TIDMORP
RNS Number : 6484Z
Origo Resource Partners Limited
25 September 2009
ORIGO RESOURCE PARTNERS LIMITED
UNAUDITED HALF YEARLY RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+---------------------+---------------------+---------------------+---------+---------+
| Key Points |
+---------------------------------------------------------------------------+
| * Net asset value of 175.22 cents per Ordinary Share at 30 June 2009, |
| an increase of 7% (11.19 cents) from 31 December 2008.* |
| Profit for the period of US$5.4 million (11.19 cents per Ordinary |
| Share).* |
| Unrealised gain on investments for the period of US$6.3 million.* |
| Fair value of investments of US$53.6 million (31 December 2008: US$58.9 |
| million).* |
| Cash and cash equivalents at 30 June 2009 of US$31.2 million (31 |
| December 2008: US$20.8 million). |
| For further information please visit the www.origoresourcepartners.com |
| or contact: |
| |
+---------------------------------------------------------------------------+
| Chris Rynning | Azhic | Simon Atkinson | Nina Legge / Andy |
| Origo Sino-India | Basirov / Siobhan | Liberum Capital | Mills |
| PLC | Sergeant | Limited | Aura Financial |
| +86 1390 124 6417 | Smith & Williamson | +44 20 3100 2223 | +44 20 7321 0000 |
| chris@origoplc.com | Corporate Finance | | |
| Niklas Ponnert | Limited | | |
| Origo Sino-India | +44 20 7131 4000 | | |
| PLC | | | |
| +86 1351 106 1672 | | | |
| niklas@origoplc.com | | | |
+---------------------+---------------------+---------------------+-------------------+
| |
+---------------------------------------------------------------------------+
| Chairman's Statement |
+---------------------------------------------------------------------------+
| I am pleased to present the results of Origo Resource Partners Limited |
| (the "Company") and its subsidiary (together the "Group") for the period |
| ended 30 June 2009. |
+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+
| Investments |
| During the period the Group increased its exposure to two of its |
| existing investments by US$5.4 million. The Group also made an |
| impressive unrealised gain of US$4.6 million in a transaction that saw |
| the Group exchange its interest in Primary Holdings International Trust |
| ("PHI") for shares in R.M. Williams Agricultural Holdings Pty Limited in |
| May 2009. In addition, in February 2009, the Group sold its stake in |
| Fomento International Limited back to that company for a total cash |
| consideration of US$17 million, the same amount invested by the Group in |
| early 2008. |
| A review by the Board and the Investment Consultant of the Group's five |
| unlisted companies (as detailed in the Investment Consultant's Report), |
| with a total cost of US$58.0 million, concluded that the fair value of |
| these investments at 30 June 2009 totalled US$53.6 million, resulting in |
| the Group recognising an unrealised gain for the period of US$6.3 |
| million, US$4.6 million of which arose from the PHI transaction noted |
| above and the balance from movements in foreign exchange rates. |
| |
+---------------------------------------------------------------------------+
| Results |
| The Group made a profit of US$5.4 million (30 June 2008: Loss of US$0.4 |
| million, 31 December 2008: Loss of US$13.5 million) during the period, |
| representing a gain per Ordinary Share of 11.19 cents (30 June 2008: |
| Loss per Ordinary Share of 0.88 cents, 31 December 2008: Loss per |
| Ordinary Share of 27.78 cents). The Net Asset Value at 30 June 2009 was |
| US$85.2 million (30 June 2008: US$91.6 million, 31 December 2008: |
| US$79.7 million), being 175.22 cents per Ordinary Share (30 June 2008: |
| 188.51 cents per Ordinary Share, 31 December 2008: 164.03 cents per |
| Ordinary Share). |
+---------------------+---------------------+---------------------+---------+---------+
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| Share price |
| During the period the Company's share price increased by 54% from 34.0 pence at 31 |
| December 2008 to 52.5 pence at 30 June 2009 and encouragingly the discount at |
| which the Company's shares are trading to net asset value narrowed from 70% at 31 |
| December 2008 to 51% at 30 June 2009. Whilst the Board is mindful that share |
| buy-backs could result in a further narrowing of the discount in the short-term, |
| it has chosen to continue to preserve the Group's resources to ensure that the |
| Group can meet its working capital requirements and to take advantage of further |
| investment opportunities. |
| |
+------------------------------------------------------------------------------------+
+------------------------------------------------------------------------------------+
| Prospects |
| It is widely believed that the worst of the global financial crisis is over and |
| world markets have generally gained some strength over recent weeks. Whilst it is |
| too early to suggest that we are at the beginning of a sustained recovery, the |
| Group's results, together with the recent market gains, give me confidence that |
| the Group is well positioned to take advantage of future investment opportunities. |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| C Wilkinson |
