TIDMHYF
RNS Number : 7895M
Himalayan Fund N.V.
30 August 2013
Extract of the semi-Annual Report 2013
The complete version may be found on
http://www.himalayanfund.nl/annual-reports/
Directors' Report
The Fund
The Net Asset Value (NAV) per share of your Fund was US$34.65 on June 30(th) 2013, 10.1% lower than the closing NAV
on
December 31(st) , 2012. Over the same period, the Fund's performance benchmark, the S&P CNX Nifty index in US$ terms,
fell by
9.4%. Thus, your Fund underperformed its benchmark by 0.7%. For comparison purposes, the Transaction Price for the
Fund's
shares was US$39.31 on January 4(th) , the first Execution Day of 2013 and on June 28(th) , the last Execution Day
of the period under
review, the Transaction Price was US$33.93, a decline of 13.7%. Over the comparable period, the benchmark index lost
10.6%,
including Rupee depreciation of 8.5% against the US dollar.
The number of Ordinary Shares held by third parties on December 31, 2012 was 366,411; by mid-year, this had fallen
to 347,373.
The net turnover in the Fund's Ordinary Shares in the first half of this year was just 5.2%. The first half of 2013
was characterized by
highly volatile sentiment in global equity markets in spite of slowly improving economic conditions in some major developed
markets.
Equity market trading was dominated by short-term liquidity swings which made it difficult to sustain long-term views.
Investment in
emerging markets demands long-term commitment and we believe that India will reward us in the fullness of time. In
the meantime,
we commend our shareholders for their loyalty.
The Market
In the first half of 2013, the MSCI World Index grew by 4.7%, a return comparable to the same period in 2012. At the
level of
individual markets, however, we had the curate's egg: good in parts. First, it is worth noting that on the 21(st) of
May, the MSCI World
Index was ahead by 11.7% year-to-date. That marked the start of volatility games, driven by mindless speculation about
the effects
of the Fed withdrawing the exceptional monetary stimulus of Quantitative Easing. This stoked waves of liquidity flows
into and out of
risk assets as the media presented the prospective "tapering" as fiscal tightening and pushed up long-bond yields.
Emerging
markets, not least India, suffered exceptional outflows, notably from recently liberated bond markets in India's case.
Equity trading
became highly concentrated in a small range of shares, as regional ETFs traded in and out of selected proxy stocks.
As a result a
small number of stocks drove sharp up and down movements in emerging market indices. By the end of June, only the US
(+12.5%)
and Japan (+15.4%) were showing net gains over six months. Europe was broadly flat, the UK was down about 2% and the
MSCI
Emerging Markets Index was down 10.9%, with Latin America down 16% and China down 13%.
In India, the first quarter saw the benefits of decisive action taken by Finance Minister Chidambaram to rein in the
fiscal deficit,
which was held to 4.8% of GDP for the fiscal year ended on March 31(st) , mostly thanks to restraining current expenditure.
Mr.
Chidambaram drove home the message of fiscal prudence in his budget for the new fiscal year, with a deficit target
of 5%. Key
elements of the plan to achieve this included market pricing for petrol and the progressive removal of the diesel subsidy
over
eighteen months of price increases. Sentiment was further boosted by the RBI finally recognizing a softening trend
in WPI inflation
by cutting policy rates as a gesture to stimulating growth. The Finance Minister went further, assuring the market
of his intention to
facilitate and welcome increasing flows of foreign direct investment (FDI) by lifting restrictions on foreign control
in key sectors. He
also established a Cabinet Committee on Investment, charged with breaking through bottlenecks in regulatory and environmental
processes which have been identified as having derailed public sector investment projects. The object being to prompt
the private
sector also to revive investment as a driver of growth by expanding capacity to meet increased demand from the public
sector.
India's current account deficit was a major concern as a weaker global economy depressed exports. The price of oil
is a key factor in
the balance of payments and it remained stronger than expected. Gold is another key import and when the market price
dropped in
the first quarter, Indian retail demand surged, causing an unwelcome spike in imports. With the current account deficit
under
pressure, the Rupee was subjected to sharply higher selling pressure, thereby accentuating the CAD. So, in macroeconomic
terms,
the first half of this year saw a deteriorating CAD, slowing growth, moderating inflation, tentative steps in monetary
easing and a
sharp depreciation of the Rupee.
