TIDMAGOL TIDMAGOU
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.
Interim Results
For the period ended 30 June 2016
The financial information set out in this announcement does not constitute the
Company's statutory accounts for the six months ended 30 June 2016. All figures
are based on the unaudited financial statements for the six months ended
30 June 2016.
The financial information for the six months ended 30 June 2016 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 2016 will be available on the Company website:
www.agol.com.
Financial Highlights
30 June 2016 31 December 2015
Total Net Assets US$55,970,397 US$75,649,932
Net Asset Value per Share
US$ shares US$5.17 US$5.06
GBP shares GBP5.03 GBP4.98
Closing-Trade Share Price
US$ shares US$3.43 US$3.86
GBP shares GBP3.78 GBP3.82
Discount to Net Asset Value
US$ shares (33.66)% (23.72)%
GBP shares (24.85)% (23.29)%
Chairman's Statement
The Company's Net Asset Values ("NAVs") per share rose to US$5.17 and GBP5.03 as
at 30 June 2016, up from US$5.06 and GBP4.98 respectively as at 31 December 2015.
The share prices stood at US$3.43 and GBP3.78 as at 30 June 2016, decreases of
11.14% and 1.05% respectively compared with 31 December 2015 levels. The main
contributor to performance was a mark-up in the value of AEI. Further details
on the underlying exposure of the Company are given in the Investment Manager's
Report.
There were no new realisations during the reporting period, although in April
2016 the Company did receive a payment resulting from the April 2015 sale of
Pacnet. The final payment related to this transaction remains outstanding and
is scheduled for November 2016. The Investment Manager is working towards the
sale of the remaining assets, with a particular focus on the three largest
exposures of the Company, namely; Bedfordbury, Microvast and AEI. Your Board
receives regular updates on progress with the sales. The recent development at
Bedfordbury, as detailed in the Investment Manager's Report, is likely to delay
the realisation of this asset for some time. It now seems unlikely that there
will be any more significant realisations in 2016 apart from the final payment
for Pacnet. In spite of that, the Board remains confident that other
realisations are likely to occur during 2017.
The Company paid distributions of US$16.2 million in January 2016 and US$2.5
million in April 2016. The first was principally proceeds from the sale of one
of the two remaining AEI power plants, while the second was a combination of
the Pacnet payment and some dividends received. With no further income received
in Q2 2016, there was no Q2 distribution. Below is an overview of the
distributions made since February 2013 when Shareholders voted to wind up the
Company in an orderly fashion.
Quarterly
Distributions
Quarter End Date Distributions % of 31 December 2012 % of 31 December 2012
(US$) 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%
31 March 2014 - - -
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%
30 September 2015 - - -
31 December 2015 16,200,000 3% 5%
31 March 2016 2,500,000 0% 1%
30 June 2016 - - -
Total 300,600,000 63% 92%
As at 30 June 2016, the NAV of the Company was US$56.0 million. The Board
continues to monitor the operating expenses of the Company. In this light, the
Board will carry out another review of the costs and benefits of the Company's
London Stock Exchange listing later this year.
I would like to thank everyone involved with AGOL for their hard work.
Richard Hotchkis
25 August 2016
Investment Manager's Report
Performance
As at 30 June 2016, the Net Asset Values ("NAVs") per share of the US$ and GBP
share classes stood at US$5.17 and GBP5.03 respectively, representing returns of
2.17% and 1.00% over the six months to 30 June 2016.
Portfolio Review
Following the payment of a US$16.2m distribution based on the 31 December 2015
NAV, Ashmore Global Opportunities Limited ("AGOL") returned a further US$2.5m
to investors based on cash flows received during the six months ended 30 June
2016. This distribution resulted from cash received as part of the earlier sale
of Pacnet. Although there were no new realisations at the investee company
level during the period, performance was positive in the main driven by an
uplift in the value of AEI.
The three largest investee company exposures, namely; Bedfordbury, AEI and
Microvast, now account for around 70% of AGOL's NAV.
We have exchanged letters before action with Bedfordbury Development
Corporation's partner in the land bank. Unless a settlement can be reached we
expect the process to go to arbitration which will take approximately 18 months
to finish but the timing may change. This process is expected to push back the
realisation of this asset, until either a settlement is reached allowing the
Ashmore funds to exit or the arbitration process is completed. The asset is
valued at a discount to its market value to reflect the uncertainties of legal
processes. However given the potential value of the asset this litigation
strategy is important to preserve value and help in the realisation process.
AEI achieved a significant premium over book value for its sale of the Fenix
power plant in Peru in December 2015. This had knock on effects on the
revaluation of AEI during the period and contributed to the uplift in
valuation. AEI is now working on the sales process for Jaguar, the coal fired
power plant in Guatemala.
Microvast continues to perform well, and operating cash flow has been used to
fund production capacity increases, with further capacity increases planned.
Follow-on battery orders continue to be received for both pure e-bus and
plug-in hybrid-electric vehicles. Microvast's audited revenues were US$174m for
FY 2015, a 300% year-on-year increase.
