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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Global Mena | LSE:GMFA | London | Ordinary Share | GG00B39Q0H60 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGMFA RNS Number : 9482C Global MENA Financial Assets Ltd 23 November 2009 ? STOCK EXCHANGE ANNOUNCEMENT INTERIM REPORT Global MENA Financial Assets Limited (the "Company") has today, in accordance with DTR 6.3.5, released its Interim Report and Unaudited Consolidated Financial Statements ("Interim Report") for the six months ended 30 September 2009. The Interim Report is available per the enclosed link, and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is located at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS The interim Report will also be available from the Company's website www.gmfa.com from 23 November 2009. RESULTS A summary of the results of the Company for the period For the six months ended 30 September 2009 is as follows: +-----------+-------------+-----------+-------------+--------------+-------------+------------+ | | Total Net |Net Asset | Net | Net | Decrease | Decrease | | | Assets |Value per | Operating | Operating | in Net | in Net | | | | Share | Loss | Loss per | Assets | Assets | | | | | | Share | from | from | | | | | |(annualized) | Operations |Operations | | | | | | | | per Share | | | | | | | | Basic & | | | | | | | | Diluted | +-----------+-------------+-----------+-------------+--------------+-------------+------------+ | | US$ | US$ | US$ | US$ | US$ | US$ | +-----------+-------------+-----------+-------------+--------------+-------------+------------+ | As at 30 |433,179,627 | 1.72 |(3,556,362) | (0.01) |(5,907,780) | (0.02) | +-----------+-------------+-----------+-------------+--------------+-------------+------------+ | September | |(GBP1.07) | | | | | | 2009 | | | | | | | +-----------+-------------+-----------+-------------+--------------+-------------+------------+ CHAIRMAN'S REPORT During the first half of the 2009-2010 financial year (H1FY10) the Company's net asset value ("NAV") fell by 12 per cent., from 121p to 107p. In US$ terms, NAV has marginally fallen from 174 c to 172c. The increase in the value of unlisted portfolio was offset by the fall in the listed portfolio. During this period the Company's share price has increased by 38% from 45p to 62p. During H1FY10 FTSE 100 moved up by 30%. As of 30 September 2009 GMFA's shares traded at a 42 % discount to NAV. The Market In H1FY10 the capital markets of the members of the Gulf Cooperation Council (the GCC) have witnessed recovery. The major equity market indices in the GCC grew in the range of 14% per cent to 49% per cent, Saudi Arabia being the highest, in that period. According to the International Monetary Fund (IMF) real GDP in the GCC is expected to grow 5.2 per cent. in 2010(1)HUFUH. The price of oil, the primary driver of GCC economies, strengthened on the back of production cuts by Organization of the Petroleum Exporting Countries (OPEC), recovering to the level of US$81/bl as at October 2009. The estimated non oil-sector growth for the GCC countries is 2% (2)FF in 2009. (1) Source: Zawya Dow Jones news wire, 11 October 2009 (2) Source: www.chinaview.cn 2009-11-01 Liquidity in the credit markets has improved during the period. GCC Eurobonds spreads also continued to tighten and many benchmarks are now back to the pre-Lehman levels. However, bank balance sheets and volatile oil prices still remain major risk factors for the region. The Company reported in its annual report in relation to the financial year ending on 31 March 2009 that the Board was considering ways of improving the share price and addressing the significant discount of the share price to NAV. The Board continues to examine all options available for reducing this discount, including the options of buying back shares into treasury and seeking a cessation of the listing of the Company's shares on the official list of the UK Financial Services Authority. The Portfolio As of 30 September 2009, the underlying investments of the Company comprised two listed companies and seven unlisted companies. In H1FY10 the aggregate market value of the listed equities fell from US$85.8m to US$73.6m. During the same period the aggregate fair value of the Company's investments in the unlisted companies increased from US$107.4m to US$120.7m (including new acquisition during the period of US$4.1m). Global Capital Management Ltd. (the Investment Manager) has reported that the fundamentals of the portfolio companies are sound. Recent developments During H1FY10 the Company the following developments were made: * As announced on 17 June 2009, the Company, through