TIDMAFMF
RNS Number : 7868P
Advance Frontier Markets Fund Ltd
22 February 2016
ADVANCE FRONTIER MARKETS FUND LIMITED
HALF-YEARLY FINANCIAL REPORT
For the six months ended 31 December 2015
Investment objective
The objective of the Company is to generate long-term capital
growth for its shareholders. The Investment Manager invests
predominantly in a diversified portfolio of funds and other
investment products which derive their value from Frontier Markets.
The proportion of the portfolio invested in each component of
Frontier Markets varies according to where the Investment Manager
perceives the most attractive investment opportunities to be.
Investee funds may include closed and open-end funds, exchange
traded funds, structured products, limited partnerships and managed
accounts.
Performance
For the six months ended 31 December 2015
Net Asset Value ("NAV") per share (in US dollars) -14.7%
Share price (in US dollars) -18.1%
As at 31 December 2015
NAV per share (in US dollars) $0.8184
Share price (in US dollars) $0.7369
Share price (in GB pounds) GBP0.5000
Net Assets $138.7m
CHAIRMAN'S STATEMENT
On behalf of your Board, I present to you the Half Yearly
Financial Report for Advance Frontier Markets Fund Limited ("the
Company") for the half year ended 31 December 2015.
Advance Frontier Markets Fund saw a decline in its NAV of 14.7%
during what proved to be a disappointing period for investors in
frontier markets. The share price fell by 18.1% as the discount at
which the Company's shares trade widened to 10.0%. While
understandable given the market environment, I expect there to be
natural discount narrowing once risk appetite recovers from current
depressed levels. I would also remind investors of the forthcoming
liquidity opportunity which I discuss in more detail below. In
seeking to narrow the discount, we have instructed the Company's
Investment Manager to continue sustained dialogue with existing and
potential new investors. I expect the recent acquisition of the
Investment Manager by Aberdeen Asset Management to help in that
regard as Aberdeen will provide significant additional marketing
resources.
Broad declines across frontier markets stemmed from a variety of
factors. Concerns over slowing growth, notably in China, continued
to impact commodity prices, whilst the glut in oil supply saw
energy prices decline to levels not seen for a decade. A wide
variety of frontier markets in Africa, the Middle East and Central
Asia depend, to various degrees, on exports of commodities and/or
energy as a source of revenue. In such a challenging environment,
it is not surprising that currencies generally weakened alongside
stock markets.
Board composition
In line with corporate governance best practice and as reported
in the Company's last Annual Report, the Board has planned for
succession. After nine years of service as a director of the
Company, Helen Green retired as a director of the Company at the
Annual General Meeting held in December 2015. Helen was also Chair
of the Audit Committee and the Management Engagement Committee.
Helen's technical skills and practical experience have been highly
valued by her Board colleagues and she leaves with our thanks and
best wishes. Following a search and rigorous selection process, the
Board welcomed David Warr as a director of the Company with effect
from 9 September 2015 and he was appointed as Chairman of the Audit
Committee and Management Engagement Committee upon Helen's
retirement. David has considerable experience in the investment
funds sector and I am sure will prove to be a strong addition to
the Board.
I am also pleased to announce the appointment of Lynne Duquemin
as a non-executive director of the Company with effect from 18
February 2016. Prior to her appointment, Lynne attended the
Company's recent Board meetings as a Board apprentice. Lynne has
over 29 years of investment experience and has extensive knowledge
of investment management and advisory services. Of particular
relevance to the Company is her background in manager selection and
investment manager due diligence, as the Company invests into
frontier markets via both closed and open-end funds.
Having been a director of the Company since its launch in June
2007, I will be standing down as a director and Chairman of the
Company with effect from 1 March 2016. John Whittle will become
Chairman of the Company at that time.
Acquisition of Investment Manager
On 15 September 2015 it was announced that the Company's
Investment Manager, Advance Emerging Capital Limited ("AECL") which
was subsequently renamed Aberdeen Emerging Capital Limited, had
reached an agreement with Aberdeen Asset Management PLC
("Aberdeen") whereby Aberdeen would acquire 100% ownership of AECL.
