WEISS
KOREA OPPORTUNITY FUND LTD.
LEI
213800GXKGJVWN3BF511
(Classified
Regulated Information, under DTR 6 Annex 1 section 1.1)
HALF-YEARLY
FINANCIAL REPORT AND UNAUDITED FINANCIAL
STATEMENTS
FOR THE
PERIOD ENDED 30 JUNE
2024
Weiss Korea
Opportunity Fund Ltd. (the "Company" or "WKOF") has today, released
its Half-yearly Financial Report for the period ended 30 June 2024. The Report will shortly be
available for inspection via the Company's website
www.weisskoreaopportunityfund.com.
Company
Performance
Performance
Summary
|
As
at
|
As
at
|
|
30
June 2024
|
31
December
2023
|
|
£
|
£
|
Total
Net
Assets
|
122,617,033
|
116,849,704
|
Net
Asset
Value ("NAV")
Per
Share
|
1.77
|
1.69
|
Mid-Market
Share
Price
|
1.66
|
1.68
|
Financial
Highlights
|
Six
months to
30
June 2024
|
Since
inception
|
NAV
Return
|
6.4%
|
129.1%
|
Benchmark
Return
|
1.8%
|
76.4%
|
|
|
|
|
As
at
30
June 2024
|
As
at
31
December
2023
|
Portfolio
Discount*
|
49.9%
|
49.7%
|
Share
Price
Discount
|
(6.2%)
|
(0.4%)
|
Fund
Dividend
Yield
|
3.1%
|
3.2%
|
Average
Trailing
12-Month
P/E
Ratio
of
Preference
Shares
Held
|
7.3x
|
4.8x
|
P/B
Ratio
of
Preference
Shares
Held
|
0.3
|
0.3
|
Annualised
Total
Expense
Ratio
|
2.1%
|
2.1%
|
*Portfolio
Discount
The
portfolio discount represents the discount of WKOF's actual NAV to
the value of what the NAV would be if WKOF held the respective
common shares of issuers rather than preference shares on a
one-to-one basis.
As
at close of business on 20 September
2024, the latest published NAV per Share was £1.63 and the
Share Price was £1.57.
Chair's
Report
For the
period ended 30 June
2024
Investment
Performance
I
am pleased to report that during the period from 1 January 2024 to 30 June
2024, WKOF's NAV in pounds Sterling ("GBP") increased by
6.4%, including reinvested dividends, out-performing the reference
MSCI South Korea 25/50 Net Total Return Index (the "Korea Index")
by 4.6%. Since the admission of WKOF to AIM in May 2013, NAV has increased by 129.1%, including
reinvested dividends, compared to the Korea Index returns of 76.4%,
a cumulative outperformance of 52.7% since inception.
Dividend
The
Directors declared an interim dividend of 5.1851 pence per share on 14 May 2024, equating to a 3.1% net dividend
yield over the past 12 months, to distribute the income received by
WKOF in respect of the year ended 31
December 2023. This dividend was paid to all Shareholders on
24 June 2024.
Share
Buybacks
The
Board is also authorised to repurchase up to 40% of WKOF's
outstanding Ordinary Shares in issue as of 30 June 2024. To date, WKOF has repurchased 12.6%
of Ordinary Shares issued at admission and continues to have the
intention to repurchase shares if they trade at a significant
discount to NAV in the future. The share price was generally in
line with NAV but traded at a slight discount over the
period. We
will also keep shareholders informed of any share repurchases
through public announcements.
Realisation
Opportunity
WKOF offers
shareholders the regular opportunity to elect to realise all, or a
part, of their shareholding in WKOF (the "Realisation Opportunity")
once every two years, on the anniversary of WKOF's admission date,
with the next Realisation Opportunity taking place in May 2025.
Your
Investment Manager
Shareholders
have been fortunate to have access to Weiss Asset Management
("WAM") as their investment managers since launch. WKOF remains the
only listed vehicle that your Investment Manager runs and, despite
best efforts to grow the fund, it remains only a small part of the
$2.7 billion of WAM's assets under
management. Your
Board and your Investment Manager continue to review the challenges
and opportunities associated with this situation.
