Source - PRN

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Ashmore Global Opportunities Limited (“AGOL”, or the “Company”)
a Guernsey incorporated and registered limited liability closed-ended investment company with a Premium Listing of its US Dollar and Sterling share classes on the Official List.

Interim Results
For the period ended 30 June 2016

This announcement replaces the announcement released on 26 August 2016 and the only change being the correction of the date of approval from 25 August 2016 to 26 August 2016.

The financial information set out in this announcement does not constitute the Company's statutory accounts for the six months ended 30 June 2016. All figures are based on the unaudited financial statements for the six months ended 30 June 2016.

The financial information for the six months ended 30 June 2016 is derived from the financial statements delivered to the UK Listing Authority.

The announcement is prepared on the same basis as will be set out in the interim accounts.

The Interim Report and Unaudited Condensed Interim Financial Statements for the six months ended 30 June 2016 will be available on the Company website: www.agol.com.

Financial Highlights

30 June 2016 31 December 2015
Total Net Assets US$55,970,397 US$75,649,932
Net Asset Value per Share
US$ shares  US$5.17 US$5.06
£ shares £5.03 £4.98
Closing-Trade Share Price
US$ shares  US$3.43 US$3.86
£ shares £3.78 £3.82
Discount to Net Asset Value
US$ shares  (33.66)% (23.72)%
£ shares (24.85)% (23.29)%

Chairman’s Statement

The Company’s Net Asset Values (“NAVs”) per share rose to US$5.17 and £5.03 as at 30 June 2016, up from US$5.06 and £4.98 respectively as at 31 December 2015. The share prices stood at US$3.43 and £3.78 as at 30 June 2016, decreases of 11.14% and 1.05% respectively compared with 31 December 2015 levels. The main contributor to performance was a mark-up in the value of AEI. Further details on the underlying exposure of the Company are given in the Investment Manager’s Report.

There were no new realisations during the reporting period, although in April 2016 the Company did receive a payment resulting from the April 2015 sale of Pacnet. The final payment related to this transaction remains outstanding and is scheduled for November 2016. The Investment Manager is working towards the sale of the remaining assets, with a particular focus on the three largest exposures of the Company, namely; Bedfordbury, Microvast and AEI. Your Board receives regular updates on progress with the sales. The recent development at Bedfordbury, as detailed in the Investment Manager’s Report, is likely to delay the realisation of this asset for some time. It now seems unlikely that there will be any more significant realisations in 2016 apart from the final payment for Pacnet.  In spite of that, the Board remains confident that other realisations are likely to occur during 2017.

The Company paid distributions of US$16.2 million in January 2016 and US$2.5 million in April 2016. The first was principally proceeds from the sale of one of the two remaining AEI power plants, while the second was a combination of the Pacnet payment and some dividends received. With no further income received in Q2 2016, there was no Q2 distribution. Below is an overview of the distributions made since February 2013 when Shareholders voted to wind up the Company in an orderly fashion.

Quarterly Distributions
Quarter End Date Distributions % of 31 December 2012 % of 31 December 2012
(US$) NAV Market Capitalisation
31 March 2013 92,500,000 19% 28%
30 June 2013 13,000,000 3% 4%
30 September 2013 26,000,000 5% 8%
31 December 2013 36,900,000 8% 11%
31 March 2014 - - -
30 June 2014 7,250,000 2% 2%
30 September 2014 21,500,000 5% 7%
31 December 2014 40,500,000 8% 12%
31 March 2015 19,500,000 4% 6%
30 June 2015 27,250,000 6% 8%
30 September 2015 - - -
31 December 2015 16,200,000 3% 5%
31 March 2016 2,500,000 0% 1%
30 June 2016 - - -
Total 300,600,000 63% 92%

As at 30 June 2016, the NAV of the Company was US$56.0 million. The Board continues to monitor the operating expenses of the Company. In this light, the Board will carry out another review of the costs and benefits of the Company’s London Stock Exchange listing later this year.

I would like to thank everyone involved with AGOL for their hard work.

Richard Hotchkis
26 August 2016

Investment Manager’s Report

Performance

As at 30 June 2016, the Net Asset Values (“NAVs”) per share of the US$ and £ share classes stood at US$5.17 and £5.03 respectively, representing returns of 2.17% and 1.00% over the six months to 30 June 2016.

Portfolio Review

Following the payment of a US$16.2m distribution based on the 31 December 2015 NAV, Ashmore Global Opportunities Limited (“AGOL”) returned a further US$2.5m to investors based on cash flows received during the six months ended 30 June 2016. This distribution resulted from cash received as part of the earlier sale of Pacnet. Although there were no new realisations at the investee company level during the period, performance was positive in the main driven by an uplift in the value of AEI.

The three largest investee company exposures, namely; Bedfordbury, AEI and Microvast, now account for around 70% of AGOL’s NAV.

We have exchanged letters before action with Bedfordbury Development Corporation’s partner in the land bank. Unless a settlement can be reached we expect the process to go to arbitration which will take approximately 18 months to finish but the timing may change. This process is expected to push back the realisation of this asset, until either a settlement is reached allowing the Ashmore funds to exit or the arbitration process is completed. The asset is valued at a discount to its market value to reflect the uncertainties of legal processes. However given the potential value of the asset this litigation strategy is important to preserve value and help in the realisation process.

AEI achieved a significant premium over book value for its sale of the Fenix power plant in Peru in December 2015. This had knock on effects on the revaluation of AEI during the period and contributed to the uplift in valuation. AEI is now working on the sales process for Jaguar, the coal fired power plant in Guatemala.

Microvast continues to perform well, and operating cash flow has been used to fund production capacity increases, with further capacity increases planned. Follow-on battery orders continue to be received for both pure e-bus and plug-in hybrid-electric vehicles. Microvast’s audited revenues were US$174m for FY 2015, a 300% year-on-year increase.

Kulon is the holding company for a warehouse and office complex near the centre of Moscow. The strengthening Ruble means that rental income has grown in US dollar terms but so have operating expenses.