The transaction received regulatory approval from the UK Financial
Conduct Authority and was completed in December 2015.
The Board of the Company is supportive of this change. The
investment management team of AECL remains unchanged and AECL is
expected to benefit from the significant additional resources
available within Aberdeen.
Proposal to Change the Company's Name
As a consequence of the Aberdeen transaction the Board
considered the merits of changing the Company's name. We believe
that there are benefits that will accrue from Aberdeen's high
profile and good reputation, notably in attracting additional
retail demand for the Company's shares. Therefore we are proposing
that the Company's name be changed to Aberdeen Frontier Markets
Investment Company Limited. This will be proposed at an
Extraordinary General Meeting of the Company's shareholders to be
held on 14 April 2016. I and my fellow directors intend to vote our
shareholdings in favour and I would encourage all other
shareholders to support this change.
Liquidity Opportunity
As previously mentioned, at the time of the Company's Annual
General Meeting in December 2016, the Board will put proposals to
shareholders that will provide them with the opportunity to fully
realise their investment in the Company at the then prevailing net
asset value less costs. The directors intend to offer shareholders
the same opportunity at five yearly intervals thereafter.
The Board has held a number of meetings with its advisors with
regards to these proposals and a broad shareholder consultation
exercise will take place during March and April of this year. The
Board expects to notify shareholders of its formal proposals in the
Annual Report for the year ending 30 June 2016 which will be
published in late summer.
Future prospects
Frontier markets have endured a difficult period of performance,
as investors globally have chosen to eschew risk assets in the face
of rising global uncertainty. Whilst recent returns from frontier
markets have been disappointing, your Investment Manager argues
that volatility can present opportunities for long term investors.
I am confident that by diligently pursuing its investment strategy
investors will be rewarded when market conditions improve.
I conclude by thanking the Company's shareholders for their
continued support, my colleagues on the Board for their diligence
and professionalism, the Investment Manager for its continued
efforts and all of our advisers for their advice and
assistance.
Grant Wilson
22 February 2016
INVESTMENT MANAGER'S REPORT
Performance review
During the six months to 31st December 2015 the Company's net
asset value per share (NAV) and share price declined by 14.7% and
18.1% respectively. As a point of reference, the MSCI Frontier
Markets Net Total Return Index declined by 11.7% over the period
while the MSCI Emerging Markets Net Total Return Index declined by
17.4%. The discount to NAV at which the Company's shares trade
ended the period at 10.0%, having widened from 6.3% at the
beginning of the period.
Figure 1: Advance Frontier Markets Fund Performance Report
6 Months 12 Months 3 Years 5 Years Since
Inception
-------- --------- ---------- -------- -------- -----------
NAV -14.7% -16.7% 1.8% -4.6% -15.5%
-------- --------- ---------- -------- -------- -----------
Share
price -18.1% -15.5% 6.1% -6.6% -26.3%
-------- --------- ---------- -------- -------- -----------
Source: Aberdeen Emerging Capital Limited, Bloomberg, all
figures in US dollar terms to 31 December 2015.
Inception was 15 June 2007 (initial NAV per share after share
issue expenses was USD 0.9685).
Although the Company does not benchmark itself against the MSCI
Frontier Markets Index we do conduct performance attribution
against that index. In terms of relative performance, manager
selection was broadly positive with the Company's investments in
Pakistan, Argentina and Vietnam performing strongly. This was
partially offset by a number of the Company's African holdings
which lagged their benchmarks. Asset allocation was a negative with
exposures to Egypt, Zimbabwe and Saudi Arabia detracting as those
markets declined more sharply than the MSCI Frontier Index (of
which they are not constituents) while the Company was also
underweight the strongly performing markets of Morocco and
Argentina. Significant allocations to Vietnam and Romania
contributed positively as did an underweight allocation to Nigeria.
Discount widening on closed end holdings hampered performance as
continued negative sentiment towards the asset class impacted
Africa Opportunity Fund, Picic Growth Fund and VinaCapital Vietnam
Opportunity Fund.