+------------------------------------------------------------------------------------+
| 24 September 2009 |
+------------------------------------------------------------------------------------+
+------------------------------------------------------------------------------------+
| Investment Consultant's Report |
+------------------------------------------------------------------------------------+
| It is our pleasure to deliver the Investment Consultant's Report for the six |
| months ended 30 June, 2009 as well as our outlook for the remainder of the year. |
| |
+------------------------------------------------------------------------------------+
| Market Environment |
| Since we last reported three months ago, the economic outlook has improved, with |
| increasing evidence that conditions have stabilised following the severe |
| contraction in global GDP in the final quarter of 2008. |
| China's economic growth has been sustained at levels well beyond what some |
| analysts expected during the course of last year's crises and - more recently - a |
| number of leading economic indicators have suggested that the global economy is |
| beginning to rebound, following the implementation of monetary and fiscal stimulus |
| packages throughout the world. |
| With the gradual recovery of the world economy, we have witnessed a significant |
| strengthening in commodity prices driven by a combination of inventory rebuilding |
| and a recovery in underlying demand. While there has been undeniably strong demand |
| from China for the bulk commodities and copper, China appears to be over-consuming |
| commodities relative to even bullish real demand. |
| We believe that a short-term re-adjustment in commodity prices is a real |
| possibility in the next three to six months if China temporarily scales back |
| demand. However, we continue to believe that a sustained China led recovery in the |
| global economy is likely from 2010 and will support increased earnings for |
| commodity companies across the board. |
| |
+------------------------------------------------------------------------------------+
| Strategy |
| In the Group's 2008 Report and Accounts, we stated our intention to focus our |
| short-term efforts on our existing portfolio companies. In line with this |
| strategy, in the first half of the year, the Board temporarily suspended new |
| investments, encouraging us to continue to work closely with the portfolio |
| companies to ensure that they were properly capitalized and positioned to weather |
| even a prolonged recession. |
| As conditions improved during the second quarter of the year, we altered our focus |
| to take advantage of the gradual recovery by allocating follow-on capital to |
| selected portfolio companies, allowing them to capitalize on expansion and |
| acquisition opportunities available in a post-crisis market environment. |
| |
+------------------------------------------------------------------------------------+
| Investments |
| During the course of May 2009, the Group made two follow-on investments, totaling |
| US$4.6 million, both in the form of convertible notes, in IRCA Holdings Limited |
| ("IRCA") (previously Inveritas Global Holdings Limited). |
| With additional cash at hand, IRCA has acquired substantially all of the |
| outstanding share-capital of IRCA Middle-East (previously a minority holding), |
| established a new joint venture in Saudi Arabia, and assumed a controlling |
| interest in IRCA India, a leading health and safety software provider. |
| These three transactions will expand IRCA's geographical scope into a promising |
| growth region, broaden its service offering into the petrochemicals sector, and |
| substantially improve margins to create the basis for an annuity based income |
| stream going forward. |
| During the period the Group also made follow-on investments in Staur Aqua AS of |
| US$0.8 million, in the form of convertible loans. |
| We are presently considering similar opportunities relevant for other portfolio |
| companies, and have reserved cash for follow-on investments accordingly. |
| |
+------------------------------------------------------------------------------------+
| Divestments |
| In February 2009, the Group announced the sale of its 5.1% stake in Fomento |
| International Limited ("FIL"), an intended consolidation vehicle for international |
| iron ore assets. The stake was sold back to FIL for a total cash consideration of |
| US$17 million, the amount invested by the Group early in 2008. |
| Given prevailing market conditions at the time, we believed it was in the best |
| interests of the Group to divest the position in FIL and re-deploy the proceeds to |
| support the growth of the portfolio while considering new opportunities. |
| In May 2009, we completed the transaction that saw the Group exchange its interest |
| in Primary Holdings International Trust ("PHI"), the ORP portfolio company |
| established to acquire and lease Australian farmland properties, for shares in |
| R.M. Williams Agricultural Holdings Pty Ltd, a new venture formed by R.M. Williams |
| Pty Limited ("RMW"), the well known Australian footwear, apparel and accessories |
| company. |
| In conjunction with this transaction, the enlarged RMW group, now trading under |