Promotion
of the Company
Through Singer
Capital Markets ("Singers"), the Company continues its established
investor relations and marketing outreach to wealth managers,
institutions and private clients. With regards to retail
shareholders, either direct or through platforms, meaningful
engagement continues to prove challenging. Your Board continues to
review the Company's ability to grow and attract new shareholders,
as well as monitoring how it represents value for money for all
shareholders.
Outlook
Whilst WKOF was
not immune to the significant market gyrations of recent weeks, the
`Corporate Value-Up Programme' in Korea has provided support for
WKOF's investment thesis: that improved corporate governance in
Korean companies would help close the discount between their
preference shares and their ordinary shares.
However, the
extent to which governance improvements will be adopted by
companies and enforced by the government is difficult to gauge
currently. As your Investment Manager explains, in the coming weeks
and months they should have a better understanding of the extent to
which these governance improvements are real and what their impact
on WKOF might be, and the Board will keep developments in this
regard under review.
I
look forward to communicating with you about WKOF's activities in
the future. If any Shareholders wish to speak with the Board,
please contact Singers, and we will be happy to answer any
questions you may have.
Krishna Shanmuganathan
Chair
23 September 2024
Investment
Manager's Report
For the
period ended 30 June
2024
WKOF
Performance Attribution
At
the end of June 2024, WKOF held a
portfolio of 32 South Korean preference shares. As a reminder, the
economic rights of South Korean preference shares are generally the
same or slightly better than the corresponding common shares, yet
the preference shares often trade at substantial discounts to the
common shares. WKOF's returns, on a currency-neutral basis, are
driven by five primary factors:
-
The
performance of the Korean equity market generally as indicated by
the Korea Index;
-
The
discounts of the preference shares WKOF holds narrowing or widening
relative to their corresponding common shares;
-
The
performance of the common shares (which correspond to the
preference shares held by WKOF) relative to the performance of the
Korean equity market;
-
Excess dividend
yields of the preference shares held by WKOF; and
-
Fees, expenses
and other factors.
In
order to compare WKOF's relative return to the Korea Index, we
report the attribution of these aforementioned factors to WKOF's
performance. The following table provides this performance
attribution for the last 12 months and for the period since the
inception of WKOF in May 2013 to
30 June 2024.
Performance
Attribution Table
Return Component
|
Year-to-Date
|
Last 12 Months
|
Since Inception
|
The Korea
Index
|
1.8%
|
9.6%
|
76.4%
|
Discount
Narrowing of Preferred Shares
|
5.1%
|
5.2%
|
72.1%
|
WKOF
common Shares vs the Korea Index
|
0.6%
|
-8.6%
|
-32.5%
|
Excess Dividend
Yield of Preferred Shares Owned
|
1.3%
|
1.5%
|
14.3%
|
Fees, Expenses
and Others
|
-2.4%
|
-1.9%
|
-1.2%
|
NAV
Performance
|
6.4%
|
5.8%
|
129.1%
|
WKOF's
investment thesis at inception was based on the likelihood that
WKOF's NAV would perform well, largely due to (i) decreases in the
large discounts of the preference shares held by WKOF relative to
their corresponding common shares and (ii) the related excess
dividend yields caused by these large discounts. This has, indeed,
generally been the case as these two factors have collectively been
the main contributors to WKOF's outperformance relative to the
Korea Index since inception. At present, we continue to remain
confident in both of these theses.
In
September 2013, shortly after
inception, the preference shares held by WKOF traded at a 55.5%
discount to their corresponding common shares and the dividend
yield was 1.7%. As at 30 June 2024,
the discount and dividend yield were 49.9% and 3.1%, respectively.
We are focussed on returns since inception because we believe that
due to high levels of idiosyncratic volatility, any data that is
gathered over a one-year period is unlikely to be a reliable guide
for future performance.
Review
of the Korean Macro Environment
In
May, the OECD increased its projected 2024 GDP growth rate for
Korea from 2.2% (as of February) to 2.6%. President Yoon announced
a 26 trillion KRW programme to
further support the semiconductor industry, which has been a key
driver of export growth. The OECD also revised its inflation
forecast for Korea, expecting inflation to cool from 5% to under 3%
during 2024. Should inflation ease, the Bank of Korea could reduce
its policy rate over time which could have a meaningful impact on
the Korean consumer, as household debt remains at close to 99% of
GDP as of the first quarter of 2024 (the highest of 34 countries
listed in a study by the Institute for International Finance).