Numero Uno is one of India’s leading jeanswear brands with over 700 retail outlets throughout India. The company offers a comprehensive portfolio of products including jeanswear, casual wear, footwear & accessories for both men and women. Over the past year, online sales of garments in India have grown substantially, driven by discounts funded by venture capital firms aggressively targeting market share for their e-commerce businesses. This has made traditional brick and mortar retail more challenging, but despite this, Numero Uno performed well during the period and continued to grow both revenues and profit. It has also expanded and consolidated its manufacturing unit and moved into a new headquarters. The team continues to explore the most attractive exit options.

ZIM Laboratories is engaged in the research and manufacture of a wide range of off-patent (generic) pharmaceutical products, the value of which is enhanced via new drug delivery mechanisms. ZIM achieved a milestone by becoming EU-GMP (European Union Good Manufacturing Practices) compliant; a certification that allows it to sell its products in Europe and eases its entry into many other markets. The company is registering its products in several new markets to diversity its revenue base and is continuously substituting its lower margin products with more attractive higher margin products. ZIM is focussed on producing more of its own branded drugs where its margins are significantly enhanced.

The backdrop for Largo remains challenging, although the price for vanadium pentoxide rebounded to                            US$ 3.20-3.50/lb from a historic low of less than US$3/lb earlier in the year. The company continued to ramp up production in Q2 2016.

GZI (the Nigerian aluminium can producer) progressed with its African growth strategy during the period, and the second plant in Nigeria is now operational. The macro backdrop in Nigeria remains challenging following the FX devaluation, but volume sales at GZI have hit record highs: It continued to deliver to customers reliably during the period and clients built up stock prior to the devaluation.

Outlook

The focus remains on realising AGOL's remaining investments in an orderly manner.


Details on the Top 10 Underlying Holdings (on a look through basis)

The table below shows the top 10 underlying investments as at 30 June 2016 excluding the cash balance (cash was 4.05% as at 30 June 2016).

Investment Name Holding Country Business Description
Bedfordbury 35.66% Philippines Real estate development company
AEI 19.68% Guatemala Power generation in Latin America
Microvast 15.79% China Electric battery and battery systems supplier
Kulon 6.97% Russia Real estate development company
Numero Uno 4.66% India Branded apparel manufacturers and retailers
ZIM Laboratories Ltd 3.24% India Pharmaceutical research and manufacturing
Everbright 2.54% China Real estate development company
Largo Resources 1.93% Brazil Brazilian provider of mining services
GZ Industries Ltd 1.67% Nigeria Aluminium can manufacturer
Seedinfo 0.91% India Enterprise software company

The tables below show the country and industry allocations of underlying investments over 1% at the end of June 2016:

Country % of NAV Industry % of NAV
Philippines 35.66% Real Estate 43.91%
Guatemala  19.68% Electrical 19.68%
China 18.60% Electrical Components and Equipment 15.79%
India 9.73% Retail 4.66%
Russia 6.97% Pharmaceuticals 3.24%
Brazil 1.93% Mining 1.93%
Nigeria 1.67% Miscellaneous Manufacturing 1.67%

Details on a Selection of the Underlying Holdings

Bedfordbury

Industry: Real estate development company
Country: Philippines
Website: n/a
Company Status: Private

Investment Risk: Equity

Exit strategy and timing

  • Ashmore and Bedfordbury Development Corporation staff are continuing to develop exit ideas for the large scale ABC development land bank in Manila Bay.
  • We have initiated Singapore arbitration proceedings against BDC’s partner in the land bank. We expect the process to take approximately 18 months to finish but the timing may change.

Microvast

Industry: Electric battery and battery systems supplier
Country: China
Website: www.microvast.com
Company Status: Private
Investment Risk: Equity
 


Operational update

  • Microvast continues to supply batteries for both pure e-bus and plug-in hybrid-electric vehicles (PHEV) to a large number of Chinese original equipment manufacturers (OEMs), with these being deployed in over 30 cities in China. Follow-on orders continue to be received by Wright Bus for the London market and Microvast expects more orders from the European bus market.
  • Microvast is achieving gross margins of c. 37% and net margins of c.18%, and its audited revenues were   US$ 174m in FY2015 (300% increase year-on-year) and net income of US$ 29m. The committed order backlog at the end of June is supportive of full year 2016 forecasted revenues of c. US$ 330m; with Chinese customers accounting for 90% of this.
  • Production capacity has been successfully increased to 1GWh per annum with further increases planned, all fully funded from operating cash flow.
  • Microvast is working on Lithium-ion battery (Li-B) systems for passenger vehicles with some of the leading Chinese auto OEMs. The first order has been secured for 2000 units being delivered in Q2/Q3 2016.
  • The Company spun out its chemicals business, and the Ashmore Funds subsequently sold their minority stake in this business for US $2.3m. There was no change to the Funds equity ownership percentage in Microvast, which is now a pure Li-B business.

2016 operational strategy/priorities

  • Managing growth by adding new facilities, increasing production capacity and hiring/training new employees
  • Building large scale production of Li-B systems for passenger vehicles, and growing its international business
  • Meeting short order timeframes from Chinese bus OEMs and ensuring customers can claim Chinese New Energy Vehicle (NEV) subsidies

Key risks

  • Overcapacity in Chinese and global battery companies
  • Warranty claims arising from defective cells or modules
  • Unfavourable changes to the Chinese government’s New Energy Vehicle policy

Exit strategy

  • Block sale pre or post IPO

AEI

Industry: Power generation in Latin America

Country: Guatemala

Website: www.aeienergy.com

Company Status: Private

Investment Risk: Equity

Operational update

  • Jaguar: (Greenfield coal fired power plant in Guatemala) - The plant turbines required repair work to be undertaken back in China. The turbines have now been re-installed at the plant and recommissioning has begun. The sale process was placed on hold while this was taking place but will now be accelerated to start end Q3/beginning Q4 2016.
  • The HQ team has been reduced to 2 full-time equivalents.
  • China Machine New Energy Corporation (CMNC) are appealing the arbitration award.