(MORE TO FOLLOW) Dow Jones Newswires
February 22, 2016 12:00 ET (17:00 GMT)
Market environment(1)
The second half of 2015 proved to be a disappointing period for
investors in frontier markets with MSCI's Frontier Markets Index
losing 11.7%. Market declines can be attributed to a number of
factors, with the most obvious being the slowdown in China, weak
commodity and energy prices and the impact of these on sovereign
balance sheets and currencies.
The dispersion of individual market returns during the reporting
period was wide, with Estonia gaining 8.5% while Ukraine lost
37.5%. Simply put, those markets seen as either being heavily
reliant upon commodity or energy exports or having weak government
finances were amongst the worst performers. That said, being a net
commodity importer was no guarantee of positive returns either as
Bangladesh, Pakistan and Sri Lanka proved with market declines of
14.6%, 13.8% and 9.0% respectively. In the case of Pakistan the
market consolidated after a lengthy period of strong performance as
the earnings outlook weakened while in Sri Lanka political
uncertainty contributed to the losses as it also did in Bangladesh
where the market de-rated from high valuation levels.
Currency weakness continued to contribute in a meaningful way to
the overall losses seen in many markets along with politics.
Nigeria suffered from both, with the post-election positivity of
early 2015 giving way to renewed stress and pressure on the naira
as energy prices continued to fall. In Argentina, politics was a
positive catalyst with a change in President and the expectation of
more rational polices ahead.
Figure 2: Market returns over the six months to 31 December 2015
in US dollar terms
SEE HALF YEARLY REPORT
Source: Bloomberg, MSCI, S&P and local market indices, total
return indices where available in US dollar terms, six months to 31
December 2015
[1] All performance numbers quoted in this report are in US
dollar terms
Portfolio
The Company's asset allocation at the end of the period is shown
on page 7 and the portfolio is shown on page 6, being composed of
31 holdings, with the top 20 investments representing 88.4% of NAV.
At the period end, the portfolio was 65.4% invested through
open-end investments, 29.7% through closed-end holdings, 2.3%
through individual equities with cash and other net assets of 2.6%.
The average discount to NAV on the closed-end holdings within the
portfolio was 23.7%.
Changes made to the portfolio during the period included an
increased allocation to Eastern Europe, where highly attractive
valuations, moderate growth and the potential for further stimulus
point to better times ahead for investors. We continued to maintain
a higher than historical allocation to Asian frontier markets as
clear beneficiaries of lower commodity and energy prices. By period
end, the Company's exposure to frontier markets in Africa and the
Middle East stood at less than half of what it was eighteen months
ago as we continued to reduce exposure to those regions in favour
of allocating to markets with stronger fundamentals. Having said
this, we do not envisage a complete exit from these regions given
the now attractive valuations in many countries and our desire to
continue managing a broadly diversified portfolio.
Market outlook
The drop in risk appetite seen in the second half of last year
has continued into 2016, with the MSCI Frontier Markets Index down
a further 4.2% at the time of writing. Driven, as these declines
are, by now well-established trends in energy, commodity and
currency markets, investors could be forgiven for asking "what
could possibly go right for frontier markets?"
In asking ourselves the same question, we conclude that the
recent market weakness masks many positives. GDP growth, whilst
slowing, remains in excess of developed markets, and will remain so
for years to come based on long term trends in consumption and
demographics. Asian and Eastern European frontier economies in
particular are showing resilience, helped by cheaper imports of
energy and raw materials. In Argentina, the recent political change
provides the potential for this perennially under-achieving country
to finally fulfil some of its potential.
In those exporting countries that are negatively impacted by
lower energy and commodity prices, the most obvious source of
relief would be a cessation or reversal of these trends. Whilst
being far from experts on energy markets, it does seem unlikely
that, over the long term, oil can remain at prices where much
production is uneconomic. The Middle East in particular has
experience of dealing with low oil prices for long periods of time
in the past and should not be entirely written off as an investment
destination.
Finally, as we often do, we return to valuation. After the
challenges of the last 18 months, frontier markets now trade at
valuations not seen since 2009, with the MSCI Frontier Markets
Index trading at 10.5 times trailing earnings, 1.5 times book value
and offering investors a dividend yield of 4.3%. This latter point
is evidence of the unleveraged, cash-generative businesses that
exist within this asset class.
