Performance fee accrued - 841,550
398,157 1,232,833
-------- ------------
14. SHAREHOLDERS'EQUITY
30 June 31 December
2013 2012
Number Number
------------- ------------
Authorised
Common (founder) shares 20,000 20,000
Unclassified shares 50,000,000 50,000,000
------------- ------------
Issued
Common (founder) shares of US$1.00 2 2
Participating redeemable preference
shares 7,292,367 7,292,367
Nominal Nominal
value value
US$ US$
------------- ------------
Authorised
Common (founder) shares 20,000 20,000
Unclassified shares 50,000,000 50,000,000
------------- ------------
Issued
Common (founder) shares 2 2
Participating redeemable preference
shares 7,292,367 7,292,367
------------- ------------
The unclassified shares may be allotted and issued as one or
more classes of shares, including participating redeemable
preference shares ("preferred shares" or "Shares"). To qualify as
participating redeemable preference shares, the preferred shares
are required under Guernsey Law to have a preference over another
class of share capital. The preferred shares may be redeemed at the
option of the Company, subject to the discretion of the
directors.
The common or founder shares have been created so that preferred
shares may be issued. The common or founder shares are not
redeemable and do not carry any right to vote or receive dividends
and are only entitled to participate in the assets of the Company
on a winding-up.
REPURCHASED
In the period ended 30 June 2013, no shares were repurchased
(2012: 18,000 shares for a total cost of US$107,966).
SHARE-BASED PAYMENTS
The Company has the ability to issue share options representing
20 per cent of the fully diluted capital of the Company under its
share-option plan. The share options are exercisable in three equal
tranches on the first three anniversaries of the grant date and
have ten-year lives. At 30 June 2013, 1,552,927 share options (31
December 2012: 1,552,927) were exercisable, with a weighted average
exercise price of US$12.99 (31 December 2012: US$12.49).
Weighted
Number of share average
Summary of share-option activity options exercise price
US$
---------------------------------- ---------------- ----------------
At 31 December 2011 1,552,927 11.66
Granted - -
Exercised - -
Cancelled - -
---------------------------------- ---------------- ----------------
At 31 December 2012 1,552,927 12.49
Granted - -
Exercised - -
Cancelled - -
---------------------------------- ---------------- ----------------
At 30 June 2013 1,552,927 12.99
---------------------------------- ---------------- ----------------
There is no expense in 2013 (2012: nil) as no share options were
issued during the period.
15. FINANCIAL RISK MANAGEMENT
In the normal course of business, the Company is exposed to a
variety of financial risks: credit risk, liquidity risk and market
risks, which include interest-rate risk, currency risk and other
price risk.
The value of investments within the Company's portfolio can
fluctuate on a daily basis as a result of changes in interest
rates, economic conditions, the market and company news related to
specific securities within the Company. The level of risk may
depend on, inter alia, the Company's investment objective and the
type of securities in which it invests.
The primary investment objective of the Company is to generate
long-term capital growth by investing expansion capital in
companies that provide services and technology to the upstream oil
and gas industry. On a quarterly basis, the Company performs a
formal review of its investments. This review includes, but is not
limited to, an assessment of the global macro-economic environment,
the outlook for credit and the amount of active risk being taken in
the Company.
The Company's overall risk management programme seeks to
minimise the potentially adverse effect of risk on the Company's
financial performance in a manner consistent with the Company's
investment objective.
Full details of potential risks faced by the Company were set
out in the latest Annual Report and Accounts. These risks did not
change during the period to 30 June 2013 and are not expected to
change during the six months to 31 December 2013. An abbreviated
summary of these risks is set out below.
Credit risk
Credit risk is the risk that the counterparty to a financial
instrument will fail to discharge an obligation or commitment that
it has entered into with the Company.
Liquidity risk
Liquidity risk is defined as the risk that the Company may not
be able to settle or meet its obligations on time or at a
reasonable price.
Market risks
Interest-rate risk
Interest-rate risk arises from the possibility that changes in
interest rates will affect future cash flows or fair values of
financial instruments. Interest-rate risk arises when the Company
invests in interest-bearing financial instruments.
Other price risk
Other price risk is the risk that the market value or future
cash flows of financial instruments will fluctuate because of
changes in market prices other than those arising from
interest-rate risk.
Currency risk
Currency risk is the risk that the value of a financial
instrument will fluctuate due to changes in foreign exchange
rates.
16. CAPITAL MANAGEMENT
The Company considers Shareholders' Equity to be its capital.
The Company does not have any externally imposed capital
requirements.
17. POST-BALANCE SHEET EVENT
As noted in the chairman's letter, the deteriorating cash
position of the Company has led the Board to propose a share issue
of up to 9.99 per cent of the Company's existing share capital. The
Company has canvassed shareholders representing more than 50 per
cent of the issued share capital of the Company and they have given
their indicative support to a capital raising.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR NKKDNPBKDFFN
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