REG - BlueCrest AllBlueFdBlueCrest AllBlueFdEBlueCrest AllBlueUS - Half Yearly Report <Origin Href="QuoteRef">BABS.L</Origin> <Origin Href="QuoteRef">BABSu.L</Origin> <Origin Href="QuoteRef">BABSx.L</Origin> - Part 2
29/10/2014 15:53
- Part 2: For the preceding part double click ID:nRSb1736Qa
Net gain on current financial assets at fair value through profit or loss 7 995 - - 995
Net gain on purchase of own shares 12 2,281,424 - - 2,281,424
Bank interest received 43,151 806 4,101 46,270
Operating expenses 3 (415,861) (7,765) (39,524) (445,917)
Other Comprehensive Income that will be reclassified to profit or loss in future periodsCurrency aggregation adjustment 1(h) - - - (1,724,603)
Increase in net assets attributable to shareholders after other comprehensive income 34,253,654 614,892 2,863,702 32,549,715
Gain per Share for the period Pence (£) Cent (E) Cents ($)
- Basic and Diluted 5 8.18 7.07 7.06
In arriving at the results for the financial period, allamounts above relateto continuing operations. There is no Other
Comprehensive Income for the period other than as disclosed above.
The notes below form an integral part of thesefinancial statements.
STATEMENT OF COMPREHENSIVE INCOME
for the period ended 30 June 2013 (restated)
Ordinary Shares
Notes Sterling Share Class Euro Share Class US$ShareClass Total
£ E $ £
Net gain on non current financial assets at fair value through profit or loss (4,775,364) (104,514) (2,167,876) (5,571,096)
Net gain on current financial assets at fair value through profit or loss 1,079 - - 1,079
Net gain on purchase of own shares 1,142,737 - - 1,142,737
12
Bank interest received 17,510 333 4,559 20,747
Operating expenses 3 (401,090) (5,320) (117,146) (481,513)
Other Comprehensive Income that will be reclassified to profit or loss in future periods Currency aggregation adjustment 1(h) - - - 5,879,451
Decrease in net assets attributable to shareholders (4,015,128) (109,501) (2,280,463) 991,404
Loss per share for the period Pence (£) Cent (E) Cents ($)
- Basic and Diluted 5 (0.87) (1.18) (2.11)
In arriving at the results for the financial period, allamounts above relateto continuing operations. There is no Other
Comprehensive Income for the period other than as disclosed above.
The notes below form an integral part of thesefinancial statements.
STATEMENT OF FINANCIAL POSITION
as at 30 June 2014
Ordinary Shares
Notes Sterling Share Class Euro Share Class US$ShareClass Total
£ E $ £
NON CURRENT ASSETS
Unquoted financial assets designated as at fair value through profit or loss 7 750,833,545 - 75,324,691 794,867,621
CURRENT ASSETS
Quoted financial assets designated as at fair value through profit or loss 7 1,175,482 - - 1,175,482
Unquoted financial assets designated as at fair value through profit or loss 7 - 14,852,143 - 11,890,275
Cash and cash equivalents 23,183,625 33,971 150,306 23,298,688
Receivables & prepayments 8 57,734 4,329 23,061 61,907
24,416,841 14,890,443 173,367 36,426,352
CURRENT LIABILITIES
Payables & accrued liabilities 9 125,880 2,166 11,016 121,280
125,880 2,166 11,016 121,280
NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS 775,124,506 14,888,277 75,487,042 831,172,693
Due within one year - 14,888,277 - 11,919,203
Due after more than one year 775,124,506 - 75,487,042 819,253,490
The notes below form an integral part of thesefinancial statements.
The Capital and Reserves disclosure below is intended to highlight the legal nature, under applicable Company Law, of
theamounts attributable to shareholdersand also the existence and effectof the Treasury shares held by the Company. This is
supplementaldisclosure and not required under International Financial ReportingStandards ("IFRS").
Ordinary Shares
Notes Sterling Share Euro US$
Class Share Share
Class Class Total
£ E $ £
Representedby:
CAPITAL AND
RESERVES
Sharecapital 10 - - - -
Sharepremium 11 - - - -
Treasuryshares 12 (79,949,483) - - (79,949,483)
Distributablereserves 13 855,073,989 14,888,277 75,487,042 911,122,176
775,124,506 14,888,277 75,487,042 831,172,693
SHARES IN ISSUE 10 406,241,849 8,094,527 41,414,369
NAV PER SHARE £1.9080 E1.8393 $1.8227
The NAV per share per the financial statements is equal to the published NAV per share. The published NAV per share
represents the NAV per share attributable to shareholders in accordance with theProspectus.