Kulon is the holding company for a warehouse and office complex near the centre
of Moscow. The strengthening Ruble means that rental income has grown in US
dollar terms but so have operating expenses.
Numero Uno is one of India's leading jeanswear brands with over 700 retail
outlets throughout India. The company offers a comprehensive portfolio of
products including jeanswear, casual wear, footwear & accessories for both men
and women. Over the past year, online sales of garments in India have grown
substantially, driven by discounts funded by venture capital firms aggressively
targeting market share for their e-commerce businesses. This has made
traditional brick and mortar retail more challenging, but despite this, Numero
Uno performed well during the period and continued to grow both revenues and
profit. It has also expanded and consolidated its manufacturing unit and moved
into a new headquarters. The team continues to explore the most attractive exit
options.
ZIM Laboratories is engaged in the research and manufacture of a wide range of
off-patent (generic) pharmaceutical products, the value of which is enhanced
via new drug delivery mechanisms. ZIM achieved a milestone by becoming EU-GMP
(European Union Good Manufacturing Practices) compliant; a certification that
allows it to sell its products in Europe and eases its entry into many other
markets. The company is registering its products in several new markets to
diversity its revenue base and is continuously substituting its lower margin
products with more attractive higher margin products. ZIM is focussed on
producing more of its own branded drugs where its margins are significantly
enhanced.
The backdrop for Largo remains challenging, although the price for vanadium
pentoxide rebounded to US$ 3.20-3.50/lb from a
historic low of less than US$3/lb earlier in the year. The company continued to
ramp up production in Q2 2016.
GZI (the Nigerian aluminium can producer) progressed with its African growth
strategy during the period, and the second plant in Nigeria is now operational.
The macro backdrop in Nigeria remains challenging following the FX devaluation,
but volume sales at GZI have hit record highs: It continued to deliver to
customers reliably during the period and clients built up stock prior to the
devaluation.
Outlook
The focus remains on realising AGOL's remaining investments in an orderly
manner.
Details on the Top 10 Underlying Holdings (on a look through basis)
The table below shows the top 10 underlying investments as at 30 June 2016
excluding the cash balance (cash was 4.05% as at 30 June 2016).
Investment Name Holding Country Business Description
Bedfordbury 35.66% Philippines Real estate development company
AEI 19.68% Guatemala Power generation in Latin America
Microvast 15.79% China Electric battery and battery systems
supplier
Kulon 6.97% Russia Real estate development company
Numero Uno 4.66% India Branded apparel manufacturers and
retailers
ZIM Laboratories 3.24% India Pharmaceutical research and manufacturing
Ltd
Everbright 2.54% China Real estate development company
Largo Resources 1.93% Brazil Brazilian provider of mining services
GZ Industries Ltd 1.67% Nigeria Aluminium can manufacturer
Seedinfo 0.91% India Enterprise software company
The tables below show the country and industry allocations of underlying
investments over 1% at the end of June 2016:
Country % of NAV Industry % of NAV
Philippines 35.66% Real Estate 43.91%
Guatemala 19.68% Electrical 19.68%
China 18.60% Electrical Components and 15.79%
Equipment
India 9.73% Retail 4.66%
Russia 6.97% Pharmaceuticals 3.24%
Brazil 1.93% Mining 1.93%
Nigeria 1.67% Miscellaneous Manufacturing 1.67%
Details on a Selection of the Underlying Holdings
Bedfordbury
Industry: Real estate development company
Country: Philippines
Website: n/a
Company Status: Private
Investment Risk: Equity
Exit strategy and timing
* Ashmore and Bedfordbury Development Corporation staff are continuing to
develop exit ideas for the large scale ABC development land bank in Manila
Bay.
* We have initiated Singapore arbitration proceedings against BDC's partner
in the land bank. We expect the process to take approximately 18 months to
finish but the timing may change.
Microvast
Industry: Electric battery and battery systems supplier
Country: China
Website: www.microvast.com
Company Status: Private
Investment Risk: Equity
Operational update
* Microvast continues to supply batteries for both 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 by Wright Bus for the
London market and Microvast expects more orders from the European bus
market.
* Microvast is achieving gross margins of c. 37% and net margins of c.18%,
and its audited revenues were US$ 174m in FY2015 (300% increase
year-on-year) and net income of US$ 29m. The committed order backlog at the
end of June is supportive of full year 2016 forecasted revenues of c. US$
330m; with Chinese customers accounting for 90% of this.
* Production capacity has been successfully increased to 1GWh per annum with
further increases planned, all fully funded from operating cash flow.
* Microvast is working on Lithium-ion battery (Li-B) systems for passenger
vehicles with some of the leading Chinese auto OEMs. The first order has
been secured for 2000 units being delivered in Q2/Q3 2016.
* The Company spun out its chemicals business, and the Ashmore Funds
subsequently sold their minority stake in this business for US $2.3m. There
was no change to the Funds equity ownership percentage in Microvast, which
is now a pure Li-B business.
