Last checked at 21 Jan 2010 15:30
| FOR IMMEDIATE RELEASE | 21 Jan 2010 |
THE FAMILY SHARI'AH FUND LIMITED
(the 'Company')
Quarterly Results
The Family Shari'ah Fund Limited, a multi-asset class fund providing investors with exposure to a variety of Shari'ah compliant investments predominantly outside of the GCC region, is pleased to announce its unaudited third quarterly results for the period to 30 September 2009*.
The Board notes that these quarterly results were due to be announced by 30 October2009 however such announcement was delayed. The Board confirms that the results were prepared and available to them on time and that this delay in announcement had no impact on the availability of quarterly information to the Board on a timely basis for this or any subsequent period. The Board wishes to apologise for any inconvenience caused to investors.
The Directors would also like to take this opportunity to clarify the timing of future announcements in 2010 and 2011 as previously stated in the Company's Admission Document. These quarterly results, the financial timetable and a monthly investment manager's report are also available on the Company's website (www.familyshariahfund.com).
Note
*All figures are unaudited. Also, as stated in the admission document, all private equity investments are only subject to 6 monthly 3rd party revaluations and therefore the net asset value as stated herein may differ from the actual position as at the dates reported.
For further information, please contact:
| The Family Office (Investment Manager) | Tel: +973 17221177 |
| Andrew Paine - CFO | |
| Richard Joye - Projects Manager | |
| Blomfield Corporate Finance (Nominated Adviser and Broker) | Tel: +44 (0)20 7444 0800 |
| James Pinner / Derek Crowhurst / Alan MacKenzie | |
| BALANCE SHEET AS AT SEPTEMBER 30, 2009* | |||||||
| ASSETS | USD | ||||||
| Bank accounts | 14,862,642 | ||||||
| Cost of investment mutual funds | 8,737,884 | ||||||
| Cost of SUKUK Investment | 5,013,800 | ||||||
| App/depr settled | (556,547) | ||||||
| SUKUK Receivable | 31,674 | ||||||
| Deferred Incorporation Costs | 595,327 | ||||||
| Prepaid Insurance | 117,702 | ||||||
| Prepaid Licence Fee | 533 | ||||||
| Prepaid Listing Fee | 3,484 | ||||||
| Prepayments - other | 4,722 | ||||||
| ASSETS TOTAL | 28,811,221 | ||||||
| LIABILITIES | |||||||
| Management fee payable | 105,097 | ||||||
| Administration Disbursements payable | 400 | ||||||
| Administration fees payable | 4000 | ||||||
| Audit fee payable | 26,121 | ||||||
| Correct Net fee payable | 250 | ||||||
| Directors fee payable | 156,131 | ||||||
| Register fee payable | 3,787 | ||||||
| Secretarial fees payable | 493 | ||||||
| Due to the Placing Agent | 686,796 | ||||||
| LIABILITIES TOTAL | 983,075 | ||||||
| NET ASSET VALUE | 27,828,146 | ||||||
| SHAREHOLDER CAPITAL | |||||||
| The Family Shari'ah Fund Class A USD Series 1 | 27,828,146 | ||||||
| SHAREHOLDER CAPITAL TOTAL | 27,828,146 | ||||||
| *All figures are unaudited. Also, as stated in the admission document, all private equity investments are only subject to 6 monthly 3rd party revaluations and therefore the net asset value as stated herein may differ from the actual position as at the dates reported. | |||||||
| PROFIT & LOSS STATEMENT FOR THE PERIOD JULY 1, 2009 TO SEPTEMBER 30, 2009* | ||||||
| USD | ||||||
| Realised gain/loss | Realised gain/loss mutual funds | 172,701 | ||||
| Unrealised gain/loss | Unrealised p/l settled | 339,395 | ||||
| Other income | Profit on SUKUK Trade | 20,018 | ||||
| Other income | Profit on Murabaha Trade | 9,607 | ||||
| Dividend income | Dividends income | 17,007 | ||||
| Other expenses | Organisation expense | (85,981) | ||||
| Insurance expense | (32,071) | |||||
| Shari'ah Supervisory Board Salaries & Fees | (15,415) | |||||
| Directors fee expense | (20,000) | |||||
| Commission | (17,336) | |||||
| Administration fee expense | (13,950) | |||||
| Audit fee expense | (12,477) | |||||
| Professional Fees | (27,811) | |||||
| Other Expenses | (42,387) | |||||
| Investment management fee expense | Management fee | (105,098) | ||||
| Net profit | 186,202 | |||||
*All figures are unaudited. Also, as stated in the admission document, all private equity investments are only subject to 6 monthly 3rd party revaluations and therefore the net asset value as stated herein may differ from the actual position as at the dates reported.
