88FZ Cov.bs. 26

RNS Number:3209V
Metage Special Emerging Markets Fnd
30 April 2002


  
                  METAGE SPECIAL EMERGING MARKETS FUND LIMITED
            
        Preliminary announcement of audited results for the years ended 
                   December 31, 2001 and December 31, 2000


Capital                                              December 31,  December 31,
                                                            2001          2000
                                                        US$000's      US$000's
                                                       
Investments at market value: 
      Long positions                                      62,866        43,771
      Short positions                                     (3,496)       (2,597)

Net Current Liabilities                                  (22,945)      (11,488)
                                                       ---------     ---------
Net Asset Value                                           36,425        29,686
                                                       ---------     ---------
Number of shares outstanding                           1,631,650     1,631,650    
Net Asset Value per Share ($US)                            
 (2001 figure per IAS 39)                                  22.32             -
Net Asset Value per Share ($US) based on last 
 traded or mid price                                       22.87         18.19
 


Profit And Loss                                      December 31,  December 31,
                                                            2001          2000
                                                        US$000's      US$000's
                                                                   
Dividends (net of withholding tax)                         1,254           961
Interest income                                              107           117
Other income                                                   -            17
Investment, management and administrative expenses        (3,270)       (2,123)
Interest expense                                          (1,172)       (1,335)
Net realised gain (loss) on sale of investments and
 foreign currencies                                       (5,011)        6,111
Net change in unrealised gains (losses) in forward
 currency contracts                                         (576)          410     
Net change in unrealised gains (losses) in future
 commodity contracts                                         (69)         (384)
Change in unrealised appreciation/(depreciation)
 of investments                                           16,201       (10,010)
Recovery of (provision for) uncollectable sales proceeds     219          (255)
                                                         -------       --------
Earnings on ordinary activities attributable to 
 shareholders                                              7,683        (6,491)
                                                         -------       --------

Earnings per share ($US)* (2001 figure per IAS 39)          4.71             -
Earnings per share based on last traded or mid price ($US)  4.68         (3.98)
 


*  The earnings per share has been based on the average number of shares in 
   issue throughout the year ended December 31, 2001 of 1,631,650 
   (December 31, 2000 - 1,631,650)


To comply with IAS 39, the investments for 31 December 2001 were valued using
the bid and ask price for long and short positions respectively whereas the
investments at 31 December 2000 were valued using the last traded or mid price.

The Net Asset Value of the Fund increased by 22.70% over the year (25.73% on
last traded or mid price basis), as compared with a decrease of 4.91% on the
benchmark. The benchmark used to measure the performance of the Fund is Morgan
Stanley Capital International Emerging Markets Free Index (MSCI INDICES US$ EM
Free).

The directors have not declared a dividend for the year ended December 31, 2001 
(2000: nil)

The report and accounts for the year ended December 31, 2001 will be sent to 
shareholders by the end of May 2002 and additional copies are available to 
shareholders from the office of the Company Secretary, 6 Front Street, P.O. Box 
HM 1020, Hamilton HM DX, Bermuda.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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