Gland Pharma Limited 9,801,064 4,912,609 2,011,742 16,725,415
61,669,218 - - - 61,669,218
---------------------- ----------- ------------ ------------ ------------ -----------
Table 3 extracts the Company's "look through" interests in the
Gland and RSB (from EIF) and Gland (from EILSF) and adds them to
the Company's direct interests in Gland and RSB (held by EIF Co
Invest X and EIF Co Invest VII respectively). On this basis, 49.8%
of the Company's Financial Assets at Fair Value (US$30.7m,
equivalent to US$0.473 per share) are accounted for by its
interests in Gland and RSB on an underlying pro-forma basis.
The table also shows that a further 30.8% of the Company's
Financial Assets at Fair Value are accounted for by its interests
in EIF's ten PE fund investments, a further 11.9% by its interests
in EIF's direct investments (excluding Gland and RSB) and 6.4% by
its interest in EILSF (excluding Gland).
Other matters
The company settled the litigation with Katra Holdings Limited
and Mr Ramesh Vangal in Mauritius, Singapore and New York on 2 June
2010. In settlement of this matter the Company received a cash
amount of US$2.5 million.
At the Company's Annual General Meeting held on 28 June 2010,
the Company's new investment policy was unanimously approved by
shareholders.
After the end of the period under review, on 15 April 2011, the
Company returned US$6.5m in cash to shareholders by way of a
US$0.10 per share return of capital.
At the date of this report the Company holds US$5.5m in net cash
balances, equivalent to US$0.08 per share, while its outstanding
commitments consist of US$6.1m in respect of the Company's interest
in EIF, and US$2.1m in respect of the Company's interest in EILSF.
The Directors have prepared a schematic cash flow model, based on
input from the managers of EIF and EILSF, that incorporates various
exit scenarios for the private equity holdings and direct
co-investments (in the case of EIF), and the portfolio investments
(in case of EILSF). The Directors have also considered scenarios
for Gland and RSB, which are direct holdings of the Company held by
EIF Co Invest X and EIF Co Invest VII. Finally, the Directors have
examined various scenarios for the likely timing and magnitude of
any further drawdowns. The preparation and analysis of this cash
flow model, while subject to the uncertainties described above, has
given the Directors satisfaction that, after the return of capital
paid on 15 April 2010, the Company will continue to be able to meet
its investment objective, notwithstanding that its outstanding
capital commitments currently exceed its net cash balances.
As a Board we will continue to manage operating costs carefully.
Our objective is to realise assets at the appropriate time and
value, and to return the proceeds less expenses to our
shareholders.
Respectfully yours, Rhys Cathan Davies 11 May 2011
Statement of Comprehensive Income for the
year ended 31 December 2010
31 December 31 December
Note 2010 2009
US$ US$
------------------------------------ ----- ------------ ------------
Income
Interest income on cash balances 48,847 15,932
Interest income on short-term
loans - 820,120
Fair value movement on investments
at fair value through profit or
loss 7 12,441,576 14,289,258
Provision for carried interest - 262,278
Other income - 17,992
Net investment income 12,490,423 15,405,580
------------------------------------ ----- ------------ ------------
Expenses
Management fees 10.2 - (54,055)
Administrative expenses 10.3 (274,230) (239,414)
Legal and other professional fees (991,543) (528,035)
Audit fees (40,396) (81,218)
Impairment provision written back - 1,679,880
Bad debt provision - (16,102)
Value Added Tax recovered 134,993 -
Other expenses 1,763 (8,919)
Total operating expenses (1,169,413) 752,137
------------------------------------ ----- ------------ ------------
Profit before tax 11,321,010 16,157,717
Income tax expense 17 - -
Profit for the year 11,321,010 16,157,717
------------------------------------ ----- ------------ ------------
Other comprehensive income - -
------------------------------------ ----- ------------ ------------
Total comprehensive income for
the year 11,321,010 16,157,717
------------------------------------ ----- ------------ ------------
Basic and fully diluted earnings
per share (cents) 15 17.42 24.86
------------------------------------ ----- ------------ ------------
The Directors consider that all results derive from continuing
activities. The accompanying notes form an integral part of these
financial statements.
Statement of Financial Position as at 31 December 2010
31 December 31 December
Note 2010 2009
US$ US$
-------------------------------- ----- ------------ ------------
Non-current assets
Financial assets at fair value
through profit or loss 7 61,669,218 49,586,442
-------------------------------- ----- ------------ ------------
Total non-current assets 61,669,218 49,586,442
-------------------------------- ----- ------------ ------------
Current assets
Trade and other receivables 12 88,237 120,094
Short-term loans 8 - 2,500,000
Cash and cash equivalents 11 12,319,933 10,491,472
-------------------------------- ----- ------------ ------------
Total current assets 12,408,170 13,111,566
-------------------------------- ----- ------------ ------------
Total assets 74,077,388 62,698,008
================================ ===== ============ ============
Issued share capital 14 1,274,510 1,274,510
Share premium 58,580,120 58,580,120
Retained earnings 13,950,926 2,629,916
-------------------------------- ----- ------------ ------------
Total equity 73,805,556 62,484,546
-------------------------------- ----- ------------ ------------
Trade and other payables 13 271,832 213,462
Total current liabilities 271,832 213,462
-------------------------------- ----- ------------ ------------
Total liabilities 271,832 213,462
-------------------------------- ----- ------------ ------------
Total equity and liabilities 74,077,388 62,698,008
================================ ===== ============ ============
The financial statements were approved by the Board of Directors
on 11 May 2011 and signed on their behalf by:
Rhys Davies Brett Miller
Director Director
The accompanying notes form an integral part of these financial
statements.
Statement of Changes in Equity For the year ended 31 December
2010
Retained
Share Capital Share Premium Earnings Total
US$ US$ US$ US$
---------------- -------------- -------------- --------------- -----------
Balance at 1
January 2009 1,274,510 58,580,120 (13,527,801) 46,326,829
Total
comprehensive
income
Profit for the
year - - 16,157,717 16,157,717
Total
comprehensive
income - - 16,157,717 16,157,717
---------------- -------------- -------------- --------------- -----------
Balance at 31
December 2009 1,274,510 58,580,120 2,629,916 62,484,546
================ ============== ============== =============== ===========
Balance at 1
January 2010 1,274,510 58,580,120 2,629,916 62,484,546
Total
comprehensive
income
Profit for the
year - - 11,321,010 11,321,010
Other
comprehensive
income - - - -
---------------- -------------- -------------- --------------- -----------
Total
comprehensive
income - - 11,321,010 11,321,010
---------------- -------------- -------------- --------------- -----------
Balance at 31
December 2010 1,274,510 58,580,120 13,950,926 73,805,556
================ ============== ============== =============== ===========
The accompanying notes form an integral part of these financial
statements
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