Half-yearly Report -4-
November 27 2009 - 11:48AM
UK Regulatory
of the Company. The amounts paid to the Investment Manager are disclosed in
note 5.
12. Annual continuation vote
The Articles of Association provide for shareholders to vote for the
continuation of the Company at each Annual General Meeting. While the Directors
do not think it is likely, it is possible that the shareholders might vote
against the continuation of the Company. Furthermore, should the continuation
vote not be passed, the illiquid nature of some of the Company's investments
means that it is likely to take a considerable length of time to dispose of the
portfolio in its entirety.
Through the Investment Manager, the Company's stockbroker and its investor
relations advisers, the Board ensures that excellent communication regarding
the Company's performance and long-term direction is maintained with major
shareholders, whose opinions are duly considered by the Board.
13. Financial information
The financial information contained in this report does not constitute full
statutory accounts as defined in section 434 of the Companies Act 2006. The
comparative financial information for the six months ended 30 September 2008
does not constitute full statutory accounts as defined in section 240 of the
Companies Act 1985. The financial information for the six months ended 30
September 2009 and 30 September 2008 has not been audited or reviewed by the
Company's auditors.
The information for the year ended 31 March 2009 has been extracted from the
latest published audited accounts. Those accounts have been filed with the
Registrar of Companies and include the report of the auditors which was
unqualified and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.
Investment portfolio
as at 30 September 2009
Sector Book Marketvalue % of
cost net
US$'000 assets
US$'000 GBP'000
Corporate investment
US unlisted convertible
debentures
iLinc Communications Technology services 500 500 313 0.57
Petrohunter Oil and gas 2,000 1,100 688 1.24
exploration
Pipeline Data Business services 1,500 1,707 1,067 1.93
Total US unlisted 4,000 3,307 2,068 3.74
convertible debentures
US unlisted convertible
preference shares
Anchorfree Wireless 2,500 2,126 1,329 2.40
communications
China Greenscape Co., Ltd Forestry 3,250 3,250 2,032 3.67
development &
cultivation
Healthaxis Business services 2,500 211 132 0.24
HeySpace International Social networking 2,750 2,314 1,447 2.61
iLinc Communications Technology services 200 58 36 0.07
Integrated Security Systems Security services 75 1 1 0.00
Ronco Corporation Consumer products 1,061 8 5 0.01
Total US unlisted 12,336 7,968 4,982 9.00
convertible preference
shares
US unlisted equities
Asian Financial Industrial 2,250 2,250 1,407 2.54
machinery
Business Process Business services 20 80 50 0.09
Outsourcing
Murdoch Security & Security products 1,250 1,344 840 1.52
Investigations
Total unlisted equities 3,520 3,674 2,297 4.15
US unlisted warrants
Asian Financial Industrial - 26 16 0.03
machinery
Cover-All Technologies Information - 43 27 0.05
technology
Murdoch Security & Security products - 115 72 0.13
Investigations
SinoHub, Inc. Electronic - 929 581 1.05
components
Totalunlisted warrants - 1,113 696 1.26
Canadian listed equities
Dejour Enterprises Oil and gas 668 352 220 0.40
services
Hanwei Energy Services Oil and gas 926 571 357 0.65
services
Points International Internet software 1,506 1,010 632 1.14
Total Canadian listed 3,100 1,933 1,209 2.19
equities
US listed equities
Alliance Healthcard Consumer services 3,270 560 350 0.63
AuraSound Technology 2,000 360 225 0.41
Bovie Medical Corporation Healthcare services 2,036 7,459 4,663 8.43
CaminoSoft Corporation Network storage 4,082 15 9 0.02
ChinaCast Education e-Learning 999 2,792 1,746 3.16
China-Biotics Biotechnology 250 1,476 923 1.67
CNC Development Ltd City planning and 3,000 2,985 1,866 3.37
infrastructure
development
Cogo Information 1,083 1,836 1,148 2.07
technology
Cover-All Technologies Information 3,465 7,269 4,545 8.21
technology
Dyadic International Pharmaceuticals & 750 70 44 0.08
biotechnology
Dynamic Green Energy Solar energy 4,000 3,221 2,014 3.64
Fushi Copperweld, Inc. Industrial 1,650 4,675 2,923 5.28
manufacturing
Geos Communications Telecommunications 761 185 116 0.21
Global Axcess Commercial services 1,821 1,243 777 1.40
Global Sources Commercial services 1,368 756 473 0.85
Hallmark Finance Services Insurance services 1,235 844 528 0.95
Hambrecht Asia Electronic 1,000 956 598 1.08
equipment
Hemobiotech Biotechnology 1,971 556 348 0.63
Hollysys Automation Electronic 2,637 4,272 2,670 4.83
Technologies equipment
Ideation Acquisition Electronic 1,562 1,574 984 1.78
Technologies equipment
iLinc Communications Internet 62 14 9 0.02
applications
software
Integrated Security Systems Security products 9,262 1,194 747 1.35
Merriman Financial services 1,922 622 386 0.70
Narrowstep Internet software 2,000 8 5 0.01
OmniVision Technologies Information 1,036 1,628 1,018 1.84
technology
Riptide Worldwide Software 1,148 5 3 0.01
Shengtai Pharmaceutical Pharmaceuticals 1,345 594 371 0.67
Silverleaf Resorts Travel and leisure 1,528 533 333 0.60
SinoHub, Inc. Business services 2,000 4,588 2,869 5.18
SkyStar Bio-Pharmaceutical Pharmaceuticals & 2,277 4,571 2,858 5.16
biotechnology
Vertical Branding Marketing and 1,500 155 97 0.17
distribution
Wonder Auto Technology Automobile parts 750 2,925 1,829 3.31
Zhongpin, Inc. Food processing 2,747 9,564 5,980 10.81
Total US listed equities 66,517 69,505 43,458 78.53
Total corporate investments 89,473 87,500 54,710 98.87
Net current assets 1,001 626 1.13
Total net assets 88,501 55,336 100.00
Company information
Directors Custodian (USA)
Ernest J Fenton (Chairman, UK) Frost National Bank
G Russell Cleveland (USA) 8201 Preston Road
Andrew C Barker (UK) Suite 540
Steven A R Bates (UK) Dallas, Texas
William W Vanderfelt USA
(Switzerland)
Secretary and registered office Stockbroker
Capita Sinclair Henderson Winterflood Investment
Limited Trusts
(trading as "Capita Financial The Atrium Building
Group - Specialist
Fund Services") Cannon Bridge
Beaufort House 25 Dowgate Hill
51 New North Road London EC4R 2GA
Exeter EX4 4EP
Tel: 01392 412122
Fax: 01392 253282 Auditor
KPMG Audit Plc
Corporate-Website Chartered Accounts
www.renaissanceusgrowth.co.uk 100 Temple Street
Bristol BS1 6AG
Investment Manager
RENN Capital Group, Inc. Registrars
Suite 210 LB59 Capita Registrars
8080 North Central Expressway Northern House
Dallas, Texas 75206-1857 Woodsome Park
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