TIDMGMFA
RNS Number : 9482C
Global MENA Financial Assets Ltd
23 November 2009
?
STOCK EXCHANGE ANNOUNCEMENT
INTERIM REPORT
Global MENA Financial Assets Limited (the "Company") has today, in accordance
with DTR 6.3.5, released its Interim Report and Unaudited Consolidated Financial
Statements ("Interim Report") for the six months ended 30 September 2009. The
Interim Report is available per the enclosed link, and will shortly be available
for inspection at the UK Listing Authority's Document Viewing Facility, which is
located at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
The interim Report will also be available from the Company's website
www.gmfa.com from 23 November 2009.
RESULTS
A summary of the results of the Company for the period For the six months ended
30 September 2009 is as follows:
+-----------+-------------+-----------+-------------+--------------+-------------+------------+
| | Total Net |Net Asset | Net | Net | Decrease | Decrease |
| | Assets |Value per | Operating | Operating | in Net | in Net |
| | | Share | Loss | Loss per | Assets | Assets |
| | | | | Share | from | from |
| | | | |(annualized) | Operations |Operations |
| | | | | | | per Share |
| | | | | | | Basic & |
| | | | | | | Diluted |
+-----------+-------------+-----------+-------------+--------------+-------------+------------+
| | US$ | US$ | US$ | US$ | US$ | US$ |
+-----------+-------------+-----------+-------------+--------------+-------------+------------+
| As at 30 |433,179,627 | 1.72 |(3,556,362) | (0.01) |(5,907,780) | (0.02) |
+-----------+-------------+-----------+-------------+--------------+-------------+------------+
| September | |(GBP1.07) | | | | |
| 2009 | | | | | | |
+-----------+-------------+-----------+-------------+--------------+-------------+------------+
CHAIRMAN'S REPORT
During the first half of the 2009-2010 financial year (H1FY10) the Company's net
asset value ("NAV") fell by 12 per cent., from 121p to 107p. In US$ terms, NAV
has marginally fallen from 174 c to 172c. The increase in the value of unlisted
portfolio was offset by the fall in the listed portfolio. During this period
the Company's share price has increased by 38% from 45p to 62p. During H1FY10
FTSE 100 moved up by 30%. As of 30 September 2009 GMFA's shares traded at a 42 %
discount to NAV.
The Market
In H1FY10 the capital markets of the members of the Gulf Cooperation Council
(the GCC) have witnessed recovery. The major equity market indices in the GCC
grew in the range of 14% per cent to 49% per cent, Saudi Arabia being the
highest, in that period. According to the International Monetary Fund (IMF) real
GDP in the GCC is expected to grow 5.2 per cent. in 2010(1)HUFUH. The price of
oil, the primary driver of GCC economies, strengthened on the back of production
cuts by Organization of the Petroleum Exporting Countries (OPEC), recovering to
the level of US$81/bl as at October 2009. The estimated non oil-sector growth
for the GCC countries is 2% (2)FF in 2009.
(1) Source: Zawya Dow Jones news wire, 11 October 2009
(2) Source: www.chinaview.cn 2009-11-01
Liquidity in the credit markets has improved during the period. GCC Eurobonds
spreads also continued to tighten and many benchmarks are now back to the
pre-Lehman levels. However, bank balance sheets and volatile oil prices still
remain major risk factors for the region.
The Company reported in its annual report in relation to the financial year
ending on 31 March 2009 that the Board was considering ways of improving the
share price and addressing the significant discount of the share price to NAV.
The Board continues to examine all options available for reducing this discount,
including the options of buying back shares into treasury and seeking a
cessation of the listing of the Company's shares on the official list of the UK
Financial Services Authority.
The Portfolio
As of 30 September 2009, the underlying investments of the Company comprised two
listed companies and seven unlisted companies. In H1FY10 the aggregate market
value of the listed equities fell from US$85.8m to US$73.6m. During the same
period the aggregate fair value of the Company's investments in the unlisted
companies increased from US$107.4m to US$120.7m (including new acquisition
during the period of US$4.1m). Global Capital Management Ltd. (the Investment
Manager) has reported that the fundamentals of the portfolio companies are
sound.