Key risks

  • CMNEC arbitration/appeal
  • Ongoing operational issues with the plant turbines

2016 operational strategy/priorities

  • Disposal of Jaguar
  • HQ cost reduction

Exit strategy

  • Sale of the remaining asset and wind up of HQ

Kulon

Industry: Real estate development company

Country: Russia

Website: n/a

Company Status: Private

Investment Risk: Equity

Operational update

  • Q2 2016 gross rental income was 6.53% higher than Q1 2016 primarily due to foreign exchange differences on Rouble denominated base rental income and tenants’ reimbursements following the RUR appreciation against the Euro.
  • Expenses for Q2 2016 were also higher than Q1 2016 (by 18.41%), again due to foreign exchange differences, all the major expense items being Rouble denominated.
  • Net rental income was 0.51% higher than Q1 2016.

Key risks

  • Foreign exchange rates

Exit strategy

  • Exit the investment by selling the shares in the holding company

Pacnet

Industry: Telecommunications
Country: Hong Kong and Singapore
Website: www.pacnet.com
Company Status: Private
Investment Risk: Equity
 

Exit strategy and timing

  • The deal with Telstra completed in April 2015, with proceeds paid 85% in cash with deferrals for a closing adjustment fund (US$ 20m) and a warranty fund (US$ 32.5m holdback).
  • The first tranche of the warranty fund (US$ 17.5m) was paid out in full by Telstra in April 2016, with no deductions for any warranty claims. The total amount received by the Ashmore Funds was US$ 8m.
  • The second and final tranche from the warranty fund (US$ 15m) is due to be paid out on 16 October 2016, and provided that there are no deductions (as was the case with the first tranche) the Ashmore Funds will receive circa US$ 6.8m.

GZI

Industry: Aluminium cans manufacturer
Country: Nigeria
Website: www.gzican.com
Company Status: Private
Investment Risk: Equity
 

Operational update

  • The business is progressing with its African growth strategy and the second plant in Aba (Nigeria) is now operational.
  • The Nigerian market has experienced difficult macro-economic conditions and sales were down 5.3% year-on-year in H1 2016. However, volume sales have hit record highs, increasing by 5.5% from last year as GZI managed to deliver to customers reliably during the period and also due to clients building stock prior to the devaluation.
  • The FX situation in Nigeria has impacted both the supply chain and access to Dollars for debt repayments. Increased export sales and a refinancing of the company’s US$ debt into Naira (which is almost finalized) should help to mitigate this.
  • Key market focus areas are: complete the greenfield projects, grow export of cans to neighbouring African countries, lock in customers in Kenya and expand the cans segment (versus glass bottles) in Nigeria.

2016 operational strategy/priorities

  • Establish a plant in South Africa
  • Continue to support the new CEO in stabilizing the business
  • Improve cost efficiencies
  • Export cans in the region to expand sales and earn foreign currency

Key risks

  • Continued slowdown in African beverages markets
  • Key competitor Nampak reducing prices in Nigeria, although the company has managed to avoid major contract rebalancing so far
  • Recruitment/talent sourcing

Exit strategy and timing

  • 2018 exit through IPO or strategic sale

Ashmore Investment Advisors Limited
Investment Manager
26 August 2016

Board Members

As at 30 June 2016, the Board consisted of four non-executive Directors. The Directors are responsible for the determination of the investment policy of Ashmore Global Opportunities Limited (the “Company” or “AGOL”) and have overall responsibility for the Company’s activities. As required by the AIC Code on Corporate Governance (the “Code”), the majority of the Board of Directors are independent of the Investment Manager. In preparing this interim report, the independence of each Director has been considered.

Richard Hotchkis, Independent Chairman, (Guernsey resident) appointed 18 April 2011

Richard Hotchkis has 40 years of investment experience. Until 2006, he was an investment manager at the Co-operative Insurance Society, where he started his career in 1976. He has a breadth of investment experience in both UK and overseas equities, including in emerging markets, and in particular, investment companies and other closed-ended funds, offshore funds, hedge funds and private equity funds. Richard is currently a director of a number of funds, including Aberdeen Frontier Markets Company (formerly Advance Frontier Markets Fund Limited).

Steve Hicks, Non-Independent Director (connected to the Investment Manager), (UK resident) appointed 16 January 2014

Steve Hicks, who is a qualified UK lawyer, has held a number of legal and compliance roles over a period of more than 25 years. From June 2010 until January 2014 he was the Ashmore Group Head of Compliance. Prior thereto he was Director, Group Compliance at the London listed private equity company 3i Group plc.

Nigel de la Rue, Independent Director, (Guernsey resident) appointed 16 October 2007

Nigel de la Rue graduated in 1978 from Pembroke College, Cambridge with a degree in Social and Political Sciences.  He is qualified as an Associate of the Chartered Institute of Bankers, as a Member of the Society of Trust and Estate Practitioners (STEP) and as a Member of the Institute of Directors. He was employed for 23 years by Baring Asset Management’s Financial Services Division, where he was responsible for the group’s Fiduciary Division and sat on the Executive Committee. He left Baring in December 2005, one year after that Division was acquired by Northern Trust. He has served on the Guernsey Committees of the Chartered Institute of Bankers and STEP, and on the Guernsey Association of Trustees, and currently holds a number of directorships in the financial services sector.

Christopher Legge, Independent Director, (Guernsey resident) appointed 27 August 2010

Christopher Legge has over 25 years’ experience in financial services. He qualified as a Chartered Accountant in London in 1980 and spent the majority of his career based in Guernsey with Ernst & Young, including being the Senior Partner of Ernst & Young in the Channel Islands. Christopher retired from Ernst & Young in 2003 and currently holds a number of directorships in the financial sector. Until 24 June 2016, he was Senior Independent Director and chaired the Audit Committee at BH Macro Limited.

Disclosure of Directorships in Public Companies Listed on Recognised Stock Exchanges

The following summarises the Directors’ directorships in other public companies:

Company Name                                                                                              Exchange

Richard Hotchkis                                                          

Aberdeen Frontier Markets Company                                                            AIM

Steve Hicks                                                                                                    Nil

Nigel de la Rue                                                                                               Nil

Christopher Legge

            Baring Vostok Investments PCC Limited (until 27 April 2016)                  CISE
            BH Macro Limited (until 24 June 2016)                                      London, Bermuda and Dubai
            John Laing Environmental Assets Group Limited                                     London
            Sherborne Investors (Guernsey) B Limited                                              London
            Third Point Offshore Investors Limited                                       London
            TwentyFour Select Monthly Income Fund Limited                                               London
 

Directors’ Responsibility Statement

We confirm that to the best of our knowledge:

  • the condensed set of financial statements in the interim financial report has been prepared in accordance with IAS 34 Interim Financial Reporting; and
  • the interim financial report includes a fair view of the information required by:
  1. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year ending 31 December 2016; and
  1. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.

