TIDMGMFA
RNS Number : 7173W
Global MENA Financial Assets Ltd
31 July 2009
STOCK EXCHANGE ANNOUNCEMENT
ANNUAL REPORT
Global MENA Financial Assets Limited (the "Company") has today, in accordance
with DTR 6.3.5, released its Annual Report and Audited Consolidated Financial
Statements ("Annual Report") for the period from incorporation on 2 June 2008 to
31 March 2009. The Annual 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 Annual Report will also be available from the Company's website www.gmfa.com
from 3 August 2009.
The Annual Report gives notice to its Shareholders of this year's Annual
General Meeting, which will be held on 2 September 2009.
RESULTS
A summary of the results of the Company for the period from incorporation on 2
June 2008 to 31 March 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 31 |439,087,407 | 1.74 |(26,746,754) | (0.15) |(58,535,923) | (0.33) |
+-----------+-------------+-----------+--------------+--------------+--------------+------------+
| March | |(GBP1.21) | | | | |
| 2009 | | | | | | |
+-----------+-------------+-----------+--------------+--------------+--------------+------------+
CHAIRMAN'S REPORT
The first financial period of your company, Global MENA Financial Assets
Limited's (the "Company") operation has been extraordinarily difficult. From the
Company's launch on 18 July 2008 to 31 March 2009, net asset value ("NAV") has
risen by 14.77 per cent., from 105.6p to 121.2p. This performance has been
flattered by the weakness of sterling. In US dollar terms, NAV has fallen by
17.14 per cent., from US$2.10 to US$1.74. The share price has fallen from 103.5p
to 38.0p over the same time period, and the shares traded at a 68.6 per cent.
discount to NAV at 31 March 2009. The share price has significantly recovered
since 31 March 2009, moving up by 66 per cent. trading at 63p on 28 July 2009.
The Market
The Gulf region held up well in comparison with the rest of the world in the
early part of the financial year but started to fall dramatically in November
2008, and continued to be very weak until early March 2009. The MSCI Emerging
Markets Index fell by 38 per cent. over the period and the Gulf Co-operation
Council markets, as measured by the MSCI Arabian Index, fell 55 per cent.
Private equity funds went out of fashion and the average discount to NAV of
private equity funds quoted on the London Stock Exchange was 62 per cent. on 31
March 2009.
The Board continues to be concerned that the share price remains at a
significant discount to NAV, and has been considering ways of improving the
share price, in particular by undertaking a share buy-back programme which would
involve buying back shares into treasury. As Global Investment House K.S.C.C.
("Global") is a 29.99 per cent. shareholder in the Company, undertaking the
share buy-back programme would involve obtaining a waiver from the Panel on
Takeovers and Mergers in respect of the obligation that might otherwise arise
for Global to make a mandatory offer for the Company pursuant to Rule 9 of the
City Code on Takeovers and Mergers if its holding were to increase beyond 30 per
cent. as a result of the share repurchases. The Company is unable to make this
application at present due to Global's financial situation. It remains the
Company's intention to obtain a waiver from the Panel on Takeovers and Mergers
of the obligation to make an offer under Rule 9 once Global's financial
situation is clarified, and provided shareholder approval is obtained, to
undertake a share buy-back programme.
Following meetings with shareholders in the Gulf Region, the Board is examining
all options available for reducing the discount against net asset value.
The Portfolio
As at 31 March 2009, the underlying investments of the fund, comprising two
quoted companies and six unquoted companies, held up reasonably well, with their
aggregate value falling from US$272.3 million to US$193.3 million in US dollar
terms, since the launch. The Company's investment manager, Global Capital
Management Ltd. (the "Investment Manager") has reported that all portfolio
companies are trading reasonably well.
The Company's unlisted portfolio is valued every six months in accordance with
the guidelines established by the International Private Equity and Venture
Capital Association. The valuation in these accounts, which has been reviewed by
the Company's auditors, Ernst & Young LLP (the "Auditors"), includes a discount
of 40 per cent. to reflect the illiquidity of the shares of the unlisted
portfolio. This is the same level of discount as was applied to the valuation on
which the portfolio was acquired from Global and is considered to be very
conservative. The Audit Committee of the Company has carefully considered the
level of the discount and believes that it is appropriate given the state of
stock markets in the MENA region at the year end.