However, the Bank of Korea announced in May it was delaying policy
rate cuts due to the more recent weakness of the won relative to
the US dollar and the wide interest rate gap between the two
countries.
Throughout the
first half of 2024, North Korea
continued to engage in hostile acts towards South Korea. As previously noted in the 2023
Annual Report, news articles have reported on North Korea's increasingly aggressive actions,
including conducting strategic cruise missile tests for "a
super-large warhead", as well as launching approximately 1,600
trash-filled balloons toward South
Korea, which has recently led to a temporary suspension of
international air travel over the Korean peninsula. Foreign policy
experts have acknowledged the heightened tension and animosity in
the region, even though missile tests, military drills, and
rhetorical provocations are "nothing new" in North Korea. Over the years, the patterns for
tit-for-tat exchanges between the Koreas have been well documented,
and we expect North Korea to
continue its current aggressive behaviour and South Korea to respond with its military
drills near the border or even threats to develop an indigenous
nuclear programme at least until the
United States presidential elections later this year. With
plentiful reasons for caution, WKOF continues to maintain a higher
exposure in Korean sovereign Credit Default Swaps ("CDS")
protection compared to prior years.
Index Name
|
P/E Ratio
|
P/B Ratio
|
Dividend Yield
|
Nifty Index
(India)
|
23.1
|
3.9
|
1.2%
|
S&P 500
(US)
|
26.4
|
4.9
|
1.3%
|
Nikkei 225
(Japan)
|
23.5
|
2.1
|
1.6%
|
FTSE 100
(UK)
|
13.1
|
1.9
|
4.0%
|
Shanghai
Composite (China)
|
11.8
|
1.2
|
2.9%
|
Hang Seng Index
(HK)
|
9.5
|
1.0
|
4.4%
|
TAIEX
(Taiwan)
|
21.8
|
2.6
|
2.4%
|
KOSPI
200 (S. Korea)
|
14.0
|
1.0
|
1.8%
|
WKOF
Portfolio Holdings
|
5.7
|
0.4
|
3.6%
|
Korean equities
and the portfolio holdings of WKOF continue to offer apparent
valuation discounts relative to other countries' equity markets as
represented by the price-to-earnings ratios ("P/E ratios") and
price-to-book ratios ("P/B ratios") listed above.
As
previously discussed, WKOF's current portfolio discount, calculated
as the weighted average discount of the preference shares owned by
WKOF relative to the prices of such preference shares'
corresponding common shares, was 49.9%. In addition, the KOSPI 200
has depressed valuation multiples as shown in the table above
relative to the average of other major indices.
Korean
Corporate Governance and Portfolio Discussion
In
the 2023 Annual Report, we discussed the potential impact of the
Corporate Value-Up Programme ("CVUP") that was first announced in
February 2024. We cautiously
expressed our optimism that South
Korea could gradually improve its corporate governance
standards, which could lead to a positive response in the equity
market, similar to recent developments in Japan.
Additional
information was announced during March
2024, including possible changes to the Stewardship Code for
the first time in seven years and the reduction of tax burdens on
companies that increase shareholder returns through dividend
payments or share buybacks. However, in April, the Democratic Party
won a majority of the 300 seats in the National Assembly, the
national legislature of South
Korea, with a 67% voter turnout, the highest voter turnout
in 32 years. As the opposition party, this implies a higher
likelihood that future tax cuts on inheritance and corporate income
may not pass the legislative body, as the opposition party could
perceive these tax cuts as favouring the wealthy, which would be
unpopular among their constituents.
In
May, a more detailed version of the CVUP was announced, but it
lacked specifics and made adherence to the programme voluntary. In
summary, it states that companies should voluntarily disclose on an
annual basis the actions they plan to take to improve minority
shareholder returns and corporate governance standards. Some of the
examples provided included plans for treasury stock cancellation,
dividend and share repurchases, disclosures over potential
conflicts of interest, and reporting quantifiable metrics relative
to competitors in their industry.
Since June,
some additional and more specific announcements have been made
which could benefit shareholders:
-
A
more detailed tax benefit plan was released, which includes a tax
credit of up to 5% of the increase in shareholder
return.
-
The
Financial Services Commission ("FSC") proposed a new rule requiring
companies with more than 5% of their outstanding stock in treasury
to provide additional disclosures about the purpose and intent of
these holdings. In the past, minority investors have been
negatively impacted by South Korean companies' use of outstanding
treasury shares to opportunistically dilute minority
shareholders.