2016 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, and
growing its international business
* Meeting short order timeframes from Chinese bus OEMs and ensuring customers
can claim Chinese New Energy Vehicle (NEV) subsidies
Key risks
* Overcapacity in 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 in Latin America
Country: Guatemala
Website: www.aeienergy.com
Company Status: Private
Investment Risk: Equity
Operational update
* Jaguar: (Greenfield coal fired power plant in Guatemala) - The plant
turbines required repair work to be undertaken back in China. The turbines
have now been re-installed at the plant and recommissioning has begun. The
sale process was placed on hold while this was taking place but will now be
accelerated to start end Q3/beginning Q4 2016.
* The HQ team has been reduced to 2 full-time equivalents.
* China Machine New Energy Corporation (CMNC) are appealing the arbitration
award.
Key risks
* CMNEC arbitration/appeal
* Ongoing operational issues with the plant turbines
2016 operational strategy/priorities
* Disposal of Jaguar
* HQ cost reduction
Exit strategy
* Sale of the remaining asset and wind up of HQ
Kulon
Industry: Real estate development company
Country: Russia
Website: n/a
Company Status: Private
Investment Risk: Equity
Operational update
* Q2 2016 gross rental income was 6.53% higher than Q1 2016 primarily due to
foreign exchange differences on Rouble denominated base rental income and
tenants' reimbursements following the RUR appreciation against the Euro.
* Expenses for Q2 2016 were also higher than Q1 2016 (by 18.41%), again due
to foreign exchange differences, all the major expense items being Rouble
denominated.
* Net rental income was 0.51% higher than Q1 2016.
Key risks
* Foreign exchange rates
Exit strategy
* Exit the investment by selling the shares in the holding company
Pacnet
Industry: Telecommunications
Country: Hong Kong and Singapore
Website: www.pacnet.com
Company Status: Private
Investment Risk: Equity
Exit strategy and timing
* The deal with Telstra completed in April 2015, with proceeds paid 85% in
cash with deferrals for a closing adjustment fund (US$ 20m) and a warranty
fund (US$ 32.5m holdback).
* The first tranche of the warranty fund (US$ 17.5m) was paid out in full by
Telstra in April 2016, with no deductions for any warranty claims. The
total amount received by the Ashmore Funds was US$ 8m.
* The second and final tranche from the warranty fund (US$ 15m) is due to be
paid out on 16 October 2016, and provided that there are no deductions (as
was the case with the first tranche) the Ashmore Funds will receive circa
US$ 6.8m.
GZI
Industry: Aluminium cans manufacturer
Country: Nigeria
Website: www.gzican.com
Company Status: Private
Investment Risk: Equity
Operational update
* The business is progressing with its African growth strategy and the second
plant in Aba (Nigeria) is now operational.
* The Nigerian market has experienced difficult macro-economic conditions and
sales were down 5.3% year-on-year in H1 2016. However, volume sales have
hit record highs, increasing by 5.5% from last year as GZI managed to
deliver to customers reliably during the period and also due to clients
building stock prior to the devaluation.
* The FX situation in Nigeria has impacted both the supply chain and access
to Dollars for debt repayments. Increased export sales and a refinancing of
the company's US$ debt into Naira (which is almost finalized) should help
to mitigate this.
* Key market focus areas are: complete the greenfield projects, grow export
of cans to neighbouring African countries, lock in customers in Kenya and
expand the cans segment (versus glass bottles) in Nigeria.
2016 operational strategy/priorities
* Establish a plant in South Africa
* Continue to support the new CEO in stabilizing the business
* Improve cost efficiencies
* Export cans in the region to expand sales and earn foreign currency
Key risks
* Continued slowdown in African beverages markets
* Key competitor Nampak reducing prices in Nigeria, although the company has
managed to avoid major contract rebalancing so far
* Recruitment/talent sourcing
Exit strategy and timing
* 2018 exit through IPO or strategic sale
Ashmore Investment Advisors Limited
Investment Manager
25 August 2016
Board Members
As at 30 June 2016, the Board consisted of four non-executive Directors. The
Directors are responsible for the determination of the investment policy of
Ashmore Global Opportunities Limited (the "Company" or "AGOL") and have overall
responsibility for the Company's activities. As required by the AIC Code on
Corporate Governance (the "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, (Guernsey resident) appointed 18 April
2011
Richard Hotchkis has 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. Richard is currently a director of a number of funds, including
Aberdeen Frontier Markets Company (formerly Advance Frontier Markets Fund
Limited).
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. Until 24 June 2016, he was Senior Independent Director and chaired the
Audit Committee at BH Macro Limited.