| Positions as of September 30, 2009* | ||||
| Security | CCY | Quantity | Market Price* | Market Value* |
| Ishares II PLC - Ishares MSCI World Islamic | USD | 86,200 | 19.52 | 1,682,624 |
| Ishares II PLC - Ishares MSCI Emerging Markets Islamic | USD | 94,488 | 17.85 | 1,686,611 |
| Allianz RCM Islamic Global Equity Opportunities Fund | USD | 2,730.3620 | 817.38 | 2,231,743 |
| CBB International Sukuk - 6.247 % 06/17/2014 | USD | 1,000,000 | 1.0834 | 1,083,440 |
| IDB Trust Services Ltd - 3.172% 09/16/14 | USD | 2,000,000 | 0.9953 | 1,990,626 |
| Petronas Sukuk - 4.25% 08/12/14 | 2,000,000 | 0.9969 | 1,993,936 | |
| TFO Shari'ah Co-Investment Fund SPC - Class AA | USD | 450 | 981.5155 | 441,682 |
| TFO Shari'ah Co-Investment Fund SPC - Class AB | USD | 450 | 671.6777 | 302,255 |
| TFO Shari'ah Co-Investment Fund SPC - Class AC | USD | 450 | 1,000 | 450,000 |
| TFO Shari'ah Co-Investment Fund SPC - Class AE | USD | 229.1520 | 1,000 | 229,152 |
| TFO Shari'ah Co-Investment Fund SPC - Class AF | USD | 222.9410 | 1,000 | 222,941 |
| TFO Shari'ah Co-Investment Fund SPC - Class ADV | USD | 447.9070 | 1,000 | 447,907 |
| TFO Shari'ah Co-Investment fund SPC - Class X | USD | 450 | 450.8644 | 202,889 |
| TFO Shari'ah Co-Investments Fund SPC - Class Y | USD | 450 | 509.6244 | 229,331 |
*All figures are unaudited. Also, as stated in the admission document, all private equity investments are only subject to 6 monthly 3rd party revaluations and therefore the net asset value as stated herein may differ from the actual position as at the dates reported. Financial Timetable for 2008 and 2009 announcements
| Date | Event | Due to be announced by * | For 2010 | For 2011 |
| 31 January | NAV | 20 business days | 2/26/2010 | 2/28/2011 |
| 28 February | NAV | 20 business days | 3/26/2010 | 3/28/2011 |
| 31 March | NAV | 20 business days | 4/30/2010 | 5/1/2011 |
| 31 March | Quarterly Financial information | 30 days | 4/30/2010 | 4/29/2011 |
| 30 April | NAV | 20 business days | 6/1/2010 | 5/31/2011 |
| 31 May | NAV | 20 business days | 6/28/2010 | 6/28/2011 |
| 30 June | NAV | 20 business days | 7/28/2010 | 7/28/2011 |
| 30 June | Half Year results ** | 3 months | 9/30/2010 | 9/30/2011 |
| 31 July | NAV | 20 business days | 8/27/2010 | 8/26/2011 |
| 31 August | NAV | 20 business days | 9/28/2010 | 9/28/2011 |
| 30 September | NAV | 20 business days | 10/28/2010 | 10/28/2011 |
| 30 September | Quarterly Financial information | 30 days | 10/29/2010 | 10/28/2011 |
| 31 October | NAV | 20 business days | 11/26/2010 | 11/28/2011 |
| 30 November | NAV | 20 business days | 12/30/2010 | 12/30/2011 |
| 31 December | NAV | 20 business days | 1/31/2011 | 1/28/2012 |
| 31 December | Full Year results *** | 6 Months | 4/29/2011 | 4/29/2012 |
Notes to the timetable
* As stated in admission document
** Although this is a fiscal quarter, limited quarterly financial information will not be disclosed as fuller half-year information will be produced
*** Although this is a fiscal quarter, limited quarterly financial information will not be disclosed as audited full-year information will be produced
Notes to Editors
The Family Shari'ah Fund Limited is the first multi-asset class fund to gain admission to AIM and provides investors with exposure to a variety of Shari'ah Compliant investments predominantly outside of the GCC region.
The Company's investing policy, as defined by the AIM Rules, is available on the Company's website at www.familyshariahfund.com/investing_policy.html.