Interim Management Statement


 

TIDMGDF 
 
RNS Number : 3348S 
Guangdong Development Fund Ld 
15 May 2009 
 
Guangdong Development Fund Limited (the "Fund") 
Interim Management Statement for the First Quarter Ended 31 March 2009 
 
 
Key highlights of the quarter ended 31 March 2009 
 
 
  *  During the quarter, no investment income from financial assets at fair value 
  through profit or loss was recorded through the income statement. 
 
  *  As it is the policy of the Fund only to engage an independent valuer to perform 
  a valuation of the financial assets at fair value through profit or loss at the 
  year end and at the half year end, no external valuation was carried out at this 
  time. Consequently, no gain or loss on financial assets at fair value through 
  profit or loss has been recorded during the quarter. 
 
  *  The unaudited loss attributable to shareholders for this quarter amounted to 
  US$0.1 million (Corresponding period in 2008: loss of US$0.1 million). 
 
  *  As at 31 March 2009, total net asset value was US$5.9 million (31 December 2008: 
  US$6.0 million), or US$0.06 per ordinary share (31 December 2008: US$0.06 per 
  ordinary share). 
 
  *  The Board does not recommend the payment of any interim dividend. 
 
 
 
Material events and transactions 
 
 
As previously announced, on 6 March 2009, the Fund entered into a conditional 
sale and purchase agreement (the "Disposal Agreement") to dispose of its entire 
equity interests in all of its subsidiaries and to assign all of its loans 
advanced to these subsidiaries and the trust beneficial interest to an 
independent third party for an aggregate consideration of US$4,400,000 payable 
in cash (the "Disposal"). In addition, following, and conditional upon, 
completion of the Disposal Agreement, the Board proposes placing the Fund into a 
summary winding up process (the "Summary Winding Up") under joint liquidators, 
in which event the listing of the Fund's 96,900,000 ordinary shares on the 
official list maintained by the Financial Services Authority will be cancelled 
(the "Delisting"). 
 
 
An extraordinary general meeting ("EGM") will be held on 22 May 2009 to approve, 
inter alia, the Disposal, the De-listing and the Summary Winding Up. For details 
of the resolutions proposed at the EGM, shareholders are advised to read the 
whole content of the Circular dispatched to shareholders on 27 April 2009. 
 
 
Save as mentioned above, no other material events or transactions took place for 
the Fund during the quarter. 
 
 
Outlook 
 
 
If all the resolutions at the EGM are duly passed, then following completion of 
the Disposal and the commencement of the Summary Winding Up, the Joint 
Liquidators shall distribute the maximum available amount of the proceeds of the 
Disposal, subject to the retentions, and any available cash, allowing for the 
Fund's ongoing expenses and the expenses of the Summary Winding Up, to the 
shareholders of the Fund through a distribution to be made under the Summary 
Winding Up.Any amount retained by the Joint Liquidators and not utilised upon 
completion of the Summary Winding Up will be distributed to shareholders of the 
Fund. 
 
However, if all the resolutions at the EGM are not passed, the Board shall 
continue to make the greatest effort to realise the Fund's investments at the 
best prices reasonably obtainable in order to maximise returns to shareholders 
of the Fund. 
 
 
 
 
For further information, please contact: 
Guangdong Development Fund Limited 
Tel: (852) 2106 0888 
Fax: (852) 2868 3082 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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