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
Aberdeen Frontier Markets Company AIM
Steve Hicks Nil
Nigel de la Rue Nil
Christopher Legge
Baring Vostok Investments PCC Limited (until 27 CISE
April 2016)
BH Macro Limited (until 24 June 2016) London, Bermuda and Dubai
John Laing Environmental Assets Group Limited London
Sherborne Investors (Guernsey) B Limited London
Third Point Offshore Investors Limited London
TwentyFour Select Monthly Income Fund Limited London
Directors' Responsibility Statement
We confirm that to the best of our 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 2016; 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 25 August 2016
Richard Hotchkis Christopher Legge
Chairman Chairman of the Audit Committee
Unaudited Schedule of Investments
As at 30 June 2016
Description of investment Fair value % of
US$ net assets
Ashmore Global Special Situations Fund 4 LP 22,122,107 39.52
Ashmore Global Special Situations Fund 5 LP 8,816,332 15.75
AEI Inc - Equity 6,881,503 12.30
AA Development Capital India Fund 1, LLC 5,781,736 10.33
Ashmore Asian Recovery Fund 4,421,158 7.90
VTBC Ashmore Real Estate Partners 1 LP 3,270,381 5.84
Ashmore Global Special Situations Fund 3 LP 1,654,818 2.96
Everbright Ashmore China Real Estate Fund LP 1,525,298 2.73
Ashmore SICAV 2 Global Liquidity US$ Fund 1,050,085 1.88
Ashmore Global Special Situations Fund 2 Limited 477,973 0.85
Ashmore Asian Special Opportunities Fund Limited 302,661 0.54
Ashmore Private Equity Turkey Fund 1 LP 16,267 0.03
Renovavel Investments BV New PIK/PPN - 0.00
Total investments at fair value 56,320,319 100.63
Net other current assets (349,922) (0.63)
Total net assets 55,970,397 100.00
Unaudited Condensed Statement of Financial Position
As at 30 June 2016
30 June 2016 31 December 2015
Note US$ US$
Assets
Cash and cash equivalents 2,383,636 16,505,657
Other financial assets 5a 5,553 401,845
Financial assets at fair value through 3 56,414,424 60,344,945
profit or loss
Total assets 58,803,613 77,252,447
Equity
Capital and reserves attributable to
equity holders
of the Company
Special reserve 410,583,457 429,283,586
Retained earnings (354,613,060) (353,633,654)
Total equity 55,970,397 75,649,932
Liabilities
Current liabilities
Other financial liabilities 5b
1,084,477 650,710
Financial liabilities at fair value 3
through profit or loss 1,748,739 951,805
Total liabilities
2,833,216 1,602,515
Total equity and liabilities
58,803,613 77,252,447
Net asset values
Net assets per US$ share 8 US$5.17 US$5.06
Net assets per GBP share 8 GBP5.03 GBP4.98
The unaudited condensed interim financial statements were approved by the Board
of Directors on 25 August 2016, and were signed on its behalf by:
Richard Hotchkis Christopher Legge
Chairman Chairman of
the Audit Committee
The accompanying notes form an integral part of these financial statements.
Unaudited Condensed Statement of Comprehensive Income
For the six months ended 30 June 2016
Six months ended Six months ended
30 June 2016 30 June 2015
Note US$ US$
Interest income 1,184 1,791
Dividend income 1,969,306 33,746,388
Net foreign currency gain/(loss) 64,602 (295,318)
Other net changes in fair value on 4 (2,343,760) (37,072,063)
financial assets and liabilities at fair
value through profit or loss
Total net loss (308,668) (3,619,202)
Expenses
Investment management fees (53,458) (360,451)
Incentive fees (493,650) (163,381)
Directors' remuneration (44,728) (72,292)
Fund administration fees (5,713) (11,524)
Custody fees (2,661) (6,126)
Other operating expenses (70,528) 478,365 *
Total operating expenses (670,738) (135,409)
Loss for the period (979,406) (3,754,611)
Other comprehensive income - -
Total comprehensive loss for the period (979,406) (3,754,611)
Earnings per share
Basic and diluted gain/(loss) per US$ 9 US$0.14 US$(0.09)
share
Basic and diluted loss per GBP share 9 US$(0.53) US$(0.31)
All items derive from continuing activities.
* The credit to other expenses represents the reversal of accruals as a result
of a reduction in expenses as the Company continues to wind down.
The accompanying notes form an integral part of these financial statements.
Unaudited Condensed Statement of Changes in Equity
For the six months ended 30 June 2016
Special Retained
reserve earnings Total
Note US$ US$ US$
Total equity as at 1 January 2016 429,283,586 (353,633,654) 75,649,932
Total comprehensive loss for the - (979,406) (979,406)
period
Capital distribution 7 (18,700,129) - (18,700,129)
Total equity as at 30 June 2016 410,583,457 (354,613,060) 55,970,397
Total equity as at 1 January 2015 515,783,066 (345,351,728) 170,431,338
Total comprehensive loss for the - (3,754,611) (3,754,611)
period
Capital distribution (59,106,924) - (59,106,924)
Total equity as at 30 June 2015 456,676,142 (349,106,339) 107,569,803
The accompanying notes form an integral part of these financial statements.
