TIDMTRMA TIDMTRMB TIDMTRMU
RNS Number : 8833R
Thames River Multi Hedge PCC Ltd
23 November 2012
THAMES RIVER MULTI HEDGE PCC LIMITED
(a closed-ended, umbrella investment, protected cell company
incorporated with limited liability under the laws of Guernsey with
registered number 41511)
Unaudited Statement of Results
for the half-year ended 30 September 2012
The Board of Directors of Thames River Multi Hedge PCC Limited
announces unaudited results for the six months ended 30 September
2012. These are extracts taken from the unaudited accounts for the
six months ended 30 September, approved by the Board of Directors
on 22 November 2012.
Chairman's Report
I would like to welcome our investors to this interim report for
the Hedge+ Cell of Thames River Multi Hedge PCC Limited covering
the period 1 April to 30 September 2012. As this has been a
somewhat unusual period in the Company's history culminating in the
vote to wind-down our investment portfolio at the end of the
interim period I shall keep the market environment and performance
analysis sections of my report somewhat briefer than usual.
The first half of our review period proved to be challenging for
financial markets as political instability in Europe was triggered
by a back-lash against the austerity measures required by the EU.
Weaknesses in the European banking system, particularly in Spain,
where the government effectively nationalised Bankia, and Greece,
renewed fears of a Eurozone break up leading to pressure on the
euro and Eurozone equity markets. Macro-economic data flow was
disappointing, showing signs of deterioration in the US growth and
employment picture, and a moderation in Asian growth. Safe haven
bond markets rallied and 10-year yields touched record lows in the
US and Germany whilst equities struggled to make headway. At the
start of the second half of our review period it became clear that
a number of Spanish regional governments had become insolvent which
would increase the need for bail-out capital in Spain. This event
led to the ECB making an unprecedented commitment to support the
euro at all costs and cap the borrowing costs of all Eurozone
member countries. Risk asset prices oscillated around an upward
trend as the impact of negative economic data was offset by
increasing clarity on the ESM implementation and the ECB bond
purchasing scheme. The period ended with the Fed instigating a
third phase of quantitative easing with an open-ended commitment to
purchase $40bn of mortgage securities per month. Equity and credit
markets rallied in August and September and bond markets sold off
in reaction to the quantitative easing programme.
This interim reporting period has been a relatively weak period
for hedge fund performance as hedge fund managers have for the most
part been running relatively low levels of net exposure to risk
assets and operating at levels of leverage considerably lower than
historic norms. This has been reflected in the HFRX Hedge Fund
Index losing 0.44% for the period and the HFRI Fund of Funds
Composite Index gaining only 0.05% over the review period. The NAV
of the underlying Sterling Share Class of your Company has fallen
by 1.11% over this period. This is a creditable performance given
that we have marked the portfolio down by approximately 2.55% to
reflect our best estimates of liquidation value.
I mentioned in my annual report in June that your Board would be
recommending to you that the Company should enter a managed
wind-down as we felt that we would not achieve our double-digit
performance target given the difficult market conditions. We
followed this up with an EGM circular in July that recommended that
the Company should realise its assets in an orderly fashion in a
manner consistent with the principles of prudent portfolio
management. Your Board was pleased to see the level of shareholder
support for its proposal at the EGM in September. Your investment
manager is now on track to realise the bulk of your portfolio
assets during the first half of 2013. We anticipate making a
substantial distribution to shareholders early in the New Year. To
maximise the size of the distribution we expect to suspend FX
hedging operations following this distribution.
This would avoid the need to hold a cash reserve to meet hedging
losses. We will then enact a compulsory share class consolidation
to reduce operating costs.
I am pleased to report that the Investment Manager has offered
to waive its fee on cash balances held by the Company from 1
November 2012 and to maintain the management fee rate at 1.0%
rather than reverting to the contracted level of 1.5%. Your Board
has been pleased to accept this offer.
Chairman's Report (continued)
The last two years have been a testing period for the hedge fund
industry, which has seen industry growth concentrated in the hands
of a few large players. The fund of hedge funds industry has not
been immune to this trend with the closure of a number of smaller
open-ended and closed-ended funds of hedge funds. Whilst your Board
is saddened to see the demise of yet another listed hedge fund
company, we have never forgotten that our first responsibility is
to maximise shareholder returns and we feel that an adroit
liquidation of our portfolio meets this goal. I would like to thank
our loyal shareholders for their support for the Company and the
Board.