-
The
nominee for the head of the FSC, Korea's top regulator, advocated
scrapping a plan to increase capital gains taxes. Investors are
concerned about the potential for an increase in the capital gains
tax from 20% to 25% when the annual return from a financial
investment is greater than 300 million
won. The implementation of this tax has been postponed for
two years but is currently scheduled for January 1, 2025. While President Yoon Suk Yeol is in favour of eliminating or
deferring the increased tax, Representative Jin Sung-joon who leads the policy committee for
the opposition party, has stated it should be implemented as
scheduled.
-
The
FSC Governor called for expanding the scope of a board of
directors' fiduciary duty to include shareholders (rather than just
the company).
Until more
details are known, it is challenging to determine the potential
effectiveness of the CVUP and its impact on the market. Despite the
uncertainty, we think that by the end of the year, investors will
most likely have additional clarity on the direction of corporate
governance improvements and react accordingly.
During the
first half of 2024, we reduced WKOF's exposure to Hyundai Motors
("HMC") from approximately 22% at the end of 2023 to 10% as of the
end of June 2024. This change in the
portfolio was motivated by HMC's discount compression from
approximately a 44% to 38% discount during the period, as well as
the availability of deeper discounts available in other South
Korean preference shares.
After reducing
exposure to LG Chem's preference shares throughout 2023, HMC was
WKOF's largest position at the end of 2023. In last year's Half
Yearly report, we discussed the improved corporate governance from
HMC's management in terms of shareholder returns and the cheapness
of the preference shares expressed in a forward dividend yield of
nearly 9%. During the first quarter of this year, market observers
highlighted HMC as one of the main beneficiaries of CVUP due to its
depressed valuations and potential catalysts for improvement.
During the same period, we also observed increased market interest
in HMC's preference shares in the media and among foreign
investors. For instance, foreign investors increased their holdings
of HMC's preference shares by approximately 200 million GBP in the first fiscal quarter of
2024.
Regular readers
of our investment manager reports and monthly factsheets are likely
to be familiar with our portfolio rebalancing strategy. WKOF
deliberately rotates from narrower to wider discount preference
shares to offer a portfolio with larger average portfolio discounts
to our investors. The existence of wider discounts in the
preference share universe, such as LG Electronics preference shares
at greater than 55% discount and Amorepacific Corp at greater than
70% discount, caused us to materially reduce HMC's portfolio
weight. However, a by-product of this approach may result in
higher-than-expected holdings in cash or securities held as cash
replacements (such as a Korean index ETF) when there is not
matching liquidity in the positions that we are exiting and
entering. As a result, the Samsung KODEX 200 ETF, which tracks the
local KOSPI 200 index, peaked at 17% of NAV but has been reduced to
under 10% as of July 2024.
Hedging
WKOF pursues
its investment strategy with a portfolio that is generally
long-only. However, as further described in WKOF's Annual Report
and Audited Financial Statements for the year ended 31 December 2017 and in subsequent Annual
Reports, the Board approved a hedging strategy intended to reduce
exposure to extreme events that would negatively affect
Shareholders' Investments in WKOF because of political tensions in
Northeast Asia.
WKOF has
limited its use of hedging instruments to purchases of CDS and put
options on the MSCI Korea 25/50 Index, securities we believe would
generate high returns if Korea experienced geopolitical disaster,
and do not introduce material new risks into the portfolio. These
catastrophe hedges are not expected to make money in most states of
the world. We expect that, as with any insurance policy, WKOF's
hedges will lose money most of the time.
The
table below provides details about the hedges as of 30 June 2024. Note that outside of the general
market and portfolio hedges described herein, WKOF has generally
not hedged interest rates or currencies.
CDS
Notional Amount (GBP)
|
Cost
Paid as a % of Notional Value per Annum
(Spread)
|
Expiration
Date
|
79,104,530
|
0.245%
|
20/06/2025
|
Concluding
Remarks
We
wish to again express our thanks to our long-term shareholders for
their patience. We continue to remain disciplined and focussed on
attempting to capitalise on a rare economic anomaly in the form of
Korean preference shares trading at steep discounts to the
corresponding common shares despite largely equivalent economic
rights. Whilst we believe more information about CVUP will be known
by the market over the coming months, it is difficult to determine
whether the CVUP will offer a clear path forward for valuation
rerating in South
Korea.