During the year the Company has announced the following transactions:
* Global granted the Company a put option over all the unlisted companies
comprised in the initial portfolio. The put option is exercisable for a period
of 30 days after the first anniversary of the Company's listing (which was on 18
July 2008). The Board has recently negotiated a deal with Global whereby Global
will pay the Company US$21.259 million in return for the cancellation of the put
option. As this is a related party transaction, it will need the approval of the
independent shareholders of the Company (i.e. shareholders other than Global and
its associates). A circular will be sent to shareholders dealing with this issue
shortly. The amount payable is due to be paid to the Company in cash in
September 2009. The directors intend to distribute this sum by way of a special
dividend once it is received. The put option is valued at US$21.259 million at
the balance sheet date.
* As announced on 17 June 2009, the Company, through its wholly-owned subsidiary
Financial Assets Bahrain W.L.L. ("FAB"), acquired a minority holding in Twenty
Third Project Management Company W.L.L. and consequently an indirect interest of
5 per cent. in Dar Al Tamleek Co. (also known as Saudi Housing Finance Company)
("Saudi Housing"), a mortgage finance company incorporated and based in the
Kingdom of Saudi Arabia, from Global. The cash consideration for the acquisition
was set off against a corresponding amount owing under the Islamic money market
instruments with Global and its subsidiaries (see below for further details).
* As announced on 3 April 2009 and 4 June 2009, the Company is currently in
negotiations with Global to acquire a further asset, the cash consideration for
which would be set off against a corresponding amount owing under the Islamic
money market instruments with Global and its subsidiaries (for further details
see below). There can be no certainty that agreement can be reached to acquire
this asset from Global, in which case the Company's exposure to Global under
these contracts will remain outstanding, therefore the directors have decided to
take a provision of 25 per cent. against the Global murabahas. The Company will
inform shareholders in respect of any material developments with respect to this
possible acquisition.
The Company's portfolio is held in the following manner:
+-------------------+-------------------+-------------------+-------------------+
| Investment | Cost as at 31 | Value as at 30 | Value as at 31 |
| | March 2009 | September 2008 | March 2009 |
+-------------------+-------------------+-------------------+-------------------+
| | US$m | US$m | US$m |
+-------------------+-------------------+-------------------+-------------------+
| Quoted | 91.5 | 83.0* | 85.8 |
| investments | | | |
+-------------------+-------------------+-------------------+-------------------+
| Unquoted | 148.7 | 170.2 | 107.4 |
| investments | | | |
+-------------------+-------------------+-------------------+-------------------+
| Put option | - | - | 21.3 |
+-------------------+-------------------+-------------------+-------------------+
| Cash and cash | - | 58.9 | 145.1 |
| equivalents | | | |
+-------------------+-------------------+-------------------+-------------------+
| Islamic money | - | 214.9 | 81.3 |
| market | | | |
| instruments | | | |
| (murabahas and | | | |
| wakalas) | | | |
+-------------------+-------------------+-------------------+-------------------+
| Total | | 527.0 | 440.9 |
+-------------------+-------------------+-------------------+-------------------+
* Excludes the rights issue of Bindar Trading and Investments, a portfolio
company, after 30 September 2008
Islamic Money Market Instruments
As at 31 March 2009, the Company held cash, deposited with HSBC, Citibank and
Standard Chartered Bank of US$145.1 million and Islamic money market instruments
in the form of agency agreements (wakalas) and murabahas with various entities:
Global and its subsidiaries, two Kuwaiti companies and one Jordanian company,
with an aggregate face value, gross of impairments, of US$107.2 million (see
Note 1 below) (plus profit).
(Note 1: At an exchange rate of US$3.43064:KD1.000 as at 31 March 2009 for the
Kuwaiti contracts and an exchange rate of US$1.41143:JOD1.000 as at 31 March
2009 for the Jordanian contract.)
In the unaudited non-statutory interim accounts as at 30 September 2008, cash
deposits of US$273.8 million were shown. Due to a misunderstanding between the
Company's service providers, Islamic money market instruments amounting to
US$140.0 million, which had been acquired in August 2008 with Global and its
subsidiaries, were recorded as cash at Bank of New York and shown in the
accounts as such, whereas the wakalas with two Kuwaiti companies of US$74.9
million were shown as foreign currency cash. Although this was a wrong
description, it did not affect the net asset value of the Company.