William Backhouse
22 November 2012
Forward -looking statements
This interim report may contain forward-looking statements with
respect to the financial condition, results of operations and
business of the company. Such statements involve risk and
uncertainty because they relate to future events and circumstances
that could cause actual results to differ materially from those
expressed or implied by forward-looking statements. The forward
looking statements are based on the Directors' current view and on
information known to them at the date of this report. Nothing
should be construed as a profit forecast.
Balance Sheet
September March
2012 2012
US$000's US$000's
Current assets
Cash 14,806 23,558
Margin cash - 4,856
Debtors 522 580
Financial assets at fair value
through profit or loss 76,853 155,578
Total assets 92,181 184,572
-------------------------------------------- ---------------------------------
Current liabilities
Redemptions payable - (90,807)
Creditors (860) (2,146)
Financial liabilities at fair
value through profit or loss (558) (67)
Total liabilities (1,418) (93,020)
-------------------------------------------- ---------------------------------
Total net assets 90,763 91,552
============================================ =================================
Capital and revenue attributable to the Fund's
equity holders
Share capital - -
Share premium & other distributable
reserves 281,016 281,608
Retained earnings (190,253) (190,056)
Total equity 90,763 91,552
============================================ =================================
Shares in issue
Sterling shares 40,764,369 39,663,834
Euro shares 577,511 875,930
Dollar shares 1,718,785 3,969,241
Net asset value per share
Sterling shares GBP1.3358 GBP1.3508
Euro shares EUR1.2139 EUR1.2297
Dollar shares $1.1234 $1.1378
Statement of Changes in Equity
Share
Premium
& Other
Distributable Retained
Share Capital Reserves Earnings
US$000's US$000's US$000's Total US$000's
Management Shares - - - -
=============== =============== ========== ===============
Sterling Shares
Opening balance 1 April
2012 - 269,065 (183,464) 85,601
Subscriptions - 1,358 - 1,358
Redemptions - (647) - (647)
Switches - 1,646 - 1,646
Net loss for the period - - (28) (28)
--------------- --------------- ---------- ---------------
Closing balance 30 September
2012 - 271,422 (183,492) 87,930
=============== =============== ========== ===============
Euro Shares
Opening balance 1 April
2012 - 407 1,028 1,435
Redemptions - (287) - (287)
Switches - (120) (72) (192)
Net loss for the period - - (54) (54)
--------------- --------------- ---------- ---------------
Closing balance 30 September
2012 - - 902 902
=============== =============== ========== ===============
Dollar Shares
Opening balance 1 April
2012 - 12,136 (7,620) 4,516
Redemptions - (1,088) - (1,088)
Switches - (1,454) - (1,454)
Net loss for the period - - (43) (43)
--------------- --------------- ---------- ---------------
Closing balance 30 September
2012 - 9,594 (7,663) 1,931
=============== =============== ========== ===============
Total
Opening balance 1 April
2012 - 281,608 (190,056) 91,552
Subscriptions - 1,358 - 1,358
Redemptions - (2,022) - (2,022)
Switches - 72 (72) -
Net loss for the period - - (125) (125)
--------------- --------------- ---------- ---------------
Closing balance 30 September
2012 - 281,016 (190,253) 90,763
=============== =============== ========== ===============
Statement of Changes in Equity (continued)
Share Premium
& Other
Distributable Retained
Share Capital Reserves Earnings
US$000's US$000's US$000's Total US$000's
Management Shares - - - -
=============== =============== ============ ===============
Sterling Shares
Opening balance 1 April
2011 - 465,847 (151,023) 314,824
Purchase of shares for cancellation - (77,465) - (77,465)
Switches - 852 - 852
Net loss for the period - - (41,916) (41,916)
--------------- --------------- ------------ ---------------
Closing balance 30 September
2011 - 389,234 (192,939) 196,295
=============== =============== ============ ===============
Euro Shares
Opening balance 1 April
2011 - 2,837 1,550 4,387
Purchase of shares for cancellation - (556) - (556)
Switches - (440) - (440)
Net loss for the period - - (637) (637)
--------------- --------------- ------------ ---------------
Closing balance 30 September
2011 - 1,841 913 2,754
=============== =============== ============ ===============
Dollar Shares