Recent developments
During H1FY10 the Company the following developments were made:
* As announced on 17 June 2009, the Company, through its wholly-owned subsidiary
Financial Assets Bahrain W.L.L. (FAB), acquired a minority holding in Twenty
Third Project Management Company W.L.L. and consequently an indirect interest of
5 per cent. in Dar Al Tamleek Co. (also known as Saudi Housing Finance Company).
The cash consideration for the acquisition was set off against a corresponding
amount owning under Islamic money market instruments with Global Investment
House K.S.C.C. (Global) and its subsidiaries.
* As announced on 17 July 2009, the Company entered into a Put Option Variation
and Termination Agreement with Global. Under this agreement the Company agreed,
inter alia, to cancel a put option in the Company's favour in return for the
payment by Global of US$21.259 million. As this was a related party
transaction, it needed approval of the independent shareholders of the Company
(i.e. shareholders other than Global and its associates). This transaction was
approved by a resolution of shareholders at an extraordinary general meeting of
the Company held on 29 October 2009 with 81.69 per cent. of votes cast being in
favour of the resolution. The Company has announced that it will distribute the
sum received from Global by way of a special dividend of around 5 pence per
share.
* As mentioned in the 2009 Annual Report the Company is at the final stage of
making another investment representing a 20% stake. By virtue of it being a
related party transaction it has been undergoing the regulatory procedures which
started with an approval from the independent directors in November 2008. In
compliance of these requirements an independent committee was formed to
negotiate the price and oversee the process; a major international firm was
engaged for valuation and sponsor's role, a big four audit firm was engaged for
financial due diligence and three major law firms were engaged to do the legal
due diligence. The process will be concluded through independent shareholders'
approval.
Islamic Money Market Instruments
As at 30 September 2009, the Company's assets included cash and murabahas of
US$220.3 million. This comprised approximately US$164 million of cash deposited
with "A" and above rated banks including HSBC, Citibank and Royal Bank of Canada
and US$56 million of short term investments (Islamic deposits) under murabaha
contracts with Global and two other Kuwaiti financial institutions. This balance
was after providing for two of the murabahas. The murabaha with Global will be
settled in full if the transaction mentioned above gets concluded.
A committee comprising the independent directors of the company (Anne Ewing,
Kishore Dash and myself) is working with the Investment Manager and the
Company's legal advisers, Allen & Overy LLP and local counsels in Kuwait, on the
recovery and settlement of the outstanding Islamic money market instruments.
The Company has kept shareholders updated throughout H1FY10 on the status of
this settlement and recovery and will continue to do so.
The Board
During H1FY10 there have been significant changes to the composition of the
Company's board. On 2 September 2009, the Company announced that Richard
Bernays, John Hawkins and Terence Allen all retired at the Company's annual
general meeting as independent non-executive directors of the Company. The
Company appointed Anne Ewing as an independent director on 2 September 2009 and
me as the chairman and an independent director on 2 September 2009.
Anne is a resident of Guernsey. Anne has previously held senior positions at
KPMG Channel Islands Limited, Rothschild Asset Management (CI) Limited and Old
Mutual International (Guernsey) Limited. Anne is a member of the Worshipful
Company of International Bankers, is a Fellow of the Chartered Securities
Institute and was elected a Fellow of the JCSA in January 2006. Anne holds a MSc
in Corporate Governance and Administration from the University of
Bournemouth. She is the chairperson of the Audit Committee and a member of the
independent committee, responsible for all matters relating to related party
transactions.
I was a minister of Ministry of Commerce and Industry of Kuwait between 1998 and
1999 and held several senior positions in Kuwait, including Director General of
the Kuwait Stock Exchange, and Chairman of the Union of Arab Stock Exchanges and
Securities Commission. I am currently a member of the Kuwait Supreme Petroleum
Council, chairman of M/s. Contracting & Marine Services Co. (SAK) and a director
of the Kuwait Stock Exchange. I hold a B.Sc. in Engineering from the University
of Oklahoma.