This rare
economic anomaly has also become more widely recognised, with more
investment options for investors to access the preference share
universe itself. In addition, the investable preference share
market has become smaller and less liquid as the discounts on
larger companies with more liquid preference shares have narrowed.
We are keeping a close eye on these developments - and their impact
on WKOF. We look forward to updating you again in the
future.
Weiss
Asset Management LP
23 September 2024
Statement of
Financial Position
As at
30 June 2024
|
As
at
30
June
|
As
at
31
December
|
2024
|
2023
|
(Unaudited)
|
(Audited)
|
|
|
£
|
£
|
Assets
|
|
|
|
Financial
assets
at
fair
value
through
profit
or
loss
|
|
120,543,997
|
112,427,879
|
Other
receivables
|
|
281,490
|
1,627,052
|
Margin
account
|
|
1,423,038
|
1,396,037
|
Cash
and
cash
equivalents
|
|
1,856,504
|
3,364,287
|
Total
assets
|
|
124,105,029
|
118,815,255
|
Liabilities
|
|
|
|
Derivative
financial
liabilities
|
|
568,698
|
903,381
|
Due
to
broker
|
|
254,449
|
271,189
|
Other
payables
|
|
664,849
|
790,981
|
Total
liabilities
|
|
1,487,996
|
1,965,551
|
Net
assets
|
|
122,617,033
|
116,849,704
|
Represented
by:
|
|
|
|
Shareholders'
equity
and
reserves
|
|
|
|
Share
capital
|
|
33,912,856
|
33,912,856
|
Other
reserves
|
|
88,704,177
|
82,936,848
|
Total
Shareholders'
equity
|
|
122,617,033
|
116,849,704
|
Net
Assets
Value
per
Ordinary
Share
|
|
1.7702
|
1.6870
|
The
Financial Statements were approved and authorised for issue by the
Board of Directors on 23 September
2024.
Krishna Shanmuganathan Gill
Morris
Chair Audit
and Risk Committee Chair
Statement
of Comprehensive Income
For the
period ended 30 June
2024
|
|
|
For the
period ended
30
June
2024
(Unaudited)
£
|
For the
period ended
30
June
2023
(Unaudited)
£
|
Income
|
|
|
|
|
Net
changes in fair value of financial assets at fair value through
profit or loss
|
|
|
8,955,523
|
(1,851,203)
|
Net
changes
in
fair
value
of
derivative
financial
instruments
through
profit
or
loss
|
|
|
334,628
|
36,181
|
Net
foreign
currency
losses
|
|
|
(317,329)
|
(486,385)
|
Dividend
income
|
|
|
2,945,724
|
392,104
|
Bank
interest
income
|
|
|
2,788
|
9,801
|
Total
income/(loss)
|
|
|
11,921,334
|
(1,899,502)
|
Expenses
|
|
|
|
|
Operating
expenses
|
|
|
(1,915,084)
|
(1,947,468)
|
Total
operating
expenses
|
|
|
(1,915,084)
|
(1,947,468)
|
Profit/(loss)
for
the
period
before
dividend
withholding
tax
|
|
|
10,006,250
|
(3,846,970)
|
Dividend
withholding
tax
|
|
|
(647,437)
|
(86,263)
|
Profit/(loss)
for
the
period
after
dividend
withholding
tax
|
|
|
9,358,813
|
(3,933,233)
|
Profit/(loss)
and
total
comprehensive
income/(loss)
for
|
|
|
|
|
the
period
|
|
|
9,358,813
|
(3,933,233)
|
Basic
and
diluted
earnings/(loss)
per
Share
|
|
|
0.1351
|
(0.0568)
|
All
items derive from continuing activities.
Following
review of the AIC SORP and its impact on the Statement of
Comprehensive Income, the Board has decided not to follow the
recommended income and capital split. This is due to the fact that
the Company's dividend policy is not influenced by its expense
policy.