Signed on behalf of the Board of Directors on 26 August 2016

Richard Hotchkis                                           Christopher Legge
Chairman                                                          Chairman of the Audit Committee

Unaudited Schedule of Investments

As at 30 June 2016

Description of investment Fair value
US$
% of
net assets
Ashmore Global Special Situations Fund 4 LP 22,122,107 39.52
Ashmore Global Special Situations Fund 5 LP 8,816,332 15.75
AEI Inc - Equity 6,881,503 12.30
AA Development Capital India Fund 1, LLC 5,781,736 10.33
Ashmore Asian Recovery Fund 4,421,158 7.90
VTBC Ashmore Real Estate Partners 1 LP 3,270,381 5.84
Ashmore Global Special Situations Fund 3 LP 1,654,818 2.96
Everbright Ashmore China Real Estate Fund LP 1,525,298 2.73
Ashmore SICAV 2 Global Liquidity US$ Fund 1,050,085 1.88
Ashmore Global Special Situations Fund 2 Limited 477,973 0.85
Ashmore Asian Special Opportunities Fund Limited 302,661 0.54
Ashmore Private Equity Turkey Fund 1 LP 16,267 0.03
Renovavel Investments BV New PIK/PPN - 0.00
Total investments at fair value 56,320,319 100.63
Net other current assets (349,922) (0.63)
Total net assets 55,970,397 100.00

   

Unaudited Condensed Statement of Financial Position

As at 30 June 2016

30 June 2016 31 December 2015
Note US$ US$
Assets
Cash and cash equivalents 2,383,636 16,505,657
Other financial assets 5a 5,553 401,845
Financial assets at fair value through profit or loss 3 56,414,424 60,344,945
Total assets 58,803,613 77,252,447
Equity
Capital and reserves attributable to equity holders
of the Company
Special reserve 410,583,457 429,283,586
Retained earnings (354,613,060) (353,633,654)
Total equity 55,970,397 75,649,932
Liabilities
Current liabilities
Other financial liabilities 5b 1,084,477 650,710
Financial liabilities at fair value through profit or loss 3 1,748,739 951,805
Total liabilities  2,833,216 1,602,515
Total equity and liabilities  58,803,613 77,252,447
Net asset values
Net assets per US$ share 8 US$5.17 US$5.06
Net assets per £ share 8  £5.03  £4.98

The unaudited condensed interim financial statements were approved by the Board of Directors on 26 August 2016, and were signed on its behalf by:

Richard Hotchkis                                           Christopher Legge
Chairman                                                          Chairman of the Audit Committee

The accompanying notes form an integral part of these financial statements.

Unaudited Condensed Statement of Comprehensive Income

For the six months ended 30 June 2016

Six months ended
30 June 2016
Six months ended
30 June 2015
Note US$ US$
Interest income 1,184 1,791
Dividend income 1,969,306 33,746,388
Net foreign currency gain/(loss) 64,602 (295,318)
Other net changes in fair value on financial assets and liabilities at fair value through profit or loss 4 (2,343,760) (37,072,063)
Total net loss (308,668) (3,619,202)
Expenses
Investment management fees (53,458) (360,451)
Incentive fees (493,650) (163,381)
Directors’ remuneration (44,728) (72,292)
Fund administration fees (5,713) (11,524)
Custody fees (2,661) (6,126)
Other operating expenses (70,528) 478,365 *
Total operating expenses (670,738) (135,409)
Loss for the period (979,406) (3,754,611)
Other comprehensive income - -
Total comprehensive loss for the period (979,406) (3,754,611)
Earnings per share
Basic and diluted gain/(loss) per US$ share 9 US$0.14 US$(0.09)
Basic and diluted loss per £ share 9 US$(0.53) US$(0.31)

All items derive from continuing activities.

* The credit to other expenses represents the reversal of accruals as a result of a reduction in expenses as the Company continues to wind down.

The accompanying notes form an integral part of these financial statements.

Unaudited Condensed Statement of Changes in Equity

For the six months ended 30 June 2016

Special Retained
reserve earnings Total
Note US$ US$ US$
Total equity as at 1 January 2016 429,283,586 (353,633,654) 75,649,932
Total comprehensive loss for the period - (979,406) (979,406)
Capital distribution 7 (18,700,129) - (18,700,129)
Total equity as at 30 June 2016 410,583,457 (354,613,060) 55,970,397
Total equity as at 1 January 2015 515,783,066 (345,351,728) 170,431,338
Total comprehensive loss for the period - (3,754,611) (3,754,611)
Capital distribution (59,106,924) - (59,106,924)
Total equity as at 30 June 2015 456,676,142 (349,106,339) 107,569,803

The accompanying notes form an integral part of these financial statements.

Unaudited Condensed Statement of Cash Flows

For the six months ended 30 June 2016

Six months ended
30 June 2016
Six months ended
30 June 2015
US$ US$
Cash flows from operating activities
Net bank interest received 1,184 1,791
Dividends received 1,969,306 50,921,982
Operating expenses received/(paid) 159,321 (647,256)
Net cash from operating activities 2,129,811 50,276,517
Cash flows from investment activities
Sales of investments 6,510,958 76,424,671
Purchases of investments in liquidity Funds (2,502,466) (78,001,780)
Net cash flows on derivative instruments and foreign exchange (1,560,195) (2,279,296)
Net cash from/(used in) investment activities 2,448,297 (3,856,405)
Cash flows from financing activities
Capital distributions (18,700,129) (59,106,924)
Net cash used in financing activities (18,700,129) (59,106,924)
Net decrease in cash and cash equivalents (14,122,021) (12,686,812)
Reconciliation of net cash flows to movement in cash and cash equivalents
Cash and cash equivalents at the beginning of the period 16,505,657 14,383,849
Decrease in cash and cash equivalents (14,122,021) (12,686,812)
Cash and cash equivalents at the end of the period 2,383,636 1,697,037

The accompanying notes form an integral part of these financial statements.