The financial statements on pages 30 to 62 were approved and authorised for issueby the Board of Directors on 27 August
2014 and are signed on its behalf by:
RichardCrowder Steve Le Page
Chairman Chairman of the AuditCommittee
The notes below form an integral part of thesefinancial statements.
STATEMENT OF FINANCIAL POSITION
as at 31 December 2013 (restated)
Ordinary Shares
Ordinary Shares
Notes Sterling Share Class Euro Share Class US$ShareClass Total
NON CURRENT ASSETS £ E $ £
Unquoted financial assets designated as at fair value through profit or loss 7 760,471,610 15,415,471 67,032,384 813,759,921
CURRENT ASSETS
Quoted financial assets designated as at fair value through profit or loss 7 1,174,487 - - 1,174,487
Cash and cash equivalents 26,637,325 5,477 54,382 26,674,719
Receivables and prepayments 8 47,225 36,125 333,950 50,435
27,859,037 41,602 388,332 27,899,641
CURRENT LIABILITIES
Payables and accrued liabilities 9 337,150 2,125 9,279 106,761
337,150 2,125 9,279 106,761
NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS 787,993,496 15,454,948 67,411,438 841,552,800
Due within one year - - - -
Due after more than one year 787,993,496 15,454,948 67,411,438 841,552,800
The notes below form an integral part of thesefinancial statements.
The Capital and Reserves disclosure below is intended to highlight the legal nature, under applicable Company Law, of
theamounts attributable to shareholdersand also the existence and effectof the Treasury shares held by the Company. This is
supplementaldisclosure and not required under International Financial ReportingStandards ("IFRS").
31December2013(restated) Notes Sterling OrdinarySharesEuro US$
ShareClass ShareClass ShareClass Total
Representedby: £ E $ £
CAPITAL AND RESERVESSharecapital 10 - - - -
Sharepremium 11 - - - -
TreasuryShares 12 (82,314,408) - (7,364,937) (86,762,640)
Distributablereserves 13 870,307,904 15,454,948 74,776,376 928,315,440
787,993,496 15,454,948 67,411,438 841,552,800
SHARES IN ISSUE 10 431,526,962 8,772,064 38,596,617
NAV PER SHARE £1.8260 E1.7618 $1.7465
The NAV per share per the financial statements is equal to the published NAV per share. The published NAV per share
represents the NAV per share attributable to shareholders in accordance with the Prospectus.
The notes below form an integral part of thesefinancial statements.
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS
for the period ended 30 June 2014
Ordinary Shares
Notes Sterling Share Class Euro Share Class US DollarShareClass Total
£ E $ £
Opening balance 787,993,496 15,454,948 67,411,438 841,552,800
Adjustment to allocation of reserves brought forward 143,067 (25,487) (205,674) -
Accretive gain transfer between share classes (353,880) 79,103 464,394 -
Increase in net assets attributable to shareholders after other comprehensive income 34,253,654 614,892 2,863,702 34,549,723
On market purchases of Ordinary Shares 12 (44,929,822) - - (44,929,822)
Share conversions 7 (1,982,010) (1,235,179) 4,953,182 -
Closing balance 775,124,506 14,888,277 75,487,042 831,172,693
The notes below form an integral part of thesefinancial statements.
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS
for the year ended 31 December 2013 (restated)
Ordinary Shares
Notes Sterling Share Class Euro Share Class US DollarShareClass Total
£ E $ £
Opening balance 859,456,257 17,825,583 137,112,821 958,305,726
Adjustment to allocation of reserves brought forward (195,986) 24,122 274,722 -
Accretive gain transfer between share classes (204,440) 37,323 272,459 -
Increase / (decrease) in net assets attributable to shareholders 15,398,029 210,499 (732,517) 10,821,433
Partial redemption of share class 10 - - (120,810,551) (72,966,449)
On market purchases of Ordinary shares 12 (49,970,219) - (7,678,626) (54,607,910)
Share conversions 7 (36,490,145) (2,642,579) 58,973,129 -
Closing balance 787,993,496 15,454,948 67,411,438 841,552,800
The notes below form an integral part of thesefinancial statements.