Statement of
Changes in Equity
For the
period ended 30 June
2024
For
the
period
ended
30
June
2024
(Unaudited)
|
|
Share capital
£
|
Other reserves
£
|
Total
£
|
Balance
as
at
1
January
2024
|
|
33,912,856
|
82,936,848
|
116,849,704
|
Total
comprehensive
income
for
the
period
|
|
-
|
9,358,813
|
9,358,813
|
Transactions
with
Shareholders,
recorded
directly
in
equity
Distributions
paid
|
|
-
|
(3,591,484)
|
(3,591,484)
|
Balance
as
at
30
June
2024
|
|
33,912,856
|
88,704,177
|
122,617,033
|
|
|
Share capital
|
Other reserves
|
Total
|
For
the
period
ended
30
June
2023
(Unaudited)
|
|
£
|
£
|
£
|
|
|
|
|
|
Balance
as
at
1
January
2023
|
|
33,986,846
|
93,093,647
|
127,080,493
|
Total
comprehensive
loss
for
the
period
|
|
-
|
(3,933,233)
|
(3,933,233)
|
Transactions
with
Shareholders,
recorded
directly
in
equity
Purchase
of Realisation
Shares
|
|
(73,990)
|
-
|
(73,990)
|
Distributions
paid
|
|
-
|
(3,709,107)
|
(3,709,107)
|
Balance
as
at
30
June
2023
|
|
33,912,856
|
85,451,307
|
119,364,163
|
Statement
of Cash Flows
For the
period ended 30 June
2024
|
For
the
period
|
For
the
period
|
ended
30
June
2024
|
ended
30
June
2023
|
(Unaudited)
|
(Unaudited)
|
|
|
£
|
£
|
Cash
flows
from
operating
activities
|
|
|
|
Profit/(loss)
and
total
comprehensive
income/(loss)
for
the
period
|
|
9,358,813
|
(3,933,233)
|
Adjustments
for:
|
|
|
|
Net
change
in
fair
value
of
financial
assets
held
at
fair
value
|
|
|
|
through
profit
or
loss
|
|
(8,955,523)
|
1,851,203
|
Exchange
losses
on
cash
and
cash
equivalents
Net
change
in
fair
value
of
derivative
financial
instruments
held
|
|
557,166
|
1,147,298
|
at
fair
value
through
profit
or
loss
|
|
(334,628)
|
(36,181)
|
Increase
in
receivables
excluding
dividends
|
|
(13,594)
|
(18,444)
|
Increase
in
other
payables
excluding
withholding
tax
|
|
172,882
|
92,894
|
Dividend
income
|
|
(2,298,287)
|
(305,841)
|
Dividend
received
|
|
3,358,429
|
3,626,410
|
Purchase
of
financial
assets
at
fair
value
through
profit
or
loss
|
|
(39,218,509)
|
(9,766,020)
|
Proceeds
from
the
sale
of
financial
assets
at
fair
value
through
|
|
|
|
profit
or
loss
|
|
40,041,173
|
10,921,807
|
Net
cash
generated
from
operating
activities
|
|
2,667,922
|
3,579,893
|
Cash
flows
from
investing
activities
|
|
|
|
Opening
of
derivative
financial
instruments
|
|
87
|
20
|
Closure
of
derivative
financial
instruments
|
|
(141)
|
-
|
(Increase)/decrease
in
margin
account
|
|
(27,001)
|
1,014,745
|
Net
cash
(used in)/generated
from
investing
activities
|
|
(27,055)
|
1,014,765
|
Cash
flows
from
financing
activities
|
|
|
|
Repurchase
of
realisation
Shares
|
|
-
|
(73,990)
|
Distributions
paid
|
|
(3,591,484)
|
(3,709,107)
|
Net
cash
used
in
financing
activities
|
|
(3,591,484)
|
(3,783,097)
|
Net
(decrease)/ increase
in
cash
and
cash
equivalents
|
|
(950,617)
|
811,561
|
Exchange
losses
on
cash
and
cash
equivalents
|
|
(557,166)
|
(1,147,298)
|
Cash
and
cash
equivalents
at
the
beginning
of
the
period
|
|
3,364,287
|
2,890,620
|
Cash
and
cash
equivalents
at
the
end
of
the
period
|
|
1,856,504
|
2,554,883
|
For
further information, please contact:
Singer
Capital Markets Limited
James Maxwell/
James Fischer - Nominated Adviser
James Waterlow
- Sales
|
+44
20 7496 3000
|
Northern Trust International Fund
Administration Services
(Guernsey)
Limited
Company
secretary
|
+44
1481 745001
|