Opening balance 1 April
2011 - 21,334 (6,266) 15,068
Purchase of shares for cancellation - (2,475) - (2,475)
Switches - (412) - (412)
Net loss for the period - - (1,659) (1,659)
--------------- --------------- ------------ ---------------
Closing balance 30 September
2011 - 18,447 (7,925) 10,522
=============== =============== ============ ===============
Total
Opening balance 1 April
2011 - 490,018 (155,739) 334,279
Purchase of shares for cancellation - (80,496) - (80,496)
Switches - - - -
Net loss for the period - - (44,212) (44,212)
--------------- --------------- ------------ ---------------
Closing balance 30 September
2011 - 409,522 (199,951) 209,571
=============== =============== ============ ===============
Income Statement
6 months to 6 months to
Sept 2012 Sept 2011
US$000's US$000's
Revenue
Other income - 188
Net gain/(loss) on financial assets and
liabilities at fair value
through profit or loss 995 (40,798)
------------ ------------
Total investment income 995 (40,610)
------------ ------------
Expenses
Management fees 447 2,138
EGM circular costs 185 -
General expenses 104 36
Directors' fees 87 86
Provision for wind-down costs 84 -
Administration fee 79 140
Custody fees 32 83
Directors' and Officers' Insurance 15 37
------------ ------------
Total operating expenses 1,033 2,520
------------ ------------
Operating loss (38) (43,130)
Finance costs - interest expense (87) (1,082)
------------ ------------
Net loss for the period attributable to
the Fund's equity holders (125) (44,212)
============ ============
September 2012
Earnings per share Sterling Shares Euro Shares US Dollar Shares
Net loss attributable to the Fund's equity holders (US$000's) (28) (54) (43)
Number of shares in issue (weighted average in the period) 40,128,335 679,888 2,797,359
Basic earnings per share (expressed in US cents per share) (0.07) (7.94) (1.54)
Basic earnings per share in share class currency (0.04) (6.27) (1.54)
September 2011
Earnings per share Sterling Shares Euro Shares US Dollar Shares
Net loss attributable to the Fund's equity holders (US$000's) (41,916) (637) (1,659)
Number of shares in issue (weighted average in the period) 116,405,151 1,985,693 10,609,155
Basic earnings per share (expressed in US cents per share) (36.01) (32.08) (15.64)
Basic earnings per share in share class currency (22.17) (22.42) (15.64)
Cash flow Statement
6 months 6 months
to Sept 2012 to Sept 2011
US$000's US$000's
Cash flows from operating activities
Purchase of financial assets and settlement
of financial liabilities (11,564) (58,966)
Proceeds from sale of financial assets at
fair value through profit or loss and forward
foreign currency contracts 90,212 123,716
Movements in margin accounts 4,856 2,225
Other operating expenses (570) (2,054)
Interest received - 2
-------------- --------------
Net cash inflow from operating activities 82,934 64,923
-------------- --------------
Cash flows from financing activities
Interest paid (1,836) (6)
Proceeds from participating shares issued 1,358 -
Redemption of participating shares (92,829) (80,496)
-------------- --------------
Net cash outflow from financing activities (93,307) (80,502)
-------------- --------------
Net decrease in cash and cash equivalents (10,373) (15,579)
Cash and cash equivalents at the start of
the period 23,558 (43,028)
Exchange gain/(loss) on cash and cash equivalents 1,621 (64)
-------------- --------------
Cash and cash equivalents at the end of the
period 14,806 (58,671)
============== ==============
Cash at the end of the period is comprised
of:
Cash at bank 14,806 24,329
Bank borrowings - (83,000)
-------------- --------------
14,806 (58,671)
============== ==============
Contacts:-
Stephen Rouxel at State Street (Guernsey) Limited: + 44 1481
704544
Tracy Fennell at Thames River Capital LLP: + 44 207 011 4455
The Company is an authorised closed-ended investment scheme
domiciled in Guernsey. As an existing closed-ended fund the Company
is deemed to be granted an authorisation declaration in accordance
with section 8 of the Protection of Investors (Bailiwick of
Guernsey) Law 1987, as amended and rule 6.02 of the Authorised
Closed-ended Investment Schemes Rules 2008 on the same date as the
Company obtained consent under the Control of Borrowing (Bailiwick
of Guernsey) Ordinance 1959 to 1989.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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