Buchanan Special - Final Results December 1997

RNS No 9511h
THE BUCHANAN SPECIAL EMERGING MARKETS FUND LIMITED
24th May 1998

Preliminary announcement of audited results for the years ended December 31,
1997 and December 31, 1996

Capital                                 December 31,        December 31,
                                                1997                1996
                                            US$000's            US$000's
Investment at market value:   
Long positions                                34,492              32,856 
Short positions                               (1,422)             (1,312)

Net Current (Liabilities) /Assets             (2,205)             (1,292)    

Net Asset Value                               30,865              30,252        
Number of shares outstanding               1,616,650           1,616,650
Net Asset Value per Share (US$)                19.09               18.71 

Profit And Loss                         December 31,         December 31,
                                                1997                 1996
                                           US$000's              US$000's       

Dividends(net of withholding tax)               816                 1,348  
Interest income                                 114                    91  
Other income                                     28                    22
Investment, management and administrative 
expenses                                    (2,029)                (1,817)     
Interest expense                              (824)                  (584)
Net realised gain on sale of investments
and foreign currencies                       11,553                  5,768 
Change in unrealised appreciation or
depreciation of investments                  (9,046)                   677     

Earning on ordinary activities 
attributable to shareholders                    612                   5,505

Earnings per share (US$)*                     0.379                   3.405

*  The earnings per share has been based on the average number of shares in
   issue throughout the year ended December 31, 1997 of 1,616,650 (December
   31, 1996 - 1,616,650)

The Net Asset Value of the Fund rose by 2.0% over the year, as compared with a
decline of 13.4% on the benchmark, giving an outperformance of 15.4%.  The
benchmark used to measure the performance of the Fund is Morgan Stanley Capital
International Emerging Markets Free Index (MSCI EMF).

The directors have not declared a dividend for the year ended December 31, 1997
(1996:nil)

The report and accounts for the year ended December 31, 1997 will be sent to
shareholders by the end of June 1998 and will be available to members from the
offices of the Investment Manager at Credit Suisse First Boston (Europe)
Limited, One Cabot Square, London, United Kingdom, E14 4QR.

From:  Linda M Sutherland, Secretary 

END

FR SELFAEUAUFLI

Cov.bs. 26 (LSE:88FZ)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024