The board is now therefore composed of three independent directors (Anne
Ewing, Kishore Dash and me) together with Maha Al-Ghunaim.
The main risks that the Company faces stem from slower than expected recovery of
the regional economies. This may impact adversely the return of the company's
shareholder that it is going to generate and/or prolong the investment horizon.
In other words, further slowdown in economies will result into delayed IPO for
our portfolio companies, credit crunch and increase in credit defaults. The
strong perception in the past, particularly before mid 2008, about low
correlation between MENA economies and major world economies has proven wrong
during the downturn of 2008-2009. However, we draw comfort from the following
facts: a) hydrocarbon price is strengthening; b) regional governments are taking
proactive fiscal and monetary measures to support the MENA economies; and c) the
a number of major MENA countries have favourable demographic profile.
Hisham Al Otaibi
Chairman
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE INTERIM FINANCIAL
REPORT
The Directors confirm to the best of their knowledge that:
i) the
Interim consolidated Financial Statements have been prepared in conformity with
accounting principles generally
accepted in the United states of
America;
ii)The Management Discussion & Analysis includes a fair review
of the information required by DTR 4.2.7R (indication of
important
events during the first six months and description of principal risks and
uncertainties for the remaining six
months of the year);
and
iii)The Interim Consolidated Financial Statements include a fair
review of the information required by DTR 4.2.8R
(disclosure of
related party transactions and changes therein).
By order of the Board
Hisham Al Otaibi
Anne Ewing
DirectorDirector
23 November 2009
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
As at 30 SEPTEMBER 2009
+--+--------------+-----------+------------+-------+------+--------------+--+----------------+
| | | | | | | 30 | | 31 March |
| | | | | | | September | | |
+--+--------------+-----------+------------+-------+------+--------------+--+----------------+
| | | | | | | 2009 | | 2009 |
+--+--------------+-----------+------------+-------+------+--------------+--+----------------+
| | | | | | | US$ | | US$ |
+--+--------------+-----------+------------+-------+------+--------------+--+----------------+
| Assets | | | | | | | |
+-----------------+-----------+------------+-------+------+--------------+--+----------------+
| Investments at fair value (cost US$244,243,525, | | 194,230,820 | | 214,512,266 |
| 31 March 2009: US$240,126,170) | | | | |
+--------------------------------------------------+------+--------------+--+----------------+
| Cash and cash equivalents | | | | 163,796,664 | | 122,242,492 |
+-----------------------------+------------+-------+------+--------------+--+----------------+
| Foreign currency cash | | 177,128 | | 22,843,447 |
+--------------------------------------------------+------+--------------+--+----------------+
| Murabaha and wakala receivables | | | 56,295,463 | | 81,311,154 |
+------------------------------------------+-------+------+--------------+--+----------------+
| Dividend receivable | | | | - | | 1,321,045 |
+-----------------------------+------------+-------+------+--------------+--+----------------+
| Other | | | | | 21,349,478 | | 66,448 |
| receivables | | | | | | | |
+-----------------+-----------+------------+-------+------+--------------+--+----------------+
| | | | | | | | | |
+--+--------------+-----------+------------+-------+------+--------------+--+----------------+
| Total Assets | | | | | 435,849,553 | | 442,296,852 |
+-----------------+-----------+------------+-------+------+--------------+--+----------------+
| | | | | | | | | |
+--+--------------+-----------+------------+-------+------+--------------+--+----------------+
| Liabilities and Shareholders' Equity | | | | | |
+------------------------------------------+-------+------+--------------+--+----------------+
| Liabilities | | | | | | | |
+-----------------+-----------+------------+-------+------+--------------+--+----------------+
| Directors' fees payable | | | | 43,630 | | 175,164 |
+-----------------------------+------------+-------+------+--------------+--+----------------+
| Management fees payable | | | | 2,247,251 | | 2,175,596 |
+-----------------------------+------------+-------+------+--------------+--+----------------+
| Other payables | | | | | 379,045 | | 858,685 |
+-----------------+-----------+------------+-------+------+--------------+--+----------------+
| | | | | | | | | |
+--+--------------+-----------+------------+-------+------+--------------+--+----------------+