STATEMENT OF CASH FLOWS
for the period ended 30 June 2014
Ordinary Shares
Sterling Share Class£ Euro Share ClassE US DollarShare Class$ Total£
OperatingactivitiesIncrease in net assets attributable toshareholdersafterother 34,253,654 614,892 2,863,702 34,549,715
comprehensiveincome
Increaseinunrealisedappreciation on financialassets at fair value through profit or loss (23,149,109) (339,386) (2,764,952) (24,892,139)
Realisedgains onsalesoffinancialassets (8,138,674) - - (8,138,674)
Gainonpurchaseofownshares (2,281,424) - - (2,281,424)
Interestincome (43,151) (806) (4,101) (46,270)
Interestexpense 28,800 538 2,737 30,882
CurrencyaggregationadjustmentAdjustment to allocation of reserves brought forward - 143,067 - (25,487) - (205,674) 1,724,603 -
Accretivegaintransferbetweenshare classes (353,880) 79,103 464,394 -
(Decrease) /increaseinpayables(Increase) / Decreasein receivables (211,270) (10,509) 41 31,796 1,738 310,889 14,519 (11,472)
Netcashflow fromoperatingactivities 237,505 360,691 668,733 949,740
InvestingactivitiesInterestreceived 43,151 806 4,101 46,270
Realisedgains onconversions (1,057,157) (282,465) (134,173) (1,361,728)
Purchase of financialassetsProceedsfromsaleoffinancial assets - 40,000,000 (50,000) - (440,000) - (297,249) 40,000,000
Netcashflow from investing activities 38,985,994 (331,659) (570,072) 38,387,293
The notes below form an integral part of thesefinancial statements.
Ordinary Shares
Sterling Share Class Euro Share Class US DollarShareClass Total
£ E $ £
Financing activities
Purchase of own shares (42,648,398) - - (42,648,398)
Interest paid (28,800) (538) (2,737) (30,882)
Net cashflow from financing activities (42,677,198) (538) (2,737) (42,679,280)
Cash and cash equivalents at beginning of period 26,637,325 5,477 54,382 26,674,719
Currency aggregation adjustment - - - (33,784)
(Decrease) / Increase in cash and cash equivalents (3,453,699) 28,494 95,924 (3,342,247)
Cash and cash equivalents at end of period 23,183,625 33,971 150,306 23,298,688
The notes below form an integral part of thesefinancial statements.
STATEMENT OF CASH FLOWS
for the period ended 30 June 2013 (restated)
Ordinary Shares
Sterling Share Class Euro Share Class US DollarShareClass Total
£ E $ £
Operating activities
Decrease in net assets attributable to shareholders (4,015,128) (109,501) (2,280,463) 991,404
Decrease in unrealised appreciation on financial assets at fair value through profit or loss 41,190,819 665,802 3,787,084 43,531,054
Realised gains on sales of financial assets (23,789,965) (73,406) (644,138) (24,276,201)
Interest income (17,510) (333) (4,559) 20,747)
Gain on purchase of own shares (1,142,737) - - (1,142,737)
Interest expense 42,535 808 11,074 50,398
Currency aggregation adjustment - - - (5,879,451)
Adjustment to allocation of reserves brought forward (177,023) (546) 262,715 -
Accretive gain transfer between share classes (132,426) 17,673 183,440 -
Increase / (decrease) in payables 63,134 (11,319) (98,377) (44,957)
Decrease in receivables 59,147 539,232 4,270,513 3,156,484
Net cashflow from operating activities 12,080,847 1,028,410 5,487,289 16,365,246
Investing activities
Interest received 17,510 333 4,559 20,747
Realised gains on conversions (12,626,569) (487,882) (975,070) (13,684,837)
Purchase of financial assets (71,140,944) (1,808,018) (14,534,971) (82,242,523)
Proceeds from sale of financial assets 110,186,148 1,272,058 10,121,418 117,927,884
Net cashflow from investing activities 26,436,145 (1,023,509) (5,384,064) 22,021,271
The notes below form an integral part of thesefinancial statements.
