Utilico Emerging Markets Share Discussion Threads

[praipus] 21/1/2008 17:13

Now these guys had some rather large PUT options on the S&P 500 and FTSE so might see the NAV creep up a tad or at least outperform the market.

[praipus] 02/1/2008 13:25

Indeed happy New Year Clusium.

[clusium] 02/1/2008 12:33

And time to tip our hats here as well as in ECWC

[praipus] 21/12/2007 13:31

Just UEMW kicking its heals....but its had a good run.

[clusium] 21/12/2007 09:30

A successful operation out of the way, and a steady advance resumed on all fronts.

[clusium] 19/12/2007 15:15

It all worked out aa par, effectively. Seems OK and I have bought some more.

[praipus] 19/12/2007 13:53

EPIC codes for the new UEM C and Subscription shares are UEMC and UEMX respectively.

[praipus] 18/12/2007 18:35

Good result in this market IMHO and emerging markets dont stop drinking water or using electricity just because someone in the USA cant pay their mortgage or dreams up another financial instrument to go long or short of. UEM/W very strong buy for the long term IMHO.

Utilico Emerging Mkt Utilico Emerging Markets raises 83.7 mln stg net from C shares issue

LONDON (Thomson Financial) - Utilico Emerging Markets Ltd said it has raised
about 83.7 mln stg net via a placing of 85 mln C shares, which had 17 mln
subscription shares attached on a 1 for 5 basis, at 1 stg each.
The company said it expects the dealing of the shares to start on the London
Stock Exchange's AIM index, the Bermuda Stock Exchange and the Channel Islands
Stock Exchange on Dec 19.

[e-mail]
apm/cmr

COPYRIGHT

Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.

[clusium] 18/12/2007 12:51

Should subscribers be holding their breath over the new shares?

[praipus] 06/12/2007 18:08

Frustrating when you have to tell the broker what you can and cant do. I had fun and games trying to buy some UEMW warrants in certificated form. Took an age to explain that they arent covered warrants and evenutally had to give up and buy in a nominee account....

I prefer certificated form because you get all the documentation annual reports etc also you are generally less likely to trade them I find.

They start trading on 28th December I think, so it will be interesting to see how they perform in this market.

[purse] 06/12/2007 15:23

Praipus

I wanted to take up my offer, but take it up in an ISA account. Apparently I can't do that, as my holding is in a normal shares account the offer must go into the same account.
Also the Share Centre are not convinced that the shares will be immediately capable of being put into an ISA, so I like you will probably have to buy after they are issued.
#
Purse

[praipus] 04/12/2007 09:54

Intend to or if not mop up some subscription shares in the aftermarket for the MAXI ISA or PEP.

[clusium] 04/12/2007 09:43

Anyone else taking up the C shares?

[praipus] 22/11/2007 12:30

Hats off to you for timing Clusium, I bought some of the warrants a few days ago and am bathing in paper loss. But remain loyal and positive on these and their underlying.

[clusium] 22/11/2007 12:22

We are well into discount country now and I feel it might be a good time to pick up some more.

[praipus] 20/11/2007 16:54

From the interim report

"
We continue to believe the world's economic activity will retreat from the high
growth levels seen over the last twelve months, but we still anticipate sound
economic progress from emerging markets. Furthermore, we believe the long term
growth prospects for infrastructure, utility and related companies within
emerging markets are strong and UEM's portfolio remains well positioned to
benefit from this progress."

[praipus] 20/11/2007 10:11

Utilico Emerg Mkts Interim Results

RNS Number:0722I
Utilico Emerging Markets Limited
20 November 2007

Date: 20 November 2007

Contact: Charles Jillings
Utilico Emerging Markets Limited
01372 271 486

Alastair Moreton
Arbuthnot Securities Limited
020 7012 2000

Utilico Emerging Markets Limited

Unaudited Statement of Results

for the six months to 30 September 2007

Highlights of results

* Profit for the period #69.7m
* Undiluted net asset value per share increased 28.2% to 187.80p
* Revenue return earnings per share of 3.58p
* Dividend per share of 3.50p
* Average annual compound return of 36.0% since inception
* Increased bank facility from #60.0m to #80.0m in August 2007

Chairman's Statement

Once again the first six months of UEM's year have been testing times for
emerging markets investors so I am pleased to report UEM has performed well. The
NAV per ordinary share rose from 146.45p to 187.80p after paying a final
dividend of 0.70p for the year ended 31 March 2007. This represents a gain of
28.2%. The average annual compound return per ordinary share since inception
stood at 36.0% at the end of the half-year.

In common with previous periods, the portfolio has outperformed the MSCI EMF
(Sterling adjusted) index. The MSCI gained 24.9% for the six months versus 28.2%
for UEM. Over the last twelve months UEM has seen its NAV per ordinary share
gain 56.8% versus the MSCI which gained 42.3%. Over this period UEM
underperformed the MSCI in only two of the last twelve months.