The Board was not aware that the Company and its subsidiaries (the "Group") had
entered into Islamic money market instruments until late December 2008.
Following this discovery, the Board engaged its Auditors to review the Group's
accounting entries so that the Board could be satisfied that the Group's
accounting records accurately reflected the Group's assets. In addition, the
Independent Directors gave instructions to the Investment Manager to seek the
immediate repayment of monies invested in murabaha arrangements, to terminate
all the murabaha arrangements, and not to enter into any further murabaha
arrangements or to agree revised terms without the Independent Directors'
approval.
At this time, the Board also learned that the Company, through its wholly-owned
subsidiary, FAB, had entered into a further three Islamic money market
instruments with Global, a substantial shareholder of the Company and the parent
company of the Investment Manager, and its subsidiaries, for an aggregate
principal amount of $47.8 million (plus profit). Subsequently, this amount was
reduced to US$34 million. The Board also learnt that the Company, through its
wholly-owned subsidiary, FAB, had entered into two Islamic money market
instruments with two Kuwaiti companies (other than Global) in August 2008, which
were later renewed in November and December 2008, on which Global acted as
Islamic financing agent, for a total principal amount of US$74.9 million (plus
profit) and an Islamic money market instrument was entered into with a Jordanian
company in December 2008 for a total principal amount of JD3.0 million (US$4.2
million) (plus profit).
Due to the conflicts of interest existing between the Company, its Investment
Manager and two of its directors (by virtue of their position within Global), a
committee comprising the independent directors of the Company was established at
the beginning of March 2009 to deal with all matters and business relating to
and arising out of the entry into of all of the Islamic money market instruments
(the "Murabaha Committee"). The Murabaha Committee, comprising John Hawkins and
me (joined by Terrence Allen and Kishore Dash when they became directors of the
Company in April 2009 and July 2009, respectively), has been working with the
Investment Manager and the Company's legal advisers, Ashurst LLP, on the
recovery of the amounts invested in the Islamic money market instruments.
The detail of the various murabaha investments is fully covered in the
Directors' Report and the Notes to the Financial Statements. The current
position in respect of the murabaha transactions entered into by the Company,
through its wholly-owned subsidiary FAB, is as follows:
+--------------------------+-------------------------+-------------------------+
| Company | Principal outstanding | Principal outstanding |
| | as at 31 March 2009 | as at 29 July 2009 |
+--------------------------+-------------------------+-------------------------+
| | US$m | US$m |
+--------------------------+-------------------------+-------------------------+
| Global | 47.8* | 34.0* |
+--------------------------+-------------------------+-------------------------+
| First Kuwaiti company | 23.2 | 12.7 |
+--------------------------+-------------------------+-------------------------+
| Second Kuwaiti company | 34.8* | 34.8* |
+--------------------------+-------------------------+-------------------------+
| Jordanian company | 1.5 | - |
+--------------------------+-------------------------+-------------------------+
| Total | 107.3 | 81.5 |
+--------------------------+-------------------------+-------------------------+
* As at 31 March 2009, the Company applied a provision of 25 per cent. or US$8.5
million in respect of the total amount currently outstanding under the Global
murabahas of US$34.0 million and 50 per cent. in relation to the total amount
outstanding under the murabaha with the second Kuwait company. At 31 March 2009,
the net amount after provision shown in the Company's financial statements due
from Global was US$39.3 million and US$17.4 million from the second Kuwaiti
company. Amounts at 29 July are at constant exchange rates.
The Board
In January 2009, Sayanta Basu resigned as a non-executive director of the
Company in order to devote full attention to his executive role within Dubai
Group.
On 22 April 2009, the Company announced the appointment of Terence Allen as an
independent non-executive director of the Company. Terence is currently the
managing director of Allied Investment Partners PJSC and Union National
Financial Consultancy LLC, and is a non-executive director of Al Salam Bank of
Bahrain, which is listed on the Bahrain Stock Exchange and the Dubai Financial
Market. He was formerly the head of investment banking at the National Bank of
Abu Dhabi. He is a member of the Audit Committee and has recently been
appointed to the Murabaha Committee, which is responsible for all matters
relating to the Islamic money market instruments entered into by the Company and
its subsidiaries.