its wholly-owned subsidiary Financial Assets Bahrain W.L.L. (FAB), acquired a minority holding in Twenty Third Project Management Company W.L.L. and consequently an indirect interest of 5 per cent. in Dar Al Tamleek Co. (also known as Saudi Housing Finance Company). The cash consideration for the acquisition was set off against a corresponding amount owning under Islamic money market instruments with Global Investment House K.S.C.C. (Global) and its subsidiaries. * As announced on 17 July 2009, the Company entered into a Put Option Variation and Termination Agreement with Global. Under this agreement the Company agreed, inter alia, to cancel a put option in the Company's favour in return for the payment by Global of US$21.259 million. As this was a related party transaction, it needed approval of the independent shareholders of the Company (i.e. shareholders other than Global and its associates). This transaction was approved by a resolution of shareholders at an extraordinary general meeting of the Company held on 29 October 2009 with 81.69 per cent. of votes cast being in favour of the resolution. The Company has announced that it will distribute the sum received from Global by way of a special dividend of around 5 pence per share. * As mentioned in the 2009 Annual Report the Company is at the final stage of making another investment representing a 20% stake. By virtue of it being a related party transaction it has been undergoing the regulatory procedures which started with an approval from the independent directors in November 2008. In compliance of these requirements an independent committee was formed to negotiate the price and oversee the process; a major international firm was engaged for valuation and sponsor's role, a big four audit firm was engaged for financial due diligence and three major law firms were engaged to do the legal due diligence. The process will be concluded through independent shareholders' approval. Islamic Money Market Instruments As at 30 September 2009, the Company's assets included cash and murabahas of US$220.3 million. This comprised approximately US$164 million of cash deposited with "A" and above rated banks including HSBC, Citibank and Royal Bank of Canada and US$56 million of short term investments (Islamic deposits) under murabaha contracts with Global and two other Kuwaiti financial institutions. This balance was after providing for two of the murabahas. The murabaha with Global will be settled in full if the transaction mentioned above gets concluded. A committee comprising the independent directors of the company (Anne Ewing, Kishore Dash and myself) is working with the Investment Manager and the Company's legal advisers, Allen & Overy LLP and local counsels in Kuwait, on the recovery and settlement of the outstanding Islamic money market instruments. The Company has kept shareholders updated throughout H1FY10 on the status of this settlement and recovery and will continue to do so. The Board During H1FY10 there have been significant changes to the composition of the Company's board. On 2 September 2009, the Company announced that Richard Bernays, John Hawkins and Terence Allen all retired at the Company's annual general meeting as independent non-executive directors of the Company. The Company appointed Anne Ewing as an independent director on 2 September 2009 and me as the chairman and an independent director on 2 September 2009. Anne is a resident of Guernsey. Anne has previously held senior positions at KPMG Channel Islands Limited, Rothschild Asset Management (CI) Limited and Old Mutual International (Guernsey) Limited. Anne is a member of the Worshipful Company of International Bankers, is a Fellow of the Chartered Securities Institute and was elected a Fellow of the JCSA in January 2006. Anne holds a MSc in Corporate Governance and Administration from the University of Bournemouth. She is the chairperson of the Audit Committee and a member of the independent committee, responsible for all matters relating to related party transactions. I was a minister of Ministry of Commerce and Industry of Kuwait between 1998 and 1999 and held several senior positions in Kuwait, including Director General of the Kuwait Stock Exchange, and Chairman of the Union of Arab Stock Exchanges and Securities Commission. I am currently a member of the Kuwait Supreme Petroleum Council, chairman of M/s. Contracting & Marine Services Co. (SAK) and a director of the Kuwait Stock Exchange. I hold a B.Sc. in Engineering from the University of Oklahoma. The board is now therefore composed of three independent directors (Anne Ewing, Kishore Dash and me) together with Maha Al-Ghunaim. The main risks