Unaudited Condensed Statement of Cash Flows
For the six months ended 30 June 2016
Six months ended Six months ended
30 June 2016 30 June 2015
US$ US$
Cash flows from operating activities
Net bank interest received 1,184 1,791
Dividends received 1,969,306 50,921,982
Operating expenses received/(paid) 159,321 (647,256)
Net cash from operating activities 2,129,811 50,276,517
Cash flows from investment activities
Sales of investments 6,510,958 76,424,671
Purchases of investments in liquidity Funds (2,502,466) (78,001,780)
Net cash flows on derivative instruments and (1,560,195) (2,279,296)
foreign exchange
Net cash from/(used in) investment activities 2,448,297 (3,856,405)
Cash flows from financing activities
Capital distributions (18,700,129) (59,106,924)
Net cash used in financing activities (18,700,129) (59,106,924)
Net decrease in cash and cash equivalents (14,122,021) (12,686,812)
Reconciliation of net cash flows to movement in cash and cash
equivalents
Cash and cash equivalents at the beginning of 16,505,657 14,383,849
the period
Decrease in cash and cash equivalents (14,122,021) (12,686,812)
Cash and cash equivalents at the end of the 2,383,636 1,697,037
period
The accompanying notes form an integral part of these financial statements.
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 2015. 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 25 August 2016.
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 2015.
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 2015.
3. Financial Assets and Liabilities at Fair Value through Profit or Loss
30 June 2016 31 December
2015
US$ US$
Financial assets held for trading:
- Derivative financial assets 94,105 10,540
Total financial assets held for trading 94,105 10,540
Designated at fair value through profit or loss at
inception:
- Equity investments 56,320,319 60,334,405
Total designated at fair value through profit or loss 56,320,319 60,334,405
at inception
Total financial assets at fair value through profit or 56,414,424 60,344,945
loss
There were no significant changes to the Company's direct equity other than
valuation movements.
As at 30 June 2016, derivative financial assets comprised forward foreign
currency contracts as follows:
Currency Amount Currency Amount Maturity Unrealised
Bought Bought Sold Sold Date Gain
US$ 1,164,924 GBP 800,810 12/08/2016 94,105
Derivative financial assets 94,105
As at 31 December 2015, derivative financial assets comprised forward foreign
currency contracts as follows:
Currency Amount Currency Amount Maturity Unrealised
Bought Bought Sold Sold Date Gain
US$ 468,965 GBP 311,000 12/02/2016 10,540
Derivative financial assets 10,540
30 June 2016 31 December
2015
US$ US$
Financial liabilities held for trading:
- Derivative financial liabilities (1,748,739) (951,805)
Total financial liabilities held for trading (1,748,739) (951,805)
As at 30 June 2016, derivative financial liabilities comprised forward foreign
currency contracts as follows:
Currency Amount Currency Amount Maturity Unrealised
Bought Bought Sold Sold Date Loss
GBP 16,159,113 US$ 23,356,221 12/08/2016 (1,748,739)
Derivative financial liabilities (1,748,739)
As at 31 December 2015, derivative financial liabilities comprised forward
foreign currency contracts as follows:
Currency Amount Currency Amount Maturity Unrealised
Bought Bought Sold Sold Date Loss
GBP 25,395,430 US$ 38,385,574 12/02/2016 (951,805)
Derivative financial liabilities (951,805)
1. Net Gain/Loss from Financial Assets and Liabilities at Fair Value through
Profit or Loss
30 June 2016 30 June 2015
US$ US$
Other net changes in fair value through profit or loss:
- Realised (12,221,250) (6,014,127)
- Change in unrealised 9,877,490 (31,057,936)
Total loss (2,343,760) (37,072,063)
30 June 2016 30 June 2015
US$ US$
Other net changes in fair value on derivative assets held (2,338,166) (936,838)
for trading
Other net changes in fair value on assets designated at (5,594) (36,135,225)
fair value through profit or loss
Total net loss (2,343,760) (37,072,063)
1. Other Financial Assets and Liabilities
a) Other financial assets:
Other financial assets relate to accounts receivable and prepaid expenses and
comprised the following:
30 June 2016 31 December
2015
US$ US$
Prepaid Directors' insurance fees - 9,112
Prepaid regulatory fees - 1,915
Other receivables and prepaid expenses 5,553 390,818
5,553 401,845
b) Other financial liabilities:
Other financial liabilities relate to accounts payable and accrued expenses,
and comprised the following:
30 June 2016 31 December
2015
US$ US$
Investment management fee payable 5,656 5,337
Incentive fee payable 1,017,077 523,426
Other accruals 61,744 121,947
1,084,477 650,710
1. 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 2015.
b) Carrying amounts versus fair values
As at 30 June 2016, 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 2016.
Held for Designated Loans and Other Total
trading at fair receivables financial
value assets/
liabilities
Cash and cash equivalents - - 2,383,636 - 2,383,636
Non-pledged financial 94,105 56,320,319 - - 56,414,424
assets at fair value
through profit or loss
Other receivables - - - 5,553 5,553
Total 94,105 56,320,319 2,383,636 5,553 58,803,613
Financial liabilities at 1,748,739 - - - 1,748,739
fair value through profit
or loss
Other payables - - - 1,084,477 1,084,477
Total 1,748,739 - - 1,084,477 2,833,216
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 2015.