On 9 July 2009 the Company announced the appointment of Kishore Dash as an
independent non-executive director as well as a member of the Audit Committee
and the Murabaha Committee. He has 24 years extensive experience in investment
banking, asset management and real estate and is presently establishing a new
investment company in Bahrain. Formerly Kishore was executive director of asset
management at Gulf Finance House, general manager of Investment Group at Al
Rajhi Bank and division head at Kuwait and Middle East Financial Investment
Company.
We welcome them both to the Board and believe that they will make a significant
contribution.
Corporate Governance
You will see from the Corporate Governance Report that a number of issues have
arisen during the year. The directors believe that the issues have been
satisfactorily addressed and that the appropriate internal controls and systems
are now in place. There is an issue as to whether or not murabahas were
permitted investments but the Board has clarified the position by restricting
the holding of cash to deposits with banks of high credit standing and with
strict exposure limits. The Board hopes that it will succeed in negotiating a
satisfactory recovery of the monies invested in these murabahas. The Board
recognises the importance of the continued co-operation of the Investment
Manager in attempting to recover the outstanding monies owed under these
arrangements.
Outlook
The recovery of the oil price and the stabilisation of real estate values in
much of the MENA region is leading to a marked improvement in investor
sentiment. We believe that, as we hold almost 50 per cent. of net assets in
cash, we are well placed to acquire further good investments at attractive
prices.
Richard Bernays
Chairman
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE ANNUAL FINANCIAL
REPORT
The Directors confirm to the best of their knowledge that:
i) the financial statements, prepared in accordance with the applicable
accounting standards, give a true and fair view of the assets, liabilities,
financial position and net loss of the Company;
ii) the financial statements are in accordance with US GAAP;
iii) the financial statements comply with any relevant enactment for the time
being in force;
iv) the Annual Report includes a fair review of the development and
performance of the business and the position of the Company, together with a
description of the principal risks and uncertainties that the Company faces; and
v) so far as each Director is aware, there is no relevant audit information of
which the Company's auditors are unaware, and each Director has taken all
reasonable steps he/she ought to have taken as Director to make himself/herself
aware of any relevant audit information and to establish that the Company's
auditors are aware of that information.
By order of the Board
Maha K. Al-Ghunaim John A. Hawkins
Director Director
31 July 2009
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
As at 31 MARCH 2009
+--+------------+--------------+--------+----------------+-------+----+--------------+
| | | | | | | | 31 March |
+--+------------+--------------+--------+----------------+-------+----+--------------+
| | | | | | | | 2009 |
+--+------------+--------------+--------+----------------+-------+----+--------------+
| | | | | | | | US$ |
+--+------------+--------------+--------+----------------+-------+----+--------------+
| | | | | | | | |
+--+------------+--------------+--------+----------------+-------+----+--------------+
| Assets | | | | | | |
+---------------+--------------+--------+----------------+-------+----+--------------+
| | | | |
+--------------------------------------------------------+-------+----+--------------+
| Investments at fair value (cost basis of | | | 214,512,266 |
| US$240,126,169) | | | |
+--------------------------------------------------------+-------+----+--------------+
| Cash and cash equivalents | | | | | 122,242,492 |
+------------------------------+--------+----------------+-------+----+--------------+
| Foreign currency cash | | | 22,843,447 |
+--------------------------------------------------------+-------+----+--------------+
| Murabaha and wakala | | | | | 81,311,154 |
| receivables | | | | | |
+------------------------------+--------+----------------+-------+----+--------------+
| Dividend receivable | | | | | 1,321,045 |
+------------------------------+--------+----------------+-------+----+--------------+
| Other | | | | | | 66,448 |
| receivables | | | | | | |
+---------------+--------------+--------+----------------+-------+----+--------------+
| | | | | | | | |
+--+------------+--------------+--------+----------------+-------+----+--------------+
| Total Assets | | | | | | 442,296,852 |
+---------------+--------------+--------+----------------+-------+----+--------------+
| | | | | | | | |
+--+------------+--------------+--------+----------------+-------+----+--------------+
| Liabilities and | | | | | |
| Shareholders' Equity | | | | | |
+------------------------------+--------+----------------+-------+----+--------------+
| Liabilities | | | | | | |
+---------------+--------------+--------+----------------+-------+----+--------------+
| Directors' fees payable | | | | | 175,164 |
+------------------------------+--------+----------------+-------+----+--------------+
| Management fees payable | | | | | 2,175,596 |