| Total | | | | | 2,669,926 | | 3,209,445 |
| Liabilities | | | | | | | |
+-----------------+-----------+------------+-------+------+--------------+--+----------------+
| Net Assets | | | | | 433,179,627 | | 439,087,407 |
+-----------------+-----------+------------+-------+------+--------------+--+----------------+
| Net Assets consist of : | | | | | | |
+-----------------------------+------------+-------+------+--------------+--+----------------+
| Ordinary shares (no par value, authorized to issue | | | |
| unlimited | | | |
+---------------------------------------------------------+--------------+--+----------------+
| | number of shares, 252,040,002 issued and | | | | |
| | outstanding | | | | |
+--+-----------------------------------------------+------+--------------+--+----------------+
| | as at 30 September and 31 March 2009) | | 497,623,330 | | 497,623,330 |
+--+-----------------------------------------------+------+--------------+--+----------------+
| Accumulated deficit | | | | (13,728,343) | | (31,212,035) |
+-----------------------------+------------+-------+------+--------------+--+----------------+
| Net unrealised depreciation of | | | (50,012,706) | | (25,613,903) |
| investments | | | | | |
+------------------------------------------+-------+------+--------------+--+----------------+
| Net unrealised appreciation of forward foreign currency | - | | - |
| contracts | | | |
+---------------------------------------------------------+--------------+--+----------------+
| Net unrealised foreign currency | | | (702,654) | | (1,709,985) |
| depreciation | | | | | |
+------------------------------------------+-------+------+--------------+--+----------------+
| | | | | | | | | |
+--+--------------+-----------+------------+-------+------+--------------+--+----------------+
| Total Liabilities and Shareholders' | | | 433,179,627 | | 439,087,407 |
| Equity | | | | | |
+------------------------------------------+-------+------+--------------+--+----------------+
| | | | | | | | | |
+--+--------------+-----------+------------+-------+------+--------------+--+----------------+
| Net Asset Value per Share (in US Dollar) | | | 1.72 | | 1.74 |
+------------------------------------------+-------+------+--------------+--+----------------+
| Net Asset Value per Share (in Sterling) | | | 1.07 | | 1.21 |
+------------------------------------------+-------+------+--------------+--+----------------+
| | | | | | | | | |
+--+--------------+-----------+------------+-------+------+--------------+--+----------------+
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
For the six months ended 30 September 2009
+--+--------------------------------+----+--------------+---+--------------+
| | | | 6 month | | 4 month |
| | | | period to | | period to |
+--+--------------------------------+----+--------------+---+--------------+
| | | | 30 September | | 30 September |
| | | | 2009 | | 2008 |
+--+--------------------------------+----+--------------+---+--------------+
| | | | US$ | | US$ |
+--+--------------------------------+----+--------------+---+--------------+
| Operating Income | | | | |
+-----------------------------------+----+--------------+---+--------------+
| Dividend income | | 1,223,325 | | - |
+-----------------------------------+----+--------------+---+--------------+
| Interest income | | 1,528,327 | | 2,482,731 |
+-----------------------------------+----+--------------+---+--------------+
| Total Operating Income | | 2,751,652 | | 2,482,731 |
+-----------------------------------+----+--------------+---+--------------+
| Operating Expenses | | | | |
+-----------------------------------+----+--------------+---+--------------+
| Administrator fees | | 492,699 | | 223,661 |
+-----------------------------------+----+--------------+---+--------------+
| Audit fees | | 173,569 | | - |
+-----------------------------------+----+--------------+---+--------------+
| Commission fees | | 2,153 | | 420,213 |
+-----------------------------------+----+--------------+---+--------------+
| Directors fees and expenses | | 122,298 | | 35,419 |
+-----------------------------------+----+--------------+---+--------------+
| Legal and professional fees | | 1,046,067 | | - |
+-----------------------------------+----+--------------+---+--------------+
| Management fees | | 4,358,157 | | 2,127,883 |
+-----------------------------------+----+--------------+---+--------------+
| Organisation costs | | - | | 821,294 |
+-----------------------------------+----+--------------+---+--------------+
| Performance fees | | - | | 1,430,290 |
+-----------------------------------+----+--------------+---+--------------+
