TIDMARCL
RNS Number : 4147O
Altus Resource Capital Limited
16 September 2011
PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS
The directors announce the statement of results for the year
ended 30 JUNE 2011 as follows:-
COMPANY OVERVIEW
OVERVIEW
Altus Resource Capital Limited ("ARCL" or the "Company") is a
Guernsey authorised, closed-ended investment company incorporated
on 30 April 2009, which listed on the Specialist Fund Market of the
London Stock Exchange on 30 June 2009 and the Channel Islands Stock
Exchange on 22 December 2009.
The Company is managed by Altus Capital Limited (the "Investment
Manager") an FSA authorised and regulated wholly-owned subsidiary
of Altus Strategies Limited.
The Company issued 26,000,000 Ordinary Shares at GBP1.00 per
share on 30 June 2009 and a further 10,997,233 Ordinary Shares at
GBP1.33 on 22 December 2009. On 2 August 2010 a further 2,722,336
Ordinary Shares were issued at GBP1.40 per share.
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.
CHAIRMAN'S STATEMENT
I have pleasure in presenting the Annual Report and Financial
Statements of Altus Resource Capital Limited ("ARCL" or "the
Company") for the year ended 30 June 2011 (the "Year"). The
Company's audited Net Asset Value ("NAV") at the end of June 2011
was GBP76.6 million or GBP1.93 per Ordinary Share, an increase of
43.6% over the Year and 103% since launch on 30 June 2009.
This strong performance is particularly pleasing given the
volatility of markets and increasing macro-economic uncertainty
during the Year. The Company's NAV growth outperformed gold which
rose 21% as well as all major gold and generalist mining indices
(the FTSE Gold Mines Index rose 4.5% over the Year and the FTSE 350
Mining Index rose 37.2%).
The Company remains focused on investing in Junior Resource
Equities with quality assets, sound fundamentals and proven
management teams and retains a significant weighting towards gold
equities. With an active approach to portfolio management and a
strong cash position (22% of assets under management), the Company
is well positioned to deliver further NAV growth over the coming
year.
Following the success and growth of the Company and to ensure it
is appropriately positioned to take advantage of market
opportunities going forward and to reflect favourable market
conditions within the Junior Resource sector the Board has endorsed
a number of minor changes to the Investment Policy and Strategy.
Specifically these changes are to amend the definition of Junior
Resource Equities to those with market capitalisations of less than
GBP500 million at the time of investment by the Company or
companies that are at an exploration or development stage and to
enable the Company to invest in intermediate or holding companies
or in collective investment schemes that offer exposure to the
metals and mining sector. The Company's Investment Policy and
Strategy is set out in Appendix I.
Nick Falla
Chairman
INVESTMENT MANAGER'S REPORT
Financial Highlights and Investment Review by Altus Capital
Limited
The audited NAV of the Company increased to GBP1.93 per Ordinary
Share over the Year, showing a 103% rise since the Company's launch
on 30 June 2009 and a 43.6% rise over the last twelve months. Gold
performed well over the Year with the price rising 21% to close the
Year at US$1,500 per ounce. Other metals and minerals performed
even more strongly with copper, often referred to as the bellwether
metal, rising 45% to close the Year at US$9,414 per tonne and
silver, which traditionally trades broadly in line with gold on a
60:1 ratio, rising 86% to close the Year at US$34.69 per ounce, a
ratio of 43:1.
As with the previous year, the Year saw strong markets in the
first six months followed by volatility and weakening markets in
the second half. The Company's NAV grew 71.9% to the end of
December 2010 but declined in the second half of the Year by 16.5%.
Gold, traditionally seen as the safe haven investment in periods of
high inflation and volatility, performed well over the Year and
recorded gains of 14.3% and 6% in the first and second halves of
the Year respectively. Major gold indices, however, performed in
line with gold in the first six months but all disconnected in the
second half of the Year showing declines despite the continued
strength of the gold price. Other commodities and mining indices
followed a similar profile, with significant gains to the end of
2010 followed by weakening prices during the six months to 30 June
2011.
The Company maintained a concentrated portfolio during the Year,
undertook significant trading within the portfolio and realised
complete exits from a number of holdings. At the end of the Year
the portfolio consisted of twenty three equity holdings including a
single unlisted equity, and a cash position of 22% of assets under
management.
OUTLOOK
The Investment Manager anticipates that the gold price will
remain robust, driven by the on-going uncertainty over sovereign
debt levels and the economic recovery of Western economies coupled
with the continued strong demand for gold as a safe haven
investment asset and, particularly in emerging economies, as a
hedge against inflation and store of newly created wealth. Given
the disconnect that has opened up between the gold price and gold
equities and the anticipated strength of the gold price, the
Investment Manager intends to maintain the focus on gold equities
and anticipates strong performance from the gold equities within
the portfolio over the next twelve to twenty four months as the
disconnect is closed.
Demand for raw materials from emerging economies has driven
other commodity prices higher, with supply deficits forecast in a
number of major industrial metals and minerals over the coming two
to three years. Major mining companies, which are generating
significant operating cash flow at the current commodity prices,
are increasingly looking for quality assets to acquire in order to
replenish their depleting resources. Corporate M&A activity is
therefore expected to continue and be a further driver of equity
valuations in the junior and mid-tier sector.
STATEMENT OF DIRECTORS'S RESPONSIBILITIES IN RESPECT OF THE
FINANCAIL STATEMENTS
Responsibility Statement
The Directors confirm to the best of their knowledge and
belief:
(a) This annual report includes a fair review of the development
and performance of the business and the position of the Company
together with a description of the principal risks and
uncertainties that the Company faces; and
(b) The financial statements, prepared in accordance with
International Financial Reporting Standards, as adopted by the
European Union, give a true and fair view of the assets,
liabilities, financial position and profits of the Company and
performance of the Company over the Year.
A description of important events which have occurred during the
financial period, their impact on the performance of the Company as
shown in the financial statements and a description of the
principal risks and uncertainties facing the Company is given in
the Chairman's Statement, Investment Manager's Report and the notes
to the financial statements and is incorporated here by
reference.
There were no material related party transactions which took
place in the financial period.
Signed on behalf of the Board of Directors on 14 September
2011.
Nick Falla Robert Milroy
Chairman Director
DIRECTORS
Nicholas J Falla: Chairman (Independent Non-Executive)
Nicholas Falla has had thirty years of experience in the finance
industry including fifteen years of experience in the commodity
markets. He is currently the Managing Director of Xocoatl Limited a
private investment company taking strategic proprietary positions
in the commodities markets, Finance Director of Pharma E Limited, a
private pharmaceutical supplier, and non-executive director of
Close Assets Funds Limited a closed ended investment company which
provides a structured investment in the equities markets. From
1993-2000 Nick worked as the financial controller for Bank of
Bermuda (Guernsey) Limited and from 2000 to 2002 he was their
regional controller for Europe. In addition he has acted as an
interim financial director for the Guernsey banking operation of
Credit Suisse Guernsey Limited and has worked on various finance
and accounting based projects with companies such as KPMG (Channel
Islands) and the Blenheim Group. Nick trained as an accountant with
Turquands Barton Mayhew & Co in Guernsey.
David Gelber: Director (Independent Non-Executive)
David Gelber began his career in trading in 1976 when he joined
Citibank in London. He has since held a variety of senior trading
positions, in derivatives in particular, working for Citibank,
Chemical Bank and HSBC, where he was Chief Operating Officer of
HSBC Global Markets. In 1994 he joined ICAP, an inter-dealer
broker, as COO and assisted in implementing two mergers, first with
Exco plc and then with Garban. David currently serves as a
Non-Executive Director on the boards of eSecLending LLC in Boston,
GlobeOp Financial Services SA in Luxembourg, MF Global Inc in New
York and Walker Crips Group plc. David is also currently a Non
Executive Director of DDCAP Limited, a leading arranger of Islamic
banking transactions and of Exotix Limited, an investment banking
boutique specialising in illiquid assets. He is also currently a
Non-Executive Director of Intercapital Private Group Limited, a
holding company invested in ICAP plc and CityIndex Limited, a
spread-betting and contracts for difference provider. David has
a
B.Sc in statistics and law from the University of Jerusalem and
an M.Sc in computer science from the University of London.
Robert Milroy:Director (Independent Non-Executive)
Robert Milroy is a Director of Corazon Fund Management Limited,
a division of Collins Stewart (CI) Limited, a Guernsey regulated
investment management and stock-broking company, and previously was
the Managing Director and CIO of Corazon Fund Management Limited,
prior to its acquisition by Collins Stewart in 2010. He has over 40
years experience in the investment and mining and petroleum
industries having participated in various mining, oil exploration
projects and financings in Chile, Peru, Argentina, Ghana, Canada,
USA, Mexico, Australia and Greenland. In addition, he was the
Managing Director of Eagle Drilling Inc., a firm that specialised
in hard rock core drilling in Central and Western Africa. Robert is
also a noted speaker and financial author of various publications
including the Standard & Poor's Guide to Offshore Investment
Funds. Robert graduated with a Bachelor of Commerce (Honours) from
the University of Manitoba and is a Director on a number of Mining
and Energy related companies.