+------------------------------+--------+----------------+-------+----+--------------+
| Other | | | | | | 858,685 |
| payables | | | | | | |
+---------------+--------------+--------+----------------+-------+----+--------------+
| | | | | | | | |
+--+------------+--------------+--------+----------------+-------+----+--------------+
| Total | | | | | | 3,209,445 |
| Liabilities | | | | | | |
+---------------+--------------+--------+----------------+-------+----+--------------+
| Net Assets | | | | | | 439,087,407 |
+---------------+--------------+--------+----------------+-------+----+--------------+
| Net Assets consist of : | | | | | |
+------------------------------+--------+----------------+-------+----+--------------+
| Ordinary shares (no par value, authorised to issue | | | |
| unlimited | | | |
+--------------------------------------------------------+-------+----+--------------+
| | number of shares, 252,040,002 issued and | | | 497,623,330 |
| | outstanding) | | | |
+--+-----------------------------------------------------+-------+----+--------------+
| Accumulated deficit | | | | | (31,212,035) |
+------------------------------+--------+----------------+-------+----+--------------+
| Net unrealised depreciation of | | | | (25,613,903) |
| investments | | | | |
+---------------------------------------+----------------+-------+----+--------------+
| Net unrealised foreign currency | | | | (1,709,985) |
| depreciation | | | | |
+---------------------------------------+----------------+-------+----+--------------+
| | | | | | | | |
+--+------------+--------------+--------+----------------+-------+----+--------------+
| Net Assets | | | | | | 439,087,407 |
+---------------+--------------+--------+----------------+-------+----+--------------+
| | | | | | | | |
+--+------------+--------------+--------+----------------+-------+----+--------------+
| Net Asset Value per Share (in US | | | | 1.74 |
| Dollar) | | | | |
+---------------------------------------+----------------+-------+----+--------------+
| Net Asset Value per Share | | | | | 1.21 |
| (in Sterling) | | | | | |
+------------------------------+--------+----------------+-------+----+--------------+
| | | | | | | | |
+--+------------+--------------+--------+----------------+-------+----+--------------+
CONSOLIDATED STATEMENT OF OPERATIONS
For the period from incorporation on 2 June 2008 to 31 March 2009
+--+--------------+-----------+--------+----------+------------+----+---------------+
| | | | | | | | 2 June 2008 |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| | | | | | | | to |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| | | | | | | | 31 March |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| | | | | | | | 2009 |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| | | | | | | | US$ |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| | | | | | | | |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| Operating | | | | | | |
| Income | | | | | | |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Dividend income | | | | | | 1,319,900 |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Interest income | | | | | | 7,235,345 |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Total Operating Income | | | | | 8,555,245 |
+-----------------------------+--------+----------+------------+----+---------------+
| Operating | | | | | | |
| Expenses | | | | | | |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Administrator | | | | | | 750,177 |
| fees | | | | | | |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Audit fees | | | | | | 194,100 |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Commission fees | | | | | | 300,383 |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Directors fees | | | | | | 247,424 |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Legal and professional fees | | | | | 504,387 |
+-----------------------------+--------+----------+------------+----+---------------+
| Management fees | | | | | | 6,878,143 |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Organisation | | | | | | 271,164 |
| costs | | | | | | |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Miscellaneous expenses | | | | | 257,155 |
+-----------------------------+--------+----------+------------+----+---------------+
| Impairment of murabaha and wakala | | | | 25,899,066 |
| receivables | | | | |
+--------------------------------------+----------+------------+----+---------------+
| Total Operating Expenses | | | | | 35,301,999 |
+-----------------------------+--------+----------+------------+----+---------------+
| Net Operating | | | | | | (26,746,754) |
| Loss | | | | | | |
+-----------------+-----------+--------+----------+------------+----+---------------+
| | | | | | | | |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| Realised and Unrealised Gain (Loss) | | | | |
| from | | | | |
+--------------------------------------+----------+------------+----+---------------+
| Investments and Foreign | | | | | |
| Currency | | | | | |
+-----------------------------+--------+----------+------------+----+---------------+
| Net realised gain (loss) | | | | | |
| from: | | | | | |
+-----------------------------+--------+----------+------------+----+---------------+
| - Forward foreign currency | | | | | 778,087 |
| contracts | | | | | |