Ordinary Shares
Sterling Share Class Euro Share Class US DollarShareClass Total
£ E $ £
Financing activities
Purchase of own shares (20,671,002) - - (20,671,002)
Interest paid (42,535) (808) (11,074) (50,398)
Net cashflow from financing activities (20,713,537) (808) (11,074) (20,721,400)
Cash and cash equivalents at beginning of period 1,018,915 1,782 20,591 1,033,040
Currency aggregation adjustment - - - 203,353
Increase in cash and cash equivalents 17,803,455 4,093 92,151 17,665,118
Cash and cash equivalents at end of period 18,822,370 5,874 112,742 18,901,511
The notes below form an integral part of thesefinancial statements.
NOTES TO THE FINANCIAL STATEMENTS
for the period ended 30 June 2014
1 ACCOUNTING POLICIES
(a) Basis of preparation
The Financial Statements have been prepared in conformity with International Financial Reporting Standards ("IFRS") as
adopted by the European Union and applicable Guernsey
law. The Financial Statements have been prepared on an historical cost basis except for the
measurement at fair value of unquoted and quoted financial assets designated at fair value through profit orloss.
The Financial Statements are presented in Sterling because that is the currency of the primary economic environment in
which the Company operates.
Changes in accounting policy and disclosures:
The following Standards orInterpretations have been adopted in the current period.
Their adoption has not had any impacton the amounts reported in these Financial Statements.
IAS 32 Financial Instruments: Presentation - amendments relating to the offsetting of assets and liabilities for annual
periods beginning on or after 1 January 2014.
The following Standards or Interpretations that are expected to affect the Company have been issued but not yet adopted by
the Company and are shown below. Other Standards or Interpretations issued by the IASB and IFRIC are not expectedto affect
the Company. The Board has not yet assessed the impactof the standards below on the Company and will do so prior to the
earliest period of adoption.
IFRS 7 Financial Instruments: Disclosures - amendments requiring disclosures about the initial application of IFRS 9
effective for annual periods beginning on or after 1 January 2017 (orotherwise when IFRS 9 is first applied).
IFRS 9 Financial Instruments - original issue (classification and measurement of financial assets) effective for
annualperiods beginning on or after 1 January 2017.
IFRS 13 Fair Value Measurement - amendments resulting from Annual improvements for annual periods beginning on or after1
July 2014.
IFRS 39 Financial Instruments - original issue (classification and measurement of financial assets) effective for
annualperiods beginning on or after 1 January 2017.
No formal analysis has been completed on the impact of the adoption of any of the above standards or interpretations on
theFinancial Statements in the period ofinitial application.
(b) Going concern
As described in Note 10, should the average 12 month discount at which the shares of any class trade to their net asset
value exceed 5% of NAV per share, the Company is obliged to
offer a continuation vote to classshareholders.
The Company has adequate financialresources and as a consequence, the Directors believe the Company is well placed to
manage its business risks successfully. After making enquiries, the Directors have a reasonable expectationthat the Company
has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors have
adopted the going concern basis in preparing thefinancial information.
(c) Taxation
The Company has been granted exemptionunder the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 from Guernsey Income
Tax, and is chargedan annual fee of
£600.
(d) Expenses
All expenses are accounted for on an accruals basis. Expenses relating to the Company are allocated across the three share
classes proportionally based on theirNAVs.
(e) Interest income
Interest income is accounted for on an accruals basis.
(f) Cash and cash equivalents
Cash and cash equivalents are defined as call deposits and short term deposits readily convertible to known amounts of cash
and subject to insignificant risk of changes in value,
together with bank overdrafts. For the purposes of the Statement of Cash Flows, cash and cashequivalents consist of cash
and deposits at bank, togetherwith bank overdrafts.
(g) Investments
All investments are designated upon initial recognition as financial assets at "fair value through profit orloss".
Investments areinitially recognised on the date of purchase (on 'trade
date' basis) at cost, being the fair value of the consideration given, excluding transaction costs associated with the
investment. Investments are subsequentlyre-measured at fair
value at each reporting date. Unrealised gains andlosses on investments arising from change
in the fair value of investments from prior periods is recognised in the Statementof Comprehensive Income.
Realised gains or losses on the disposal of investmentsare determined by reference to average purchase cost. These are
recognised in theStatement of Comprehensive Income.
