 2018				38,692,658

* 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 at 30 June 2018	Valuation Technique	Significant unobservable inputs	Range of estimates for unobservable inputs	Sensitivity to changes in significant unobservable inputs
	US$
Equity in a private company	6,423,327	Discounted Cash Flows	Liquidity discount at adjusted equity level	- **	The estimated fair value would increase if: - the liquidity discount were lower - the EV/EBITDA multiples were higher
		Market approach using comparable traded multiples	Listed company EV/EBITDA multiple	- **
Investments in unlisted Funds	32,269,331	Unadjusted NAV	Inputs to NAV*	US$0.02 - US$52.86	The estimated fair value would increase if the NAV was higher

   

	Balance as at 31 December 2017	Valuation Technique	Significant unobservable inputs	Range of estimates for unobservable inputs	Sensitivity to changes in significant unobservable inputs
	US$
Equity in a private company	6,837,105	Discounted Cash Flows	Liquidity discount at adjusted equity level	- **	The estimated fair value would increase if: - the liquidity discount were lower - the EV/EBITDA multiples were higher
		Market approach using comparable traded multiples	Listed company EV/EBITDA multiple	- **
Investments in unlisted Funds	55,565,161	Unadjusted NAV	Inputs to NAV*	US$0.04 - US$52.25	The estimated fair value would increase 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 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		£ shares
Shares outstanding as at 1 January 2018		7,357,618		2,258,946
Share conversions		55,834		(44,175)
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 to switch out		Number of shares to switch in
£ shares	US$ shares	47,047		59,613
US$ shares	£ 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
£ 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 £ share is determined by dividing the total net assets of the Company attributable to the US$ and £ share classes by the number of US$ and £ shares in issue respectively at the period and year ends as follows:

As at 30 June 2018	Net assets attributable to each share class in US$	Shares in issue	Net assets per share in US$	Net assets per share in local currency
US$ shares	28,148,921	4,471,152	6.30	6.30
£ shares	10,344,459	1,317,185	7.85	5.95
	38,493,380

   

As at 31 December 2017	Net assets attributable to each share class in US$	Shares in issue	Net assets per share in US$	Net assets per share in local currency
US$ shares	44,735,598	7,357,618	6.08	6.08
£ 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 £ share is based on the gain/loss for the period attributable to US$ and £ 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		£ share
Issued shares at the beginning of the period			7,357,618		2,258,946
Effect on the weighted average number of shares:
- Conversion of shares			474		546
- Compulsory partial redemption of shares			(58,846)		(18,893)
Weighted average number of shares			7,299,246		2,240,599
Profit for the period attributable to each class of shareholders (US$)			1,487,467		138,644
EPS (US$)			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		£ share
Issued shares at the beginning of the period			7,465,478		2,586,288
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 entity	Nature and purpose		Interest held by the Company
Investment Funds	To manage assets on behalf of third party investors. These vehicles are financed through the issue of units to investors.		Investments in units issued by the Funds

The table below sets out interests held by the Company in unconsolidated structured entities as at 30 June 2018.

Investment in unlisted investment Funds	Number of investee Funds		Total net assets		Carrying amount included in "Financial assets at fair value through profit or loss"		% of net assets of underlying  Funds
Special Situations Private Equity Funds	7		141,943,446		27,592,422		19.44
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 fees	(32,806)	(5,353)
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$ Fund	Dividends		7

* 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 fees	(31,301)	(5,364)
AIAL	Incentive fees	(150,949)	(946,042)
Board of Directors	Directors’ remuneration	(35,307)	-
		Investment Activity
			US$
Ashmore SICAV 2 Global Liquidity US$ Fund	Dividends		3

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:		£28,350 per annum
Chairman of the Audit Committee:		£28,350 per annum
Independent Directors:		£26,730 per annum
Non-Independent Director:		waived

The Directors had the following beneficial interests in the Company:

	30 June 2018	31 December 2017
	£ ordinary shares	£ 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 €11.4 million. As at 30 June 2018, the outstanding commitment was €243,474 (31 December 2017: €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 £ 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 Richard Hotchkis Nigel de la Rue Christopher Legge Steve Hicks	Custodian Northern Trust (Guernsey) Limited P.O. Box 71 Trafalgar Court Les Banques St Peter Port Guernsey GY1 3DA Channel Islands
Registered Office P.O. Box 255 Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Channel Islands	Auditor KPMG Channel Islands Limited Glategny Court Glategny Esplanade St Peter Port Guernsey GY1 1WR Channel Islands
Administrator, Secretary and Registrar Northern Trust International Fund Administration Services (Guernsey) Limited P.O. Box 255 Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Channel Islands	Advocates to the Company Carey Olsen Carey House Les Banques St Peter Port Guernsey GY1 4BZ Channel Islands
Alternative Investment Fund Manager Ashmore Investment Advisors Limited 61 Aldwych London WC2B 4AE United Kingdom	UK Solicitor to the Company Slaughter and May One Bunhill Row London EC1Y 8YY United Kingdom
Brokers J.P. Morgan Cazenove 20 Moorgate London EC2R 6DA United Kingdom Jefferies International Limited Vintners Place 68 Upper Thames Street London EC4V 3BJ United Kingdom	UK Transfer Agent Computershare Investor Services PLC The Pavilions Bridgewater Road Bristol BS13 8AE United Kingdom Website Performance and portfolio information for shareholders can be found at: www.agol.com

   

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