| the name of R.M. Williams Agriculture Holdings ("RMWAH"), raised a substantial |
| round of equity financing from affiliates of R.M. Williams and third party |
| institutional investors. Subsequently, RMWAH completed the acquisition of |
| Welltree, a 39,100 hectare cattle-station operation close to Darwin in the |
| Northern Territory, and Inglewood Farms, Australia's leading producer of organic, |
| free-range chicken. |
| The transaction was completed on terms beneficial to the Group's shareholders, |
| creating a stronger entity, with greater resources to execute its stated strategy |
| of becoming a long-term supplier of soft-commodities to Asian growth markets, in |
| particular China. |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| Outlook |
| As market conditions have stabilized over the last few months we have increased |
| our focus on deal-sourcing and are now in the process of assessing and finalizing |
| several promising investment proposals. |
| We see considerable upside in the basic materials sector - in particular in coal, |
| uranium and iron-ore. High-quality producing assets in these minerals are scarce |
| in China - however, we have identified several attractively valued assets in the |
| region which are close to production. In each case we believe there is the |
| potential to create significant value through modest investments. |
| China's massive stimulus package has also created opportunities in a number of |
| sub-segments within the Group's investment scope. In particular investments in the |
| alternative energy, water treatment and related technologies, power management, |
| and recycling sectors all have the potential to generate positive returns. We |
| generate strong deal-flow in all these areas, and are confident we will be able to |
| propose a number of investments in these sub-sectors to the Board in the near |
| future. Finally, we continue to believe that the agriculture sector remains an |
| under-invested area given fundamental supply and demand imbalances in our target |
| markets, coupled with the rise of consumerism. |
| We expect to complete the first part of our investment mandate by being fully |
| invested by the end of the year, after which we will seek to continue to build and |
| realize the value in the portfolio. |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| C Rynning |
| N Ponnert |
| Origo Advisors Limited |
| 24 September 2009 |
+------------------------------------------------------------------------------------+
Investment Portfolio
+---------------+-------------+------------------+------------+-----------+----------+----------+
| Portfolio | Industry | Segment | Date |Ownership | Capital | Fair |
| Holding | Sector | | of | |Invested | Value |
| | | | Initial | | US$ | US$ |
| | | |Investment | | million | million |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| Roshini | Alternative | Bio-fuels | Jan-08 | 19.9% | 17.0 | 6.5 |
| International | Energy | feed-stock | | | | |
| Bio | | | | | | |
| Energy | | | | | | |
| Corporation | | | | | | |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| IRCA | Metals | Mining | Jan-08 | 37.8% | 14.6 | 14.6 |
| Holdings | & | services | | | | |
| Limited | Mining | | | | | |
| (previously | | | | | | |
| Inveritas | | | | | | |
| Global | | | | | | |
| Holdings | | | | | | |
| Limited) | | | | | | |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| Staur | Renewables | Water | Feb-08 | 9.2% | 3.4 | 3.4 |
| Aqua AS | | desalination | | | | |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| Halosource, | Clean | Water | Jul-08 | 11.1% | 7.0 | 7.0 |
| Inc. | Tech | purification | | | | |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| R.M. | Agriculture | Soft-commodities | May-09 | 29.9% | 16.0 | 22.1 |
| Williams | | | | | | |
| Agricultural | | | | | | |
| Holdings Pty | | | | | | |
| Limited | | | | | | |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| | | | | |-------- |-------- |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| Total | | | | | 58.0 | 53.6 |
| at 30 | | | | | | |
| June | | | | | | |
| 2009 | | | | | | |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| | | | | | |-------- |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| Investments made after 30 June 2009 |
+-----------------------------------------------------------------------------------------------+
| IRCA | Metals | Mining | | | 0.8 | |
| Holdings | & | services | | | | |
| Limited | Mining | | | | | |
| (previously | | | | | | |
| Inveritas | | | | | | |
| Global | | | | | | |
| Holdings | | | | | | |
| Limited) | | | | | | |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| | | | | |-------- | |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| Total at the | | | | 58.8 | |
| date of this | | | | | |
| announcement | | | | | |
+-----------------------------+------------------+------------+-----------+----------+----------+
| | | | | |-------- | |
+---------------+-------------+------------------+------------+-----------+----------+----------+
| |
+-----------------------------------------------------------------------------------------------+
| Details of the above investments are available from |
| www.origoresourcepartners.com. |
+---------------+-------------+------------------+------------+-----------+----------+----------+
