Interim Management Statement
October 15 2009 - 4:05AM
UK Regulatory
TIDMARCL
RNS Number : 8194A
Altus Resource Capital Limited
15 October 2009
ALTUS RESOURCE CAPITAL LIMITED
Interim Management Statement for the period 30 June to 30 September 2009.
Overview
Altus Resource Capital Limited (LSE:ARCL) (the "Company") is a Guernsey
registered, closed-ended investment company which listed on the Specialist Fund
Market of the London Stock Exchange on 30 June 2009.
The Company is pleased to announce that the unaudited net asset value over the
period from launch to 30 September has risen 15.9%.
Investment Objectives and Policy
The Company's objective is to realise capital growth from a concentrated
portfolio of junior resource equities and to generate a significant capital
return to shareholders.
The Company invests in companies engaged in the exploration, development
and/or mining of metals and minerals with a focus on companies that operate in
the gold sector. Portfolio companies will be predominantly, but not exclusively,
listed or quoted on either UK markets or other recognised stock exchanges
including the Canadian and Australian markets and typically will be
capitalised at less than GBP100 million at the time of investment.
Financial Highlights and Investment Review by Altus Asset Management Limited
The unaudited net asset value of the Company increased to 110.1p over the
period, showing a 15.9% rise.
During the three months following the Company's launch on 30 June 2009, a total
of GBP18.3 million has been deployed in 26 holdings. These holdings comprise
junior mining and exploration companies as well as gold and other commodity
exchange traded funds (ETFs). The Company has acquired its positions in the
market and through participating in new equity issues.
The Company has benefitted from its exposure to an improved junior resource
market and in particular the rising gold price which gained 8.3% during the
period to US$1,007/oz. By the end of the period the Company was 60% invested in
gold equities and ETFs with these investments being the primary driver behind
the Company's 15.9% increase in NAV. As at 30 September 2009 the Company had
cash of GBP6.2 million.
Outlook
The outlook for the Company remains positive with increasing M&A activity within
the gold sector and continued strength in the gold price since 30 September
2009. Following the mid-tier acquisitions of Moto Goldmines by Randgold and Sino
Gold by Eldorado, further consolidation of the gold sector seems inevitable and
is starting to spread to the junior market. In addition, the gold price appears
to have found a new trading range above US$1,000 having reached a new all-time
high of US$1,069 per ounce on 13 October 2009, as a result of which the
portfolio has continued to benefit strongly.
Investment Allocation
At 30 September 2009, the Company's assets were allocated in the following
approximate proportions:
+----------------------+-----+---------+-----+-----+------------------------+---------+
| Asset Allocation by Commodity | | Asset Allocation by Geography |
| | | |
+--------------------------------------+-----------+----------------------------------+
| Gold | 60.9% | | Africa | 34.4% |
+----------------------------+---------+-----------+------------------------+---------+
| Bulk Minerals | 6.1% | | Europe | 9.6% |
+----------------------------+---------+-----------+------------------------+---------+
| Base Metals | 4.6% | | North America | 0.0% |
+----------------------------+---------+-----------+------------------------+---------+
| Energy Minerals | 3.1% | | South America | 7.7% |
+----------------------------+---------+-----------+------------------------+---------+
| Platinum Group Metals | 1.6% | | Central Asia and | 3.4% |
| | | | Russia | |
+----------------------------+---------+-----------+------------------------+---------+
| Diamond | 1.4% | | SE Asia | 5.9% |
+----------------------------+---------+-----------+------------------------+---------+
| Other | 0.4% | | Australasia | 8.0% |
+----------------------------+---------+-----------+------------------------+---------+
| Cash | 21.9% | | Other (ETFs) | 9.1% |
+----------------------------+---------+-----------+------------------------+---------+
| | | | Cash | 21.9% |
+----------------------------+---------+-----------+------------------------+---------+
| Asset Allocation by Development Stage |
| |
+--------------------------------------------+
| Production | 31.1% |
+----------------------+---------------------+
| Development | 31.8% |
+----------------------+---------------------+
| Exploration | 6.1% |
+----------------------+---------------------+
| ETF | 9.1% |
+----------------------+---------------------+
| Cash | 21.9% |
+----------------------+-----+---------+-----+-----+------------------------+---------+
Material events
Other than the information set out above, the Board is not aware of any events
during the period from 30 June to 30 September 2009, which would have had a
material impact on the financial position of the Company.
Investor Information
The latest available information on the Company can be accessed via
www.altrescap.com.
This document is for information purposes only. It is not, and is not intended
to be an invitation, inducement, offer, or solicitation, to deal in the shares
of the company. The price of shares in the company and the income from them may
go down as well as up and investors may not get back the full amount invested on
disposal of shares in the company. An investment in the company should be
considered only as part of a balanced portfolio of which it should not form a
disproportionate part.
By order of the Board
Altus Resource Capital Limited
Administrative Enquiries:Shareholder Enquiries:
Anson Fund Managers Limited Nimrod Capital LLP
Tel: +44(0)1481 722260Tel: +44(0)20 3355 6855
15 October 2009
E&OE - In Transmission
END OF ANNOUNCEMENT
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSGIBDGBGBGGCU
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