Notes to the Unaudited Condensed Interim Financial Statements

1.   Basis of Preparation

a) Statement of Compliance

These unaudited condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and on a going concern basis, despite the managed wind-down of the Company approved by the shareholders on 13 March 2013. The Directors have examined significant areas of possible financial going concern risk and are satisfied that no material exposures exist. The Directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future and believe that it is appropriate to adopt the going concern basis despite the managed wind-down of the Company over the next few years.

These unaudited condensed interim financial statements do not include as much information as the annual financial statements, and should be read in conjunction with the audited financial statements of the Company for the year ended 31 December 2015. Selected explanatory notes are included to explain events and transactions that are relevant to understanding the changes in financial position and performance of the Company since the last annual financial statements. 

These unaudited condensed interim financial statements were authorised for issue by the Board of Directors on 26 August 2016.

b) Judgements and Estimates

Preparing the unaudited condensed interim financial statements requires judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made in applying the Company’s accounting policies, and the key sources of estimation uncertainty, were the same as those that applied to the audited financial statements of the Company for the year ended 31 December 2015.

2.   Summary of Significant Accounting Policies

The Board has concluded that at present the managed wind-down of the Company has no significant impact on the valuation of the Company’s investments.

The accounting policies applied in these unaudited condensed interim financial statements are the same as those applied in the Company’s audited financial statements for the year ended 31 December 2015.

3.   Financial Assets and Liabilities at Fair Value through Profit or Loss

30 June 2016 31 December 2015
US$ US$
Financial assets held for trading:
- Derivative financial assets 94,105 10,540
Total financial assets held for trading 94,105 10,540
Designated at fair value through profit or loss at inception:
- Equity investments 56,320,319 60,334,405
Total designated at fair value through profit or loss at inception 56,320,319 60,334,405
Total financial assets at fair value through profit or loss 56,414,424 60,344,945

There were no significant changes to the Company’s direct equity other than valuation movements.

As at 30 June 2016, derivative financial assets comprised forward foreign currency contracts as follows:

Currency
Bought
Amount
Bought
Currency
Sold
Amount
Sold
Maturity
Date
Unrealised
Gain
US$ 1,164,924 GBP 800,810 12/08/2016 94,105
Derivative financial assets 94,105

As at 31 December 2015, derivative financial assets comprised forward foreign currency contracts as follows:

Currency
Bought
Amount
Bought
Currency
Sold
Amount
Sold
Maturity
Date
Unrealised
Gain
US$ 468,965 GBP 311,000 12/02/2016 10,540
Derivative financial assets 10,540

   

30 June 2016 31 December 2015
US$ US$
Financial liabilities held for trading:
- Derivative financial liabilities (1,748,739) (951,805)
Total financial liabilities held for trading (1,748,739) (951,805)

As at 30 June 2016, derivative financial liabilities comprised forward foreign currency contracts as follows:

Currency
Bought
Amount
Bought
Currency
Sold
Amount
Sold
Maturity
Date
Unrealised
Loss
GBP 16,159,113 US$ 23,356,221 12/08/2016 (1,748,739)
Derivative financial liabilities (1,748,739)

As at 31 December 2015, derivative financial liabilities comprised forward foreign currency contracts as follows:

Currency
Bought
Amount
Bought
Currency
Sold
Amount
Sold
Maturity
Date
Unrealised
Loss
GBP 25,395,430 US$ 38,385,574 12/02/2016 (951,805)
Derivative financial liabilities (951,805)

4.   Net Gain/Loss from Financial Assets and Liabilities at Fair Value through Profit or Loss

30 June 2016 30 June 2015
US$ US$
Other net changes in fair value through profit or loss:
- Realised (12,221,250) (6,014,127)
- Change in unrealised 9,877,490 (31,057,936)
Total loss (2,343,760) (37,072,063)

   

30 June 2016 30 June 2015
US$ US$
Other net changes in fair value on derivative assets held for trading (2,338,166) (936,838)
Other net changes in fair value on assets designated at fair value through profit or loss (5,594) (36,135,225)
Total net loss (2,343,760) (37,072,063)

5.   Other Financial Assets and Liabilities

a) Other financial assets:

Other financial assets relate to accounts receivable and prepaid expenses and comprised the following:

30 June 2016 31 December 2015
US$ US$
Prepaid Directors’ insurance fees - 9,112
Prepaid regulatory fees - 1,915
Other receivables and prepaid expenses 5,553 390,818
5,553 401,845

b) Other financial liabilities:

Other financial liabilities relate to accounts payable and accrued expenses, and comprised the following:

30 June 2016 31 December 2015
US$ US$
Investment management fee payable 5,656 5,337
Incentive fee payable 1,017,077 523,426
Other accruals 61,744 121,947
1,084,477 650,710

6.   Financial Instruments

a) Financial risk management

The Company’s financial risk management objectives and policies are consistent with those disclosed in the audited financial statements of the Company for the year ended 31 December 2015.

b) Carrying amounts versus fair values

As at 30 June 2016, the carrying values of financial assets and liabilities presented in the Unaudited Condensed Statement of Financial Position approximate their fair values.

The table below sets out the classifications of the carrying amounts of the Company’s financial assets and financial liabilities into categories of financial instruments as at 30 June 2016.

Held for trading Designated at fair value Loans and receivables Other financial assets/
liabilities
Total
Cash and cash equivalents - - 2,383,636 - 2,383,636
Non-pledged financial assets at fair value through profit or loss 94,105 56,320,319 - - 56,414,424
Other receivables - - - 5,553 5,553
Total 94,105 56,320,319 2,383,636 5,553 58,803,613
Financial liabilities at fair value through profit or loss 1,748,739 - - - 1,748,739
Other payables - - - 1,084,477 1,084,477
Total 1,748,739 - - 1,084,477 2,833,216

The table below sets out the classifications of the carrying amounts of the Company’s financial assets and financial liabilities into categories of financial instruments as at 31 December 2015.

