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
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