+-----------------------------+--------+----------+------------+----+---------------+
| - Other foreign currency | | | | | (5,243,368) |
+-----------------------------+--------+----------+------------+----+---------------+
| | | | | | | | (4,465,281) |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| Net increase in unrealised (depreciation) appreciation on: | | |
+--------------------------------------------------------------+----+---------------+
| Investments | | | | | | (46,872,903) |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Derivatives | | | | | | 21,259,000 |
+-----------------+-----------+--------+----------+------------+----+---------------+
| Other foreign currency | | | | | (1,709,985) |
+-----------------------------+--------+----------+------------+----+---------------+
| | | | | | | | (27,323,888) |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| Total Net Realised and Unrealised Loss | | | |
+-------------------------------------------------+------------+----+---------------+
| from Investments and Foreign | | | | (31,789,169) |
| Currency | | | | |
+--------------------------------------+----------+------------+----+---------------+
| | | | | | | | |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| Decrease in Net Assets Resulting from | | | (58,535,923) |
| Operations | | | |
+-------------------------------------------------+------------+----+---------------+
| | | | | | | | |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| Net Operating Loss per Share | | | | |
| (annualised): | | | | |
+--------------------------------------+----------+------------+----+---------------+
| Basic & Diluted | | | | | | (0.15) |
+-----------------+-----------+--------+----------+------------+----+---------------+
| | | | | | | | |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| Decrease in net assets resulting from operations per Share | | |
| (annualised): | | |
+--------------------------------------------------------------+----+---------------+
| Basic & Diluted | | | | | | (0.33) |
| | | | | | | |
+-----------------+-----------+--------+----------+------------+----+---------------+
| | | | | | | | |
+--+--------------+-----------+--------+----------+------------+----+---------------+
| Weighted Average Number of Shares Outstanding: | | | |
+-------------------------------------------------+------------+----+---------------+
| Basic & Diluted | | | | | | 252,040,002 |
| | | | | | | |
+-----------------+-----------+--------+----------+------------+----+---------------+
| | | | | | | | |
+--+--------------+-----------+--------+----------+------------+----+---------------+
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
For the period from incorporation on 2 June 2008 to 31 March 2009
+--+--------------+------------+--------+--------------+------+--+-----------------+
| | | | | | | | 2 June 2008 |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| | | | | | | | to |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| | | | | | | | 31 March |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| | | | | | | | 2009 |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| | | | | | | | US$ |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| | | | | | | | |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| Operations: | | | | | | |
+-----------------+------------+--------+--------------+------+--+-----------------+
| Net operating | | | | | | (26,746,754) |
| loss | | | | | | |
+-----------------+------------+--------+--------------+------+--+-----------------+
| Net realised forward foreign currency | | | | 778,087 |
| gain | | | | |
+---------------------------------------+--------------+------+--+-----------------+
| Net realised other foreign currency | | | | (5,243,368) |
| loss | | | | |
+---------------------------------------+--------------+------+--+-----------------+
| Net unrealised depreciation of | | | | (46,872,903) |
| investments | | | | |
+---------------------------------------+--------------+------+--+-----------------+
| Net unrealised appreciation of | | | | 21,259,000 |
| derivatives | | | | |
+---------------------------------------+--------------+------+--+-----------------+
| Net unrealised depreciation of other foreign | | | (1,709,985) |
| currency | | | |
+------------------------------------------------------+------+--+-----------------+
| | | | | | | | |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| Net Decrease in Net Assets resulting from Operations | | | (58,565,923) |
+------------------------------------------------------+------+--+-----------------+
| 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 Increase in Net Assets | | | | | 439,087,407 |
+------------------------------+--------+--------------+------+--+-----------------+
| | | | | | | | |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| Net Assets at beginning of | | | | | - |
| period | | | | | |
+------------------------------+--------+--------------+------+--+-----------------+
| | | | | | | | |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| Net Assets at end of period | | | | | 439,087,407 |
+------------------------------+--------+--------------+------+--+-----------------+
| | | | | | | | |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| Net Asset value per share (in US Dollar) | | | 1.74 |
+------------------------------------------------------+------+--+-----------------+