Held for trading Designated at fair value Loans and receivables Other financial assets/
liabilities
Total
Cash and cash equivalents - - 16,505,657 - 16,505,657
Non-pledged financial assets at fair value through profit or loss 10,540 60,334,405 - - 60,344,945
Other receivables - - - 401,845 401,845
Total 10,540 60,334,405 16,505,657 401,845 77,252,447
Financial liabilities at fair value through profit or loss 951,805 - - - 951,805
Other payables - - - 650,710 650,710
Total 951,805 - - 650,710 1,602,515

c) Financial instruments carried at fair value - fair value hierarchy

The fair values of financial assets and financial liabilities that are traded in active markets are based on prices obtained directly from an exchange on which the instruments are traded or obtained from a broker that provides an unadjusted quoted price from an active market for identical instruments. For all other financial instruments, the Company determines fair values using other valuation techniques.

For financial instruments that trade infrequently and have little price transparency, fair value is less objective, and requires varying degrees of judgement depending on liquidity, uncertainty of market factors, pricing assumptions and other risks affecting the specific instrument.

The Company measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements.

·   Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.

·   Level 2: Inputs other than quoted prices included within level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data.

·   Level 3: Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instruments’ valuation. This category includes instruments that are valued based on quoted prices for similar instruments but for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

Valuation techniques include net present value and discounted cash flow models, comparison with similar instruments for which observable market prices exist and other valuation models. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spreads and other premia used in estimating discount rates, bond and equity prices, foreign currency exchange rates, equity indices, EBITDA multiples and revenue multiples and expected price volatilities and correlations.

The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.

The level in the fair value hierarchy within which the fair value measurement is categorised is determined on the basis of the lowest level input that is significant to the fair value measurement. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The Company considers observable market data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The Company recognises transfers between levels 1, 2 and 3 based on the date of the event or change in circumstances that caused the transfer. This policy on the timing of recognising transfers is the same for transfers into a level as for transfers out of a level. There were no transfers between the three levels during the period ended 30 June 2016 and the year ended 31 December 2015.

The following table analyses within the fair value hierarchy the Company’s financial assets and liabilities at fair value through profit and loss (by class) measured at fair value as at 30 June 2016:

Level 1 Level 2 Level 3 Total balance
Financial assets at fair value
through profit and loss
Financial assets held for trading:
- Derivative financial assets - 94,105 - 94,105
Financial assets designated at fair value through profit or loss at inception:
- Equity investments 1,050,085 - 55,270,234 56,320,319
Total 1,050,085 94,105 55,270,234 56,414,424

   

Financial liabilities at fair value
through profit and loss
   Financial liabilities held for trading:
   - Derivative financial liabilities - 1,748,739 - 1,748,739
Total - 1,748,739 - 1,748,739

The following table analyses within the fair value hierarchy the Company’s financial assets and liabilities at fair value through profit and loss (by class) measured at fair value as at 31 December 2015:

Level 1 Level 2 Level 3 Total balance
Financial assets at fair value
through profit and loss
Financial assets held for trading:
- Derivative financial assets - 10,540 - 10,540
Financial assets designated at fair value through profit or loss at inception:
- Equity investments 4,674,087 - 55,660,318 60,334,405
Total 4,674,087 10,540 55,660,318 60,344,945
Financial liabilities at fair value
through profit and loss
Financial liabilities held for trading:
- Derivative financial liabilities - 951,805 - 951,805
Total - 951,805 - 951,805

Level  1  assets include the Ashmore SICAV 2 Global Liquidity US$ Fund (31 December 2015: Aginyx Ordinary Shares (MCX) and the Ashmore SICAV 2 Global Liquidity US$ Fund).

Level 2 assets and liabilities include forward foreign currency contracts that are calculated internally using observable market data.

Level 3 assets include all unquoted Funds, limited partnerships and unquoted investments. Investments in unquoted Funds and limited partnerships are valued on the basis of the latest Net Asset Value, which represents the fair value, as provided by the administrator of the unquoted Fund at the close of business on the relevant valuation day. Unquoted Funds have been classified as level 3 assets after consideration of their underlying investments, lock-up periods and liquidity.

The following table presents the movement in level 3 instruments for the period ended 30 June 2016.

Equity investments
Opening balance as at 1 January 2016 55,660,318
Sales (586,817)
Gains and losses recognised in profit and loss * 196,733
Closing balance as at 30 June 2016 55,270,234

* Gains and losses recognised in profit and loss include unrealised results on existing assets as at 30 June 2016 of US$(389,908,073).

Total gains and losses included in the Unaudited Condensed Statement of Comprehensive Income are presented in “Other net changes in fair value on financial assets and liabilities at fair value through profit or loss”.

Valuation methodology of level 3 assets held directly by the Company and indirectly by the Company through its investments in the underlying Ashmore Funds

The Pricing Methodology and Valuation Committee (PMVC) which has been authorised as an Approved Person to provide valuations to the Administrator, operates and meets to consider the methods for pricing hard-to-value investments where a reliable pricing source is not available, if an asset does not trade regularly, or in the case of a significant event (such as a major economic event or market volatility outside of local market hours). These assets, which are classified within level 3, may include all asset types but are frequently ‘Special Situations’ type investments, typically incorporating distressed, illiquid or private equity assets.

For these hard-to-value investments, the methodology and models used to determine fair value are created in accordance with the International Private Equity and Venture Capital Valuation (IPEV) guidelines. Material investments are valued by experienced personnel at an independent third-party valuation specialist. Such valuations are subject to review, amendment if necessary, then approval, firstly by the PMVC, and then by the Board of Directors of the Company. Smaller investments may be valued directly by the PMVC.

Valuation techniques used include the market approach, the income approach or the cost approach depending on the availability of reliable information. The market approach generally consists of using comparable market transactions or EBITDA/EV multiples for comparable listed companies, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as deemed appropriate for liquidity, credit, market and/or other risk factors.

Inputs used in estimating the value of investments may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalisations and other transactions across the capital structure, offerings in the equity or debt capital markets and bids received from potential buyers.