+----------------------------------------------+--------------+--------------+--------------+
| Consolidated Statement of Comprehensive Income |
+-------------------------------------------------------------------------------------------+
| for the six months ended 30 June 2009 (unaudited) |
+-------------------------------------------------------------------------------------------+
| | 1 January | 26 November | 26 November |
| | 2009 to 30 | 2007 to 30 | 2007 to 31 |
| | June 2009 | June 2008 | December |
| | (unaudited) | (unaudited) | 2008 |
| | | | (audited) |
+----------------------------------------------+--------------+--------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------------------+--------------+--------------+--------------+
| Investment gains and losses | | | |
+----------------------------------------------+--------------+--------------+--------------+
| Movement in unrealised loss on investments | 6,318 | - | (10,808) |
| at fair value through profit or loss | | | |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| Total investment gains and losses | 6,318 | - | (10,808) |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------------+--------------+--------------+--------------+
| Income | | | |
+----------------------------------------------+--------------+--------------+--------------+
| Investment income | 207 | 25 | 169 |
+----------------------------------------------+--------------+--------------+--------------+
| Bank interest | 73 | 997 | 1,245 |
+----------------------------------------------+--------------+--------------+--------------+
| Other income | - | - | 19 |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| Total income | 280 | 1,022 | 1,433 |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------------+--------------+--------------+--------------+
| Expenses | | | |
+----------------------------------------------+--------------+--------------+--------------+
| Management fee | (789) | (1,004) | (1,896) |
+----------------------------------------------+--------------+--------------+--------------+
| Administration fees | (103) | (136) | (236) |
+----------------------------------------------+--------------+--------------+--------------+
| Investment research costs | - | (143) | (195) |
+----------------------------------------------+--------------+--------------+--------------+
| Other expenses | (266) | (330) | (615) |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| Total expenses | (1,158) | (1,613) | (2,942) |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------------+--------------+--------------+--------------+
| Foreign exchange gains and losses | - | 161 | (1,185) |
+----------------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| Profit/(loss) for the period attributable to | 5,440 | (430) | (13,502) |
| the owners of the Company | | | |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------------+--------------+--------------+--------------+
| Other comprehensive (loss)/income | | | |
+----------------------------------------------+--------------+--------------+--------------+
| Foreign currency (loss)/gain on translation | - | (3) | 15 |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| Total comprehensive income/(loss) for the | 5,440 | (433) | (13,487) |
| period attributable to the owners of the | | | |
| Company | | | |
+----------------------------------------------+--------------+--------------+--------------+
| | ------------ | ------------ | ------------ |
+----------------------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------------------+--------------+--------------+--------------+
| Profit/(loss) per Ordinary Share - basic and | 11.19 | (0.88) cents | (27.78) |
| diluted | cents | | cents |
+----------------------------------------------+--------------+--------------+--------------+
+--------------------------------------------+------------+---------------+-------------+------------+
| Consolidated Statement of Changes in Equity |
+----------------------------------------------------------------------------------------------------+
| for the six months ended 30 June 2009 (unaudited) |
+----------------------------------------------------------------------------------------------------+
| | Share | Distributable | Foreign | Total |
| | capital | reserves | currency | |
| | | | translation | |
| | | | reserve | |
+--------------------------------------------+------------+---------------+-------------+------------+
| | US$'000 | US$'000 | US$'000 | US$'000 |
+--------------------------------------------+------------+---------------+-------------+------------+
| Balance at 1 January 2009 | - | 79,702 | 15 | 79,717 |
+--------------------------------------------+------------+---------------+-------------+------------+
| | | | | |
+--------------------------------------------+------------+---------------+-------------+------------+
| Profit for the period attributable to the | - | 5,440 | - | 5,440 |
| owners of the Company | | | | |
+--------------------------------------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------------+------------+---------------+-------------+------------+
| Total comprehensive income for the period | - | 5,440 | - | 5,440 |
