![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Thames Riv.USD | LSE:TRMU | London | Ordinary Share | GG00B8NGB074 | RED PTG PREF NPV THAMES RVR HEDGE USD |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.045 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTRMA TIDMTRMU TIDMTTM
RNS Number : 9170F
Thames River Multi Hedge PCC Ltd
21 June 2012
THAMES RIVER MULTI HEDGE PCC LIMITED
PRELIMINARY ANNOUNCEMENT
The Board of Directors of Thames River Multi Hedge PCC Limited announces audited results for the year ended 31 March 2012. These are extracts taken from the audited accounts for the year ended 31 March, approved by the Board of Directors on 21 June 2012.
Chairman's report
I would like to welcome our shareholders to the eighth annual report for the Hedge + Cell of Thames River Multi Hedge PCC Limited (the "Company"). My report will follow its usual format of a performance review followed by a brief market synopsis to place this performance in context and will conclude with a review of major events for your Company.
I am disappointed to report net asset value per share losses of 6.11%, 5.96% and 5.86% for the Sterling, Euro and Dollar share classes of your Company respectively over the course of the financial year compared to losses of 3.4% for the HFRI fund of funds and 3.64% for the HFRX Absolute Return index. This relatively weak performance was primarily due to a difficult first half of the year in which we underperformed the HFRI fund of funds index by 4.1% in a risk-averse trading environment. In the second half we outperformed the index by approximately 1% as more directional hedge fund strategies benefited from substantial central bank liquidity injections. In share price terms we have actually outperformed the indices with returns of -2.29%, -2.49% and 0% for the Sterling, Euro and Dollar classes respectively. This share price performance has however come at a price as your broker has aggressively repurchased shares and we have sought your approval to renew our 14.99% buy-back authority on three separate occasions to keep the discount at an acceptable level in relation to the ever-shrinking peer group of listed fund of hedge fund vehicles.
Our new financial year began on a calm note but rapidly degenerated into one of the most extreme periods of financial market volatility since the Lehman crisis in 2008. Bonds, equities and commodities initially rallied when the Federal Reserve indicated that it would continue the quantitative easing programme until the end of June. The calm was short-lived as Greece was downgraded by Standard & Poor's who added to contagion fears by placing Italy on negative outlook too. An enormous $11bn IPO of Glencore marked the top of equity and commodity markets in May.
The European bank stress test results released in July proved worthless as they ignored the possibility of a sovereign default. Corporate activity slowed sharply and equity market volatility increased as investors focused on the lack of leadership in Europe. The ECB purchased Spanish and Italian 10-year sovereign debt as yields surged above 6% and the German DAX index plunged by more than 20% intra month in August. Standard & Poor's soured sentiment even further by cutting the US debt rating from AAA to AA+ and the Fed announced "Operation Twist", a strategy to reduce long-term borrowing costs by paying down long-term debt using short-term borrowing.
The second half of our financial year which began in October proved to be a more favourable environment for hedge funds. Risk asset prices rallied sharply as details of a plan to resolve the European crisis emerged. As investors' enthusiasm for the plan faded due to a lack of detail, global central banks staged a co-ordinated liquidity injection at the end of November which led to a substantial rally in risk assets on the last day of the month. This was followed by two further liquidity injections by the ECB in December and February, each amounting to approximately half a trillion euro of 3-year finance. Our financial year ended on a positive note with the successful restructuring of EUR177bn of Greek debt which, importantly for the hedge fund industry, was recognised as a technical default triggering CDS payments.
At the start of the financial year, your Board met to consider the future options for the Company following a difficult year for the hedge fund industry and your Company's investment portfolio, which was compounded by the need to redeem investments to meet the discretionary redemption facility. The directors decided not to exercise their discretion to operate the redemption facility in June and December 2011 in order to the inevitable disruption to portfolio management caused by raising cash to meet redemptions in potentially unfavourable market conditions, while also continuing to raise cash for the ongoing programme of share repurchases. The directors also decided to consult shareholders with a view to putting forward proposals for the Company's future, including a liquidity event, early in 2012. In February of this year an EGM was held at which over 87% of those voting voted for the continuation of the Company. In addition the Company offered a tender offer of up to 50% of the shares in issue at the time; valid tender requests were received for between 73 and 77% of the shares. The tender offer was settled on 31 May.