that the Company faces stem from slower than expected recovery of the regional economies. This may impact adversely the return of the company's shareholder that it is going to generate and/or prolong the investment horizon. In other words, further slowdown in economies will result into delayed IPO for our portfolio companies, credit crunch and increase in credit defaults. The strong perception in the past, particularly before mid 2008, about low correlation between MENA economies and major world economies has proven wrong during the downturn of 2008-2009. However, we draw comfort from the following facts: a) hydrocarbon price is strengthening; b) regional governments are taking proactive fiscal and monetary measures to support the MENA economies; and c) the a number of major MENA countries have favourable demographic profile. Hisham Al Otaibi Chairman STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE INTERIM FINANCIAL REPORT The Directors confirm to the best of their knowledge that: i) the Interim consolidated Financial Statements have been prepared in conformity with accounting principles generallyaccepted in the United states of
America; ii)The Management Discussion & Analysis includes a fair review of the information required by DTR 4.2.7R (indication ofimportant
events during the first six months and description of principal risks and uncertainties for the remaining sixmonths of the year);
and iii)The Interim Consolidated Financial Statements include a fair review of the information required by DTR 4.2.8R(disclosure of
related party transactions and changes therein). By order of the Board Hisham Al Otaibi Anne Ewing DirectorDirector 23 November 2009 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) As at 30 SEPTEMBER 2009 +--+--------------+-----------+------------+-------+------+--------------+--+----------------+ | | | | | | | 30 | | 31 March | | | | | | | | September | | | +--+--------------+-----------+------------+-------+------+--------------+--+----------------+ | | | | | | | 2009 | | 2009 | +--+--------------+-----------+------------+-------+------+--------------+--+----------------+ | | | | | | | US$ | | US$ | +--+--------------+-----------+------------+-------+------+--------------+--+----------------+ | Assets | | | | | | | | +-----------------+-----------+------------+-------+------+--------------+--+----------------+ | Investments at fair value (cost US$244,243,525, | | 194,230,820 | | 214,512,266 | | 31 March 2009: US$240,126,170) | | | | | +--------------------------------------------------+------+--------------+--+----------------+ | Cash and cash equivalents | | | | 163,796,664 | | 122,242,492 | +-----------------------------+------------+-------+------+--------------+--+----------------+ | Foreign currency cash | | 177,128 | | 22,843,447 | +--------------------------------------------------+------+--------------+--+----------------+ | Murabaha and wakala receivables | | | 56,295,463 | | 81,311,154 | +------------------------------------------+-------+------+--------------+--+----------------+ | Dividend receivable | | | | - | | 1,321,045 | +-----------------------------+------------+-------+------+--------------+--+----------------+ | Other | | | | | 21,349,478 | | 66,448 | | receivables | | | | | | | | +-----------------+-----------+------------+-------+------+--------------+--+----------------+ | | | | | | | | | | +--+--------------+-----------+------------+-------+------+--------------+--+----------------+ | Total Assets | | | | | 435,849,553 | | 442,296,852 | +-----------------+-----------+------------+-------+------+--------------+--+----------------+ | | | | | | | | | | +--+--------------+-----------+------------+-------+------+--------------+--+----------------+ | Liabilities and Shareholders' Equity | | | | | | +------------------------------------------+-------+------+--------------+--+----------------+ | Liabilities | | | | | | | | +-----------------+-----------+------------+-------+------+--------------+--+----------------+ | Directors' fees payable | | | | 43,630 | | 175,164 | +-----------------------------+------------+-------+------+--------------+--+----------------+ | Management fees payable | | | | 2,247,251 | | 2,175,596 | +-----------------------------+------------+-------+------+--------------+--+----------------+ | Other payables | | | | | 379,045 | | 858,685 | +-----------------+-----------+------------+-------+------+--------------+--+----------------+ | | | | | | | | | | +--+--------------+-----------+------------+-------+------+--------------+--+----------------+ | Total | | | | | 2,669,926 | | 3,209,445 | | Liabilities | | | | | | | | +-----------------+-----------+------------+-------+------+--------------+--+----------------+ | Net Assets | | | | | 433,179,627 | | 439,087,407 | +-----------------+-----------+------------+-------+------+--------------+--+----------------+ | Net Assets consist of : | | | | | | | +-----------------------------+------------+-------+------+--------------+--+----------------+ | Ordinary shares (no par value, authorized to issue | | | | | unlimited | | | | +---------------------------------------------------------+--------------+--+----------------+ | | number of shares, 252,040,002 issued and | | | | | | | outstanding | | | | | +--+-----------------------------------------------+------+--------------+--+----------------+ | | as at 30 September and 31 March 2009) | | 497,623,330 | | 497,623,330 | +--+-----------------------------------------------+------+--------------+--+----------------+ | Accumulated deficit | | | | (13,728,343) | | (31,212,035) | +-----------------------------+------------+-------+------+--------------+--+----------------+ | Net unrealised depreciation of | | | (50,012,706) | | (25,613,903) | | investments | | | | | | +------------------------------------------+-------+------+--------------+--+----------------+ | Net unrealised appreciation of forward foreign currency | - | | - | | contracts | | | | +---------------------------------------------------------+--------------+--+----------------+ | Net unrealised foreign currency | | | (702,654) | | (1,709,985) | | depreciation | | | | | | +------------------------------------------+-------+------+--------------+--+----------------+ | | | | | | | | | | +--+--------------+-----------+------------+-------+------+--------------+--+----------------+ | Total Liabilities and Shareholders' | | | 433,179,627 | | 439,087,407 | | Equity | | | | | | +------------------------------------------+-------+------+--------------+--+----------------+ | | | | | | | | | | +--+--------------+-----------+------------+-------+------+--------------+--+----------------+ | Net Asset Value per Share (in US Dollar) | | | 1.72 | | 1.74 | +------------------------------------------+-------+------+--------------+--+----------------+ | Net Asset Value per Share (in Sterling) | | | 1.07 | | 1.21 | +------------------------------------------+-------+------+--------------+--+----------------+ | | | | | | | | | | +--+--------------+-----------+------------+-------+------+--------------+--+----------------+ CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) For the six months ended 30 September 2009 +--+--------------------------------+----+--------------+---+--------------+ | | | | 6 month | | 4 month | | | | | period to | | period to | +--+--------------------------------+----+--------------+---+--------------+ | | | | 30 September | | 30 September | | | | | 2009 | | 2008 | +--+--------------------------------+----+--------------+---+--------------+ | | | | US$ | | US$ | +--+--------------------------------+----+--------------+---+--------------+ | Operating Income | | | | | +-----------------------------------+----+--------------+---+--------------+ | Dividend income | | 1,223,325 | | - | +-----------------------------------+----+--------------+---+--------------+ | Interest income | | 1,528,327 | | 2,482,731 | +-----------------------------------+----+--------------+---+--------------+ | Total Operating Income | | 2,751,652 | | 2,482,731 | +-----------------------------------+----+--------------+---+--------------+ | Operating Expenses | | | | | +-----------------------------------+----+--------------+---+--------------+ | Administrator fees | | 492,699 | | 223,661 | +-----------------------------------+----+--------------+---+--------------+ | Audit fees | | 173,569 | | - | +-----------------------------------+----+--------------+---+--------------+ | Commission fees | | 2,153 | | 420,213 | +-----------------------------------+----+--------------+---+--------------+ | Directors fees and expenses | | 122,298 | | 35,419 | +-----------------------------------+----+--------------+---+--------------+ | Legal and professional fees | | 1,046,067 | | - | +-----------------------------------+----+--------------+---+--------------+ | Management fees | | 4,358,157 | | 2,127,883 | +-----------------------------------+----+--------------+---+--------------+ | Organisation costs | | - | | 821,294 | +-----------------------------------+----+--------------+---+--------------+ | Performance fees | | - | | 1,430,290 | +-----------------------------------+----+--------------+---+--------------+ | Safe custody | | 58,186 | | 9,560 | +-----------------------------------+----+--------------+---+--------------+ | Stamp duty | | - | | 40,230 | +-----------------------------------+----+--------------+---+--------------+ | Miscellaneous expenses | | 54,885 | | 36,720 | +-----------------------------------+----+--------------+---+--------------+ | Total Operating Expenses | | 6,308,014 | | 5,145,270 | +-----------------------------------+----+--------------+---+--------------+ | Net Operating Loss | | (3,556,362) | | (2,662,539) | +-----------------------------------+----+--------------+---+--------------+ | | | | | | | +--+--------------------------------+----+--------------+---+--------------+ | Realised and Unrealised | | | | | | Gain/(loss) from | | | | | +-----------------------------------+----+--------------+---+--------------+ | Investments and Foreign Currency | | | | | +-----------------------------------+----+--------------+---+--------------+ | Net realised gain/(loss) from: | | | | | +-----------------------------------+----+--------------+---+--------------+ | - Investments | | 21,259,000 | | - | +-----------------------------------+----+--------------+---+--------------+ | - Forward foreign currency | | (198,310) | | (146,697) | | contracts | | | | | +-----------------------------------+----+--------------+---+--------------+ | - Other foreign currency | | (20,636) | | 222,873 | +-----------------------------------+----+--------------+---+--------------+ | | | | 21,040,054 | | 76,176 | +--+--------------------------------+----+--------------+---+--------------+ | Net (decrease)/increase in unrealised | | | | | depreciation/ appreciation on: | | | | +----------------------------------------+--------------+---+--------------+ | Investments | | (24,398,803) | | 18,633,692 | +-----------------------------------+----+--------------+---+--------------+ | Forward foreign currency | | - | | 140,537 | | contracts | | | | | +-----------------------------------+----+--------------+---+--------------+ | Other foreign currency | | 1,007,331 | | (120,228) | +-----------------------------------+----+--------------+---+--------------+ | | | | (23,391,472) | | 18,654,001 | +--+--------------------------------+----+--------------+---+--------------+ | Total Net Realised and Unrealised | | | | | | Gain from | | | | | +-----------------------------------+----+--------------+---+--------------+ | Investments and Foreign Currency | | (2,351,418) | | 18,730,177 | +-----------------------------------+----+--------------+---+--------------+ | | | | | | | +--+--------------------------------+----+--------------+---+--------------+ | Decrease in Net Assets Resulting from | (5,907,780) | | 16,067,638 | | Operations | | | | +----------------------------------------+--------------+---+--------------+ | | | | | | | +--+--------------------------------+----+--------------+---+--------------+ | Net Operating Loss per Share | | | | | (annualised): | | | | +----------------------------------------+--------------+---+--------------+ | Basic & Diluted | | (0.01) | | (0.05) | +-----------------------------------+----+--------------+---+--------------+ | | | | | | | +--+--------------------------------+----+--------------+---+--------------+ | Decrease in Net Assets resulting from | | | | | operations per Share (annualised): | | | | +----------------------------------------+--------------+---+--------------+ | Basic & Diluted | | (0.02) | | 0.31 | +-----------------------------------+----+--------------+---+--------------+ | | | | | | | +--+--------------------------------+----+--------------+---+--------------+ | Weighted Average Number of Shares | | | | | Outstanding: | | | | +----------------------------------------+--------------+---+--------------+ | Basic & Diluted | | 252,040,002 | | 252,040,002 | +--+--------------------------------+----+--------------+---+--------------+ CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) For the six months ended 30 September 2009 +------------------+------------------------------+---+-----------------+---+-----------------+ | | | | 1 April 2009 | | 2 June 2008 | | | | | to | | to | +------------------+------------------------------+---+-----------------+---+-----------------+ | | | | 30 September | | 30 | | | | | 2009 | | September | | | | | | | 2008 | +------------------+------------------------------+---+-----------------+---+-----------------+ | | | | US$ | | US$ | +------------------+------------------------------+---+-----------------+---+-----------------+ | | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Operations: | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Net operating | | | (3,556,362) | | (2,662,539) | | loss | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Net realised appreciation of investments | | 21,259,000 | | - | +-------------------------------------------------+---+-----------------+---+-----------------+ | Net realised forward foreign currency loss | | (198,310) | | (146,697) | +-------------------------------------------------+---+-----------------+---+-----------------+ | Net realised other foreign currency (loss)/gain | | (20,636) | | 222,873 | +-------------------------------------------------+---+-----------------+---+-----------------+ | Net unrealised (depreciation)/appreciation of | | (24,398,803) | | 18,633,692 | | investments | | | | | +-------------------------------------------------+---+-----------------+---+-----------------+ | Net unrealised appreciation of forward foreign | | - | | 140,537 | | currency contracts | | | | | +-------------------------------------------------+---+-----------------+---+-----------------+ | Net unrealised appreciation/(depreciation) of | | 1,007,331 | | (120,228) | | other foreign currency | | | | | +-------------------------------------------------+---+-----------------+---+-----------------+ | | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Net (Decrease)/Increase in Net Assets resulting | | (5,907,780) | | 16,067,638 | | from Operations | | | | | +-------------------------------------------------+---+-----------------+---+-----------------+ | Capital Share Transactions: | | | | | +-------------------------------------------------+---+-----------------+---+-----------------+ | Issuance of | | | - | | 500,000,000 | | capital | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Stock issuance | | | - | | (2,376,670) | | costs | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Net increase in net assets resulting from capital | - | | 497,623,330 | | share transactions | | | | +-----------------------------------------------------+-----------------+---+-----------------+ | | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Total (Decrease)/Increase in Net Assets | | (5,907,780) | | 513,690,968 | +-------------------------------------------------+---+-----------------+---+-----------------+ | | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Net Assets at beginning of period | | 439,087,407 | | - | +-------------------------------------------------+---+-----------------+---+-----------------+ | | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Net Assets at end of period | | 433,179,627 | | 513,690,968 | +-------------------------------------------------+---+-----------------+---+-----------------+ | | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Net Asset value per share (in US Dollar) | | 1.72 | | 2.04 | +-------------------------------------------------+---+-----------------+---+-----------------+ | | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Net Asset value per share (in Sterling) | | 1.07 | | 1.15 | +-------------------------------------------------+---+-----------------+---+-----------------+ | | | | | | | +------------------+------------------------------+---+-----------------+---+-----------------+ | Shares issued and outstanding at end of period | | 252,040,002.00 | | 252,040,002.00 | +------------------+------------------------------+---+-----------------+---+-----------------+ CONSOLIDATED FINANCIAL HIGHLIGHTS For the six months ended 30 September 2009 +-----+---------------------+----------------+----+-----------------+--+--------------------+ | | | | | 1 April 2009 to | | 2 June 2008 to | | | | | | | | | +-----+---------------------+----------------+----+-----------------+--+--------------------+ | | | | | 30 September | | 30 September 2008 | | | | | | 2009 | | | +-----+---------------------+----------------+----+-----------------+--+--------------------+ | | | | | | | | +-----+---------------------+----------------+----+-----------------+--+--------------------+ | | | | | | | | +-----+---------------------+----------------+----+-----------------+--+--------------------+ | | | | | | | | +-----+---------------------+----------------+----+-----------------+--+--------------------+ | Per Share Data (1) | | | | | | +---------------------------+----------------+----+-----------------+--+--------------------+ | Net asset value at beginning of period | | US$1.74 | | - | +--------------------------------------------+----+-----------------+--+--------------------+ | Net operating loss | | | US$(0.01) | | US$(0.01) | +---------------------------+----------------+----+-----------------+--+--------------------+ | Net realised gain on | | | US$0.08 | | - | | investments | | | | | | +---------------------------+----------------+----+-----------------+--+--------------------+ | Net appreciation on | | | US$(0.10) | | US$0.07 | | investments | | | | | | +---------------------------+----------------+----+-----------------+--+--------------------+ | Net depreciation on | | | US$0.00 | | - | | derivatives | | | | | | +---------------------------+----------------+----+-----------------+--+--------------------+ | Net increase in net assets resulting from | | US$1.71 | | US$0.06 | | operations | | | | | +--------------------------------------------+----+-----------------+--+--------------------+ | Issuance of ordinary | | | - | | US$1.98 | | shares | | | | | | +---------------------------+----------------+----+-----------------+--+--------------------+ | Net asset value at end | | | US$1.71 | | US$2.04 | | of period | | | | | | +---------------------------+----------------+----+-----------------+--+--------------------+ | | | | | | | | +-----+---------------------+----------------+----+-----------------+--+--------------------+ | Ratios/Supplemental Data | | | | | | +---------------------------+----------------+----+-----------------+--+--------------------+ | Per share market value at end of period | | GBP0.62 | | GBP1.01 | +--------------------------------------------+----+-----------------+--+--------------------+ | Shares outstanding at end of period | | 252,040,002 | | 252,040,002 | +--------------------------------------------+----+-----------------+--+--------------------+ | Weighted average number of shares | | 252,040,002 | | 252,040,002 | +--------------------------------------------+----+-----------------+--+--------------------+ | Net assets at end of | | | US$433,179,627 | | US$513,690,968 | | period | | | | | | +---------------------------+----------------+----+-----------------+--+--------------------+ | Average net assets (2) | | | US$451,764,883 | | US$523,723,206 | +---------------------------+----------------+----+-----------------+--+--------------------+ | Total Return (3) | | | (12.95%) | | 3.23% | +---------------------------+----------------+----+-----------------+--+--------------------+ | Ratio of operating expenses to average | | 1.40% | | 4.02% | | net assets (4) | | | | | +--------------------------------------------+----+-----------------+--+--------------------+ | Ratio of net operating loss to average | | (0.79%) | | (3.24%) | | net assets (4) | | | | | +--------------------------------------------+----+-----------------+--+--------------------+ | (1) | Basic weighted average per Share | | | | | | | data | | | | | +-----+--------------------------------------+----+-----------------+--+--------------------+ | (2) | Average net assets calculated using the weekly valuations plus the 30 September | | | 2009 Hard NAV. | +-----+-------------------------------------------------------------------------------------+ | (3) | Total return (which is calculated as the net increase in net assets resulting from | | | operations divided by the shares issued) excluding stock issuance costs and | | | commissions payable on purchases of shares. | +-----+-------------------------------------------------------------------------------------+ | (4) | Ratios based on reporting periods of less than twelve months are annualised. One | | | time organisation costs are not included in the annualised operating expenses. | +-----+---------------------+----------------+----+-----------------+--+--------------------+ CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) For the six months ended 30 September 2009 +--+---+---------------------+--------+--------+-------+----------------+--+---------------+ | | | | | | | 1 April 2009 | | 2 June 2008 | | | | | | | | to | | to | +--+---+---------------------+--------+--------+-------+----------------+--+---------------+ | | | | | | | 30 September | | 30 September | | | | | | | | 2009 | | 2008 | +--+---+---------------------+--------+--------+-------+----------------+--+---------------+ | | | | | | | US$ | | US$ | +--+---+---------------------+--------+--------+-------+----------------+--+---------------+ | | | | | | | | | | +--+---+---------------------+--------+--------+-------+----------------+--+---------------+ | Operating Activities | | | | | | | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Net (decrease)/ increase in net assets resulting | (5,907,780) | | 16,067,638 | | from operations | | | | +------------------------------------------------------+----------------+--+---------------+ | Adjustment to reconcile net increase in net assets | | | | | resulting from operations to net cash and cash | | | | | equivalents (used in)/generated from operating | | | | | activities: | | | | +------------------------------------------------------+----------------+--+---------------+ | Other foreign exchange | | | | (2,479,901) | | 