| Safe custody | | 58,186 | | 9,560 |
+-----------------------------------+----+--------------+---+--------------+
| Stamp duty | | - | | 40,230 |
+-----------------------------------+----+--------------+---+--------------+
| Miscellaneous expenses | | 54,885 | | 36,720 |
+-----------------------------------+----+--------------+---+--------------+
| Total Operating Expenses | | 6,308,014 | | 5,145,270 |
+-----------------------------------+----+--------------+---+--------------+
| Net Operating Loss | | (3,556,362) | | (2,662,539) |
+-----------------------------------+----+--------------+---+--------------+
| | | | | | |
+--+--------------------------------+----+--------------+---+--------------+
| Realised and Unrealised | | | | |
| Gain/(loss) from | | | | |
+-----------------------------------+----+--------------+---+--------------+
| Investments and Foreign Currency | | | | |
+-----------------------------------+----+--------------+---+--------------+
| Net realised gain/(loss) from: | | | | |
+-----------------------------------+----+--------------+---+--------------+
| - Investments | | 21,259,000 | | - |
+-----------------------------------+----+--------------+---+--------------+
| - Forward foreign currency | | (198,310) | | (146,697) |
| contracts | | | | |
+-----------------------------------+----+--------------+---+--------------+
| - Other foreign currency | | (20,636) | | 222,873 |
+-----------------------------------+----+--------------+---+--------------+
| | | | 21,040,054 | | 76,176 |
+--+--------------------------------+----+--------------+---+--------------+
| Net (decrease)/increase in unrealised | | | |
| depreciation/ appreciation on: | | | |
+----------------------------------------+--------------+---+--------------+
| Investments | | (24,398,803) | | 18,633,692 |
+-----------------------------------+----+--------------+---+--------------+
| Forward foreign currency | | - | | 140,537 |
| contracts | | | | |
+-----------------------------------+----+--------------+---+--------------+
| Other foreign currency | | 1,007,331 | | (120,228) |
+-----------------------------------+----+--------------+---+--------------+
| | | | (23,391,472) | | 18,654,001 |
+--+--------------------------------+----+--------------+---+--------------+
| Total Net Realised and Unrealised | | | | |
| Gain from | | | | |
+-----------------------------------+----+--------------+---+--------------+
| Investments and Foreign Currency | | (2,351,418) | | 18,730,177 |
+-----------------------------------+----+--------------+---+--------------+
| | | | | | |
+--+--------------------------------+----+--------------+---+--------------+
| Decrease in Net Assets Resulting from | (5,907,780) | | 16,067,638 |
| Operations | | | |
+----------------------------------------+--------------+---+--------------+
| | | | | | |
+--+--------------------------------+----+--------------+---+--------------+
| Net Operating Loss per Share | | | |
| (annualised): | | | |
+----------------------------------------+--------------+---+--------------+
| Basic & Diluted | | (0.01) | | (0.05) |
+-----------------------------------+----+--------------+---+--------------+
| | | | | | |
+--+--------------------------------+----+--------------+---+--------------+
| Decrease in Net Assets resulting from | | | |
| operations per Share (annualised): | | | |
+----------------------------------------+--------------+---+--------------+
| Basic & Diluted | | (0.02) | | 0.31 |
+-----------------------------------+----+--------------+---+--------------+
| | | | | | |
+--+--------------------------------+----+--------------+---+--------------+
| Weighted Average Number of Shares | | | |
| Outstanding: | | | |
+----------------------------------------+--------------+---+--------------+
| Basic & Diluted | | 252,040,002 | | 252,040,002 |
+--+--------------------------------+----+--------------+---+--------------+
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
For the six months ended 30 September 2009
+------------------+------------------------------+---+-----------------+---+-----------------+
| | | | 1 April 2009 | | 2 June 2008 |
| | | | to | | to |
+------------------+------------------------------+---+-----------------+---+-----------------+
| | | | 30 September | | 30 |
| | | | 2009 | | September |
| | | | | | 2008 |
+------------------+------------------------------+---+-----------------+---+-----------------+
| | | | US$ | | US$ |
+------------------+------------------------------+---+-----------------+---+-----------------+
| | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Operations: | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Net operating | | | (3,556,362) | | (2,662,539) |