| attributable to the owners of the Company | | | | |
+--------------------------------------------+------------+---------------+-------------+------------+
| | | | | |
+--------------------------------------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------------+------------+---------------+-------------+------------+
| Balance at 30 June 2009 | - | 85,142 | 15 | 85,157 |
+--------------------------------------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------------+------------+---------------+-------------+------------+
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Consolidated Statement of Changes in Equity |
+-----------------------------------------------------------------------------------------------------------+
| for the period from inception (26 November 2007) to 30 June 2008 (unaudited) |
+-----------------------------------------------------------------------------------------------------------+
| | Share | Share | Distributable | Foreign | Total |
| | capital | premium | reserves | currency | |
| | | | | translation | |
| | | | | reserve | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Gross proceeds of placing | - | 96,826 | - | - | 96,826 |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Issue costs | - | (4,777) | - | - | (4,777) |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Transactions with the owners of the | - | 92,049 | - | - | 92,049 |
| Company | | | | | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | | | | | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Loss for the period attributable to | - | - | (430) | - | (430) |
| the owners of the Company | | | | | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Foreign currency loss on translation | - | - | - | (3) | (3) |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Total comprehensive loss for the | - | - | (430) | (3) | (433) |
| period attributable to the owners of | | | | | |
| the Company | | | | | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | | | | | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Cancellation of share premium | - | (92,049) | 92,049 | - | - |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Balance at 30 June 2008 | - | - | 91,619 | (3) | 91,616 |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------+------------+------------+---------------+-------------+------------+
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Consolidated Statement of Changes in Equity |
+-----------------------------------------------------------------------------------------------------------+
| for the period from inception (26 November 2007) to 31 December 2008 (audited) |
+-----------------------------------------------------------------------------------------------------------+
| | Share | Share | Distributable | Foreign | Total |
| | capital | premium | reserves | currency | |
| | | | | translation | |
| | | | | reserve | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Gross proceeds of placing | - | 98,041 | - | - | 98,041 |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Issue costs | - | (4,837) | - | - | (4,837) |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Transactions with the owners of the | - | 93,204 | - | - | 93,204 |
| Company | | | | | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | | | | | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Loss for the period attributable to | - | - | (13,502) | - | (13,502) |
| the owners of the Company | | | | | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Foreign currency gain on translation | - | - | - | 15 | 15 |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Total comprehensive (loss)/income | - | - | (13,502) | 15 | (13,487) |
| for the period attributable to the | | | | | |
| owners of the Company | | | | | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | | | | | |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Cancellation of share premium | - | (93,204) | 93,204 | - | - |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| Balance at 31 December 2008 | - | - | 79,702 | 15 | 79,717 |
+--------------------------------------+------------+------------+---------------+-------------+------------+
| | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------------+------------+------------+---------------+-------------+------------+
+----------------------------------------------+-------------+--------------+--------------+
| Consolidated Statement of Financial Position |
+------------------------------------------------------------------------------------------+
| as at 30 June 2009 (unaudited) |
+------------------------------------------------------------------------------------------+
| | 30 June | 30 June 2008 | 31 December |
| | 2009 | (unaudited) | 2008 |
| | (unaudited) | | (audited) |
+----------------------------------------------+-------------+--------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------------------+-------------+--------------+--------------+
| Non-current assets | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Investments at fair value through profit or | 53,599 | 45,196 | 58,902 |
| loss | | | |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Current assets | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Receivables and prepayments | 569 | 1,155 | 261 |