The market consequences included dramatic withdrawals of foreign liquidity especially from the debt market, a sharp
contraction in
market breadth, more volatility and a wide divergence in behaviour between front-line stocks and the mid-and small-cap
sectors. In
spite of this, foreign interest in Indian equities remained close to all-time peak levels as investors recognized attractive
valuations of
the best stocks in a historical context. The market price/earnings ratio, at just below 14 times earnings, is just
below the middle of its
historical range. Indian equities enjoy an historic premium over other emerging markets for reasons of breadth, depth,
liquidity and
regulatory history, to say nothing of 150 years of trading
in stocks.
We are now within a year of the next general election in the world's largest democracy. Not unusually, the outlook
is far from certain,
although the probability has improved of the outcome delivering a Union government led by one of the two major national
parties,
Congress or the BJP. Congress's popularity will be restrained by the gallant efforts of Finance Minister Chidambaram
to restrain the
worst populist inclinations of his party, though the passage of food subsidy legislation may overcome that. The BJP
may finally be
getting its national campaign act together with the nomination of the first minister of Gujarat as its prime ministerial
candidate.
Nonetheless, neither major party is guaranteed a majority but both now have a history of delivering economic reform
when needed.
During the first half-year, we responded to the evolving market conditions by cutting the number of holdings in the
portfolio and
adjusting our sector allocation strategy. We reduced our energy exposure and adjusted our financial sector exposure
to cover only
private sector entities. We extended our healthcare exposure: though our venture into Wockhardt was a mistake, our
strong
positions in Lupin and Torrent Pharma generated excellent returns. We cut capital goods and industrials entirely but
sustained our
exposure to the auto sector, which enjoyed some support from exports. We maintain a strong overweight position in consumer
stocks, including Nestle, Pidilite and Titan Industries. We cut our IT holdings as the sector outlook became uncertain,
though we
held a market position in Infosys and TCS which have since performed strongly..
The outlook is dampened by GDP growth looking range-bound between 5 and 6% and the prospects for decisive policy action
being
constrained by the political calendar. Nonetheless, earnings growth for the leading stocks is still forecast at 14-15%
for the current
year and we believe that our portfolio is well-placed to benefit. Meanwhile, the current year's monsoon is delivering
above-average
rainfall with excellent geographical distribution. Record sowing of the kharif crops looks like delivering a welcome
boost to rural
consumption with harvests helping to drive down food prices. Reservoir capacity and water-table replenishment should
ensure the
conditions are sustained into the rabi crops as well. Our sector allocation as well as a heightened focus on management
quality and
governance standards gives us confidence that prospective returns from our portfolio are excellent.
Administration
The Fund's website provides access to all regulatory and statutory information on the Fund, the address is:
www.himalayanfund.nl
The following important notices were posted to the website during the first half-year;
On April 5, 2013: an update of the Principles of Fund Governance;
On May 2, 2013: the appointment of Kas Bank N.V. as listing-and fund agent and bank;
On June 25, the AGM of the Fund was held in Amsterdam; the Annual Report for 2012 was adopted by unanimous vote and
the
Directors were discharged from their responsibilities for the year. In anticipation of new rules governing rotation
of auditors, Mazars
Paardekooper Hoffman Accountants N.V were appointed as auditors to the Fund with effect from 2013.
Conclusion
The Directors would like to thank our long-standing shareholders for their continuing support for the Fund in the most
difficult market
conditions. In their continuing management of the Fund, the Directors review the Synthetic Risk and Reward Indicator
(SRRI) on a
regular basis as prescribed by the regulatory authorities. As at June 30th, the calculation puts the Fund in Category
7, the highest
risk category. This is not unusual for a fund investing in emerging market equities and the Directors remind shareholders
of the risk
statements in the Fund's Prospectus which is available for download from the Fund's website.
Amsterdam, August 30, 2013
Board of Directors
Ian McEvatt, Chairman
Dwight Makins
Robert Meijer
Karin van der Ploeg
Financial statements
Himalayan Fund N.V.