During the six months UEM increased its bank facility with Halifax Bank of
Scotland ("HBOS") to #80.0m. As at 30 September 2007, #64.2m of this facility
was drawn, all in US dollars. As a result gearing has increased to 16.9% from
15.6%.


The managers continue to utilise contracts for difference and have increased the
gross position to #25.3m (#14.4m at 31 March 2007) against which #14.4m was held
as collateral.


The managers have continued to increase the absolute level of market protection
by investing in S&P 500 index put options and put option spreads. As at 30
September 2007 there were no short put options as these had expired the week
before and total market protection at that date was #200.0m. Since period end
the put option spreads have been completed and the current net equity protection
is #105.0m equivalent to 25.0% of the gross assets (31 March 2007 - #78.4m or
25.0% of the gross assets).



The revenue and expenses were broadly in line with the manager's expectations.
The revenue return per share was negatively impacted by the increased costs
associated with the increased borrowings taken on by UEM. Offsetting this was
the change in accounting policy to capitalise 70.0% of finance costs and
management fees. The resultant revenue earnings per share was 3.58p per ordinary
share, up 49.8% on the same period last year. The board has declared an interim
dividend of 3.50p.



The managers continue to keep a firm control on costs. The annualised management
and administration costs were 0.8% for the six months, marginally lower than
previous periods.



The market price of the ordinary shares increased by 26.4% to 173.50p as at 30
September 2007. This represents a small premium to the diluted NAV per ordinary
share of 173.43p. We continue to see strong shareholder support for UEM.



On 6 November 2007 we announced our intention to raise up to #100.0m by way of a
placing and open offer of C shares and subscription shares. Further we are
seeking a listing on the Channel Islands Stock Exchange which will enable UK PEP
and ISA holders to invest in the Company for the first time. We expect to post a
circular to shareholders and warrantholders, seeking the approval of the C share
issue, towards the end of November.



Looking forward the conflicting forces on the market and contrasting outlooks
coupled with the range of issues facing the markets are expected to result in
continued volatility.



We continue to believe the world's economic activity will retreat from the high
growth levels seen over the last twelve months, but we still anticipate sound
economic progress from emerging markets. Furthermore, we believe the long term
growth prospects for infrastructure, utility and related companies within
emerging markets are strong and UEM's portfolio remains well positioned to
benefit from this progress.





Alexander Zagoreos

November 2007








SUMMARY OF UNAUDITED RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2007


30 September 31 March
2007 2007
Change

Undiluted net asset value per ordinary share 187.80p 146.45p
28.2%
Diluted net asset value per ordinary share 173.43p 138.80p
24.9%

Ordinary share price 173.50p 137.25p
26.4%

Discount/(Premium) - (based on diluted NAV) -% (1.1)%

Equity holders' funds (#m) 312.4 241.6
29.3%
Gross assets (#m)* 379.7 288.6
31.6%

Bank debt (#m) 64.2 45.0
42.7%

Gearing on gross assets 16.9% 15.6%


6 months to 6 months
to
30 September 30
September

2007
2006
Earnings per share (basic)
- Capital 38.55p
4.49p
- Revenue 3.58p
2.39p
- Total 42.13p
6.88p
Dividend per share 3.50p
2.00p



* Gross assets less current liabilities excluding loans




UNAUDITED INCOME STATEMENT


6 months to 6 months
to
30 September 2007 30 September
2006

Revenue Capital Total Revenue Capital
Total
return return return return return
return
#'000s #'000s #'000s #'000s #'000s
#'000s

Gains and losses on investments - 70,025 70,025 - 6,372
6,372
Gains and losses on derivative instruments - 5,721 5,721 - 8
8
Exchange gains and losses - 1,836 1,836 - 1,052
1,052
Investment and other income 7,859 - 7,859 4,994 -
4,994
Total income 7,859 77,582 85,441 4,994 7,432
12,426
Management and administration fees (351) (10,360) (10,711) (541) 85
(456)
Other expenses (437) (26) (463) (315) (97)
(412)
Profit before finance costs and taxation 7,071 67,196 74,267 4,138 7,420
11,558
Finance costs (776) (1,811) (2,587) (399) -
(399)
Profit before taxation 6,295 65,385 71,680 3,739 7,420
11,159
Taxation (375) (1,621) (1,996) (303) (945)
(1,248)
Profit for the period 5,920 63,764 69,684 3,436 6,475
9,911
Earnings per share (basic) - pence 3.58 38.55 42.13 2.39 4.49
6.88
Earnings per share (diluted) - pence 3.35 36.04 39.39 2.33 4.40
6.73



The total column of this statement represents the Company's Income Statement,
prepared in accordance with IFRS.

The supplementary revenue and capital return columns are both prepared under
guidance published by the Association of Investment Companies in the UK. All
items in the above statement derive from continuing operations.

All income is attributable to the equity holders of the Company.


