Financial assets at fair value through profit or loss:

 
 Equities                   41,886,884   41,280,635     606,249         - 
 Debt securities             9,151,332            -   8,486,332   665,000 
                          ------------  -----------  ----------  -------- 
 
                            51,038,216   41,280,635   9,092,581   665,000 
                          ============  ===========  ==========  ======== 
 
 Financial liabilities 
  at fair value through 
  profit or loss             5,479,421    5,479,421           -         - 
                          ============  ===========  ==========  ======== 
 
   6.      TRADE AND OTHER RECEIVABLES 
 
                                 30 June 2014   30 June 2013 
                                -------------  ------------- 
                                          USD            USD 
 
 Interest receivable on bonds         729,280        434,663 
 Dividend receivable                  691,290        725,375 
 Other receivables                    270,518            533 
                                    1,691,088      1,160,571 
                                =============  ============= 
 

The receivables are neither past due nor impaired. Interests receivable on bonds are due within six months.

   7.      SHARE CAPITAL 

7 (a) Ordinary shares

 
                                30 June 2014        30 June      30 June 2013        30 June 
                                                       2014                             2013 
                            ----------------  -------------  ----------------  ------------- 
                                      Number            USD            Number            USD 
 Authorised share capital 
 Ordinary shares with 
  a par value of USD 
  0.01                         1,000,000,000     10,000,000     1,000,000,000     10,000,000 
                            ----------------  -------------  ----------------  ------------- 
 
 Share capital 
 At 1 January                     42,630,327        426,303        42,630,327        426,303 
                            ----------------  -------------  ----------------  ------------- 
 
 At 30 June                       42,630,327        426,303        42,630,327        426,303 
                            ----------------  -------------  ----------------  ------------- 
 

The directors have the general authority to repurchase the Ordinary shares in issue subject to the Company having funds lawfully available for the purpose. However, if the market price of the Ordinary shares falls to a discount to the Net Asset Value, the directors will consult with the Investment Manager as to whether it is appropriate to instigate a repurchase of Ordinary shares.

7 (b) C Shares

AOF closed a Placing of 29.2 million C shares of US$0.10 each at a placing price of US$1.00 per C share, raising a total of US$29.2 million before the expenses of the Issue. The placing was closed on 11 April 2014 with the shares commencing trading on 17 April 2014.

AOF's Ordinary shares and the C Shares from the April 2014 placing were admitted to trading on the London Stock Exchange's Specialist Fund Market ("SFM") effective 17 April 2014. Simultaneous with the listing on the SFM, the Ordinary shares were cancelled from admission to trading on the AIM.

 
                                                  30 June   30 June 
                    30 June 2014   30 June 2014      2013      2013 
                   -------------  -------------  --------  -------- 
                          Number            USD    Number       USD 
 
 At 1 January                  -              - 
 Issue of shares      29,200,000      2,920,000         -         - 
 
 At 30 June           29,200,000      2,920,000         -         - 
                   =============  =============  ========  ======== 
 
   8.      TRADE AND OTHER PAYABLES 
 
 30 June 2014   30 June 2013 
-------------  ------------- 
          USD            USD 
 
 
 Performance fee     2,141,871   1,319,179 
 Accrued expenses      208,144     116,292 
 Dividend payable            -      85,261 
 Other payables        156,604           - 
                    ----------  ---------- 
                     2,506,619   1,520,732 
                    ==========  ========== 
 

Performance fee payable consists of the fee related to the 2013 calendar year results. Other payables are non-interest bearing and are due on demand. Other payables consisted of trades not yet settled as at 30 June 2014 and amounted to USD 156,604.

