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Name | Symbol | Market | Type |
---|---|---|---|
Genesis Maly.Pf | LSE:BB40 | London | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.50 | 0 | 01:00:00 |
GENESIS MALAYSIA MAJU FUND LIMITED INTERIM ANNOUNCEMENT The Directors of Genesis Malaysia Maju Fund Limited announce unaudited results for the period ended 30th June, 2005 as follows: 2005 2004 US$ US$ Total net assets for participating shareholders 56,304,496 56,390,680 [56,570,018] Net assets per Participating Share 37.02 37.07 [37.19] Total (deficit) per Participating Share (1.971) (0.819) [(1.804)] Figures in square brackets represent, for comparative purposes only, the results for 2005 based on the accounting standards prior to the recent changes. Comment In the six months to June 30th, 2005, the Funds Net Asset Value per share fell 4.6% to US$37.19 (based upon previous accounting standards). Over the same period the Kuala Lumpur Stock Exchange (KLSE) index expressed in US Dollars fell 2.1%. The total deficit per Participating Preference Share was US$1.971 and the Directors do not recommend payment of a dividend. Malaysias smaller market capitalisation stocks have performed poorly for over a year now, and have been de-rated compared with their larger counterparts. Indeed, the KLSE Second Board of smaller companies reached a seven-year low recently while in early August the broader index made a five-year high (albeit under-performing its neighbours). Although disappointing, your Manager continues to believe that the small and medium size companies, in which you Fund is primarily invested, continue to have good prospects for growth which will be recognised by the stock market. UK Accounting Standards (UK GAAP) have changed in anticipation of UK companies moving to International Financial Reporting Standards. The main alteration affecting the Fund is the reclassification of the Funds Participating Preference Shares as debt rather than equity. Further changes involving the valuation of investments at bid price rather than mid-market price and the inclusion of transaction costs have also been incorporated. By Order of the Board HSBC Securities Services (Guernsey) Limited 28th September, 2005 GENESIS MALAYSIA MAJU FUND LIMITED INTERIM ANNOUNCEMENT (continued) APPENDIX 2005 2004 US$ US$ FINANCIAL HIGHLIGHTS Total net assets 56,304,496 56,390,680 Dividend income 967,545 1,063,126 Interest income 2,416 312 Gross income 969,961 1,063,438 Total deficit for the year (2,998,578) (1,246,195) Net assets per Participating Share 37.02 37.07 Total (deficit) return per Participating Share (1.97) (0.82) STATEMENT OF CASH FLOWS Investment income received 710,982 638,184 Interest received 1,757 77 Expenses paid out of revenue (272,950) (259,653) Purchases of investments (4,120,077) (11,622,969) Sales of investments 3,713,242 11,501,401 Expenses paid out of capital (307,384) (381,256) Net Cash Outflow $(274,430) $(124,206)
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