UNAUDITED STATEMENT OF CHANGES IN EQUITY




6 months to 30 September
2007

Ordinary Share Non- Retained earnings
share premium Warrant distributable Capital Revenue
capital account reserve reserve reserves reserve
Total
#'000s #'000s #'000s #'000s #'000s #'000s
#'000s

Balance at 31 March 2007 16,498 147,194 9,050 101 67,408 1,365
241,616
Profit for the period - - - - 63,764 5,920
69,684
Ordinary dividend paid - - - - - (1,155)
(1,155)
Issue of ordinary share capital and

warrants 135 2,074 - - - -
2,209
Balance at 30 September 2007 16,633 149,268 9,050 101 131,172 6,130
312,354




6 months to 30 September
2006

Ordinary Share Non- Retained earnings
share premium Warrant distributable Capital Revenue
capital account Reserve reserve reserves reserve
Total
#'000s #'000s #'000s #'000s #'000s #'000s
#'000s
Balance at 31 March 2006 7,507 62,284 4,050 1 14,634 1,215
89,691
Profit for the period - - - - 6,475 3,436
9,911
Ordinary dividend paid - - - - - (1,126)
(1,126)
Issue of ordinary share capital and

warrants 8,955 85,984 5,100 - - -
100,039
Cost of issuing ordinary share capital - (1,398) - - - -
(1,398)
Balance at 30 September 2006 16,462 146,870 9,150 1 21,109 3,525
197,117




Year to 31 March
2007

Ordinary Share Non- Retained earnings
share premium Warrant distributable Capital Revenue
capital account reserve reserve reserves reserve
Total
#'000s #'000s #'000s #'000s #'000s #'000s
#'000s
Balance at 31 March 2006 7,507 62,284 4,050 1 14,634 1,215
89,691
Profit for the period - - - - 52,774 4,568
57,342
Ordinary dividend paid - - - - - (4,418)
(4,418)
Issue of ordinary share capital and

warrants 8,991 86,308 5,000 100 - -
100,399
Cost of issuing ordinary share capital - (1,398) - - - -
(1,398)
Balance at 31 March 2007 16,498 147,194 9,050 101 67,408 1,365
241,616




UNAUDITED BALANCE SHEET


30 September 2007 30 September 2006 31 March
2007
#'000s #'000s
#'000s
Non current assets
Investments 358,598 218,075
273,708
Current assets
Other receivables 1,934 965
2,229
Derivative financial instruments 12,787 2,035
7,605
Cash and cash equivalents 18,979 5,365
19,904
33,700 8,365
29,738
Current liabilities
Bank loans (19,751) (25,338)
(20,000)
Derivative financial instruments (709) (426)
(482)
Other payables (11,859) (2,614)
(14,335)
(32,319) (28,378)
(34,817)
Net current assets/(liabilities) 1,381 (20,013)
(5,079)
Total assets less current liabilities 359,979 198,062
268,629
Non-current liabilities
Bank loans (44,440) -
(25,014)
Deferred tax (3,185) (945)
(1,999)
Net assets 312,354 197,117
241,616
Equity attributable to equity holders
Ordinary share capital 16,633 16,462
16,498
Share premium account 149,268 146,870
147,194
Warrant reserve 9,050 9,150
9,050
Non-distributable reserve 101 1
101
Capital reserves 131,172 21,109
67,408
Revenue reserve 6,130 3,525
1,365
Total attributable to equity holders 312,354 197,117
241,616
Net asset value per ordinary share
Basic - pence 187.80 119.74
146.45
Diluted - pence 173.43 116.45
138.80

UNAUDITED CASH FLOW STATEMENT
6 months to 6 months to Year
to
30 September 2007 30 September 2006 31 March
2007
#'000s #'000s
#'000s

Cash flows from operating activities (20,784) (102,224)
(105,201)
Cash flows from investing activities - -
-
Cash flows before financing activities (20,784) (102,224)
(105,201)

Financing activities
Equity dividends paid (1,155) (1,126)
(4,418)
Proceeds from borrowings 20,654 8,930
29,839
Proceeds from warrants exercised 1 1
361
Proceeds from issue of ordinary
share capital - 98,614
98,608

Cash flows from financing activities 19,500 106,419
124,390
Net increase in cash and cash
equivalents (1,284) 4,195
19,189

Cash and cash equivalents at the
beginning of the period 19,904 1,238
1,238
Effect of movement in foreign
exchange 359 (68)
(523)

Cash and cash equivalents at the
end of the period 18,979 5,365
19,904

NOTES

The Directors have declared an interim dividend in respect of the period ended
30 September 2007 of 3.50p per ordinary share payable on 14 December 2007 to
shareholders on the register at close of business on

30 November 2007. The total cost of the dividend which has not been accrued in
the results for the period ended

30 September 2007, is #5,822,000 based on 166,344,339 shares in issue at the
date of this report.

The Report & Accounts will be posted to shareholders towards the end of November
2007. Copies may be obtained during normal business hours from Exchange House,
Primrose Street, London EC2A 2NY.

By order of the Board
F&C Management Limited, Secretary
19 November 2007


This information is provided by RNS
The company news service from the London Stock Exchange
END

IR FESSUSSWSEDF