at 30 June 2013
30 June 31 December
2013 2012
Note US$ US$
----- ------------- ------------
Assets
Cash and cash equivalents 2,967,139 5,055,889
Accounts receivable and prepaid
expenses 10 215,572 713,811
Loan 11 512,285 586,600
Investments 2,12 54,898,561 62,955,458
------------- ------------
58,593,557 69,311,758
------------- ------------
Liabilities
Accounts payable and accrued liabilities 13 398,157 391,283
Performance fee accrual 13 - 841,550
398,157 1,232,833
------------- ------------
Net assets 58,195,400 68,078,925
------------- ------------
Shareholders' equity
Common (founder) shares 14 2 2
Participating redeemable preferred
shares 14 7,292,367 7,292,367
Contributed surplus 2 62,571,971 62,571,971
Retained earnings (11,668,940) (1,785,415)
------------- ------------
Total equity 58,195,400 68,078,925
------------- ------------
Net asset value per share 7.98 9.34
------------- ------------
The accompanying notes are integral to these condensed financial
statements.
Approved by the Board of Directors and signed on its behalf
by:
Chairman
30 August 2013
Condensed statement of operations
for the six months to 30 June 2013
30 June 30 June
2013 2012
Note US$ US$
----- ------------ ------------
Investment income
Portfolio interest income 40,000 40,000
Non-portfolio interest income 19,614 1,078
Realised gain (loss) on foreign exchange 2,519 (3,104)
------------ ------------
62,133 37,974
------------ ------------
Expenditure
Administrative expenses 6 1,595,711 1,487,359
1,595,711 1,487,359
------------ ------------
Net investment expense (1,533,578) (1,449,385)
------------ ------------
(Losses) gains on investments
Unrealised change in valuation of investments 12 (9,256,897) 2,619,286
Realised profit on investments 65,400 -
Change in investment management performance
fee accrual 841,550 188,842
(8,349,947) 2,808,128
------------ ------------
Net (expense) income (9,883,525) 1,358,743
------------ ------------
Average number of preferred shares 7,292,367 7,293,675
Basic (loss) earnings per preferred
share 9 (1.36) 0.19
Average number of preferred shares (diluted) 7,292,367 7,293,675
Diluted (loss) earnings per preferred
share 9 (1.36) 0.19
Dividend paid per preferred share 8 - 0.10
The accompanying notes are integral to these condensed financial
statements.
Condensed statement of cash flows
for the six months to 30 June 2013
30 June 30 June
2013 2012
Note US$ US$
------ ------------ ------------
Net outflow of cash related to the following
activities
Operating
Net investment expense (1,533,578) (1,449,385)
Net change in non-cash working capital 10,13 (29,183) (668,188)
------------ ------------
(1,562,761) (2,117,573)
------------ ------------
Investing
Purchase of investments 12 (1,200,000) (1,995,000)
Disposals of investments 599,696 -
Repayment of loan 74,315 -
------------ ------------
(525,989) (1,995,000)
------------ ------------
Financing
Purchase of own shares 14 - (107,966)
Dividend paid 8 - (729,237)
------------ ------------
- (837,203)
------------ ------------
Net decrease in cash during the period (2,088,750) (4,949,776)
Cash, beginning of period 5,055,889 12,851,711
------------ ------------
Cash, end of period 2,967,139 7,901,935
------------ ------------
The accompanying notes are integral to these condensed financial
statements.
Condensed statement of changes in shareholders' equity
for the six months to 30 June 2013
Treasury Contributed Retained
Share capital shares surplus earnings Total
US$ US$ US$ US$ US$
-------------- ------------ --------------------- ------------- -----------------
At 1 January 2013 7,292,369 - 62,571,971 (1,785,415) 68,078,925
Net expense - - - (9,883,525) (9,883,525)
At 30 June 2013 7,292,369 - 62,571,971 (11,668,940) 58,195,400
------------------- -------------- ------------ --------------------- ------------- -----------------
At 1 January 2012 8,156,350 (5,749,345) 67,565,301 5,306,073 75,278,379
Repurchase of own
shares - (107,966) - - (107,966)
Net income - - - 1,358,743 1,358,743
Dividend paid - - - (729,237) (729,237)
At 30 June 2012 8,156,350 (5,857,311) 67,565,301 5,935,579 75,799,919
------------------- -------------- ------------ --------------------- ------------- -----------------
The accompanying notes are integral to these condensed financial
statements.
Condensed statement of investment portfolio
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