David Netherway: Director (Non-Executive)
David Netherway is a mining engineer with over 35 years of
experience in the mining industry and until the recent takeover by
Gryphon Minerals Ltd, was the CEO of Shield Mining Ltd., an
Australian listed exploration company. David has now joined the
Gryphon Board. David was involved in the construction and
development of the Iduapriem, Siguiri and Kiniero gold mines in
West Africa and has mining experience in Africa, Australia, China,
Canada, India and the Former Soviet Union. David served as the CEO
of Toronto listed Afcan Mining Corporation, a China focused gold
mining company that was sold to Eldorado Gold in 2005. David has
also held senior management positions in a number of gold mining
companies including Golden Shamrock Mines, Ashanti Goldfields and
Semafo Inc. He is currently the Chairman of Aureus Mining Inc,
Afferro Mining Inc and GMA Resources plc. David was also recently
appointed as a Non-Executive Director of Crusader Resources Limited
and Chairman of Kilo Goldmines Limited. David is the current
non-executive Chairman of Altus Strategies Limited and is thus not
considered an Independent Director of the Company.
MANAGER, ADMINISTRATOR AND SECRETARY
Management Agreement
The Board is responsible for the determination of the Company's
investment policy and has overall responsibility for the Company's
day-to-day activities. The Company has, however, entered into an
Investment Management Agreement dated 22 June 2009, as amended by a
Deed of Amendment and Novation dated 30 June 2010, with Altus
Capital Limited (the "Investment Manager"), a wholly-owned, FSA
regulated subsidiary of Altus Strategies Limited. Under the
Investment Management Agreement the Investment Manager has overall
responsibility for the discretionary management of the Company's
assets (including uninvested cash) in accordance with the Company's
investment objective and policy, subject to the overall supervision
of the Board.
During the Year the Investment Manager received a management fee
of 0.85% per annum of the Company's NAV, calculated on the relevant
quarterly accounting date, subject to a minimum fee of GBP150,000
per annum. The Investment Manager is also entitled to a performance
fee which is payable at the end of the Company's second financial
year. As no performance fee was paid in the period under review, an
amount of GBP6,319,876.43 was accrued as at 30 June 2011. In
accordance with the Investment Management Agreement the performance
fee will be paid on the second anniversary of the date of
Admission, subject to the approval of the Annual Report and
Financial Statements for the year ended 30 June 2011 and annually
thereafter. Further details of the calculation of the performance
fee can be found in Note 15 of the Financial Statements. Under the
terms of the Investment Management Agreement, the agreement may be
terminated by either party on eighteen months' written notice.
The Board keeps under review the performance of the Investment
Manager. In the opinion of the Board the continuing appointment of
the Investment Manager on the terms agreed is in the interest of
shareholders as a whole. The reasons for this view is that the
investment performance of the Company is satisfactory relative to
the markets in which the Company invests.
Administration Agreement
Under the terms of the Investment Management Agreement, the
Investment Manager is responsible for, amongst other things,
providing administration and secretarial services to the Company.
With the consent of the Company, the Investment Manager has
delegated the provision of certain administrative and secretarial
services to Anson Fund Managers Limited (the "Administrator")
pursuant to an Administration and Secretarial Agreement dated 22
June 2009. The Administrator carries out the general secretarial
functions required by The Companies (Guernsey) Law, 2008 (the
"Law") and ensures that the Company complies with its continuing
obligations as a company listed on the London Stock Exchange (the
"SFM") and the Channel Islands Stock Exchange ("CISX"). The
Administrator also carries out the Company's general administrative
functions such as the calculation of net asset value, calculating
the performance of the Company's investments and the maintenance of
accounting records. The Administration Agreement is terminable by
either party on giving not less than three months' written
notice.
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2011
The Directors present their report and financial statements of
the Company for the year ended 30 June 2011.
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
The principal activity of the Company is to carry on business as
an investment company. The Directors do not envisage any change in
these activities for the foreseeable future. A description of the
activities of the Company in the year under review is outlined in
the Investment Manager's Report on pages 4 and 5.
STATUS
The Company is a closed-ended investment company and was
incorporated with limited liability in Guernsey on 30 April 2009
with registered number 50318. The Company operates under the Law
and the Protection of Investors (Bailiwick of Guernsey) Law, 1987
as amended.
The Company's Ordinary Shares were admitted to trade on the SFM
on 30 June 2009. On 22 December 2009 the Company's Ordinary Shares
were admitted to trade on the CISX.
The Company's management and administration takes place in
Guernsey and the Company had been granted exemption from income tax
in Guernsey by the Administrator of Income Tax under the Income Tax
(Exempt Bodies) (Guernsey) Ordinance 1989. It is the intention of
the Directors to continue to operate the Company so that each year
this tax-exempt status is maintained.
RESULTS AND DIVIDENDS
The results of the Company for the period are set out on page
26.
The Company aims to provide Shareholders with an attractive
total return, which is expected to comprise primarily capital
growth although there is also potential for distributions. The
Company's investment objective and strategy means that the timing
and amount of investment income cannot be predicted.
The Company did not declare any interim dividends during the
Year and the Directors do not propose the declaration of a final
dividend for the Year under review.
DIRECTORS
The Directors in office are shown on page 8 and 9. Further
details of the Director's responsibilities are given on pages 7 and
21.
The interests of the Directors in the Ordinary shares of the
Company as at the date of this report and 30 June 2010 are as
follows:
Number of Ordinary Shares
Nick Falla 20,000
David Gelber 50,000
Robert Milroy 20,000
No changes took place in the interests of the Directors in the
Ordinary Shares of the Company between 1 July 2011 and 14 September
2011.
Other than the above share transactions, none of the Directors
nor any persons connected with them had a material interest in any
of the Company's transactions, arrangements or agreements during
the period and none of the Directors has or has had any interest in
any transaction which is or was unusual in its nature or conditions
or significant to the business of the Company, and which was
effected by the Company during the reporting period save for the
following:
-- David Netherway is the non-executive chairman of Altus
Strategies Limited, the ultimate parent of the Investment Manager,
who owns 150,000 Ordinary Shares in the Company
-- David Netherway is non-executive chairman of GMA Resources
plc, a company in which the Company had an exposure to and a
non-executive Director of Gryphon Minerals Limited a company in
which the Company has an exposure.
-- In July 2011 David Netherway was appointed as non-executive
chairman of Kilo Goldmines Limited in which the Company has a
holding.
At the date of this report, there are no outstanding loans or
guarantees between the Company and any Director.
SUBSTANTIAL SHAREHOLDINGS
On 13 September 2011 the Company had been notified, in
accordance with Chapter 5 of the Disclosure and Transparency Rules
with the following voting rights as a shareholder of the
Company:
Number of
% of total ordinary Nature of
voting rights share holding
------------------------------------- --------------- ---------- ----------
Securities Services Nominees Limited
- 2300001 17.53 6,961,074 Nominee
------------------------------------- --------------- ---------- ----------
Nortrust Nominees Limited - GSYLENDA 13.27 5,270,546 Nominee
------------------------------------- --------------- ---------- ----------
BNY (OCS) Nominees Limited 10.72 4,258,868 Nominee
------------------------------------- --------------- ---------- ----------
Chase Nominees Limited 5.26 2,090,840 Nominee
------------------------------------- --------------- ---------- ----------
The Bank of New York (Nominees)
Limited - 236403 5.07 2,014,778 Nominee
------------------------------------- --------------- ---------- ----------
HSBC Global Custody Nominees (UK)
Limited - 813764 5.07 2,012,221 Nominee
------------------------------------- --------------- ---------- ----------
NORTRUST NOMINEES LIMITED - NTGSLEND 5.04 2,000,000 Nominee
------------------------------------- --------------- ---------- ----------
NET ASSET VALUE ("NAV")
The NAV of the Company's Ordinary shares as at 30 June 2011 was
GBP1.93 per Ordinary Share.
PRINCIPAL RISKS AND UNCERTAINTIES
The Company is focused on investing in junior resources
companies and is therefore
subject to the risks associated with concentrating its
investments in this asset class. The performance of the Company
will be affected by the performance of the securities of investee
companies and is thus subject to the sharp price volatility of
shares of companies principally engaged in activities related to
metals and minerals. Historically the prices of the commodities
have fluctuated significantly and are affected by numerous factors
which the Company cannot predict or control. Political and economic
conditions in metal and mineral producing countries may have a
direct effect on the mining and production of these metals and
minerals, and consequently, on their prices. In addition, the
Company has invested, and will continue to invest in companies with
assets or operations in emerging or developing markets and will
consequently be exposed to various increased risks associated with
investing in such markets. Further details of risk can be found in
Note 14 of the Financial Statements.
CORPORATE GOVERNANCE
STATEMENT OF COMPLIANCE WITH THE UK CORPORATE GOVERNANCE
CODE
The Company is committed to complying with the corporate
governance obligations which apply to Guernsey registered
companies. As a Guernsey incorporated company and under SFM rules,
the Company was not, for the period under review, required to
comply with the UK Corporate Governance Code (formerly the Combined
Code) (the "Code") appended to the Listing Rules of the UK's
Financial Services Authority. However, the Board places a high
degree of importance on ensuring that high standards of corporate
governance are maintained and have therefore chosen voluntarily to
comply with the provisions of the Code.