Semi Annual Report 2013
Balance sheet
(before profit appropriation)
30-06-2013 31-12-2012
USD Notes USD
Investments
Securities 11.554.610 4.1 14.040.910
Short term receivables
Receivable on security transactions 490.330 5.1 -
Dividend receivable 38.494 5.2 -
Other receivables - 5.3 10.038
528.824 10.038
Other assets
Cash at banks 107.826 6 146.282
Current liabilities (due within one year)
Payable on security transactions 55.994 7.1 -
Other liabilities, accruals and deferred income 86.217 7,2 60.704
Total current liabilities 142.211 60.704
Total of receivables and other assets
less current liabilities 494.439 95.616
Total assets less current liabilities 12.049.049 14.136.526
----------------- ------------
Shareholders' equity
Issued capital 18.820 8.1 19.059
Share premium 24.263.721 8.2 24.983.207
General reserve -10.865.740 8.3 -12.813.588
Undistributed result current year -1.367.752 8.4 1.947.848
Total shareholders' equity 12.049.049 14.136.526
----------------- ------------
Net Asset Value per share 34,65 38,54
Profit & Loss account
01-01-2013 01-01-2012
30-06-2013 30-06-2012
USD Notes USD
Income from investments
Dividends 87.769 9.1 159.460
Other income 1.285 9,2 4.392
89.054 163.852
Capital gains/losses
Unrealised price gains/losses on investments -541.367 4 1.020.133
Unrealised currency gains/losses on investments -371.092 4 -444.841
Realised price gains/losses on investments -24.857 4 300.566
Realised currency gains/losses on investments -304.974 4 -165.215
Other exchange differences -13.242 -20.366
-1.255.532 690.277
Expenses
Investment research fees 71.192 10.1 129.767
Other expenses 152.158 10.2 161.598
223.350 291.365
----------- -----------
Tax 22.076 15.580
Total investment result -1.367.752 578.344
----------- -----------
Total investment result per ordinary share -3,94 1,34
Statement of Cash Flows
01-01-2013 01-01-2012
30-06-2013 30-06-2012
USD Notes USD
Cash flow from investing activities
Income from
investments 89.054 9 163.852
Expenses -223.350 10 -291.365
Tax 22.076 15.580
-------------------- ------------
Result of operations -112.220 -111.933
Purchases of
investments -763.418 4 -499.580
Sales of investments 2.007.428 4 1.216.544
1.244.010 716.964
Change in short term
receivables -518.786 5 383.147
Change in current
liabilities 81.507 7 -314.626
-------------------- ------------
-437.279 68.521
-------------------- ------------
Cash flow from investing activities 694.511 673.552
Cash flow from financing activities
Received on shares
issued 82.799 8 86.355
Paid on shares
purchased -802.524 8 -1.392.491
-------------------- ------------
Cash flow from financing activities -719.725 -1.306.136
Other exchange
differences -13.242 -20.366
-------------------- ------------
Change in cash and cash equivalents -38.456 -652.950
Cash and cash equivalents as at 1 January 146.282 719.982
-------------------- ------------
Cash and cash equivalents as at 30 June 107.826 6 67.032
-------------------- ------------
Notes
1 General
Himalayan Fund N.V. ('the Fund') is an open-end investment company (in Dutch: beleggingsmaatschappij met
veranderlijk
kapitaal) incorporated under Dutch law and has its statutory seat in Amsterdam. The Fund is listed both on NYSE
Euronext
Amsterdam and on The London Stock Exchange.
This semi annual report is prepared in accordance with Part 9 Book 2 of the Dutch Civil Code and the Act on the
Financial
Supervision (AFS) ("Wet op het financieel toezicht"). Since December 1991 the Fund is licensed to undertake
investment
activities according to the Act on the Financial Supervision.
2. Principles of
valuation
2.1 Investments
The investments are valued based on the following principles:
- listed securities are valued at the most recent stock market price as at the end of the accounting period which
can be
considered fair
value;
- non or low marketable securities are, according to the judgement of the Investment Committee, valued at the best
effort
estimated price, taking into account the standards which the Investment Committee thinks fit for the valuation of
such investments.
Expenses related to the purchase of investments are included in the cost of investments.
Sales charges, if any, are deducted from gross proceeds and will be expressed in the capital gains/losses.
2.2 Foreign currency
translation
Assets and liabilities in foreign currencies are translated into US dollars at the rate of exchange as at the
balance
sheet date.
All exchange differences are taken to the profit and loss account. Income and expenses in foreign currencies are
translated
at the exchange rate as per transaction
date.
Rates of exchange as at 30 June 2013, equivalent of 1 US dollar:
----------------------------------------------------------------- -------------------- ------------- ------------
Euro 0,76932 Srilanka Rupee 130,40001
Indian Rupee 59,42501 Bangladesh Taka 77,75501
---------------------- -------------------- ------------------- ----------------------------------- ------------
2.3 Other assets and
liabilities
Other assets and liabilities are stated at nominal value. If required, provisions have been taken for irrecoverable
receivables.