| | | | | | | | |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| Net Asset value per share (in Sterling) | | | 1.21 |
+------------------------------------------------------+------+--+-----------------+
| | | | | | | | |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| Shares issued and outstanding at end | | | | 252,040,002 |
| of period | | | | |
+---------------------------------------+--------------+------+--+-----------------+
| | | | | | | | |
+--+--------------+------------+--------+--------------+------+--+-----------------+
| | | | | | | | |
+--+--------------+------------+--------+--------------+------+--+-----------------+
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period from incorporation on 2 June 2008 to 31 March 2009
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
| | | | | | | | | 2 June 2008 |
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
| | | | | | | | | to |
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
| | | | | | | | | 31 March |
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
| | | | | | | | | 2009 |
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
| | | | | | | | | US$ |
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
| | | | | | | | | |
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
| Operating | | | | | | |
| Activities | | | | | | |
+-------------------+-----------+--------+-------------+-----+----+-----------------+
| Net decrease in net assets resulting from operations | | | (58,535,923) |
| | | | |
+------------------------------------------------------+-----+----+-----------------+
| Adjustment to reconcile net decrease in net assets resulting | |
| from | |
| operations to net cash and cash equivalents used in operating | |
| activities: | |
+-----------------------------------------------------------------+-----------------+
| Other foreign exchange | | | | | 232,555 |
| movement | | | | | |
+-------------------------------+--------+-------------+-----+----+-----------------+
| Net unrealised depreciation of | | | | 46,872,903 |
| investments | | | | |
+----------------------------------------+-------------+-----+----+-----------------+
| Net unrealised appreciation of | | | | (21,259,000) |
| derivatives | | | | |
+----------------------------------------+-------------+-----+----+-----------------+
| Increase in dividend | | | | | (1,321,045) |
| receivables | | | | | |
+-------------------------------+--------+-------------+-----+----+-----------------+
| Increase in other receivables | | | | | (66,448) |
+-------------------------------+--------+-------------+-----+----+-----------------+
| Increase in murabaha and wakala receivables | | | (107,210,219) |
+------------------------------------------------------+-----+----+-----------------+
| Impairment in murabaha and wakala receivables | | | 25,899,065 |
+------------------------------------------------------+-----+----+-----------------+
| Increase in directors' fees | | | | | 175,164 |
| payable | | | | | |
+-------------------------------+--------+-------------+-----+----+-----------------+
| Increase in management fees | | | | | 2,175,596 |
| payable | | | | | |
+-------------------------------+--------+-------------+-----+----+-----------------+
| Increase in other payables | | | | | 858,685 |
+-------------------------------+--------+-------------+-----+----+-----------------+
| Purchase of investments | | | | | (240,126,169) |
+-------------------------------+--------+-------------+-----+----+-----------------+
| Net cash and cash equivalents used in operating | | | (352,304,836) |
| activities | | | |
+------------------------------------------------------+-----+----+-----------------+
| | | | | | | | | |
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
| Financing | | | | | | |
| Activities | | | | | | |
+-------------------+-----------+--------+-------------+-----+----+-----------------+
| Net proceeds from shares | | | | | 497,623,330 |
| issued | | | | | |
+-------------------------------+--------+-------------+-----+----+-----------------+
| Net cash and cash equivalents provided by financing | | | 497,623,330 |
| activities | | | |
+------------------------------------------------------+-----+----+-----------------+
| | | | | | | | | |
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
| Net increase in cash and cash | | | | 145,318,494 |
| equivalents | | | | |
+----------------------------------------+-------------+-----+----+-----------------+
| Cash and cash equivalents at beginning | | | | - |
| of period | | | | |
+----------------------------------------+-------------+-----+----+-----------------+
| Foreign exchange movements | | | | | (232,555) |
+-------------------------------+--------+-------------+-----+----+-----------------+
| Cash and cash equivalents at end of | | | | 145,085,939 |
| period | | | | |
+----------------------------------------+-------------+-----+----+-----------------+
| | | | | | | | | |
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
| | | | | | | | | |
+--+---+------------+-----------+--------+-------------+-----+----+-----------------+
CONSOLIDATED FINANCIAL HIGHLIGHTS
For the period from incorporation on 2 June 2008 to 31 March 2009
+-----+-----+--+------------+------------+--------+-------------+--------+--+-----------------+