The Company is committed to the highest standards of corporate
governance, and, having reviewed the Code, considers that it has
maintained procedures during the Year to ensure that it has
complied, subject to the exceptions explained below:
-- As the Board is composed exclusively of Non-Executive
Directors, there is no requirement to comply with the following
principals and provisions A.2.1, A.4.2, B.3.3, D.1.1, D.1.2 and
D.2.4.
-- There is no Senior Independent Director in accordance with
provision A.4.1 of the Code. Taking into account for the size and
nature of the Company and the fact there are three Independent
Non-Executive Directors on the Board this position is not seen as
necessary.
-- Given the infancy of the Company it has not yet developed the
procedures or policies in respect of the requirement under the
following principal and provisions B.2.2, B.3.1 and B.4.2.
-- There is no internal audit function in the Company. Under
Section C.3.5 of the Code the Audit Committee considers that as all
of the Company's administration functions have been delegated to
independent third parties there is no need for the Company to have
an internal audit facility.
Subject to the areas of non-compliance outlined above the
Company was in full compliance with the Code. The UK Corporate
Governance Code is available on the following website:
www.frc.org.uk.
EVALUATION
The Board carried out a performance evaluation of itself, its
Committees and each of the Directors as required by provision B.6.1
of the Code. This process was led by the Remuneration and
Management Engagement Committee, who engaged an independent
external facilitator to assist with the process. The external
facilitator did not have any other connection with the Company.
The evaluation process consisted of Directors completing a
questionnaire to assess the Board as a whole and the Chairman
completing a questionnaire to assess each Director individually.
All questionnaires were designed by the external facilitator. The
completed questionnaires were available only to the facilitator,
who prepared a written report for the Board. The full Board
discussed the results of the evaluation of the Board and its
Committees.
The performance evaluation provided feedback on a wide range of
Board and Board committee matters including the role and
responsibilities of the Board; Board support and the Company's
Secretary; Board composition and succession planning; Board
performance; audit risk & remuneration and relations with
shareholders. The Directors are generally positive about the
meetings of the Board and its processes and a number of issues were
highlighted for ongoing focus during the next year.
EVALUATION
========================= ========================= ========================
Body or Director to be Questionnaires completed Reports prepared by
evaluated by: external facilitator and
sent to:
------------------------- ------------------------- ------------------------
Board as a whole All Directors Committee chairman
Individual Directors Chairman Chairman
Company Secretary N/A Chairman
========================= ========================= ========================
BOARD RESPONSIBILITIES
The Board comprises of four Non-Executive Directors, of whom
Nick Falla, David Gelber and Robert Milroy are independent of the
Investment Manager. Biographies of the Directors appear on pages 8
and 9, demonstrating the wide range of skills and experience they
bring to the Board. The Board meets at least four times per year to
consider the business and affairs of the Company for the previous
quarter, at which meetings the Directors review the Company's
investments and all other important issues to ensure control is
maintained over the Company's affairs. The Board also receives full
management accounts for review at each meeting.
During the period the number of full Board meetings and
committee meetings attended by the Directors were as follows:
Board of Directors Full Board Audit Committee Remuneration
Meetings and Management
Engagement Committee
------------------- ----------- ---------------- ----------------------
Nick Falla 6 out of 6 2 out of 2 1 out of 1
------------------- ----------- ---------------- ----------------------
David Gelber 5 out of 6 1 out of 2 1 out of 1
------------------- ----------- ---------------- ----------------------
Robert Milroy 6 out of 6 2 out of 2 1 out of 1
------------------- ----------- ---------------- ----------------------
David Netherway 5 out of 6 N/A N/A
------------------- ----------- ---------------- ----------------------
No Director has a service contract with the Company, nor are any
such contracts proposed. Whilst there is no requirement under the
Company's Articles of Incorporation to retire by rotation the Board
has decided to adopt such practice as recommended by provision
B.7.1 of the Code so that any Director who has held office at the
two preceding general meetings and did not retire from office shall
be available for re-election at the same meeting. At the
forthcoming general meeting of shareholders no Directors shall
retire and offer themselves for re-election.
The Chairman's other significant commitments include his
appointments as Finance Director of Phama E Limited, a private
pharmaceutical supplier; a Non-Executive Director of Close Assets
Funds Limited and Managing Director of Xocoatl Limited, a private
investment company.
The Directors, in the furtherance of their duties, may take
independent professional advice at the Company's expense. The
Directors also have access to the advice and services of the
Corporate and Shareholder Advisory Agent and the Secretary through
its respected appointed representatives who are responsible to the
Board for ensuring that Board procedures are followed and that
applicable rules and regulations are complied with. To enable the
Board to function effectively and allow Directors to discharge
their responsibilities, full and timely access is given to all
relevant information.
BOARD COMMITTEES
AUDIT COMMITTEE
Throughout the Year an Audit Committee has been in operation.
The Audit Committee is chaired by Robert Milroy and each of the
other Board members, with the exception of David Netherway, are
members. The Audit Committee operates within clearly defined Terms
of Reference and provides a forum through which the Company's
external auditors report to the Board.
The Audit Committee meets at least twice a year and reviews,
inter alia, the financial reporting process and the system of
internal control and management of financial risks including
understanding the current areas of greatest financial risk and how
these are managed by the Investment Manager, reviewing half-yearly
and annual financial statements, assessing the fairness of
preliminary and interim statements and disclosures and reviewing
the external audit process. The Audit Committee is responsible for
overseeing the Company's relationship with the external auditors,
including making recommendations to the Board on the appointment of
the external auditors and their remuneration. The Audit Committee
considers the nature, scope and results of the auditor's work and
reviews, and develops and implements policy on the supply of any
non-audit services that are to be provided by the external
auditors. It receives and reviews reports from the Investment
Manager and the Company's external auditors relating to the
Company's annual report and financial statements.
The Audit Committee focuses particularly on compliance with
legal requirements, accounting standards and the Listing Rules and
ensures that an effective system of internal financial and
non-financial controls is maintained. The ultimate responsibility
for reviewing and approving the annual report and financial
statements remains with the Board of Directors.
During the Year the Audit Committee met to consider the interim
management statements, the half-yearly financial report to 31
December 2010 and Annual Report and Financial Statements and these
meetings were attended by all Audit Committee members.
REMUNERATION AND MANAGEMENT ENGAGEMENT COMMITTEE
The Remuneration and Management Engagement Committee is chaired
by Robert Milroy and each of the other Board members are members
except David Netherway. The Remuneration and Management Engagement
Committee meets at least twice a year and reviews, inter alia, the
appointment and remuneration of the Investment Manager and of other
suppliers of services to the Company as well as the fees of the
Directors.
NOMINATION COMMITTEE
The Nomination Committee, chaired by Nick Falla, comprises each
of the Directors. The Nomination Committee meets as and when it is
deemed appropriate to review, inter alia, the structure, size and
composition of the Board and to identify, nominate and recommend
for approval of the Board, candidates to fill Board vacancies as
and when they arise. As the Company is in its early stages it has
not been deemed appropriate for the Nomination Committee to
formally meet.
INTERNAL CONTROL AND FINANCIAL REPORTING
The Board is responsible for establishing and maintaining the
Company's system of internal control which are reviewed for
effectiveness on an annual basis. The Directors review not just
internal financial controls but all controls including operations,
compliance and risk management. Internal controls are designed to
meet the particular needs of the Company and the risks to which it
is exposed, and by their very nature provide reasonable, but not
absolute, assurance against material misstatement or loss. The key
procedures which have been established to provide effective
internal control are as follows:
-- Investment management is provided by Altus Capital Limited
under the Investment Management Agreement. The Board is responsible
for setting the overall investment policy and monitors the actions
of the Investment Manager at regular Board meetings.
-- Administration and company secretarial duties for the Company
are performed by Anson Fund Managers Limited.
-- Custody of assets is undertaken by Anson Custody Limited and
Royal Bank of Canada (Channel Islands) Limited.
-- The duties of investment management, accounting and the
custody of assets are segregated. The procedures of the individual
parties are designed to complement one another.
-- The Directors of the Company clearly define the duties and
responsibilities of their agents and advisers. The appointment of
agents and advisers is conducted by the Board after consideration
of the quality of the parties involved; the Board monitors their
ongoing performance and contractual arrangements.
-- The Directors of the Company regularly review the performance
and contractual arrangements with the Investment Manager, other
agents and advisers.
-- Mandates for authorisation of investment transactions and
expense payments are set out by the Board.
-- The Board reviews detailed financial information produced by
the Investment Manager and the Administrator on a regular
basis.
The Company does not have an internal audit department. All the
Company's management and administration functions are delegated to
independent third parties and it is therefore felt there is no need
for the Company to have an internal audit facility. However, this
matter is reviewed periodically.
DIALOGUE WITH SHAREHOLDERS
All holders of Ordinary Shares in the Company have the right to
receive notice of, and attend, the general meetings of the Company,
during which the Board and the Investment Manager are available to
discuss issues affecting the Company.
The primary responsibility for shareholder relations lies with
the Investment Manager and the Corporate and Shareholder Advisory
Agent. However, the Directors are always available to enter into
dialogue with shareholders and the Chairman is always willing to
meet major shareholders as the Company believes such communication
to be important. The Company's Directors can be contacted at the
Company's registered office.
GENERAL MEETING
The notice of the Company's forthcoming general meeting (the
"GM") is set out on page 47.
GOING CONCERN
The Company's principal activities are set out in Appendix 1
detailing the Investment Policy and Strategy on pages 48 to 52. The
financial position of the Company is set out on page 27. In
addition, Note 14 to the financial statements includes the
Company's objectives, policies and processes for managing its
capital; its financial risk management objectives and its exposures
to credit risk and liquidity risk.
The Directors have a reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing the annual financial statements
and that they have been prepared in accordance with Going Concern
and Liquidity Risk: Guidance for Directors of UK Companies 2009,
published by the Financial Reporting Council.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Directors'
Report and the Financial Statements in accordance with applicable
law and regulations.
The Law requires the Directors to prepare Financial Statements
for each financial year. Under that Law the Directors are required
to prepare the financial statements in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union. Under the Law the Directors must not approve
the accounts unless they are satisfied that they give a true and
fair view of the state of affairs of the Company and of the profit
or loss of the Company for that period. In preparing these
Financial Statements, International Accounting Standard 1 requires
that Directors:
-- properly select and apply accounting policies;
-- present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
-- provide additional disclosures when compliance with the
specific requirements in IFRS are insufficient to enable users to
understand the impact of particular transactions, other events and
conditions on the entity's financial position and financial
performance; and
-- make an assessment of the Company's ability to continue as a
going concern.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the Financial Statements comply with the Law. They are also
responsible for safeguarding the assets of the Company and hence
for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation in Guernsey and the United Kingdom
governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
DISCLOSURE OF INFORMATION TO AUDITOR
The Directors who held office at the date of approval of this
Directors' Report confirm in accordance with the provisions of
Section 249 of the Law that, so far as they are each aware, there
is no relevant audit information of which the Company's Auditor is
unaware; and each Director has taken all the steps that he ought to
have taken as a Director to make himself aware of any relevant
audit information and to establish that the Company's Auditor is
aware of that information.
AUDITOR
Deloitte LLP has expressed its willingness to continue in office
as Auditor. A resolution proposing their reappointment will be
submitted at the forthcoming general meeting to be held pursuant to
section 199 of the Law.
RESPONSIBILTY STATEMENT
We confirm that to the best of our knowledge the Financial
Statements, prepared in accordance with IFRS, as adopted by the
European Union, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the
Company.
Signed on behalf of the Board on 14 September 2011:
Nick Falla Robert Milroy
Chairman Director
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALTUS RESOURCE
CAPITAL LIMITED
We have audited the Financial Statements of Altus Resource
Capital Limited for the year ended 30 June 2011 which comprise the
Statement of Financial Position, the Statement of Comprehensive
Income, the Statement of Cash Flows, the Statement of Changes in
Equity and the related notes 1 to 15. The financial reporting
framework that has been applied in their preparation is applicable
law and IFRS as adopted by the European Union.
This report is made solely to the Company's members, as a body,
in accordance with Section 262 of The Companies (Guernsey) Law,
2008. Our audit work has been undertaken so that we might state to
the Company's members those matters we are required to state to
them in an auditor's report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company's
members as a body, for our audit work, for this report, or for the
opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
As explained more fully in the Statement of Directors'
Responsibilities on page 21, the Directors are responsible for the
preparation of the Financial Statements and for being satisfied
that they give a true and fair view. Our responsibility is to audit
and express an opinion on the Financial Statements in accordance
with applicable law and International Standards on Auditing (UK and
Ireland). Those standards require us to comply with the Auditing
Practices Board's Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
An audit involves obtaining evidence about the amounts and
disclosures in the Financial Statements sufficient to give
reasonable assurance that the Financial Statements are free from
material misstatement, whether caused by fraud or error. This
includes an assessment of: whether the accounting policies are
appropriate to the Company's circumstances and have been
consistently applied and adequately disclosed; the reasonableness
of significant accounting estimates made by the Directors; and the
overall presentation of the Financial Statements. In addition, we
read all the financial and non-financial information in the annual
report to identify material inconsistencies with the audited
Financial Statements. If we become aware of any apparent material
misstatements or inconsistencies we consider the implications for
our report.
OPINION ON FINANCIAL STATEMENTS
In our opinion the Financial Statements:
-- give a true and fair view of the state of the Company's
affairs as at 30 June 2011 and of its profit for the year then
ended;
-- have been properly prepared in accordance with IFRS as
adopted by the European Union; and
-- have been prepared in accordance with the requirements of The
Companies (Guernsey) Law, 2008.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters
where The Companies (Guernsey) Law, 2008 requires us to report to
you if, in our opinion:
-- adequate accounting records have not been kept; or
-- the Financial Statements are not in agreement with the
accounting records and returns; or
-- we have not received all the information and explanations we
require for our audit.
John G Clacy FCA
for and on behalf of Deloitte LLP
Chartered Accountants and Recognised Auditors
Guernsey, Channel Islands
14 September 2011
Neither an audit nor a review provides assurance on the
maintenance and integrity of the website, including controls listed
to achieve this and in particular whether any changes have occurred
to the financial information since first published. These matters
are the responsibility of the Directors but no control procedures
can provide absolute assurance in this area.
Legislation in Guernsey governing the preparation and
dissemination of financial information differs from legislation in
other jurisdictions.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2011
Year ended 30 Apr 2009
30 Jun to 30 Jun
2011 2010
Notes GBP GBP
Net movement in unrealised appreciation
of investments 7 3,779,477 6,487,763
Realised gains on investments 7 25,306,768 6,100,329
Operating income 3 560,540 154,945
Operating expenses 4 (6,430,515) (1,959,978)
------------ ------------
Net gains for the year/period
attributable to shareholders 23,216,270 10,783,059
------------ ------------
Other Comprehensive Income - -
------------ ------------
Total Comprehensive Income 23,216,270 10,783,059
============ ============
Earnings per share for the year
/ period
- Basic and Diluted 6 0.59 0.34
============ ============
There are no recognised gains or losses for the year other than
those disclosed above.
In arriving at the results for the financial year, all amounts
above relate to continuing operations.
The notes on pages 30 to 44 form an integral part of these
financial statements.
STATEMENT OF FINANCIAL POSITION
As at 30 June 2011
30 Jun
2011 30 Jun 2010
Notes GBP GBP
NON-CURRENT ASSETS
Financial assets designated as
at fair value through profit and
loss 7 59,605,055 47,389,549
CURRENT ASSETS
Cash and cash equivalents 23,083,865 3,716,991
Trade and other receivables 8 447,882 30,376
----------- ------------
23,531,747 3,747,367
TOTAL ASSETS 83,136,802 51,136,916
=========== ============
CURRENT LIABILITIES
Trade and other payables 9 6,535,219 247,599
----------- ------------
6,535,219 247,599
NON-CURRENT LIABILITIES
Payables - due after one year 10 - 1,206,471
TOTAL LIABILITIES 6,535,219 1,454,069
----------- ------------
NET ASSETS 76,601,583 49,682,847
=========== ============
EQUITY
Share premium 12 42,602,254 38,899,788
Revenue reserve 33,999,329 10,783,059
----------- ------------
TOTAL EQUITY 76,601,583 49,682,847
=========== ============
Net asset value per Ordinary Share
based on Pence Pence
39,719,569 (2010: 36,997,233)
shares in issue 192.85 134.28
=========== ============
The Financial Statements were approved by the Board of Directors
and authorised for issue on 14 September 2011 and are signed on its
behalf by:
Nick Falla Robert Milroy
Chairman Director
The notes on pages 30 to 44 form an integral part of these
financial statements.
STATEMENT OF CASH FLOWS
For the year ended 30 June 2011
Year ended 30 Apr 2009
30 Jun to
2011 30 Jun 2010
Notes GBP GBP
OPERATING ACTIVITIES
Net gain for the year / period
attributable to shareholders 23,216,270 10,783,059
Net movement in unrealised appreciation
on investments 7 (3,779,477) (6,487,763)
Interest received (78,666) (35,350)
Increase in payables 5,219,274 1,315,945
Increase in receivables (25,904) (9,210)
Realised gains on investments 7 (25,306,768) (6,100,329)
------------- -------------
NET CASH OUTFLOW FROM OPERATING
ACTIVITIES (755,271) (533,648)
------------- -------------
INVESTING ACTIVITIES
Interest received 78,666 35,350
Purchase of investments 7 (65,216,474) (59,969,393)
Sale of investments 7 81,557,487 25,284,894
------------- -------------
NET CASH INFLOW / (OUTFLOW) FROM
INVESTING ACTIVITIES 16,419,679 (34,649,149)
------------- -------------
FINANCING ACTIVITIES
Proceeds from issue of shares 12 3,818,894 40,667,020
Issue costs 12 (116,428) (1,767,232)
------------- -------------
NET CASH INFLOW FROM FINANCING
ACTIVITIES 3,702,466 38,899,788
------------- -------------
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR / PERIOD 3,716,991 -
Increase in cash and cash equivalents 19,366,874 3,716,991
------------- -------------
CASH AND CASH EQUIVALENTS AT END
OF YEAR / PERIOD 23,083,865 3,716,991
============= =============
The notes on pages 30 to 44 form an integral part of these
financial statements.
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2011
Share Accumulated
Capital Share Premium Profits Total
Notes GBP GBP GBP GBP
Balance as at 1
July 2010 - 38,899,788 10,783,059 49,682,847
Net gain for
the year - - 23,216,270 23,216,270
Share issue
proceeds 12 - 3,818,894 - 3,818,894
Issue costs 12 - (116,428) - (116,428)
--------- -------------- ------------ -----------
Balance as at
30 June 2011 - 42,602,254 33,999,329 76,601,583
========= ============== ============ ===========
Share Accumulated
Capital Share Premium Profits Total
Notes GBP GBP GBP GBP
Balance as at
30 April 2009 - - - -
Net gain for
the period - - 10,783,059 10,783,059
Share issue
proceeds 12 - 40,667,020 - 40,667,020
Issue costs 12 - (1,767,232) - (1,767,232)
--------- -------------- ------------ ------------
Balance as at
30 June 2010 - 38,899,788 10,783,059 49,682,847
========= ============== ============ ============
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
1. GENERAL INFORMATION
Altus Resource Capital Limited (the "Company") is a closed-ended
investment company incorporated in Guernsey on 30 April 2009, which
listed on the Specialist Fund Market of the London Stock Exchange
on 30 June 2009 and on the Channel Islands Stock Exchange on 22
December 2009.
The principal activity of the Company is to realise capital
growth from a concentrated portfolio of junior resource equities
and to generate a significant capital return to shareholders.
2. ACCOUNTING POLICIES
The significant accounting policies adopted by the Company are
as follows:
(a) Basis of Preparation
The financial statements have been prepared in conformity with
International Financial Reporting Standards ("IFRS") as adopted by
the EU which comprise standards and interpretations approved by the
International Accounting Standards Board ("IASB") and International
Financial Reporting Interpretations Committee ("IFRIC") and
applicable Guernsey law. The financial statements have been
prepared on a historical cost basis except for the measurement at
fair value of certain financial instruments.
The following Standards or Interpretations have been adopted in
the current year. Their adoption has not had any impact on the
amounts reported in these financial statements and is not expected
to have any impact on future financial periods:
IFRS 8 Operating Segments (amendments)
IAS 1 Presentation of Financial Statements (amendments)
IAS 7 Statement of Cash Flows (amendments)
IAS 32 Classification of Rights Issue (amendments)
IAS 39 Financial Instruments: Recognition and Measurement
(amendments)
IFRIC 19 Extinguishing Financial Liabilities with Equity
Instruments
The following Standards or Interpretations have been issued by
the IASB but not yet adopted by the Company:
IFRS 7 Financial Instruments: Disclosures (enhancing disclosures
on transfers of financial assets) effective for annual periods
beginning on or after 1 July 2011.
IFRS 9 Financial Instruments: Classification and Measurement
effective for annual periods beginning on or after 1 January
2015.
IAS 24 Related Party Disclosures effective for annual periods
beginning on or after 1 January 2011.
The Directors have considered the above and are of the opinion
that these Standards and Interpretations are not expected to have
an impact on the Company's financial statements except for the
presentation of additional disclosures and changes in the
presentation of components of the financial statements. These items
will be applied in the first financial period for which they are
required.
(b) Going concern
After making enquiries, the Directors have a reasonable
expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future. The Directors
believe the Company is well placed to manage its business risks
successfully despite the current economic climate. Accordingly, the
Directors have adopted the going concern basis in preparing the
financial information.
(c) Taxation
The Company has been granted exemption under the Income Tax
(Exempt Bodies) (Guernsey) Ordinance, 1989 from Guernsey Income
Tax, and is charged an annual fee of GBP600.
(d) Expenses
All expenses are accounted for on an accruals basis.
(e) Interest income
Interest income is accounted for on an accruals basis.
(f) Cash and cash equivalents
Cash at bank and short term deposits which are held to maturity
are carried at cost. Cash and cash equivalents are defined as call
deposits, short term deposits and highly liquid investments readily
convertible to known amounts of cash and subject to insignificant
risk of changes in value. For the purposes of the Statement of Cash
Flows, cash and cash equivalents consist of cash and deposits at
bank.
(g) Share issue costs
The share issue costs borne by the Company are recognised in the
Statement of Changes in Equity, as the Company's Ordinary Shares
have no fixed redemption date.
(h) Investments
All investments and derivative financial instruments have been
designated as financial assets "at fair value through profit and
loss". Investments are initially recognised on the date of purchase
at cost, being the fair value of the consideration given, excluding
transaction costs associated with the investment. After initial
recognition, investments are measured at fair value,
with unrealised gains and losses on investments and impairment
of investments recognised in the Statement of Comprehensive Income.
Commissions paid on the sale or purchase of investments are
recognised in the Statement of Comprehensive Income as
incurred.
Fair value is the amount for which the financial instruments
could be exchanged, or a liability settled, between knowledgeable
willing parties in an arms length transaction. Fair value also
reflects the credit quality of the issuers of the financial
instruments.
For investments and options actively traded in organised
financial markets, fair value is determined by reference to Stock
Exchange quoted market bid prices as at the close of business on
the reporting date. If no quoted market price is available as at
the close of business on the reporting date, the last available
market bid price is used.
Valuations of unquoted trade investments and warrants are based
on valuations provided to the Company by Altus Capital Limited (the
"Investment Manager"). These valuations are intended to be an
indication of the fair value of those investments, using valuation
techniques designed to reflect the best estimation of the price at
which they could be sold, even though there is no guarantee that a
willing buyer might be found if the Company chose to sell the
relevant investment. The indicative fair values of the investments
are based on an approximation of the market level of the
investments. As the investments are not traded in an active market,
the indicative fair value is determined by using valuation
techniques. The Investment Manager uses a variety of methods and
makes assumptions that are based on market conditions existing at
the reporting date. Different assumptions regarding these factors,
combined with different valuation techniques and models used, could
lead to different valuations of the financial instruments by
different parties.
(i) Trade Date Accounting
All "regular way" purchases and sales of financial assets are
recognised on the "trade date", i.e. the date that the entity
commits to purchase or sell the asset. Regular way purchases or
sales are purchases or sales of financial assets that require
delivery of the asset within the time frame generally established
by regulations or convention in the market place.
(j) Segmental Reporting
The Directors are of the opinion that the Company is engaged in
a single segment of business, being investment business and
operates solely from Guernsey, therefore no segmental reporting is
provided.
3. OPERATING INCOME
Year ended 30 Apr 2009
30 Jun to
2011 30 Jun 2010
GBP GBP
Bank interest 78,666 35,350
Dividend income 23,164 -
Loan interest income 49,500 52,476
Sundry income 107,817 67,119
Profit on foreign exchange 301,393 -
560,540 154,945
=========== =============
4. OPERATING EXPENSES
Year ended 30 Apr 2009
30 Jun to
2011 30 Jun 2010
GBP GBP
Company formation costs - 28,600
Investment Manager's fee 682,243 223,596
Performance fees 5,113,406 1,206,471
Accountancy fees 6,000 5,870
Administrator's fee 53,101 42,039
Registrar's fee 7,176 6,448
Directors' fees 66,729 51,892
Custody fees 25,580 7,000
Audit fee 23,972 12,000
Directors' and Officers' insurance 5,395 11,767
Annual fees 11,964 10,114
Printing and stationery 1,500 1,500
Bank interest and charges 9,595 17,577
Commissions paid 215,723 147,680
Corporate and shareholder advisory
fees 121,320 66,590
Sponsor fees 6,000 9,140
Legal and professional fees - 6,619
Sundry costs 80,811 24,333
Loss on foreign exchange - 80,742
----------- -------------
6,430,515 1,959,978
=========== =============
5. DIRECTORS' REMUNERATION
The Directors are paid GBP15,000 per annum. In addition to
GBP15,000 per annum, Nicholas Falla receives an additional fee of
GBP3,750 as Chairman and Robert Milroy receives an additional fee
of GBP3,000 as Chairman of the audit committee.
6. EARNINGS PER SHARE
Earnings per Ordinary Share is calculated by dividing the net
gain for the year attributable to holders of Ordinary Shares
("Shareholders") of GBP23,216,270 (2010: GBP10,783,059) by the
weighted average number of Ordinary Shares in issue during the year
(39,472,764 (2010: 31,738,993)). There are no dilutive instruments
and therefore basic and diluted earnings per Ordinary Share are
identical.
7. INVESTMENTS
TOTAL
30 Jun TOTAL
2011 30 Jun 2010
GBP GBP
Opening portfolio cost 40,901,786 -
Additions - cost 65,078,350 60,107,517
Sales (81,949,089) (25,306,060)
Realised gain on investments 25,306,768 6,100,329
Unrealised appreciation on valuation
brought forward 6,487,763 -
Unrealised appreciation on valuation
for the year / period 3,779,477 6,487,763
------------- -------------
Closing valuation 59,605,055 47,389,549
============= =============
Unrealised appreciation on valuation
carried forward 10,267,240 6,487,763
------------- -------------
IFRS 7 requires the fair value of investments to be disclosed by
the source of inputs, using a three-level hierarchy as detailed
below:
Quoted prices (unadjusted) in active markets for identical
assets or liabilities (Level 1);
Inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly (as prices)
or indirectly (derived from prices) (Level 2);
Inputs for the asset or liability that are not based on
observable market data (unobservable inputs) (Level 3).
Investments held by the Company have been classified as Level 1,
for those investments that are quoted and are valued using quoted
market bid prices and Level 2, for those unquoted investments that
are valued using standard modelling techniques by the Investment
Manager using observable inputs and Level 3 for the private equity
investments that are valued at purchase price, after taking account
of foreign exchange movements. This is in accordance with the fair
value hierarchy.
Details of the value of each classification are listed in the
table below. Values are based on the fair value of the investment
as at the reporting date:
Fair Value Fair Value
30 Jun 2011 30 Jun 2010
GBP GBP
Level 1 54,276,800 44,503,981
Level 2 2,213,572 2,885,568
Level 3 3,114,683 -
------------- -------------
Total 59,605,055 47,389,549
============= =============
The following table shows a reconciliation of all the movements
in the fair value of financial instruments categorised within Level
3 between the beginning and the end of the reporting year:
30 Jun 30 Jun 2010
2011 GBP
GBP
Opening portfolio cost - -
Additions - cost 3,105,976 -
Unrealised appreciation on valuation 8,707 -
for the year / period
---------- ------------
Closing valuation 3,114,683 -
========== ============
There have been no transfers between Level 1 and Level 2 of the
fair value hierarchy during the year under review.
8. TRADE AND OTHER RECEIVABLES
30 Jun
2011 30 Jun 2010
GBP GBP
Accrued income 25,459 -
Prepayments 9,655 9,210
Broker debtors 412,768 21,166
-------- ------------
447,882 30,376
======== ============
The above carrying value of receivables is equivalent to its
fair value.
9. TRADE AND OTHER PAYABLES
(amounts falling due within one year)
30 Jun
2011 30 Jun 2010
GBP GBP
Accrued expenses 6,535,219 109,475
Broker creditors - 138,124
---------- ------------
6,535,219 247,599
========== ============
The carrying value of payables is equivalent to its fair
value.
10. PAYABLES
(amounts falling due after one year)
30 Jun
2011 30 Jun 2010
GBP GBP
Accrued expenses - 1,206,471
-------- ------------
- 1,206,471
=========================== ============
The above carrying value payables is equivalent to its fair
value.
11. SHARE CAPITAL
Authorised SHARES GBP
Unlimited number of Ordinary Shares Unlimited -
of no par value
========== ====
Issued
Date of issue SHARES GBP
29 June 2009 26,000,000 -
21 December 2009 10,997,233 -
----------- ----
Ordinary Shares in issue as at 36,997,233 -
30 June 2010
3 August 2010 2,722,336 -
----------- ----
Ordinary Shares in issue as at 39,719,569 -
30 June 2011
=========== ====
Holders of Ordinary Shares are entitled to receive, and
participate in, any dividends out of income; other distributions of
the Company available for such purposes and resolved to be
distributed in respect of any accounting period; or other income or
right to participate therein.
On a winding up, Ordinary shareholders are entitled to the
surplus assets remaining after payment of all the creditors of the
Company.
Ordinary shareholders also have the right to receive notice of
and to attend, speak and vote at general meetings of the Company
and each Member being present in person or by proxy or by a duly
authorised representative at a meeting shall upon a show of hands
have one vote and upon a poll each such holder present or by proxy
or by a duly authorised representative shall have one vote in
respect of every Ordinary Share held by him.
12. SHARE PREMIUM
GBP
Premium on shares issued 29 June
2009 26,000,000
Premium on shares issued 21 December
2009 14,667,020
Issue costs (1,767,232)
Share premium as at 30 June 2010 38,899,788
Premium on shares issued 3 August
2010 3,818,894
Issue costs (116,428)
Share premium as at 30 June 2011 42,602,254
============
Under IAS 32 'Financial Instruments: Presentation', transaction
costs of an equity transaction are accounted for as a deduction
from equity to the extent they are incremental costs directly
attributable to the equity transaction that otherwise would have
been avoided.
13. FINANCIAL INSTRUMENTS
The Company's main financial instruments comprise:
(a) Cash and cash equivalents that arise directly from the
Company's operations; and
(b) Quoted and unquoted investment securities.
14. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The main risks arising from the Company's financial instruments
are market price risk, credit risk, liquidity risk, interest rate
risk, foreign exchange risk and capital management risk. The Board
regularly reviews and agrees policies for managing each of these
risks and these are summarised below:
(a) Market Price Risk
Market price risk arises mainly from uncertainty about future
prices of financial instruments held. It represents the potential
loss the Company might suffer through holding market positions in
the face of price movements. The Manager actively monitors market
prices and reports to the Board as to the appropriateness of the
prices used for valuation purposes. A list of the top 10
investments held by the Company at the year end is shown in the
Schedule of Top 10 Investments on page 45.
If the value of the Company's investment portfolio were to
increase by 30%, it would represent a gain of GBP17,881,517 (2010:
GBP14,216,865). This would cause the net asset value of the Company
to rise by 23.34% (2010: 28.62%).
If the value of the Company's investment portfolio were to
decrease by 30%, it would represent a decrease of GBP17,881,517
(2010: GBP14,216,865). This would cause the net asset value of the
Company to fall by 23.34% (2010: 28.62%).
Some of the market price risk is mitigated by the use of various
put options.
(b) Credit Risk
Credit risk is the risk that an issuer or counterparty will be
unable or unwilling to meet a commitment that it has entered into
with the Company. The Directors receive financial information on a
regular basis which is used to identify and monitor risk.
It is Company policy not to invest more than 20% of the gross
assets of the Company in the securities of any one company or group
at the time the investment is made.
The Company has no significant concentration of credit risk,
with exposure spread over a large number of investments. At 30 June
2011 the Company's largest exposure to a single investment was
GBP5,529,295 (2010: GBP4,004,066), which represents 9.28% (2010:
8.45%) of the total market value of the Company's investments.
Investors should be aware that the prospective returns to
Shareholders mirror the returns under the investments held or
entered in to by the Company and that any default by an issuer of
any such investment held by the Company would have a consequential
adverse effect on the ability of the Company to pay some or all of
the entitlement to Shareholders. Such a default might, for example,
arise on the insolvency of an issuer of an investment.
The Company's financial assets exposed to credit risk are as
follows:
30 Jun
2011 30 Jun 2010
GBP GBP
Investments in equities
/ warrants 59,605,055 47,389,549
Cash at bank 23,083,865 3,716,991
Receivables 447,882 30,376
----------- ------------
83,136,802 51,136,916
=========== ============
The Company is exposed to credit risk in respect of its cash and
cash equivalents, arising from possible default of the relevant
counterparty, with a maximum exposure equal to the carrying value
of those assets. The credit risk on liquid funds is limited because
the counterparties are banks with high credit ratings assigned by
international credit-rating agencies. The Company monitors the
placement of cash balances on an ongoing basis.
The Company invests its cash and cash equivalents with Royal
Bank of Canada (Channel Islands) Limited, Barclays Private Clients
International Limited and Lloyds TSB Offshore Limited.
The investments of the Company are held in custody by Anson
Custody Limited or Royal Bank of Canada (Channel Islands) Limited
("RBCCI"). Bankruptcy or insolvency of the Custodians may cause the
Company's rights with respect to investments held by the Custodians
to be delayed. Investments held with Anson Custody Limited are held
in a Crest account maintained by Anson Registrars Limited in a
sub-account designated exclusively for the Company. This ensures
that the investments are ring fenced and will be protected should
Anson Custody Limited become bankrupt or insolvent.
RBCCI mitigate risk by using a subcustodian network comprising
top-rated and well respected counterparties. The custodian network
is monitored on an ongoing basis to ensure that each one continues
to meet RBCCI's stringent criteria.
(c) Liquidity Risk
Liquidity risk is the risk that the Company will encounter
difficulty in realising assets or otherwise raising funds to meet
financial commitments. The Company's main financial commitment is
its ongoing operating expenses.
The Investment Manager ensures that the Company has sufficient
liquid resources available to fulfil its operational plans and to
meet its financial obligations as they fall due.
The table below details the residual contractual maturities of
financial liabilities:
1-3 months Over 1 year
As at 30 June 2011 GBP GBP
Accrued expenses 6,535,219 -
=========== ============
1-3 months Over 1 year
As at 30 June 2010 GBP GBP
Accrued expenses 109,475 1,206,471
Broker creditors 138,124 -
----------- ------------
247,599 1,206,471
=========== ============
(d) Interest Rate Risk
The Company holds cash in several bank accounts, the return on
which is subject to fluctuations in market interest rates.
Other than cash and cash equivalents, none of the assets or
liabilities of the Company, attract or incur interest.
The following table details the Company's exposure to interest
rate risks:
Floating Fixed
Less than 3 months Non-interest
1 month - 6 months bearing Total
As at 30 June 2011 GBP GBP GBP GBP
Assets
Designated as at fair
value through profit
or loss on initial
recognition:
Investments - - 59,605,055 59,605,055
Loans and receivables:
Accrued income - - 25,459 25,459
Prepayments - - 9,655 9,655
Broker debtors - - 412,768 412,768
Cash and cash
equivalents 23,083,865 - - 23,083,865
----------- ------------ ------------- -----------
Total Assets 23,083,865 - 60,052,937 83,136,802
=========== ============ ============= ===========
Liabilities
Financial liabilities
measured at amortised
cost:
Accrued expenses - - 6,535,219 6,535,219
----------- ------------ ------------- -----------
Total Liabilities - - 6,535,219 6,535,219
=========== ============ ============= ===========
Total interest 23,083,865 -
sensitivity gap
----------- ------------
Floating Fixed
Less than 3 months Non-interest
1 month - 6 months bearing Total
As at 30 June 2010 GBP GBP GBP GBP
Assets
Designated as at fair
value through profit
or loss on initial
recognition:
Investments - 293,117 47,096,432 47,389,549
Loans and receivables:
Prepayments - - 9,210 9,210
Broker debtors - - 21,166 21,166
Cash and cash
equivalents 3,716,991 - - 3,716,991
----------- ------------ ------------- -----------
Total Assets 3,716,991 293,117 47,126,808 51,136,916
=========== ============ ============= ===========
Liabilities
Financial liabilities
measured at amortised
cost:
Accrued expenses - - 1,315,945 1,315,945
Broker creditors - - 138,124 138,124
----------- ------------ ------------- -----------
Total Liabilities - - 1,454,069 1,454,069
=========== ============ ============= ===========
Total interest
sensitivity gap 3,716,991 293,117
----------- ------------
Interest rate sensitivity
If interest rates had been 25 basis points higher and all other
variables were held constant, the Company's net gain attributable
to Shareholders for the year ended 30 June 2011 would have
increased by approximately GBP57,710 (2010: GBP9,292) or 0.08%
(2010: 0.02%) of Net Assets due to an increase in the amount of
interest receivable on the bank balances.
If interest rates had been 25 basis points lower and all other
variables were held constant, the Company's net gain attributable
to Shareholders for the year ended 30 June 2011 would have
decreased by approximately GBP57,710 (2010: GBP9,292) or 0.08%
(2010: 0.02%) of Net Assets due to a decrease in the amount of
interest receivable on the bank balances.
(e) Foreign Exchange Risk
A substantial proportion of the Company's portfolio is invested
in overseas securities and movements in exchange rates can
significantly affect their Sterling value. The Company does not
normally hedge against foreign currency movements affecting the
value of the investment portfolio, but takes account of this risk
when making investment decisions.
The Company undertakes certain transactions denominated in
foreign currencies. Hence, exposures to exchange rate fluctuations
arise. Exchange rate exposures are managed by minimising the amount
of foreign currency held at any one time.
The carrying amounts of the Company's foreign currency
denominated monetary assets at the reporting date are as
follows:
30 Jun
2011 30 Jun 2010
GBP GBP
Australian Dollar 19,038,982 18,484,613
Canadian Dollar 30,678,201 14,510,897
US Dollar 4,353,339 819,791
----------- ------------
54,070,522 33,815,301
=========== ============
(f) Capital Management
The investment objective of the Company is to provide
Shareholders with attractive long term returns, expected to be in
the form of capital, through a diversified portfolio.
As the Company's Ordinary Shares are traded on the SFM, the
Ordinary Shares may trade at a discount to their Net Asset Value
per Share on occasion. However, in structuring the Company, the
Directors have given detailed consideration to the discount risk
and how this may be managed.
The Company monitors capital on the basis of the carrying amount
of equity as presented on the face of the Statement of Financial
Position.
15. RELATED PARTY TRANSACTIONS AND DIRECTORS BENEFICIAL
INTERESTS
The Company is managed by the Investment Manager, a wholly-owned
FSA authorised and regulated subsidiary of Altus Strategies
Limited. Altus Strategies Limited owns 150,000 Ordinary Shares
(0.38%) in the Company.
The Director David Netherway is a non-executive chairman of
Altus Strategies Limited, which as mentioned above, owns 150,000
shares (0.38%) in Altus Resource Capital Limited. David Netherway
is also non-executive chairman of Kilo Goldmines Limited, whose
equities and warrants are invested in by the Company. The total
investment in Kilo Goldmines Limited represents 3.5% of the market
value of the Company's investments. David Netherway is a director
of GMA Resources, whose loan stock was invested in by the Company
during the current and previous periods. The investment in GMA
Resources was disposed of before the reporting date. David
Netherway is also a Director of Gryphon Minerals Limited, whose
equity was invested in by the Company during the current and
previous periods and subsequent to the year end.
The Director Nick Falla holds 20,000 Ordinary Shares (0.05%) in
the Company.
The Director David Gelber holds 50,000 Ordinary Shares (0.13%)
in the Company. This is held as part of a nominee trust holding in
the Company.
The Director Robert Milroy holds 20,000 Ordinary Shares (0.05%)
in the Company.
Under the Investment Management Agreement, the Investment
Manager is entitled to receive fees of the greater of 0.85% per
annum of the Company's Net Asset Value or GBP150,000 per annum.
During the year the Company incurred GBP682,243 (2010: GBP223,596)
of fees, of which GBP162,332 (2010: GBP61,934) was outstanding at
the year end as shown in accrued expenses.
During the year, the Company was charged travel expenses
totalling GBP61,016 (2010: GBP13,695) by the Investment
Manager.
The Investment Manager is also entitled to receive a performance
fee (the "Performance Fee"). The first component of the Performance
Fee will be paid for the first time in respect of the financial
accounting period first ending following the second anniversary of
the date of Admission to the London Stock Exchange. An accrual of
the amount due has been made at 30 June 2011. The fee is equal to
20% of the excess of the NAV per Share as at the end of the
financial accounting period (adjusted to account for dividends and
returns of capital paid out during the period and in respect of
which the Manager has been paid or is to be paid the second
component of the Performance Fee) over the basic performance
hurdle, this being an amount equal to the Issue Price increased by
10% of the Issue Price per annum up to the end of the relevant
performance period. Thereafter this fee shall be paid on an annual
basis in respect of each financial period subject to the basic
performance hurdle and a high watermark having been exceeded. The
high watermark is the NAV at the end of the financial period in
respect of which the last Performance Fee was paid. If, however,
the high watermark is not exceeded for any consecutive period of
three years it shall be re-based to a value equal to the NAV as at
the end of the third
financial period. The basic performance hurdle, as described
above, must however still be exceeded in order for this component
of the performance fee to be payable.
The first component of the Performance Fee will be paid on a per
Share basis, multiplied by the time weighted average of the number
of Shares in issue in the relevant performance period (or since
Admission in the first performance period) (together, if
applicable, with an amount equal to the VAT thereon). In the event
that there is a further issue of Shares, a redemption of Shares or
other capital reorganisation of the Company, the calculation of the
performance fee will be adjusted appropriately.
The second component of the Performance Fee is an amount equal
to 20% of the sum of all dividends, distributions and other returns
of capital paid out to Shareholders during the relevant performance
period (but excluding redemptions and share buy backs that are
deemed distributions under the Companies Law), subject to the
performance hurdle having been satisfied.
The performance hurdle is the requirement that the NAV on the
relevant calculation date must exceed an amount equal to the Issue
Price increased by 10% of the Issue Price per annum up to the end
of the relevant performance period.
At the end of the Company's second financial year, the Company
will pay the Performance Fee. Where the performance hurdle has been
exceeded, a Performance Fee will be accrued. However, as at 30 June
2011, no performance fee has been paid, but a Performance Fee of
GBP6,319,876 (2010: GBP1,206,471) has been accrued as it appears
likely based on the current performance that the performance hurdle
will be exceeded. The Manager is entitled to 80 per cent of this
Performance Fee.
Nimrod Capital LLP is the Company's Corporate and Shareholder
Adviser and is entitled to receive fees of 0.15% of the Company's
Net Asset Value per annum. In addition, Nimrod Capital LLP will
receive the remaining 20% of the Performance Fee, but as per the
Investment Manager, no Performance Fee was paid as at 30 June 2011.
During the year the Company incurred GBP121,320 (2010: GBP66,590)
of costs, of which GBP28,647 (2010: GBP18,580) was outstanding at
the year end as shown in accrued expenses.
TOP 10 INVESTMENTS IN SECURITIES AS AT 30 JUNE 2011
30 Jun 2011
Unrealised
profit /
Cost Market Value (loss)
Investment GBP GBP GBP
Adamus Resources Limited 3,165,769 5,529,295 2,363,526
Nevsun Resources Com 3,212,096 4,657,290 1,445,194
Kenmare Resources 779,952 3,382,287 2,602,335
Perseus Mining Limited 2,548,220 3,378,175 829,955
Griffin Mining Limited 3,054,338 3,360,175 305,837
Banro Corporation Com 2,158,124 3,336,265 1,178,141
Minera lrl Limited 3,899,341 3,196,369 (702,972)
Cuco Resources Limited 3,105,976 3,114,683 8,707
Bathurst Resources Limited 928,161 2,818,128 1,889,967
European Goldfields Com 797,158 2,583,180 1,786,022
----------- ------------- ------------
23,649,135 35,355,847 11,206,712
=========== ============= ============
APPENDIX 1 - INVESTMENT POLICY AND STRATEGY
Investment policy
The Company will invest directly or indirectly in what it
believes to be undervalued Junior Resource Equities. The Junior
Resource Companies that issue such equities will be engaged in the
exploration, development and mining of metals and minerals and
typically have market capitalisations of less than GBP500 million
at the time of investment by the Company or be at an exploration or
development stage. As some Junior Resource Companies will be new
and growing it is possible that Investee Companies will at the time
of investment or shortly thereafter be involved in special
situations such as mergers or restructurings. As stated below the
Company shall either invest directly in Junior Resource Equities,
through participations in intermediate or holding companies or in
collective investment schemes that offer exposure to metals and
mining equities or in gold and other commodity ETFs.
The Company, as advised by the Investment Manager, anticipates
the Junior Resource Equities will be predominantly, but not
exclusively, listed or quoted on either UK markets (listed on the
Main Market, a regulated market, or trading on AIM, which is not a
regulated market) or other recognised stock exchanges including the
Australian Stock Exchange, Johannesburg Stock Exchange, Toronto
Stock Exchange and TSX Venture Exchange of the Toronto Stock
Exchange. As stated below, the Company may also gain exposure to
Junior Resource Equities by investing in convertible debt
securities, warrants and options that reference Junior Resource
Equities. There will be no restriction on the credit rating of the
convertible debt securities held by the Company. The Company may
also invest in royalties insofar as they are connected to an
existing investment in an Investee Company and subject to
investments in such royalties not exceeding 10 percent of the
Company's NAV.
Investments in private companies and larger listed or publically
quoted companies will only be considered where there is deemed to
be significant latent value and a desirable growth profile. The
Company retains the flexibility to invest in collective investment
schemes that offer exposure to metals and mining equities subject
to a maximum of 10 percent of the Company's NAV as well as gold and
other commodity ETFs which provide a relatively liquid exposure to
the underlying commodity. It is anticipated that the Company
Portfolio will contain approximately twenty five holdings, each
representing between GBP0.5 million and GBP10 million. Typically,
the Company will seek to acquire interests of up to 10 percent in
Investee Companies but retains the flexibility to acquire larger
positions. The aggregate investment in any one Investee Company
will not represent more than 20 percent of the Company Portfolio at
the time of investment.
The focus of the portfolio will be weighted towards Junior
Resource Companies that operate in the gold sector for the next two
to three years. The balance of the portfolio will comprise
investments in Junior Resource Companies that focus on other
commodities that the Company, as advised by the Investment Manager,
believes are undervalued, collective investment schemes focused on
the metals and mining sector and/or cash and ETFs.
The Company's policy is generally to remain fully invested at
all times, save for the Company retaining a cash position of a size
sufficient to meet operating expenses and take advantage of new
investment opportunities.
The Company does not currently intend to engage in any foreign
exchange hedging within its portfolio. Any material change to the
investment objective or investment policy of the Company as set out
in this document will be made only with the approval of a majority
of Shareholders (by voting rights) save that a change to the
Company's policy on hedging (to allow the occasional use of
tactical hedging to protect the Company against declines in the
value of its portfolio positions as a result of changes in currency
exchange rates, certain changes in equity markets, interest rates
and other such events, including changes in gold prices) has been
made with the approval of the Board of Directors of the
Company.
The Board will review the investment policy on a continual basis
together with the Investment Manager, taking into account market
conditions and the size of the portfolio.
As stated above, Shareholder consent will be sought for any
material change to the investment policy.
Investment strategy
The Company's investment strategy has been and will continue to
be to acquire Junior Resource Equities:
- directly from existing shareholders seeking to reduce their
exposure to a particular Junior Resource Company or to the sector
in general; or
- through the issue of new equity by the Investee Company,
through private placements; or
- through the purchase of convertible loan instruments, where
the Company retains the option to convert such instruments into
Junior Resource Equities at pre-agreed prices or in accordance with
pre-agreed terms or events; or
- through the purchase of options or warrants that reference
Junior Resource Equities; or
- through the acquisition of shares on a stock exchange on which
the relevant securities are traded.
The Company, as advised by the Investment Manager, considers
that the portfolios of many institutional investors include
holdings in Junior Resource Equities which may comprise a fairly
small percentage of their overall holdings. It may not be
economically viable for such institutions to commit the time and
bear the costs of becoming actively involved as a shareholder. The
Company may provide such institutions with an opportunity to:
- dispose of their non-core holdings and then recycle the
proceeds in accordance with their investment priorities; and
- rationalise their portfolios and thereby improve their
portfolio efficiency by focussing more resources on their core
investments.
In light of the slowdown in the global economy, the initial
investment focus at the time of the IPO was weighted towards gold
producers in the Junior Resources Sector. This continues to be the
investment focus. The Company, as advised by the Investment
Manager, expects gold to outperform other commodities and indeed
other asset classes over the coming two to three years and gold
producers and developers will offer the greatest leverage to a
rising gold price. The Company, as advised by the Investment
Manager, anticipates that investments in gold companies in the
Junior Resources Sector will represent approximately 70 percent of
the Company Portfolio by value over this period.
Furthermore, given the paucity of capital available for
exploration companies, investments in the initial years will be
focused on Junior Resource Companies that are in production or are
at the project development stage and which are also either fully
funded or are considered likely to be able raise future equity and
or debt finance. Exploration and other development companies may
also be considered if the Company, as advised by the Investment
Manager, believes that they are well financed or, given the quality
of their assets, are likely to be financeable in the future.
Exploration companies include those undertaking grassroots
exploration and those in the process of defining a mineral
resource. Production companies are those with producing assets and
management teams. Development companies are considered to be those
companies with a defined mineral resource under an internationally
recognised classification system, that are upgrading the resource,
determining the economic viability of the project or building a
mine. The Company, as advised by the Investment Manager,
anticipates that production and development companies will
represent approximately 80 percent of the Company Portfolio by
value during the coming two to three years. Investments in
exploration companies will be made if the Company, as advised by
the Investment Manager, considers that their projects represent
strategic or potentially world-class assets that are either likely
acquisition targets or which, if the Investee Company elects to
develop them alone, will be able to continue to raise the necessary
equity finance.
It is anticipated that the businesses and assets of
approximately 75 percent of the Investee Companies will be based in
emerging markets, although there is no limit on the proportion of
assets so invested.
Investment opportunities are sought in Junior Resource Companies
with exposure to a more diverse range of commodities. The Company,
as advised by the Investment Manager, considers that the longer
term fundamentals for commodities remain robust driven by
anticipated inflationary pressures, the anticipated (at least
partial) recovery of developed economies and demand from emerging
BRIC economies. Representing more than 40 percent of the world's
population, the Company, as advised by the Investment Manager,
expects the industrialisation and urbanisation of BRIC countries to
support strong demand for commodities and consequently commodity
prices for at least the next decade, albeit after the current
global financial uncertainty has dissipated.
When the Investment Manager elects, and is able to, engage with
an Investee Company, it adopts a constructive approach with the
Board and management so as to encourage them to be active in the
pursuit of enhanced value and liquidity in their company's shares.
Board representation may be sought with larger shareholdings to
ensure a closer scrutiny of the Investee Company's activity. In
addition, the Investment Manager will actively support and
encourage the Investee Company to consider corporate transactions
where such transactions create value and liquidity.
Where a different ownership and/or management structure would
enhance value, the Company may seek to initiate changes to capture
such value. The Company may also seek to modify existing capital
structures and increase or decrease (as it considers appropriate)
leverage and/or seek divestiture or of certain businesses of the
Investee Company or combinations with other Investee Companies. The
Investment Manager must obtain the prior consent of the Board of
Directors of the Company or a committee thereof prior to each
occasion on which it exercises or refrains from exercising any
voting rights attaching to holdings in Investee Companies with
respect to (i) matters that might reasonably be considered to have
arisen out of any shareholder activist action and (ii) other
corporate actions initiated by or at the behest of the Investment
Manager (whether acting alone or in concert with one or more
parties).
A long-term view is taken with respect to realising value from
investments. Investments typically will be held for a two to three
year time period during which time the Investment Manager
continuously reviews the portfolio in order to assess the most
appropriate strategy for each investment. It is anticipated that,
whilst some investments may be considered appropriate for sale in
the shorter term, the majority will be held for a longer period in
order to enable their inherent value to be realised successfully.
The Company adopts a flexible strategy in relation to each
investment in order to reflect external factors such as changes in
market conditions or changes in the circumstances of the
investment.
By order of the Board
Altus Resource Capital Limited
Administrative Enquiries:
Anson Fund Managers Limited
Tel: +44 (0) 1481 722 260
Investment Manager:
Altus Capital Limited
Tel: +44 (0) 1235 511767
info@altus-cap.com
Shareholder Enquiries:
Nimrod Capital LLP
Tel: +44 (0) 20 3355 6855
info@nimrodcapital.com
E&OE - In Transmission
END OF ANNOUNCEMENT
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EADNKFDPFEFF
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