Figure 3: Trailing Price to Earnings ratio for Frontier,
Emerging and Developed Markets
SEE HALF YEARLY REPORT
At a bottom up level, discount widening and market volatility
have thrown up selective opportunities for nimble investors in the
short term, as well as for more patient ones over the longer term.
We are actively taking advantage of such opportunities. The same
type of inefficiency at a stock specific level should enable many
of our underlying managers to skew their portfolios towards high
quality companies trading at attractive levels of valuation and, in
so doing, benefit when fundamentals re-exert themselves.
We look forward to 2016 and the opportunities it may
present.
Aberdeen Emerging Capital Limited
22 February 2016
TWENTY LARGEST INVESTMENTS
Name Asset Class Investment Style* Structure At 31 At 31
Manager December December
2015 2015
Valuation
GBP'000 % of
net
assets
GBP'000
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Romanian
listed Romanian
Fondul and private Templeton closed-end
Proprietatea equities AM Value fund 11,668 8.4%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
VinaCapital
Vietnam Cayman
Opportunity Vietnam Growth closed-end
Fund equities VinaCapital and value fund 10,888 7.9%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Advance Copernico
Copernico Argentinian Capital Deep Cayman
Argentina equities Partners value OIEC 9,405 6.8%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Vietnam
listed Cayman
PXP Vietnam and private PXP Vietnam closed-end
Fund equity AM Value fund 8,371 6.0%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Sustainable
Capital
Africa African
Consumer consumer Sustainable Mauritius
Fund equities Capital Value OEIC 8,074 5.8%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
SCM Africa African Deep Maltese
Fund equities Steyn Capital value SICAV 7,858 5.7%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Sustainable
Capital
Nigeria Nigerian Sustainable Mauritius
Fund equities Capital Value OEIC 7,675 5.5%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
East African
PineBridge equities
Sub-Saharan & fixed PineBridge Cayman
Fund income Investments Value OEIC 6,662 4.8%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Tundra
Fonder
(MORE TO FOLLOW) Dow Jones Newswires
February 22, 2016 12:00 ET (17:00 GMT)
Pakistan Pakistani Tundra Swedish
Fund equities Fonder Value OEIC 6,592 4.8%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Sturgeon
Central
Asia Equities Central Sturgeon Luxembourg
Fund Asian equities Capital Value SICAV 5,520 4.0%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Bottom
Ashmore up fundamental
EMM Middle Middle Ashmore value Dublin
East Fund East equities Group and quality OEIC 5,518 4.0%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Pakistani Index Participatory
MSCI Pakistan equities N/A Tracker Note 4,771 3.4%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Africa
Emerging
Markets African Ashmore Cayman
Fund equities Group Value OEIC 4,130 3.0%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
East Capital
Balkan Balkan East Capital Growth Swedish
Fund equities AM and value OEIC 3,994 2.9%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
EFG Hermes
- Saudi
Arabia
Equity Saudi Arabian EFG-Hermes Growth Saudi open-end
Fund Equities KSA and value fund 3,894 2.8%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Blackrock
Frontiers Frontier BlackRock
Investment Markets Fund Managers Growth UK investment
Trust Plc equities Ltd and value trust 3,607 2.6%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Pakistan
Picic Growth Pakistani closed-end
Fund equities Picic AMC Growth fund 3,544 2.6%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Africa African Africa Cayman
Opportunity equities Opportunities Value closed-end
Fund & debt Partners and arbitrage fund 3,540 2.6%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
DB MSCI Bangladeshi DB Platinum Index Luxembourg
Bangladesh equities Advisors Tracker SICAV 3,439 2.5%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Isle of
Qatar Investment Qatari Qatar Insurance Growth Man closed-end
Fund equities Company and value fund 3,235 2.3%
----------------- ----------------- ----------------- ----------------- ----------------- ----------- ----------
Top twenty
holdings 122,385 88.4%
--------------------------------------------------------------------------------------------- ----------- ----------