120,228 | | movement | | | | | | | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Net realised gain on | | | | (21,259,000) | | - | | investments | | | | | | | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Net unrealised depreciation of | | | 24,398,803 | | (18,633,692) | | investments | | | | | | +-------------------------------------+--------+-------+----------------+--+---------------+ | Decrease in dividend | | | | 1,321,045 | | - | | receivables | | | | | | | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Increase in other | | | | (24,030) | | (1,362,917) | | receivables | | | | | | | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Decrease in murabaha | | | | 24,716,973 | | - | | receivables | | | | | | | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Movement in impairment of murabaha | | 298,718 | | - | | receivables | | | | | +----------------------------------------------+-------+----------------+--+---------------+ | Decrease in directors' | | | | (131,534) | | - | | fees payable | | | | | | | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Increase in management fees payable | | | 71,655 | | - | +-------------------------------------+--------+-------+----------------+--+---------------+ | (Decrease)/increase in other | | | (479,640) | | 5,710,455 | | payables | | | | | | +-------------------------------------+--------+-------+----------------+--+---------------+ | Purchase of investments | | | | (4,117,357) | | (234,528,293) | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Net cash and cash equivalents (used | | | | | | in)/generated from | | | | | +----------------------------------------------+-------+----------------+--+---------------+ | operating activities | | | | 16,407,952 | | (232,626,581) | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Financing Activities | | | | | | | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Loan proceeds | | | | - | | 8,949,303 | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Net proceeds from shares | | | | - | | 497,623,330 | | issued | | | | | | | +----------------------------+--------+--------+-------+----------------+--+---------------+ | | | | | | | - | | 506,572,633 | +--+---+---------------------+--------+--------+-------+----------------+--+---------------+ | | | | | | | | | | +--+---+---------------------+--------+--------+-------+----------------+--+---------------+ | Net increase in cash and cash | | | 16,407,952 | | 273,946,052 | | equivalents | | | | | | +-------------------------------------+--------+-------+----------------+--+---------------+ | Cash and cash equivalents at | | | 145,085,939 | | - | | beginning of period | | | | | | +-------------------------------------+--------+-------+----------------+--+---------------+ | Foreign exchange movements | | | | 2,479,901 | | (120,228) | +----------------------------+--------+--------+-------+----------------+--+---------------+ | Cash and cash equivalents at end of | | | 163,973,792 | | 273,825,824 | | period | | | | | | +-------------------------------------+--------+-------+----------------+--+---------------+ | | | | | | | | | | +--+---+---------------------+--------+--------+-------+----------------+--+---------------+ Notes 1. Accounting policies The Company's financial statements have been prepared in conformity with accounting principles generally acceptable in the United States of America ("US GAAP"). 2. Status of preliminary announcement The financial information set out in this preliminary announcement does not constitute the Company's statutory financial statements for the six months period ended 30 September 2009. The financial information for the period ended 30 September 2009 is derived from the statutory financial statements for that period. The statutory financial statements for the period ended 30 September 2009 will be finalised on the basis of the information presented by the Directors in this preliminary announcement following the approval of the financial statements by the Board of Directors. Whilst the financial information included in this preliminary announcement has been computed in conformity with US GAAP, this announcement does not in itself contain sufficient information to comply with US GAAP. The Company expects to publish full financial statements that comply with US GAAP following the approval of the financial statements by the Board of Directors. For Global Mena Financial Assets Limited HSBC Securities Services (Guernsey) Limited, Secretary 23 November 2009 END This information is provided by RNS The company news service from the London Stock Exchange END IR FEUFMDSUSEEF
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