In order to assess the fair value of the unquotednon-current and current investments, the NAVof the underlying investment
in AllBlue, AllBlueLeveraged and the ICS Funds is taken into consideration. The Company's holdings are realisable at their
NAV on quarterlydealing days facilitated by the administrators of these funds. Having taken account of the Company's
history of successfully realising its holdings at NAV, the Directors are satisfied that the reported NAV is a fair
estimationof fair value of the Company's currentholdings.
The Company redeemed a portion of its investment in each share class of AllBlue (on a pro- rata basis) on 1 April 2012 in
order to generate a cash reserve (the "Cash Reserve") for the purposes of managing day-to-day cash flows, for meeting
expenses of the Company and for funding any repurchases of the Company's shares.
During the period, part of the Cash Reserve was placed in funds of the Institutional Cash Series plc ("ICS Funds") (an
umbrella investment company with variable capital and having segregated liability between its funds) namely the
Institutional Sterling Government Liquidity Fund - Core (Acc). This asset is classified as current as it is expected to be
used for funding the purchase of the Company's own shares.
The Company's NAV is based on valuations of unquoted investments. As described above, in calculating the NAV and the NAV
per share of the Company, the Administrator relies on the NAVs of the shares supplied by the Administrator of
AllBlue,AllBlue Leveraged and ICS Funds. Those NAVs are themselves based on the NAV of the various investments held by
AllBlue,AllBlue Leveraged and theICS Funds.
(h) Foreign currency translation
The Financial Statements are presented in Sterling, which is the Company's functional and presentation currency. Operating
expenses in foreign currencies are initially recorded at the
functional currency rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated at the functional currency rate of exchange rulingat the reporting date.
Investments in US Dollars and Euro share classes are initially recorded in their respective currencies and translated into
the Company's functional currency at the reporting date. All differences on these foreign currency translations are taken
to the Statement ofComprehensiveIncome.
(i) Segment information
For management purposes, the Company is organised into one business unit, and hence no separate segment information hasbeen
presented.The Company determines that this operating segment is the investment in three share classes of a
fund of hedge funds
incorporated in the Cayman Islands.
(j) Shares
Sterling, Euro and US Dollar Ordinary Shares have been classified as liabilities in accordance with IAS 32 because of the
provisions contained in the Company's Articles of Association as described in Note 10. The Directors have been advised
that this treatment does not result in
the Shares being treated as a liability for the purpose of applying the solvency test set out in
Section 527 of The Companies (Guernsey) Law, 2008, as amended.
The Shares are initially recognised on the date of issue at the net of issue proceeds and share issue costs. The carrying
value of the shares is subsequently re-measured as equal andopposite to the other net assets of the Company. In prior
periods, the Company did not recognise any gain on the purchase of its own shares as the total discount to NAV on purchase
of own shares was considered immaterial. The Directors now consider this gain to beworthy of highlighting to Shareholders
because of its impact on the growth in NAV per share, although in absolute amountin remains immaterial, and so goingforward
the Company will recognise any gain on the purchase of its own shares within the Statement of Comprehensive Income and the
Treasury shares will then be held at their NAV at the date of purchase, see Note 12. The prior period figures have also
been restated to reflect this change intreatment.
2 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the applicationof the Company's accounting policies, which are described in Note 1, the Directors are required to make
judgements,estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other factors that are
considered to berelevant. Actual resultsmay differ from theseestimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the periodof the revision
and future periods if the revision affects both current and futureperiods.
Critical judgements in applying the Company's accounting policies
The following are the critical judgements and estimates that the Directors have made in the process of applying the
Company's accounting policies and that have the most significant
effect on the amounts recognised in the Financial Statements.
Valuation of investments
The Directors consider that the confirmed NAV of AllBlueand AllBlue Leveraged, as produced by the administrator of those
funds, represents the fair value of the investments in
the Company. Fair value can be confirmed through redemptions, which can occur on a quarterly basis. These can only be
suspended at the discretion of the board of AllBlueor
AllBlue Leveraged as appropriate. To further satisfy themselves as to the fair value of the investments, the Directors
attendsite visits and scrutinise independent reports prepared by
reputable Audit firms relating to the existence of assets and their valuation as well as checks
and procedures in place withinthe underlying funds and administrator of AllBlue.Different assumptions regarding the
valuation techniques of AllBlue and AllBlue Leveraged could lead to different valuations of the investments being produced
by differentparties.