Other holdings 12,657 9.0%
--------------------------------------------------------------------------------------------- ----------- ----------
Total holdings 135,042 97.4%
--------------------------------------------------------------------------------------------- ----------- ----------
Cash and
other net
assets 3,646 2.6%
--------------------------------------------------------------------------------------------- ----------- ----------
Net assets 138,688 100.0%
--------------------------------------------------------------------------------------------- ----------- ----------
OEIC = open ended investment company
*As determined by Aberdeen Emerging Capital Limited
ASSET ALLOCATION
PERCENTAGE
OF NET
COUNTRY SPLIT ASSETS
AFRICA 27.4%
------------------------------------- -------------
Botswana 1.3%
Dem. Rep. of Congo 0.0%
Egypt 3.4%
Ghana 1.0%
Ivory Coast 0.3%
Kenya 5.4%
Mauritius 0.1%
Morocco 0.8%
Namibia 0.2%
Nigeria 9.9%
Senegal 0.6%
Tanzania 0.9%
Tunisia 0.1%
Zambia 1.5%
Zimbabwe 1.6%
Other Africa 0.3%
ASIA 33.0%
------------------------------------- -------------
Bangladesh 2.8%
Kazakhstan 1.9%
Pakistan 11.5%
Sri Lanka 1.2%
Vietnam 15.2%
Other Asia 0.4%
EASTERN EUROPE 14.4%
------------------------------------- -------------
Croatia 0.2%
Romania 9.2%
Serbia 0.5%
Slovenia 0.8%
Ukraine 0.2%
Other Eastern Europe 3.5%
MIDDLE EAST 9.2%
------------------------------------- -------------
Bahrain 0.4%
Kuwait 0.7%
Oman 0.1%
Qatar 2.6%
Saudi Arabia 4.0%
UAE 1.1%
Other Middle East 0.3%
LATIN AMERICA 7.8%
------------------------------------- -------------
Argentina 7.5%
Other Latin America 0.3%
-------------
NON-SPECIFIED 1.5%
CASH (INCLUDING CASH IN UNDERLYING
FUNDS) AND BORROWINGS 6.7%
TOTAL 100.0%
------------------------------------- -------------
The above analysis has been prepared on a portfolio look through
basis.
(UNAUDITED) STATEMENT OF COMPREHENSIVE INCOME
6 months to 6 months to 6 months to 6 months to 31 6 months to 31 6 months to 31
31 December 31 December 31 December December 2014 December 2014 December 2014
2015 2015 2015
Revenue Capital Total Revenue Capital Total
$'000 $'000 $'000 $'000 $'000 $'000
Losses on
investments - (22,880) (22,880) - (17,300) (17,300)
Capital losses
on currency
movements - (34) (34) - (36) (36)
-------------- -------------- -------------- --------------- --------------- ---------------
Net investment
losses - (22,914) (22,914) - (17,336) (17,336)
-------------- -------------- -------------- --------------- --------------- ---------------
(MORE TO FOLLOW) Dow Jones Newswires
February 22, 2016 12:00 ET (17:00 GMT)
Investment
income 439 - 439 2,495 - 2,495
-------------- -------------- -------------- --------------- --------------- ---------------
Total income /
(loss) 439 (22,914) (22,475) 2,495 (17,336) (14,841)
-------------- -------------- -------------- --------------- --------------- ---------------
Investment
management fees (286) (571) (857) (357) (714) (1,071)
Other expenses (397) - (397) (353) - (353)
-------------- -------------- -------------- --------------- --------------- ---------------
Net (loss) /
profit from
operations
before finance
costs and
taxation (244) (23,485) (23,729) 1,785 (18,050) (16,265)
Finance costs (66) (132) (198) (139) (113) (252)
-------------- -------------- -------------- --------------- --------------- ---------------
Net (loss) /
profit
before taxation (310) (23,617) (23,927) 1,646 (18,163) (16,517)
Taxation (10) - (10) (131) - (131)
-------------- -------------- -------------- --------------- --------------- ---------------
Net (loss) /
profit after
taxation (320) (23,617) (23,937) 1,515 (18,163) (16,648)
-------------- -------------- -------------- --------------- --------------- ---------------
(Loss)/earnings
per ordinary
share (0.19c) (13.94c) (14.13c) 0.89c (10.72c) (9.82c)
The total column of this statement represents the Company's
Statement of Comprehensive Income, prepared under IFRS. The revenue
and capital columns, including the revenue and capital earnings per
share data, are supplementary information prepared under guidance
published by the Association of Investment Companies. The Company
does not have any income or expenses that are not included in the
profit for the period and therefore the "Profit on ordinary
activities after taxation" is also the total comprehensive income
for the period.