Held for Designated Loans and Other Total
trading at fair receivables financial
value assets/
liabilities
Cash and cash equivalents - - 16,505,657 - 16,505,657
Non-pledged financial 10,540 60,334,405 - - 60,344,945
assets at fair value
through profit or loss
Other receivables - - - 401,845 401,845
Total 10,540 60,334,405 16,505,657 401,845 77,252,447
Financial liabilities at 951,805 - - - 951,805
fair value through profit
or loss
Other payables - - - 650,710 650,710
Total 951,805 - - 650,710 1,602,515
c) Financial instruments carried at fair value - fair value hierarchy
The fair values of financial assets and financial liabilities that are traded
in active markets are based on prices obtained directly from an exchange on
which the instruments are traded or obtained from a broker that provides an
unadjusted quoted price from an active market for identical instruments. For
all other financial instruments, the Company determines fair values using other
valuation techniques.
For financial instruments that trade infrequently and have little price
transparency, fair value is less objective, and requires varying degrees of
judgement depending on liquidity, uncertainty of market factors, pricing
assumptions and other risks affecting the specific instrument.
The Company measures fair values using the following fair value hierarchy that
reflects the significance of the inputs used in making the measurements.
* Level 1: Inputs that are quoted market prices (unadjusted) in active
markets for identical instruments.
* Level 2: Inputs other than quoted prices included within level 1 that are
observable either directly (i.e. as prices) or indirectly (i.e. derived
from prices). This category includes instruments valued using: quoted
market prices in active markets for similar instruments; quoted prices for
identical or similar instruments in markets that are considered less than
active; or other valuation techniques in which all significant inputs are
directly or indirectly observable from market data.
* Level 3: Inputs that are unobservable. This category includes all
instruments for which the valuation technique includes inputs not based on
observable data and the unobservable inputs have a significant effect on
the instruments' valuation. This category includes instruments that are
valued based on quoted prices for similar instruments but for which
significant unobservable adjustments or assumptions are required to reflect
differences between the instruments.
Valuation techniques include net present value and discounted cash flow models,
comparison with similar instruments for which observable market prices exist
and other valuation models. Assumptions and inputs used in valuation techniques
include risk-free and benchmark interest rates, credit spreads and other premia
used in estimating discount rates, bond and equity prices, foreign currency
exchange rates, equity indices, EBITDA multiples and revenue multiples and
expected price volatilities and correlations.
The objective of valuation techniques is to arrive at a fair value measurement
that reflects the price that would be received to sell the asset or paid to
transfer the liability in an orderly transaction between market participants at
the measurement date.
The level in the fair value hierarchy within which the fair value measurement
is categorised is determined on the basis of the lowest level input that is
significant to the fair value measurement. For this purpose, the significance
of an input is assessed against the fair value measurement in its entirety. If
a fair value measurement uses observable inputs that require significant
adjustment based on unobservable inputs, that measurement is a level 3
measurement. Assessing the significance of a particular input to the fair value
measurement in its entirety requires judgement, considering factors specific to
the asset or liability.
The Company considers observable market 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 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 2016 and the year ended 31 December 2015.
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 2016:
Level 1 Level 2 Level 3 Total balance
Financial assets at fair value
through profit and loss
Financial assets held for trading:
- Derivative financial assets - 94,105 - 94,105
Financial assets designated at fair
value through profit or loss at
inception:
- Equity investments 1,050,085 - 55,270,234 56,320,319
Total 1,050,085 94,105 55,270,234 56,414,424
Financial liabilities at fair
value
through profit and loss
Financial liabilities held for
trading:
- Derivative financial - 1,748,739 - 1,748,739
liabilities
Total - 1,748,739 - 1,748,739
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 2015:
Level 1 Level 2 Level 3 Total balance
Financial assets at fair value
through profit and loss
Financial assets held for trading:
- Derivative financial assets - 10,540 - 10,540
Financial assets designated at
fair value through profit or loss
at inception:
- Equity investments 4,674,087 - 55,660,318 60,334,405
Total 4,674,087 10,540 55,660,318 60,344,945
Financial liabilities at fair
value
through profit and loss
Financial liabilities held for
trading:
- Derivative financial liabilities - 951,805 - 951,805
Total - 951,805 - 951,805
Level 1 assets include the Ashmore SICAV 2 Global Liquidity US$ Fund (31
December 2015: Aginyx Ordinary Shares (MCX) and 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 Funds, limited partnerships and unquoted
investments. Investments in unquoted Funds and limited partnerships are valued
on the basis of the latest Net Asset Value, 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 2016.
Equity investments
Opening balance as at 1 January 55,660,318
2016
Sales (586,817)
Gains and losses recognised in profit and loss 196,733
*
Closing balance as at 30 June 2016 55,270,234
* Gains and losses recognised in profit and loss include unrealised results on
existing assets as at 30 June 2016 of US$(389,908,073).