| | | | | | | | | 2 June 2008 |
+-----------+--+------------+------------+--------+-------------+--------+--+-----------------+
| | | | | | | | | to |
+-----------+--+------------+------------+--------+-------------+--------+--+-----------------+
| | | | | | | | | 31 March |
+-----------+--+------------+------------+--------+-------------+--------+--+-----------------+
| | | | | | | | | 2009 |
+-----------+--+------------+------------+--------+-------------+--------+--+-----------------+
| | | | | | | | | |
+-----------+--+------------+------------+--------+-------------+--------+--+-----------------+
| | | | | | | | | |
+-----------+--+------------+------------+--------+-------------+--------+--+-----------------+
| Per Share Data (1) | | | | | | |
+---------------------------+------------+--------+-------------+--------+--+-----------------+
| Net asset value at beginning of | | | | | - |
| period | | | | | |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Net operating loss | | | | | | US$(0.11) |
+---------------------------+------------+--------+-------------+--------+--+-----------------+
| Net realised foreign currency loss | | | | | US$(0.02) |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Net depreciation on foreign currency | | | | | US$(0.01) |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Net depreciation on investments | | | | | US$(0.18) |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Net appreciation on derivatives | | | | | US$0.08 |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Net decrease in net assets resulting from | | | | US$(0.24) |
| operations | | | | |
+-------------------------------------------------+-------------+--------+--+-----------------+
| Issuance of ordinary shares | | | | | US$1.98 |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Net asset value at end of period | | | | | US$1.74 |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| | | | | | | | | |
+-----+--------+------------+------------+--------+-------------+--------+--+-----------------+
| Ratios/Supplemental Data | | | | | |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Per share market value at end of | | | | | GBP0.38 |
| period | | | | | |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Shares outstanding at end of period | | | | | 252,040,002 |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Weighted average number of shares | | | | | 252,040,002 |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Net assets at end of period | | | | | US$439,087,407 |
+----------------------------------------+--------+-------------+--------+--+-----------------+
| Average net assets (2) | | | | | | US$506,276,898 |
+---------------------------+------------+--------+-------------+--------+--+-----------------+
| Total Return (3) | | | (11.76)% |
+---------------------------------------------------------------+--------+--+-----------------+
| Ratio of operating expenses to average net assets (4) | | | 9.83% |
+---------------------------------------------------------------+--------+--+-----------------+
| Ratio of net operating loss to average net assets (4) | | | (7.58)% |
+---------------------------------------------------------------+--------+--+-----------------+
| | | | | | | | | |
+-----+--------+------------+------------+--------+-------------+--------+--+-----------------+
| (1) | Basic weighted average per Share data | | | | |
+-----+-------------------------------------------+-------------+--------+--+-----------------+
| (2) | Average net assets calculated using the weekly valuations plus the 31 March 2009 |
| | Hard NAV |
+-----+---------------------------------------------------------------------------------------+
| (3) | Total return (which is calculated as the net decrease in net assets resulting from |
| | operations |
+-----+---------------------------------------------------------------------------------------+
| | divided by the value of 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 were not included in the annualised operating | | |
| | expenses. | | |
+-----+------------------------------------------------------------------+--+-----------------+
| | | | | | | | | |
+-----+--------+------------+------------+--------+-------------+--------+--+-----------------+
| | | | | | | | | |
+-----+-----+--+------------+------------+--------+-------------+--------+--+-----------------+
Notes
1.Accounting policies
The Company's financial statements have been prepared in accordance
with accounting principles generally acceptable in the United States ("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 period from
incorporation on 2 June 2008 to 31 March 2009. The financial information for the
period ended 31st March 2009 is derived from the statutory financial statements
for that period.
The statutory financial statements for the period ended 31st March 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 accordance 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
31 July, 2009
Click on, or paste the following link into your web browser, to view the
associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/7173W_-2009-7-31.pdf
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR CKDKBABKDCON
Global Mena (LSE:GMFA)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Global Mena (LSE:GMFA)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