3 OPERATINGEXPENSES
Ordinary Shares
1 Jan 2014 to 30 Jun 2014 Sterling Share Class Euro Share Class US DollarShareClass Total
£ E $ £
Administration fees 85,553 1,597 8,131 91,736
Directors' remuneration 72,892 1,361 6,928 78,160
Registration fees 38,930 727 3,700 41,744
Directors and Officers insurance 23,158 432 2,201 24,831
Broker fees 23,231 434 2,208 24,910
Audit fees 11,979 224 1,139 12,845
Annual and Regulatory fees 36,584 683 3,477 39,228
Legal and Professional fees 88,540 1,653 8,415 94,939
Printing of reports 8,402 157 799 9,010
Bank interest on loan facility - - - -
Bank facility fee and charges 28,800 538 2,737 30,882
(Profit) / Loss on exchange (10,294) (192) (979) (11,038)
Other operating expenses 8,086 151 768 8,670
Total expenses for the period 415,861 7,765 39,524 445,917
Ordinary Shares
1 Jan 2013 to 30 Jun 2013 Sterling Share Class Euro Share Class US DollarShareClass Total
£ E $ £
Administration fees 80,829 1,536 21,045 95,771
Directors' remuneration 70,568 1,341 18,373 83,612
Registration fees 42,398 806 11,039 50,236
Directors and Officers insurance 16,091 306 4,189 19,065
Broker fees 10,599 201 2,760 12,558
Audit fees 8,788 167 2,288 10,412
Annual and Regulatory fees 39,149 744 10,193 46,386
Legal and Professional fees 65,205 1,239 16,977 77,258
Printing of reports 5,090 96 1,326 6,031
Bank interest on loan facility 42,535 808 11,074 50,398
Bank facility fee and charges 16,639 54 649 17,105
(Profit) / loss on exchange (7,504) (2,181) 14,446 -
Other operating expenses 10,703 203 2,787 12,681
Total expenses for the period 401,090 5,320 117,146 481,513
4 DIRECTORS REMUNERATION
Annual fee Annual fee
2014 2013
£ £
Richard Crowder, Chairman 60,000 50,000
Steve Le Page, Chairman Audit Committee 50,000 40,000
Paul Meader, Senior Independent Director 48,000 40,000
John Le Prevost 42,000 35,000
Andrew Dodd Waived Waived
200,000 165,000
The above annual fees for the calendar year 2014 were approved by a meeting of the Board of Directors held on 18 August
2014.
During the period, Paul Meader undertook additional duties involvingliaison with the Company's principal
individualshareholders, drafting a report on the Alternative Investment Fund Managers Directive ("AIFMD") and drafting a
Treasury Policy. Mr Meader received an additional fee of £11,120 (30 June 2013: £23,320) for these duties which is included
within Legal andProfessionalfees.
5 EARNINGSPER SHARE
The earnings per each class of shares is based on the net gain for the period of £34,253,654 (June 2013: loss of
£4,015,128)and 418,374,365 (June 2013: 457,705,509) shares in the Sterling Ordinary share class, E614,892 (June 2013: loss
of E109,501) and 8,686,543 (June 2013: 9,202,989) shares in the Euro Ordinary share class, $2,863,702(June 2013: loss of
$2,280,463) and 40,523,598 (June2013: 107,940,646) shares in the US$ Ordinary share class, being the weighted average
number of shares in issueduring theperiod.
6 RELATED PARTY TRANSACTIONS
Transactions with related parties are made on terms equivalent to those that prevail in an arm's length transaction.
Anson Registrars Limited is the Company's registrar, transfer and paying agent. John R Le Prevost is a director and
controller of Anson Registrars Limited. £41,744 (June 2013:
£50,236) of costs were incurred by the Company with this related party in the period, of which
£6,800 (Dec 2013: £0) was payable at 30 June 2014.
John R Le Prevost is a director and controllerof Anson Custody Limited. Anson Custody Limited acts as nominee for a
proportion of the GBP shares (265,000 shares) as security for the HSBCloan drawn and repaidduring 2013(2014: nil).
7 INVESTMENTS DESIGNATED AT FAIRVALUE THROUGH PROFITOR LOSS
As at 30 June 2014
Ordinary Shares
Sterling Share Class Euro Share Class US DollarShareClass Total
£ E $ £
UNQUOTED FINANCIAL ASSETS
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