At the same time your Board decided to implement a second tender offer in the event that the portfolio failed to achieve double-digit NAV growth in the period from 1 November 2011 to 31 October 2012. If this level of return is achieved your Board has nonetheless retained the ability to implement the tender offer subject to shareholder approval. The Board also undertook to offer a continuation vote at the 2013 Annual General Meeting.
At its meeting on 21 June your Board reflected on a variety of issues including the percentage of Shares in issue which were tendered by Shareholders in the February tender, the lack of liquidity in the Company's Shares and their market rating, the investment outlook in light of the ongoing European debt crisis and the views of certain core shareholders. As a result, the Board has now determined to recommend to Shareholders that the Company should commence a managed wind-down of its portfolio with a view to realising its investments in an orderly fashion, in a manner consistent with the principles of prudent investment management. As this will constitute a material change in the Company's investment policy, the Board will be preparing documentation to seek Shareholders' approval at an Extraordinary General Meeting as soon as practicable.
The last two years have been a testing time for the hedge fund industry, the closed-ended fund of hedge fund sector and your Company. I would like to thank our shareholders for their patience during a difficult period.
William Backhouse
21 June 2012
Balance Sheet
31 March 2012 2012 2011 Notes US$000's US$000's Current assets Cash 6 23,558 16,972 Margin cash 7 4,856 4,916 Debtors 4 580 19,613 Financial assets at fair value through 2, profit or loss 3 155,578 359,566 Total assets 184,572 401,067 ----------------- ------------------ Current liabilities Bank borrowings 8 - (60,000) demptions payable 9 (90,807) - Creditors 5 (2,146) (3,949) Financial liabilities at fair value through 2, profit or loss 3 (67) (2,839) Total liabilities (93,020) (66,788) ----------------- ------------------ Total net assets 91,552 334,279 ================= ================== Capital and revenue attributable to the Fund's equity holders Share capital 12 - - Share premium & other distributable reserves 12 281,608 490,018 Retained earnings (190,056) (155,739) Total equity 91,552 334,279 ================= ================== Shares in issue 12 Sterling shares 39,663,834 135,112,990 Euro shares 875,930 2,339,921 Dollar shares 3,969,241 12,339,368 Net asset value per share 20 Sterling shares GBP1.3508 GBP1.4536 Euro shares EUR1.2297 EUR1.3212 Dollar shares $1.1378 $1.2211 Statement of Changes in Equity For the year end 31 March 2012 Share Premium Share & Other Distributable Retained Capital Reserves Earnings Total US$000's US$000's US$000's US$000's Management Shares - - - - ================ ================================= ==================== ===================== Sterling Shares Opening balance 1 April 2011 - 465,847 (151,023) 314,824 Repurchase into treasury and cancelled - (109,499) - (109,499) Redemptions - (88,570) - (88,570) Switches - 1,287 - 1,287 Net loss for the year - - (32,441) (32,441) --------------------- Closing balance 31 March 2012 - 269,065 (183,464) 85,601 ================ ================================= ==================== ===================== Euro Shares Opening balance 1 April 2011 - 2,837 1,550 4,387 Repurchase into treasury and cancelled - (556) - (556) Redemptions - (1,434) - (1,434) Switches - (440) - (440) Net loss for the year - - (522) (522) --------------------- Closing balance 31 March 2012 - 407 1,028 1,435 ================ ================================= ==================== ===================== Dollar Shares Opening balance 1 April 2011 - 21,334 (6,266) 15,068 Repurchase into treasury and cancelled - (3,835) - (3,835) Redemptions - (4,516) - (4,516) Switches - (847) - (847) Net loss for the year - - (1,354) (1,354) Closing balance 31 March 2012 - 12,136 (7,620) 4,516 ================ ================================= ==================== ===================== Total Opening balance 1 April 2011 - 490,018 (155,739) 334,279 Repurchase into treasury and cancelled - (113,890) - (113,890) Redemptions - (94,520) - (94,520) Switches - - - - Net loss for the year - - (34,317) (34,317) Closing balance 31 March 2012 - 281,608 (190,056) 91,552 ================ ================================= ==================== ===================== Statement of Changes in Equity For the year end 31 March 2011 Share Premium Share & Other Distributable Retained Capital Reserves Earnings Total US$000's US$000's US$000's US$000's Management Shares - - - - ================ ================================= ==================== ===================== Sterling Shares Opening balance 1 April 2010 - 558,257 (165,094) 393,163 Redemption of shares - (37,447) - (37,447) Purchase of shares into treasury - (30,893) - (30,893) Repurchase into treasury and cancelled - (32,453) - (32,453) Switches - 8,383 - 8,383 Net gain for the year - - 14,071 14,071 --------------------- Closing balance 31 March 2011 - 465,847 (151,023) 314,824 ================ ================================= ==================== ===================== Euro Shares Opening balance 1 April 2010 - 9,402 1,357 10,759 Redemption of shares - (459) - (459) Purchase of shares into treasury - (365) - (365) Switches - (5,741) - (5,741) Net gain for the year - - 193 193 --------------------- Closing balance 31 March 2011 - 2,837 1,550 4,387 ================ ================================= ==================== ===================== Dollar Shares Opening balance 1 April 2010 - 29,035 (6,031) 23,004 Redemption of shares - (1,738) - (1,738) Purchase of shares into treasury - (1,542) - (1,542) Repurchase into treasury and cancelled - (1,779) - (1,779) Switches - (2,642) - (2,642) Net loss for the year - - (235) (235) Closing balance 31 March 2011 - 21,334 (6,266) 15,068 ================ ================================= ==================== ===================== Total Opening balance 1 April 2010 - 596,694 (169,768) 426,926 Redemption of shares - (39,644) - (39,644) Purchase of shares into treasury - (32,800) - (32,800) Repurchase into treasury and cancelled - (34,232) - (34,232) Switches - - - - Net gain for the year - - 14,029 14,029 Closing balance 31 March 2011 - 490,018 (155,739) 334,279 ================ ================================= ==================== ===================== Income Statement For the year end 31 March 2012 2012 2011 US$000's US$000's Revenue Interest income 1 17 Other income 188 595 Net (loss)/gain on financial assets and liabilities at fair value through profit or loss (27,921) 22,177 Total investment income (27,732) 22,789 ------------------ ---------------- Expenses Management fees 3,379 5,788 General expenses 554 310 Administration fee 234 363 Directors' fees 177 172 Custody fees 144 183 Legal fees 135 5 Audit fee 42 40 Directors' and Officers' Insurance 27 30 Total operating expenses 4,692 6,891 ------------------ ---------------- Operating (loss)/profit (32,424) 15,898 Finance costs - interest expense (1,893) (1,869) Net (loss)/gain for the year attributable to the Fund's equity holders (34,317) 14,029 ================== ================ 2012 2012 2012 Sterling Euro US Dollar Earnings per share Shares Shares Shares Net loss attributable to the Fund's equity holders (US$000's) (32,441) (522) (1,354) Number of shares in issue (weighted average in the year) 96,312,233 1,795,781 9,054,978 Basic earnings per share (expressed in US$ per share) (33.68)c (29.07)c (14.95)c Basic earnings per share in share class currency (20.99)p (21.01)c (14.95)c 2011 2011 2011 Sterling Euro US Dollar Earnings per share Shares Shares Shares Net gain/(loss) attributable to the Fund's equity holders (US$000's) 14,071 193 (235) Number of shares in issue (weighted average in the year) 164,910,576 4,287,663 15,191,349 Basic earnings per share (expressed in US$ per share) 8.53c 4.51c (1.55)c Basic earnings per share in share class currency 5.47p 3.39c (1.55)c Cashflow Statement For the year end 31 March 2012 2012 2011 US$000's US$000's Cash flows from operating activities Purchase of financial assets and settlement of financial liabilities (153,547) (92,143) Proceeds from sale of financial assets at fair value through profit or loss and forward foreign currency contracts 281,814 242,876 Movements in margin accounts 60 1,006 Other operating expenses (4,659) (7,074) Interest received 2 15 Net cash inflow from operating activities 123,670 144,680 ----------------- ---------------- Cash flows from financing activities Interest paid (3,301) (14) Repayment of bank borrowings 60,000 (60,000) Purchase of shares for cancellation (113,890) (108,565) Net cash outflow from financing activities (57,191) (168,579) ----------------- ---------------- Net increase/(decrease) in cash and cash equivalents 66,479 (23,899) Cash and cash equivalents at 1 April (43,028) (19,239) Exchange gain on cash and cash equivalents 107 110 Cash and cash equivalents at 31 March 23,558 (43,028) ================= ================ Cash at the end of the year is comprised of: Cash at bank 23,558 16,972 Bank borrowings - (60,000) 23,558 (43,028) ================= ================
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEEFMFFESEDM
1 Year Thames Riv.USD Chart |
1 Month Thames Riv.USD Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions