Interim Report -11-
August 28 2009 - 11:58AM
UK Regulatory
accounting period or, if greater, the Net Asset Value per share of that class as
at the end of the previous completed accounting reference period in respect of
which a performance fee was paid; or
(ii) if no performance fee has been paid, the Post-Amalgamation Company
Opening Net Asset Value per share of that class ("Post-Amalgamation Company
Opening Net Asset Value" means the Net Asset Value of the Company as at the
effective date of the Amalgamation of Carador Guernsey Limited with Abingdon
Investment Limited).
The Company also reimburses the Investment Manager for all out-of pocket
expenses reasonably incurred in the performance of its duties.
The Custodian is entitled to receive an annual fee from the Company of 0.04 per
cent of the Net Asset Value of the Company paid monthly in arrears, subject to
an aggregate minimum monthly fee payable by the Company to the Custodian (and
the Administrator) of EUR8,500.
The Administrator is entitled to receive an annual fee of 0.08 per cent of the
Net Asset Value of the Company on the first EUR75 million of the Company's Net
Assets, 0.07 per cent of the Net Asset Value on the next EUR75 million of the
Company's Net Assets and 0.06 per cent thereafter, accrued and paid monthly in
arrears, subject to an aggregate minimum monthly fee payable by the Company to
the Administrator (and the Custodian) of EUR8,500.
During the period ended 30 June 2009 the Company paid investment management,
custodian and administration fees of EUR341,181 (September 2008: EUR165,690),
EUR12,456 (September 2008: EUR12,033) and EUR38,679 (September 2008: EUR39,107)
respectively, of which EUR53,436 (December 2008: EUR94,059), EUR4,011 (December 2008:
EUR6,375) and EUR13,036 (December 2008: EUR19,660) was outstanding at period end.
There were no performance fees paid in the period (December 2008: EURNil).
The Directors are entitled to a fee in remuneration for their services at a rate
to be determined from time to time by the Directors and disclosed in the
financial statements. During the period ended 30 June 2009 the Company paid
Directors' fees of EUR103,056 (September 2008: EUR50,367), EUR50,488 of which was
outstanding at period end (December 2008: EURNil).
Consolidated
The Investment Manager, Administrator and Custodian of the Company's subsidiary
are entitled to fees of 0.15%, 0.40% and 0.035% per annum respectively,
calculated on the monthly average aggregate collateral balance.
Investment management, custodian and administrative fees of EUR1,267,934
(September 2008: EUR165,690), EUR78,251 (September 2008: EUR12,033) and EUR53,176
(September 2008: EUR39,107) respectively were paid by the group during the period.
Of these EUR309,022 (December 2008: EUR361,920), EUR20,268 (December 2008: EUR23,422)
and EUR13,036 (December 2008: EUR19,660) respectively were payable at the period
end.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)
For the six months ended 30 June 2009
5. CASH BALANCES
All cash balances are held with Northern Trust Fiduciary Services (Ireland)
Limited. Cash balances of the Company's subsidiary, Gale Force IV, are held with
State Street Corporation.
1. REDEEMABLE PARTICIPATING SHARES
The authorised share capital of the Company shall not be less than the currency
equivalent of EUR2 and the maximum issued share capital shall not be more than the
currency equivalent of EUR500,000 billion divided into an unspecified number of
shares of no par value. The issued share capital consists of 55,734,681 euro
shares (December 2008: 56,184,881) and 84,265,609 US$ shares (December 2008:
83,799,318). The Company has issued two subscriber shares, of EUR1 each. These
shares do not participate in the profits of the Company.
+---------------------------------+--------------+--------------+---------------+
| Issued Share (No. of Shares) | EUR Shares | USD Shares | Total |
+---------------------------------+--------------+--------------+---------------+
| | | | |
+---------------------------------+--------------+--------------+---------------+
| Balance at 1 January 2009 | 56,184,881 | 83,799,318 | 139,984,199 |
+---------------------------------+--------------+--------------+---------------+
| Issued during the period | - | 466,292 | 466,292 |
+---------------------------------+--------------+--------------+---------------+
| Redeemed during the period | (450,200) | (1) | (450,201) |
+---------------------------------+--------------+--------------+---------------+
| Balance at 30 June 2009 | 55,734,681 | 84,265,609 | 140,000,290 |
+---------------------------------+--------------+--------------+---------------+
Such issues and redemptions of shares arose from the conversion of shares from
one currency class of the Company to another currency class of the Company.
'Redeemable participating shares' referred to throughout this document were
described in the previous annual financial statements as 'participating shares'.
7.COLLATERAL HELD AT BANK
All collateral balances are held with JP Morgan. 'Collateral held at bank'
referred to throughout this document was described in the previous annual
financial statements as 'Amounts due from brokers'.
8. SOFT COMMISSIONS
There are no agreements for the provision of any services by means of soft
commission.
9. INITIAL EXPENSES
Initial expenses are fees and expenses relating to the establishment and initial
set-up of the Company and of the issue of Shares pursuant to the initial
placing.
10. RELATED PARTY TRANSACTIONS
All fees paid to the Investment Manager are disclosed in the Statement of
Comprehensive Income and in Note 4. No Director, nor the Company Secretary, had
any beneficial interest in the shares of the Company during the six month period
ended 30 June 2009, or during the nine month period ended 31 December 2008.
11. DERIVATIVE FINANCIAL INSTRUMENTS
The Company invests in underlying assets which are predominantly US dollar and
euro denominated. The Company therefore has an exposure to changes in the
exchange rate between euro and the US dollar which, if unhedged, has the
potential to have a significant effect on returns. The Directors believe that it
is in the best interests of shareholders for the Company to engage consistently
in currency hedging solely to reduce the risk of currency fluctuations and the
volatility of returns which may result from such currency exposure. This
involves hedging the US dollar assets to euro, through the use of rolling
forward foreign exchange transactions.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)
For the six months ended 30 June 2009
11. DERIVATIVE FINANCIAL INSTRUMENTS (continued)
The Company only uses hedging techniques for the purposes of efficient portfolio
management and has no intention of using the currency hedging facility for the
purposes of currency speculation for its own account.
The Company utilised currency contracts for the purposes of efficient portfolio
management during the period ended 30 June 2009. Unrealised profits/(losses)
resulting from these contracts are disclosed below. The fair value of forward
foreign currency exchange contracts is calculated using valuation techniques
based on observable market data.
+-----------------------------------+--+--------------------+-------------------+
| | | Company and | Company and |
| | | consolidated | consolidated |
+-----------------------------------+--+--------------------+-------------------+
| | | Six months ended | Nine months ended |
+-----------------------------------+--+--------------------+-------------------+
| | | 30 June 2009 | 31 December 2008 |
+-----------------------------------+--+--------------------+-------------------+
| | | EUR | EUR |
+-----------------------------------+--+--------------------+-------------------+
| Financial assets held for trading | | | |
+-----------------------------------+--+--------------------+-------------------+
| - derivative financial | | 132,449 | 680,057 |
| instruments | | | |
+-----------------------------------+--+--------------------+-------------------+
| Financial liabilities held for | | | |
| trading | | | |
+-----------------------------------+--+--------------------+-------------------+
| - derivative financial | | (133,140) | (892,415) |
| instruments | | | |
+-----------------------------------+--+--------------------+-------------------+
| | | (691) | (212,358) |
+-----------------------------------+--+--------------------+-------------------+
| | | | |
+-----------------------------------+--+--------------------+-------------------+
| Gains/(losses) recognised on derivative financial | |
| instruments | |
+-----------------------------------------------------------+-------------------+
| - realised | | (1,822,762) | (3,293,088) |
+-----------------------------------+--+--------------------+-------------------+
| - unrealised | | 185,719 | (267,895) |
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