   9.      ANALYSIS OF SHARE OF PROFIT AND LOSSES ATTRIBUTABLE TO ORDINARY SHARE AND 

C SHARES

9 (a) STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014

 
                                           Ordinary shares     C shares 
                                                       USD          USD 
 ASSETS 
 Financial assets at fair value through 
  profit or loss                                56,576,964    9,092,521 
 Trade and other receivables                     1,612,275       78,813 
 Cash and cash equivalents                       2,300,681   20,518,085 
                                          ----------------  ----------- 
 
 Total assets                                   60,489,920   29,689,419 
                                          ================  =========== 
 
 EQUITY AND LIABILITIES 
 Liabilities 
 Financial liabilities at fair value 
  through profit or loss                        10,769,638      915,051 
 Trade and other payables                        2,101,210      405,409 
 Total liabilities                              12,870,848    1,320,460 
                                          ----------------  ----------- 
 
 Equity 
 Share capital                                     426,303    2,920,000 
 Share premium                                  37,844,593   26,280,000 
 Retained earnings                               8,972,960    (831,041) 
                                          ----------------  ----------- 
 Equity attributable to equity holders 
  of the parent                                 47,243,856   28,368,959 
 Non-controlling interest                          375,216 
 Total equity                                   47,619,072   28,368,959 
                                          ----------------  ----------- 
 
 Total equity and liabilities                   60,489,920   29,689,419 
                                          ================  =========== 
 
   9 (b)     STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 

FOR THE PERIOD ENDED 30 JUNE 2014

 
                                                Ordinary 
                                                  shares    C shares 
                                                     USD         USD 
 Revenue 
 Income                                        1,984,350      64,392 
 Gains on financial assets at fair value 
  through profit or loss                               -      95,431 
 Gains on financial liabilities at fair 
  value through profit or loss                   137,031 
                                               2,121,381     159,823 
                                            ------------  ---------- 
 Expenses 
 Management fees                                 476,874      96,529 
 Losses on financial assets at fair value 
  through profit or loss                       5,164,348           - 
 Losses on financial liabilities at fair 
  value through profit or loss                         -      65,639 
 Other expenses                                1,134,120     828,694 
                                               6,775,342     990,862 
                                            ------------  ---------- 
 Loss for the period                         (4,653,961)   (831,039) 
 
 Tax incurred on dividend received             (104,757)           - 
 Total comprehensive loss for the period     (4,758,718)   (831,039) 
                                            ============  ========== 
 
   10.    GAIN/ (LOSS) PER SHARE 

Basic gain/ (loss) per share is calculated by dividing the gain/ (loss) attributable to equity holders by the weighted average number of ordinary shares in issue during the period excluding ordinary shares purchased by the Company (including those repurchased in accordance with the Tender Offer) and held as treasury shares.

The Company's diluted gain/ (loss) per share is the same as basic gain/ (loss) per share, since the Company has not issued any instrument with dilutive potential.

GAIN/ (LOSS) PER SHARE (CONTINUED)

 
                                                 30 June 2014   30 June 2013 
                                                ------------- 
 
 Gain/(loss) attributable to Ordinary 
  shareholders                            USD     (4,728,238)      6,985,000 
 
 
 Weighted average number of ordinary 
  share in issue                                   42,630,327     42,630,327 
 
 Basic (loss)/ gain per Ordinary share    USD        (0.1109)         0.1639 
                                                =============  ============= 
 
 
                                             30 June 2014   30 June 2013 
                                            ------------- 
 
 Loss attributable to C shares         USD      (831,039)              - 
 
 
 Weighted average number of ordinary 
  share in issue                               29,200,000              - 
 
 Basic Loss per C share                USD       (0.0285)              - 
                                            =============  ============= 
 
   11.    TAXATION 

Under the current laws of Cayman Islands, there is no income, estate, transfer sales or other Cayman Islands taxes payable by the Company. As a result, no provision for income taxes has been made in the financial statements.

   12.    SEGMENT INFORMATION 
Africa Opportunity (LSE:AOF)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more Africa Opportunity Charts.
Africa Opportunity (LSE:AOF)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more Africa Opportunity Charts.