| loss | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Net realised appreciation of investments | | 21,259,000 | | - |
+-------------------------------------------------+---+-----------------+---+-----------------+
| Net realised forward foreign currency loss | | (198,310) | | (146,697) |
+-------------------------------------------------+---+-----------------+---+-----------------+
| Net realised other foreign currency (loss)/gain | | (20,636) | | 222,873 |
+-------------------------------------------------+---+-----------------+---+-----------------+
| Net unrealised (depreciation)/appreciation of | | (24,398,803) | | 18,633,692 |
| investments | | | | |
+-------------------------------------------------+---+-----------------+---+-----------------+
| Net unrealised appreciation of forward foreign | | - | | 140,537 |
| currency contracts | | | | |
+-------------------------------------------------+---+-----------------+---+-----------------+
| Net unrealised appreciation/(depreciation) of | | 1,007,331 | | (120,228) |
| other foreign currency | | | | |
+-------------------------------------------------+---+-----------------+---+-----------------+
| | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Net (Decrease)/Increase in Net Assets resulting | | (5,907,780) | | 16,067,638 |
| from Operations | | | | |
+-------------------------------------------------+---+-----------------+---+-----------------+
| Capital Share Transactions: | | | | |
+-------------------------------------------------+---+-----------------+---+-----------------+
| Issuance of | | | - | | 500,000,000 |
| capital | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Stock issuance | | | - | | (2,376,670) |
| costs | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Net increase in net assets resulting from capital | - | | 497,623,330 |
| share transactions | | | |
+-----------------------------------------------------+-----------------+---+-----------------+
| | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Total (Decrease)/Increase in Net Assets | | (5,907,780) | | 513,690,968 |
+-------------------------------------------------+---+-----------------+---+-----------------+
| | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Net Assets at beginning of period | | 439,087,407 | | - |
+-------------------------------------------------+---+-----------------+---+-----------------+
| | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Net Assets at end of period | | 433,179,627 | | 513,690,968 |
+-------------------------------------------------+---+-----------------+---+-----------------+
| | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Net Asset value per share (in US Dollar) | | 1.72 | | 2.04 |
+-------------------------------------------------+---+-----------------+---+-----------------+
| | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Net Asset value per share (in Sterling) | | 1.07 | | 1.15 |
+-------------------------------------------------+---+-----------------+---+-----------------+
| | | | | | |
+------------------+------------------------------+---+-----------------+---+-----------------+
| Shares issued and outstanding at end of period | | 252,040,002.00 | | 252,040,002.00 |
+------------------+------------------------------+---+-----------------+---+-----------------+
CONSOLIDATED FINANCIAL HIGHLIGHTS
For the six months ended 30 September 2009
+-----+---------------------+----------------+----+-----------------+--+--------------------+
| | | | | 1 April 2009 to | | 2 June 2008 to |
| | | | | | | |
+-----+---------------------+----------------+----+-----------------+--+--------------------+
| | | | | 30 September | | 30 September 2008 |
| | | | | 2009 | | |
+-----+---------------------+----------------+----+-----------------+--+--------------------+
| | | | | | | |
+-----+---------------------+----------------+----+-----------------+--+--------------------+
| | | | | | | |
+-----+---------------------+----------------+----+-----------------+--+--------------------+
| | | | | | | |
+-----+---------------------+----------------+----+-----------------+--+--------------------+
| Per Share Data (1) | | | | | |
+---------------------------+----------------+----+-----------------+--+--------------------+
| Net asset value at beginning of period | | US$1.74 | | - |
+--------------------------------------------+----+-----------------+--+--------------------+
| Net operating loss | | | US$(0.01) | | US$(0.01) |
+---------------------------+----------------+----+-----------------+--+--------------------+
| Net realised gain on | | | US$0.08 | | - |
| investments | | | | | |