All capital and revenue items in the above statement derive from
continuing operations. No operations were acquired or discontinued
during the period.
(UNAUDITED) STATEMENT OF FINANCIAL POSITION
At 31 At 31 At 30
June
December December 2015
2015 2014 $'000
$'000 $'000
Non-current assets
Investments designated as
fair value through profit
or loss 135,042 158,555 164,982
Current assets
Financial commitments paid - 5,500 -
Other receivables 303 337 1,388
Cash and cash equivalents 12,586 12,203 5,573
------------ -------------- --------------
12,889 18,040 6,961
Total assets 147,931 176,595 171,943
------------ -------------- --------------
Current liabilities
Loans payable 9,000 4,500 9,000
Purchases for future settlement 243 5,300 -
Other payables - 239 318
------------ -------------- --------------
9,243 10,039 9,318
Total assets less current
liabilities 138,688 166,556 162,625
------------ -------------- --------------
Share premium account 88,788 88,788 88,788
Share purchase reserve 82,319 82,319 82,319
Capital reserve (33,521) (6,549) (9,904)
Revenue reserve 1,102 1,998 1,422
------------ -------------- --------------
Total equity 138,688 166,556 162,625
------------ -------------- --------------
Net asset value per ordinary
share (US cents) 81.84c 98.29c 95.97c
Number of ordinary shares
in issue 169,460,000 169,460,000 169,460,000
(UNAUDITED) STATEMENT OF CHANGES IN EQUITY
Share Share
6 months to 31 December premium purchase Capital Revenue
2015 account reserve reserve reserve Total
$'000 $'000 $'000 $'000 $'000
Opening shareholders'
funds 88,788 82,319 (9,904) 1,422 162,625
Loss for the period - - (23,617) (320) (23,937)
-------- --------- --------- --------- --------
Closing equity 88,788 82,319 (33,521) 1,102 138,688
-------- --------- --------- --------- --------
Share Share
6 months to 31 December premium purchase Capital Revenue
2014 account reserve reserve reserve Total
$'000 $'000 $'000 $'000 $'000
Opening shareholders'
funds 88,788 82,319 11,614 483 183,204
(Loss) / profit for
the period - - (18,163) 1,515 (16,648)
-------- --------- --------- --------- --------
Closing equity 88,788 82,319 (6,549) 1,998 166,556
-------- --------- --------- --------- --------
(UNAUDITED) STATEMENT OF CASH FLOWS
6 months 6 months
to 31 to 31
December December
2015 2014
$'000 $'000
Operating activities
Cash inflow from investment
income and bank interest 897 2,244
Cash outflow from management
expenses (1,303) (3,510)
Cash inflow from disposal of
investments 22,350 36,283
Cash outflow from purchase of
investments (14,717) (23,340)
Cash outflow on foreign exchange
costs (34) (36)
Cash outflow from taxation (10) (132)
---------- ----------
Net cash flow from operating
activities 7,183 11,509
---------- ----------
Financing activities
Decrease in bank borrowings - (2,000)
Finance charges and interest
paid (170) (160)
---------- ----------
Net cash flow used in financing
activities (170) (2,160)
---------- ----------
Net increase in cash and cash
equivalents 7,013 9,349
---------- ----------
Cash and cash equivalents opening
balance 5,573 2,854
Cash inflow 7,013 9,349
---------- ----------
Cash and cash equivalents closing
balance 12,586 12,203
---------- ----------
NOTES
1. Company information
The Company is a closed ended investment company incorporated
and resident in Guernsey. Its ordinary shares are listed on the
Channel Islands Securities Exchange and quoted on AIM.
2. Basis of preparation
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