2.4 Income
recognition
principles
The result is determined by deducting expenses from the proceeds of dividend, interest and other income in the
period
under
review. The realized revaluations of investments are determined by deducting the purchase price from the sale
proceeds.
The unrealized revaluations of investments are determined by deducting the purchase price or the balance sheet
value
at the start of the period under review from the balance sheet value at the end of the period under review.
Brokerage fees payable on the acquisition of investments, if any, are considered to be part of the investments
costs,
and as a result, are not taken to the profit and loss account.
2.5 Cash flow
statement
The Cash Flow statement has been prepared according to the indirect method.
3. Risk Management
Investing in emerging and developing markets carries risks that are greater than those associated with investment
in
securities in developed markets. In particular, prospective investors should consider the following:
3.1 Currency
Fluctuations
The Fund invests primarily in securities denominated in local currencies whereas the Ordinary Shares are quoted
in US
dollars. The US dollar price at which the Ordinary Shares are valued is therefore subject to fluctuations in the US
dollar/ local
currency exchange
rate.
3.2 Counterparty Risk
The Fund deals principally in listed stocks traded on the BSE and the NSE in India.
All transactions are book-entry and settlement is fully automated. In the event of non-delivery by either side,
the
transaction fails. In this case recovery can be achieved by delivery against payment or the transaction abandoned.
3.3 Concentration
Risk
The investment restrictions for the Fund in section IX INVESTMENT POLICIES of the Prospectus, limit the possibility
for concentration of risk by stock and sector. Investors should note that the portfolio will be concentrated
in the Indian
sub-continent.
3.4 Market Volatility
Securities exchanges in emerging markets are smaller and subject to greater volatility than those in developed
markets.
The Indian market has in the past experienced significant volatility and there is no assurance that such volatility
will not
occur in the future.
3.5 Market Liquidity
A substantial proportion of market capitalization and trading value in emerging markets can be represented by a
relatively
small number of issuers. Also, there is a lower level of regulation and monitoring of the activities of investors,
brokers and
other market participants than in most developed markets. Disclosure requirements may be less stringent and there
may
be less public information available about corporate activity. As a result, liquidity may be impaired at times of
high
volatility.
The Indian markets have withstood high volatility in the recent past and recovered momentum because of excellent
corporate
results. This has shown that the liquidity in the shares of the top companies is strong, as further emphasized by
demand
for
those shares through Depository Receipts in overseas markets. Furthermore, standards of governance and transparency
are
improving dramatically under the impetus of the regulatory bodies. Other contiguous markets are not necessarily the
same
and the Fund only invests in them with the utmost care.
3.6 Fund Liquidity
The Fund's rules allow weekly purchases and sales of Ordinary Shares but in order to allow orderly management
of the
portfolio in the interest of continuing shareholders, the value of purchases may be limited to 5% of the net asset
value of
the Fund on any one Execution Day.
3.7 Political Economy
The Fund's portfolio may be adversely affected by changes in exchange rates and controls, interest rates,
government
policies, inflation, taxation, social and religious instability and regional geo-political
developments.
3.8 Legal and Regulatory Compliance
The Fund is responsible for ensuring that no action taken by it or by any contracted service provider might cause a
breach
of any legal or regulatory requirement. The Fund and all of its service providers maintain adequate control
procedures
to
guard against any such occurrence and these procedures are subject to regular review. Should such a breach occur
inadvertently, control procedures should detect it and institute corrective action without delay.
3.9 Financial Crisis
Almost uniquely amongst financial markets, the Indian financial sector was insulated against any consequences
of the
recent financial crisis by the tight control exercised by the RBI. Bank balance sheets were free of toxic assets
and
capital
ratios were maintained. Ratios of non-performing assets remained within historic
norms.
3.10 Credit risk
The principal credit risk is counterparty default (i.e., failure by the counterparty to perform as specified in the
contract) due to
financial impairment or for other reasons. Credit risk is generally higher when a nonexchange-traded or foreign
exchange-traded financial instrument is involved. Credit risk is reduced by dealing with reputable counterparties.
The Fund
manages credit risk by monitoring its aggregate exposure to counterparties.