+---------------------------+----------------+----+-----------------+--+--------------------+
| Net appreciation on | | | US$(0.10) | | US$0.07 |
| investments | | | | | |
+---------------------------+----------------+----+-----------------+--+--------------------+
| Net depreciation on | | | US$0.00 | | - |
| derivatives | | | | | |
+---------------------------+----------------+----+-----------------+--+--------------------+
| Net increase in net assets resulting from | | US$1.71 | | US$0.06 |
| operations | | | | |
+--------------------------------------------+----+-----------------+--+--------------------+
| Issuance of ordinary | | | - | | US$1.98 |
| shares | | | | | |
+---------------------------+----------------+----+-----------------+--+--------------------+
| Net asset value at end | | | US$1.71 | | US$2.04 |
| of period | | | | | |
+---------------------------+----------------+----+-----------------+--+--------------------+
| | | | | | | |
+-----+---------------------+----------------+----+-----------------+--+--------------------+
| Ratios/Supplemental Data | | | | | |
+---------------------------+----------------+----+-----------------+--+--------------------+
| Per share market value at end of period | | GBP0.62 | | GBP1.01 |
+--------------------------------------------+----+-----------------+--+--------------------+
| Shares outstanding at end of period | | 252,040,002 | | 252,040,002 |
+--------------------------------------------+----+-----------------+--+--------------------+
| Weighted average number of shares | | 252,040,002 | | 252,040,002 |
+--------------------------------------------+----+-----------------+--+--------------------+
| Net assets at end of | | | US$433,179,627 | | US$513,690,968 |
| period | | | | | |
+---------------------------+----------------+----+-----------------+--+--------------------+
| Average net assets (2) | | | US$451,764,883 | | US$523,723,206 |
+---------------------------+----------------+----+-----------------+--+--------------------+
| Total Return (3) | | | (12.95%) | | 3.23% |
+---------------------------+----------------+----+-----------------+--+--------------------+
| Ratio of operating expenses to average | | 1.40% | | 4.02% |
| net assets (4) | | | | |
+--------------------------------------------+----+-----------------+--+--------------------+
| Ratio of net operating loss to average | | (0.79%) | | (3.24%) |
| net assets (4) | | | | |
+--------------------------------------------+----+-----------------+--+--------------------+
| (1) | Basic weighted average per Share | | | | |
| | data | | | | |
+-----+--------------------------------------+----+-----------------+--+--------------------+
| (2) | Average net assets calculated using the weekly valuations plus the 30 September |
| | 2009 Hard NAV. |
+-----+-------------------------------------------------------------------------------------+
| (3) | Total return (which is calculated as the net increase in net assets resulting from |
| | operations divided by the shares issued) excluding stock issuance costs and |
| | commissions payable on purchases of shares. |
+-----+-------------------------------------------------------------------------------------+
| (4) | Ratios based on reporting periods of less than twelve months are annualised. One |
| | time organisation costs are not included in the annualised operating expenses. |
+-----+---------------------+----------------+----+-----------------+--+--------------------+
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
For the six months ended 30 September 2009
+--+---+---------------------+--------+--------+-------+----------------+--+---------------+
| | | | | | | 1 April 2009 | | 2 June 2008 |
| | | | | | | to | | to |
+--+---+---------------------+--------+--------+-------+----------------+--+---------------+
| | | | | | | 30 September | | 30 September |
| | | | | | | 2009 | | 2008 |
+--+---+---------------------+--------+--------+-------+----------------+--+---------------+
| | | | | | | US$ | | US$ |
+--+---+---------------------+--------+--------+-------+----------------+--+---------------+
| | | | | | | | | |
+--+---+---------------------+--------+--------+-------+----------------+--+---------------+
| Operating Activities | | | | | | |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Net (decrease)/ increase in net assets resulting | (5,907,780) | | 16,067,638 |
| from operations | | | |
+------------------------------------------------------+----------------+--+---------------+
| Adjustment to reconcile net increase in net assets | | | |
| resulting from operations to net cash and cash | | | |
| equivalents (used in)/generated from operating | | | |
| activities: | | | |