+----------------------------------------------+-------------+--------------+--------------+
| Cash and cash equivalents | 31,150 | 47,330 | 20,755 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| | 31,719 | 48,485 | 21,016 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Total assets | 85,318 | 93,681 | 79,918 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Current liabilities | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Payables and accruals | (161) | (2,065) | (201) |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Total liabilities | (161) | (2,065) | (201) |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Net assets | 85,157 | 91,616 | 79,717 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Capital and reserves attributable to owners | | | |
| of the Company | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Called-up share capital | - | - | - |
+----------------------------------------------+-------------+--------------+--------------+
| Distributable reserves | 85,142 | 91,619 | 79,702 |
+----------------------------------------------+-------------+--------------+--------------+
| Foreign currency translation reserve | 15 | (3) | 15 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Attributable to owners of the Company | 85,157 | 91,616 | 79,717 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Net Asset Value per Ordinary Share - basic | 175.22 | 188.51 cents | 164.03 cents |
| and diluted | cents | | |
+----------------------------------------------+-------------+--------------+--------------+
+----------------------------------------------+-------------+--------------+--------------+
| Consolidated Statement of Cash Flows |
| for the six months ended 30 June 2009 (unaudited) |
+------------------------------------------------------------------------------------------+
| | 1 January | 26 November | 26 November |
| | 2009 to 30 | 2007 to 30 | 2007 to 31 |
| | June 2009 | June 2008 | December |
| | (unaudited) | (unaudited) | 2008 |
| | | | (audited) |
+----------------------------------------------+-------------+--------------+--------------+
| | US$'000 | US$'000 | US$'000 |
+----------------------------------------------+-------------+--------------+--------------+
| Operating activities | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Profit/(loss) for the period attributable to | 5,440 | (430) | (13,502) |
| the owners of the Company | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Movement in unrealised loss on investments | (6,318) | - | 10,808 |
| at fair value through profit or loss | | | |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Net cash outflow from operating activities | (878) | (430) | (2,694) |
| before working capital changes | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Increase in receivables and prepayments | (308) | (155) | (261) |
+----------------------------------------------+-------------+--------------+--------------+
| (Decrease)/increase in payables and accruals | (40) | 690 | 201 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Net cash (outflow)/inflow from operating | (1,226) | 105 | (2,754) |
| activities | | | |
+----------------------------------------------+-------------+--------------+--------------+
| | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Investing activities | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Purchase of/additions to investments at fair | (5,379) | (44,821) | (69,710) |
| value through profit or loss | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Proceeds from sale of investments at fair | 17,000 | - | - |
| value through profit or loss | | | |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Net cash inflow/(outflow) from investing | 11,621 | (44,821) | (69,710) |
| activities | | | |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Financing activities | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Proceeds from issue of Ordinary Shares and | - | 96,826 | 98,041 |
| Warrants | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Issue costs | - | (4,777) | (4,837) |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Net cash inflow from financing activities | - | 92,049 | 93,204 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Net foreign exchange (loss)/gain | - | (3) | 15 |
+----------------------------------------------+-------------+--------------+--------------+
| | | | |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Increase in cash and cash equivalents | 10,395 | 47,330 | 20,755 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Cash and cash equivalents at beginning of | 20,755 | - | - |
| period | | | |
+----------------------------------------------+-------------+--------------+--------------+
| Increase in cash and cash equivalents | 10,395 | 47,330 | 20,755 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
| Cash and cash equivalents at end of period | 31,150 | 47,330 | 20,755 |
+----------------------------------------------+-------------+--------------+--------------+
| | ---------- | ---------- | ---------- |
+----------------------------------------------+-------------+--------------+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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