The following tables show the valuation techniques and the key unobservable inputs used in the determination of the fair value of level 3 direct investments:

Balance as at
30 June 2016
Valuation
US$ methodology Unobservable inputs Range
Equity in private companies 6,881,503 Discounted Cash Flows / Comparable listed company EV/EBITDA multiples - Forecast annual revenue growth rate
- Forecast EBITDA margin
- Risk adjusted discount rate
- Market multiples
N/A
Investments in unlisted Funds 48,388,731 Net Asset Value Inputs to Net Asset Value* N/A
Balance as at
31 December 2015
Valuation
US$ methodology Unobservable inputs Range
Equity in private companies 4,413,248 Discounted Cash Flows / Comparable listed company EV/EBITDA multiples - Forecast annual revenue growth rate
- Forecast EBITDA margin
- Risk adjusted discount rate
- Market multiples
N/A
Investments in unlisted Funds 51,247,070 Net Asset Value Inputs to Net Asset Value* N/A

* Management has assessed whether there are any discounts in relation to lock-in periods that are impacting liquidity.

The Company believes that its estimates of fair value are appropriate; however the use of different methodologies or assumptions could lead to different measurements of fair value. For fair value investments in level 3, changing one or more of the assumptions used to alternative assumptions could result in an increase or decrease in net assets attributable to investors. Due to the numerous different factors affecting the assets, the impact cannot be reliably quantified. It is reasonably possible on the basis of existing knowledge, that outcomes within the next financial period that are different from the assumptions used could require a material adjustment to the carrying amounts of affected assets.

7.   Capital and Reserves

Share Conversion

The following share conversions took place during the period ended 30 June 2016:

Transfers from Transfers to Number of shares
to switch out
Number of shares
to switch in
£ shares US$ shares 1,201,320 1,671,997
US$ shares £ shares 293 204

Compulsory Partial Redemptions

Following the approval by the Company’s shareholders of the wind-down proposal as described in the circular published on 20 February 2013, during the period ended 30 June 2016, the Company announced partial returns of capital to shareholders by way of compulsory partial redemptions of shares with the following redemption dates:

·     29 January 2016, US$16.2 using the 31 December 2015 Net Asset Value; and

·     29 April 2016, US$2.5 using the 31 March 2016 Net Asset Value.

The amounts applied to the partial redemptions of shares comprised monies from dividends received and from the realisation of the Company’s investments up to and including the reference NAV calculation dates pursuant to the wind-down of the Company.

During the period, the following shares were redeemed by way of compulsory partial redemptions of shares (consideration in US$ has been determined using the exchange rates at the date of the official announcement):

Number of ordinary shares redeemed Consideration in US$
US$ shares 1,943,923 9,940,243
£ shares 1,185,832 8,759,886
18,700,129

Voting rights

The voting rights each share is entitled to in a poll at any general meeting of the Company (applying the Weighted Voting Calculation as described in the Prospectus published by the Company on 6 November 2007) are as follows:

US$ shares: 1.0000
£ shares: 2.0288

The above figures may be used by shareholders as the denominator for calculations to determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA’s Disclosure and Transparency Rules.

8.   Net Asset Value

The Net Asset Value of each US$ and £ share is determined by dividing the total net assets of the Company attributable to the US$ and £ share classes by the number of US$ and £ shares in issue respectively at the period and year ends as follows:

As at 30 June 2016 Net assets
attributable to each
share class in US$
Shares in issue Net assets
per share
in US$
Net assets
per share
in local currency
US$ shares 38,592,789 7,467,648 5.17 5.17
£ shares 17,377,608 2,584,560 6.72 5.03
55,970,397

   

As at 31 December 2015 Net assets
attributable to each
share class in US$
Shares in issue Net assets
per share
in US$
Net assets
per share
in local currency
US$ shares 39,168,725 7,739,867 5.06 5.06
£ shares 36,481,207 4,971,508 7.34 4.98
75,649,932

The allocation of the Company’s Net Asset Value between share classes is further described in the Company’s Prospectus.

9.   Earnings per Share (EPS)

The calculation of the earnings per US$ and £ share is based on the gain/loss for the period attributable to US$ and £ shareholders and the respective weighted average number of shares in issue for each share class during the period.

The gain/(loss) attributable to each share class for the period ended 30 June 2016 was as follows:

US$ share £ share
Issued shares at the beginning of the period 7,739,867 4,971,508
Effect on the weighted average number of shares:
- Conversion of shares 560,500 (408,816)
- Compulsory partial redemption of shares (1,468,832) (922,440)
Weighted average number of shares 6,831,535 3,640,252
Gain/(loss) per share class (US$) 940,878 (1,920,284)
EPS (US$) 0.14 (0.53)

There were no dilutive instruments in issue during the period.

The loss attributable to each share class for the period ended 30 June 2015 was as follows:

US$ share £ share
Issued shares at the beginning of the period 12,948,641 12,572,050
Effect on the weighted average number of shares:
- Conversion of shares 718,492 (470,522)
- Compulsory partial redemption of shares (3,161,872) (2,955,678)
Weighted average number of shares 10,505,261 9,145,850
Loss per share class (US$) (900,731) (2,853,880)
EPS (US$) (0.09) (0.31)

There were no dilutive instruments in issue during the period.

10.  Segmental Reporting

Although the Company has two share classes and invests in various investment themes, it is organised and operates as one business and one geographical segment, as the principal focus is on emerging market strategies, mainly achieved via investments in funds domiciled in Europe but investing globally. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment. The financial results from this segment are equivalent to the financial statements of the Company as a whole. Additionally, the Company’s performance is evaluated on an overall basis. The Company’s management receives financial information prepared under IFRS and, as a result, the disclosure of separate segmental information is not required.

11.  Ultimate Controlling Party

In the opinion of the Directors and on the basis of shareholdings advised to them, the Company has no ultimate controlling party.

12.  Involvement with Unconsolidated Structured Entities

The table below describes the types of structured entities that the Company does not consolidate but in which it holds an interest.

Type of structured entity Nature and purpose Interest held by the Company
Investment Funds To manage assets on behalf of third party investors. These vehicles are financed through the issue of units to investors. Investments in units issued by the Funds

The table below sets out interests held by the Company in unconsolidated structured entities. The maximum exposure to loss is the carrying amount of the financial assets held.