Notes to the Balance sheet
30-06-2013 31-12-2012
4. Investments USD USD
4.1 Statement of changes in securities
Position as at 1
January 14.040.910 15.188.036
Purchases 763.418 4.106.469
Sales -2.007.428 -7.403.677
Unrealised price gains/losses on
investments -541.367 2.167.626
Unrealised currency gains/losses on
investments -371.092 1.093.073
Realised price gains/losses on investments -24.857 411.559
Realised currency gains/losses on
investments -304.974 -1.522.176
Position as at 30
June 11.554.610 14.040.910
------------- ------------
Historical cost 8.888.086 10.461.927
The portfolio comprises of shares, mainly
listed.
The total unlisted shares held directly by the Fund amounted to USD 141,557 (31 December 2012: USD 154,417).
The portfolio breakdown as at 30 June 2013 is specified on page 19 of this report.
4.2 Transaction costs
The transaction costs for the purchase of investments are capitalized within the historical cost price and for
sales the
transaction costs are discounted from the sales price. Transaction costs in 2013 are USD 8,654 (2012: USD 6,004).
5. Receivables
5.1 Receivable on security transactions
These include transactions still unsettled as at the balance
sheet date.
5.2 Dividend
receivable
These include dividend accruals which become payable after balance sheet date.
5.3 Other receivables
These include other transactions still unsettled as at the balance sheet date.
6. Cash at banks
This includes immediately due demand deposits at banks.
7. Current liabilities (due within one
year)
7.1 Payable on security transactions
These include transactions still unsettled as at the balance
sheet date.
7.2 Other liabilities, accruals and
deferred
income
Payable investment
reseach fee 11.194 7.500
Payable
administration fee 5.416 5.493
Payable auditors fee 10.884 29.992
Other expenses
payable 58.723 17.719
------------- ------------
86.217 60.704
------------- ------------
8. Shareholders'
equity
The authorised share capital of the Fund is EUR 60,000 (31 December 2012: EUR 60,000) and consists of:
Ordinary shares of
- EUR 0.01 each 5.000.100
Priority shares of
- EUR 0.20 each 49.995
30-06-2013 31-12-2012
8.1 Issued capital number USD USD
Ordinary shares:
Position as at 1
January 366.411 4.829 6.092
Sold 2.096 21 40
Purchased -21.134 -211 -1.070
Revaluation - -49 -233
-------------------- ------------- ------------
Position as at 30
June 347.373 4.590 4.829
-------------------- ------------- ------------
Priority shares:
Position as at 1
January 49.995 14.230 14.230
Sold - - -
Revaluation - - -
-------------------- ------------- ------------
Position as at 30
June 49.995 14.230 14.230
-------------------- ------------- ------------
Total issued capital 18.820 19.059
------------- ------------
As at 30 June 2013 the issued and subscribed share capital amounts to: EUR EUR
Ordinary shares, par value EUR 0.01 (31 December 2012: EUR 0.01) 4.450.005 44.500 44.500
Priority shares, par value EUR 0.20 (31 December 2012: EUR
0.20) 49.995 9.999 9.999
54.499 54.499
------------- ------------
The Fund became open-ended on 7 April 2000. As at 30 June 2013 a total of 4,102,632 Ordinary Shares have
been purchased, meaning that 347,373 Ordinary Shares are still outstanding as at 30 June 2013. Ordinary Shares
purchased by the Fund are directly charged against capital and share premium.
8.2 Share premium USD USD
Position as at 1
January 24.983.207 28.689.326
Received on shares
sold 82.778 159.769
Paid on shares
purchased -802.313 -3.866.121
Revaluation of
outstanding capital 49 233
Position as at 30
June 24.263.721 24.983.207
------------- ------------
30-06-2013 31-12-2012
USD USD
8.3 General reserve
Position as at 1
January -12.813.588 -2.231.440
Transferred from undistributed result 1.947.848 -10.582.148
Position as at 30
June -10.865.740 -12.813.588
------------- ------------
8.4 Undistributed
result
Position as at 1
January 1.947.848 -10.582.148
Transferred to/from general reserve -1.947.848 10.582.148
Total investment
result -1.367.752 1.947.848
Position as at 30
June -1.367.752 1.947.848
------------- ------------
Three years Himalayan Fund N.V.