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".
Valuation methodology of level 3 assets held directly by the Company and
indirectly by the Company through its investments in the underlying Ashmore
Funds
The Pricing Methodology and Valuation Committee (PMVC) which has been
authorised as an Approved Person to provide valuations to the Administrator,
operates and meets to consider the methods for pricing hard-to-value
investments where a reliable pricing source is not available, if an asset does
not trade regularly, or in the case of a significant event (such as a major
economic event or market volatility outside of local market hours). 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 equity assets.
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. 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, firstly by the PMVC, and then by the Board of Directors of the
Company. Smaller investments may be valued directly by the PMVC.
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 market transactions or
EBITDA/EV multiples for comparable listed companies, while 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.
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 Valuation
30 June 2016
US$ methodology Unobservable inputs Range
Equity in 6,881,503 Discounted Cash - Forecast annual revenue N/A
private Flows / Comparable growth rate
companies listed company EV/ - Forecast EBITDA margin
EBITDA multiples - Risk adjusted discount
rate
- Market multiples
Investments in 48,388,731 Net Asset Value Inputs to Net Asset Value* N/A
unlisted Funds
Balance as at Valuation
31 December
2015
US$ methodology Unobservable inputs Range
Equity in 4,413,248 Discounted Cash - Forecast annual revenue N/A
private Flows / Comparable growth rate
companies listed company EV/ - Forecast EBITDA margin
EBITDA multiples - Risk adjusted discount
rate
- Market multiples
Investments in 51,247,070 Net Asset Value Inputs to Net Asset Value* N/A
unlisted Funds
* Management has assessed whether there are any discounts in relation to
lock-in periods that are impacting liquidity.
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.
1. Capital and Reserves
Share Conversion
The following share conversions took place during the period ended 30 June
2016:
Transfers from Transfers to Number of shares Number of shares
to switch out to switch in
GBP shares US$ shares 1,201,320 1,671,997
US$ shares GBP shares 293 204
Compulsory Partial Redemptions
Following the approval by the Company's shareholders of the wind-down proposal
as described in the circular published on 20 February 2013, during the period
ended 30 June 2016, the Company announced partial returns of capital to
shareholders by way of compulsory partial redemptions of shares with the
following redemption dates:
* 29 January 2016, US$16.2 using the 31 December 2015 Net Asset Value; and
* 29 April 2016, US$2.5 using the 31 March 2016 Net Asset Value.
The amounts applied to the partial redemptions of shares comprised monies from
dividends received and from the realisation of the Company's investments up to
and including the reference NAV calculation dates pursuant to the wind-down of
the Company.
During the period, the following shares were redeemed by way of compulsory
partial redemptions of shares (consideration in US$ has been determined using
the exchange rates at the date of the official announcement):
Number of ordinary Consideration in US$
shares redeemed
US$ shares 1,943,923 9,940,243
GBP shares 1,185,832 8,759,886
18,700,129
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
GBP 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.
1. Net Asset Value
The Net Asset Value of each US$ and GBP share is determined by dividing the total
net assets of the Company attributable to the US$ and GBP share classes by the
number of US$ and GBP shares in issue respectively at the period and year ends as
follows:
As at 30 June 2016 Net assets Shares in issue Net assets Net assets
attributable to per share per share
each in US$ in local
share class in US$ currency
US$ shares 38,592,789 7,467,648 5.17 5.17
GBP shares 17,377,608 2,584,560 6.72 5.03
55,970,397
As at 31 December Net assets Shares in issue Net assets Net assets
2015 attributable to per share per share
each in US$ in local
share class in US$ currency
US$ shares 39,168,725 7,739,867 5.06 5.06
GBP shares 36,481,207 4,971,508 7.34 4.98
75,649,932
The allocation of the Company's Net Asset Value between share classes is
further described in the Company's Prospectus.
1. Earnings per Share (EPS)
The calculation of the earnings per US$ and GBP share is based on the gain/loss
for the period attributable to US$ and GBP shareholders and the respective
weighted average number of shares in issue for each share class during the
period.
The gain/(loss) attributable to each share class for the period ended 30 June
2016 was as follows:
US$ share GBP share
Issued shares at the beginning of 7,739,867 4,971,508
the period
Effect on the weighted average number of shares:
- Conversion of shares 560,500 (408,816)
- Compulsory partial redemption of (1,468,832) (922,440)
shares
Weighted average number of shares 6,831,535 3,640,252
Gain/(loss) per share class (US$) 940,878 (1,920,284)
EPS (US$) 0.14 (0.53)
There were no dilutive instruments in issue during the period.
The loss attributable to each share class for the period ended 30 June 2015 was
as follows:
US$ share GBP share
Issued shares at the beginning of 12,948,641 12,572,050
the period
Effect on the weighted average number of shares:
- Conversion of shares 718,492 (470,522)
- Compulsory partial redemption of (3,161,872) (2,955,678)
shares
Weighted average number of shares 10,505,261 9,145,850
Loss per share class (US$) (900,731) (2,853,880)
EPS (US$) (0.09) (0.31)
There were no dilutive instruments in issue during the period.