Investment in unlisted investment Funds Number of
investee Funds
Total net assets Carrying amount included in "Financial assets at fair value through profit or loss" % of net assets of underlying  Funds
Special Situations Private Equity Funds 8 243,322,357 43,593,052 17.92
Real Estate Funds 2 50,310,239 4,795,679 9.53

During the period, the Company did not provide financial support to these unconsolidated structured entities and the Company has no intention of providing financial or other support, except for the outstanding commitments disclosed in note 14 to the financial statements.

13.  Related Party Transactions

Parties are considered to be related if one party has the ability to control the other party or to exercise significant influence over the other party in making financial or operational decisions.

The Directors are responsible for the determination of the investment policy of the Company and have overall responsibility for the Company’s activities. The Company’s investment portfolio is managed by Ashmore Investment Advisors Limited.

The Company and the Investment Manager entered into an Investment Management Agreement under which the Investment Manager has been given responsibility for the day-to-day discretionary management of the Company’s assets (including uninvested cash) in accordance with the Company’s investment objectives and policies, subject to the overall supervision of the Directors and in accordance with the investment restrictions in the Investment Management Agreement and the Articles of Incorporation.

During the period ended 30 June 2016, the Company had the following related party transactions:

Expense Payable
Related Party Nature US$ US$
Ashmore Investment Advisors Limited Investment management fees (53,458) (5,656)
Ashmore Investment Advisors Limited Incentive fees (493,650) (1,017,077)
Board of Directors Directors’ fees (44,728) (924)

   

Investment Activity
US$
Related Funds Sales 586,817
Related Funds Dividends 1,893,933
Ashmore SICAV 2 Global Liquidity US$ Fund Purchases  (2,500,000)
Ashmore SICAV 2 Global Liquidity US$ Fund Sales 4,256,007
Ashmore SICAV 2 Global Liquidity US$ Fund Dividends 2,466

During the period ended 30 June 2015, the Company engaged in the following related party transactions:

Expense Payable
Related Party Nature US$ US$
Ashmore Investment Advisors Limited Investment management fees (net) (360,451) (79,721)
Ashmore Investment Advisors Limited Incentive fees (163,381) (1,890,098)
Board of Directors Directors’ fees (72,292) (14,208)
Investment Activity
US$
Related Funds Sales 12,305,865
Related Funds Dividends 33,090,908
Ashmore SICAV 2 Global Liquidity US$ Fund Purchases (78,000,000)
Ashmore SICAV 2 Global Liquidity US$ Fund Sales 53,500,000
Ashmore SICAV 2 Global Liquidity US$ Fund Dividends 1,780

Related Funds are other Funds managed by Ashmore Investment Advisors Limited or its associates.

Purchases and sales of the Ashmore SICAV 2 Global Liquidity US$ Fund (“Global Liquidity Fund”) were solely related to the cash management of US dollars on account. Funds are swept into the S&P AAAm rated Global Liquidity Fund and returned as and when required for asset purchases or distributions. The Global Liquidity Fund is managed under the dual objectives of the preservation of capital and the provision of daily liquidity, investing exclusively in very highly rated short-term liquid money market securities.

During the period ended 30 June 2016, Directors’ remuneration was as follows:

Chairman: £28,350 per annum
Chairman of the Audit Committee: £28,350 per annum
Independent Directors: £26,730 per annum
Non-Independent Director: waived

The Directors agreed to reduce their Directors’ fees by 10% with effect from 31 December 2015.

The Directors had the following beneficial interests in the Company:

30 June 2016 31 December 2015
£ ordinary shares £ ordinary shares
Nigel de la Rue 785 1,040
Christopher Legge 490 650
Richard Hotchkis 295 391

14.   Commitments

During the year ended 31 December 2010, the Company entered into a subscription agreement with Everbright Ashmore China Real Estate Fund LP for a total commitment of US$10 million. As at 30 June 2016, the outstanding commitment was US$529,455 (31 December 2015: US$529,455).

During the year ended 31 December 2011, the Company increased its commitment to VTBC Ashmore Real Estate Partners 1 LP to a total of €11.4 million. As at 30 June 2016, the outstanding commitment was €243,474 (31 December 2015: €243,474).

During the year ended 31 December 2011, the Company entered into a subscription agreement with AA Development Capital India Fund LP for an initial commitment of US$4,327,064, which was subsequently increased to US$23,581,027. AA Development Capital India Fund LP was dissolved by its General Partner on   28 June 2013 with all outstanding commitments transferred to AA Development Capital India Fund 1 LLC. As at 30 June 2016, the outstanding commitment was US$6,261,340 (31 December 2015: US$6,261,340).

15.   Subsequent Events

There were no significant events subsequent to the period-end date that require adjustment to, or disclosure in, the financial statements.

Corporate Information

Directors
Richard Hotchkis
Nigel de la Rue
Christopher Legge
Steve Hicks
Custodian
Northern Trust (Guernsey) Limited
PO Box 71
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3DA
Channel Islands
Registered Office
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Channel Islands
Auditor
KPMG Channel Islands Limited
Glategny Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 1WR
Channel Islands
Administrator, Secretary and Registrar
Northern Trust International Fund
Administration Services (Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Channel Islands
Advocates to the Company
Carey Olsen
Carey House
Les Banques
St Peter Port
Guernsey
GY1 4BZ
Channel Islands
Investment Manager
Ashmore Investment Advisors Limited
61 Aldwych
London
WC2B 4AE
United Kingdom
UK Solicitor to the Company
Slaughter and May
One Bunhill Row
London
EC1Y 8YY
United Kingdom
Brokers
J.P. Morgan Cazenove
20 Moorgate
London
EC2R 6DA
United Kingdom


Jefferies International Limited
Vintners Place
68 Upper Thames Street
London
EC4V 3BJ
United Kingdom
UK Transfer Agent
Computershare Investor Services PLC
The Pavilions
Bridgewater Road
Bristol
BS13 8AE
United Kingdom

Website
Performance and portfolio information for shareholders can be found at:
www.agol.com

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