30-06-2013 31-12-2012 31-12-2011
Net Asset Value (USD
x 1,000)
Net Asset Value according to balance
sheet 12.049 14.137 15.896
Less: value priority
shares 14 14 14
-------------------- ------------- ------------
12.035 14.123 15.882
-------------------- ------------- ------------
Number of Ordinary
Shares
outstanding 347.373 366.411 469.432
Per Ordinary Share
Net Asset Value
share (USD) 34,65 38,54 33,83
Notes to the Profit & Loss account
9. Income from
investments
9.1 Dividends
This refers to net cash dividends including withholding tax. Stock dividends are considered to be cost free shares.
Therefore stock dividends are not presented as income.
9.2 Other income
From March 6, 2009 this refers to the charges of 0.35% received on shares issued and repurchased.
These costs are to cover transaction costs in relation with the purchase and sale of Ordinary Shares and are booked
as an
income for the Fund.
01-01-2013 01-01-2012
10. Expenses 30-06-2013 30-06-2012
USD USD
10.1 Investment
research fees
Research fee 66.194 124.767
Custody Fee and
Charges 4.998 5.000
71.192 129.767
------------- ------------
Expenses directly related to the management of investments, like custody fees and transfer charges as well as other
paying
agent fees, are deducted from the result. These expenses are included in other investment management fees with the
exception
of the transfer charges. Transfer charges are accounted for in the investment revaluation reserve.
10.2 Other expenses
Administration Fees
and Charges 33.922 33.180
Company Secretarial and Domiciliation Fees 19.970 19.275
Bank Expenses 5.047 5.282
Regulatory Fees and
Charges 11.039 12.511
Legal Expenses 648 3.239
Listing Expenses 8.926 -
Audit Fees 9.427 23.167
Fiscal Advisory Fees 10.910 9.393
Advertising and
Promotion 11.039 13.438
Directors Fees 29.564 21.208
Board Expenses 8.735 9.782
Miscellaneous 2.931 1.123
152.158 151.598
------------- ------------
On-going charges
ratio
The on-going charges ratio is calculated as follows: the total expenses of the Fund, excluding transactionfees and
cost of
intrest, divided by the average NAV*.
The expense ratio of the Fund for the reporting period is equal to 1.62 %; annualised 3.25% (annualised 2012:
3,42 %).
Turnover ratio
The turnover ratio is calculated as follows: the total sum of purchases plus sales minus subscriptions minus
redemptions
divided by the
average NAV *.
The turnover ratio of the Fund for the reporting period is equal to 13.74 %; annualised 27.47 % (annualised 2012:
47,84
%).
* - The fund has a weekly NAV. The average Net Asset Value of the Company for reporting period is calculated as the
sum
of the weekly Net Asset Values divided by the number of
observations.
Comparison of real cost with cost according to Prospectus*
According to
Prospectus Actual costs
USD USD
Reseach fee (1) 66.194 66.194
Administration fee
(2) 33.922 33.922
Secretarial and Domiciliation fees (3) 19.970 19.970
Costs for the Board
(4) 100.000 38.299
*- As per the Prospectus of 7 June 2010.
1) Ian McEvatt receives an annual fee of USD 114,000 for investment research and IndAsia Fund Advisors Pvt Ltd
receives
an annual fee of USD
30,000.
2) CACEIS NL is paid a fixed fee of EUR 50,000 per year for administration services.
3) Inviqta has been appointed to provide domicile and company secretarial services to the Fund for a fixed fee
of
EUR 25,000 (exclusive VAT) per year.
4) The Prospectus states that the remuneration of the Directors is subject to a limit of USD 100,000 in aggregate
per
year.
In 2013 the remuneration of the Directors will be USD 31,208 (inclusive VAT) in total so far. Directors fees per
person
are as
follows: Ian McEvatt*: USD 5,000; Dwight Makins: USD 9,250; Robert Meijer: USD 11,008; Karin van der Ploeg*: USD
5,950.
These fees remained unchanged compared to 2012. Board expenses (exclusive remuneration of the Directors) amount to
USD 8,735 for the first half year of 2013.
* Ian McEvatt is also a director of the Priority Shareholder of the Fund and Karin van der Ploeg is a partner of
Inviqta.
It has
been agreed that members of the Board who are also directors/partners of the service providers of the Fund receive
a fixed
annual management fee of US$ 10,000.
Employees
The Fund has no
employees.
Amsterdam, August 30,
2013
Board of Directors
Ian McEvatt, Chairman
Dwight Makins
Robert Meijer
Karin van der Ploeg
This information is provided by RNS
The company news service from the London Stock Exchange
END
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