+------------------------------------------------------+----------------+--+---------------+
| Other foreign exchange | | | | (2,479,901) | | 120,228 |
| movement | | | | | | |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Net realised gain on | | | | (21,259,000) | | - |
| investments | | | | | | |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Net unrealised depreciation of | | | 24,398,803 | | (18,633,692) |
| investments | | | | | |
+-------------------------------------+--------+-------+----------------+--+---------------+
| Decrease in dividend | | | | 1,321,045 | | - |
| receivables | | | | | | |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Increase in other | | | | (24,030) | | (1,362,917) |
| receivables | | | | | | |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Decrease in murabaha | | | | 24,716,973 | | - |
| receivables | | | | | | |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Movement in impairment of murabaha | | 298,718 | | - |
| receivables | | | | |
+----------------------------------------------+-------+----------------+--+---------------+
| Decrease in directors' | | | | (131,534) | | - |
| fees payable | | | | | | |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Increase in management fees payable | | | 71,655 | | - |
+-------------------------------------+--------+-------+----------------+--+---------------+
| (Decrease)/increase in other | | | (479,640) | | 5,710,455 |
| payables | | | | | |
+-------------------------------------+--------+-------+----------------+--+---------------+
| Purchase of investments | | | | (4,117,357) | | (234,528,293) |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Net cash and cash equivalents (used | | | | |
| in)/generated from | | | | |
+----------------------------------------------+-------+----------------+--+---------------+
| operating activities | | | | 16,407,952 | | (232,626,581) |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Financing Activities | | | | | | |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Loan proceeds | | | | - | | 8,949,303 |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Net proceeds from shares | | | | - | | 497,623,330 |
| issued | | | | | | |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| | | | | | | - | | 506,572,633 |
+--+---+---------------------+--------+--------+-------+----------------+--+---------------+
| | | | | | | | | |
+--+---+---------------------+--------+--------+-------+----------------+--+---------------+
| Net increase in cash and cash | | | 16,407,952 | | 273,946,052 |
| equivalents | | | | | |
+-------------------------------------+--------+-------+----------------+--+---------------+
| Cash and cash equivalents at | | | 145,085,939 | | - |
| beginning of period | | | | | |
+-------------------------------------+--------+-------+----------------+--+---------------+
| Foreign exchange movements | | | | 2,479,901 | | (120,228) |
+----------------------------+--------+--------+-------+----------------+--+---------------+
| Cash and cash equivalents at end of | | | 163,973,792 | | 273,825,824 |
| period | | | | | |
+-------------------------------------+--------+-------+----------------+--+---------------+
| | | | | | | | | |
+--+---+---------------------+--------+--------+-------+----------------+--+---------------+
Notes
1. Accounting policies
The Company's financial statements have been prepared in conformity
with accounting principles generally acceptable in the United States of
America ("US GAAP").
2. Status of preliminary announcement
The financial information set out in this preliminary announcement does not
constitute the Company's statutory financial statements for the six months
period ended 30 September 2009. The financial information for the period ended
30 September 2009 is derived from the statutory financial statements for that
period.
The statutory financial statements for the period ended 30 September 2009 will
be finalised on the basis of the information presented by the Directors in this
preliminary announcement following the approval of the financial statements by
the Board of Directors. Whilst the financial information included in this
preliminary announcement has been computed in conformity with US GAAP, this
announcement does not in itself contain sufficient information to comply with US
GAAP. The Company expects to publish full financial statements that comply with
US GAAP following the approval of the financial statements by the Board of
Directors.
For Global Mena Financial Assets Limited
HSBC Securities Services (Guernsey) Limited, Secretary
23 November 2009
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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