1. 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.
1. 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.
1. 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 Nature and purpose Interest held by the Company
entity
Investment Funds To manage assets on behalf Investments in units issued
of third party investors. by the Funds
These vehicles are financed
through the issue of units
to investors.
The table below sets out interests held by the Company in unconsolidated
structured entities. The maximum exposure to loss is the carrying amount of the
financial assets held.
Investment in unlisted Number of Total net Carrying amount % of net
investment Funds investee assets included in assets of
Funds "Financial underlying
assets at fair Funds
value through
profit or loss"
Special Situations Private 8 243,322,357 43,593,052 17.92
Equity Funds
Real Estate Funds 2 50,310,239 4,795,679 9.53
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.
1. 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 Ashmore Investment Advisors
Limited.
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 2016, the Company had the following related
party transactions:
Expense Payable
Related Party Nature US$ US$
Ashmore Investment Advisors Limited Investment management fees (53,458) (5,656)
Ashmore Investment Advisors Limited Incentive fees (493,650) (1,017,077)
Board of Directors Directors' fees (44,728) (924)
Investment
Activity
US$
Related Funds Sales 586,817
Related Funds Dividends 1,893,933
Ashmore SICAV 2 Global Liquidity US$ Purchases
Fund (2,500,000)
Ashmore SICAV 2 Global Liquidity US$ Sales 4,256,007
Fund
Ashmore SICAV 2 Global Liquidity US$ Dividends 2,466
Fund
During the period ended 30 June 2015, the Company engaged in the following
related party transactions:
Expense Payable
Related Party Nature US$ US$
Ashmore Investment Advisors Limited Investment management fees (360,451) (79,721)
(net)
Ashmore Investment Advisors Limited Incentive fees (163,381) (1,890,098)
Board of Directors Directors' fees (72,292) (14,208)
Investment
Activity
US$
Related Funds Sales 12,305,865
Related Funds Dividends 33,090,908
Ashmore SICAV 2 Global Liquidity US$ Purchases (78,000,000)
Fund
Ashmore SICAV 2 Global Liquidity US$ Sales 53,500,000
Fund
Ashmore SICAV 2 Global Liquidity US$ Dividends 1,780
Fund
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 AAAm 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 period ended 30 June 2016, Directors' remuneration was as follows:
Chairman: GBP28,350 per annum
Chairman of the Audit Committee: GBP28,350 per annum
Independent Directors: GBP26,730 per annum
Non-Independent Director: waived
The Directors agreed to reduce their Directors' fees by 10% with effect from 31
December 2015.
The Directors had the following beneficial interests in the Company:
30 June 2016 31 December
2015
GBP ordinary shares GBP ordinary
shares
Nigel de la Rue 785 1,040
Christopher Legge 490 650
Richard Hotchkis 295 391
1. 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 2016, the outstanding commitment was
US$529,455 (31 December 2015: 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 EUR11.4 million. As at 30
June 2016, the outstanding commitment was EUR243,474 (31 December 2015: EUR
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 2016, the outstanding commitment was
US$6,261,340 (31 December 2015: US$6,261,340).
1. Subsequent Events
There were no significant events subsequent to the period-end date that require
adjustment to, or disclosure in, the financial statements.
Corporate Information
Directors Custodian
Richard Hotchkis Northern Trust (Guernsey) Limited
Nigel de la Rue PO Box 71
Christopher Legge Trafalgar Court
Steve Hicks Les Banques
St Peter Port
Guernsey
GY1 3DA
Channel Islands
Registered Office Auditor
PO Box 255 KPMG Channel Islands Limited
Trafalgar Court Glategny Court
Les Banques Glategny Esplanade
St Peter Port St Peter Port
Guernsey Guernsey
GY1 3QL GY1 1WR
Channel Islands Channel Islands
Administrator, Secretary and Registrar Advocates to the Company
Northern Trust International Fund Carey Olsen
Administration Services (Guernsey) Carey House
Limited Les Banques
PO Box 255 St Peter Port
Trafalgar Court Guernsey
Les Banques GY1 4BZ
St Peter Port Channel Islands
Guernsey
GY1 3QL
Channel Islands
Investment Manager UK Solicitor to the Company
Ashmore Investment Advisors Limited Slaughter and May
61 Aldwych One Bunhill Row
London London
WC2B 4AE EC1Y 8YY
United Kingdom United Kingdom
Brokers UK Transfer Agent
J.P. Morgan Cazenove Computershare Investor Services PLC
20 Moorgate The Pavilions
London Bridgewater Road
EC2R 6DA Bristol
United Kingdom BS13 8AE
United Kingdom
Jefferies International Limited Website
Vintners Place Performance and portfolio
68 Upper Thames Street information for shareholders can be
London found at:
EC4V 3BJ www.agol.com
United Kingdom
END
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