Net Asset Value(s)

RNS Number : 5706B

The Family Shariah Fund Ltd

18 April 2012

 



The Family Shari'ah Fund Limited

('FSF' or the 'Company')

NET ASSET VALUE

The Directors today announce that the estimated Net Asset Value per ordinary share of US $0.01 each ("Ordinary Share") based on the estimated value of the Company provided by the Fund Administrator - Apex Fund Services (Ireland) Limited as at 31 Mar 2012 - including income was US $0.9230*.

The Net Asset Value position* as at 29 Feb 2012 and 31 Mar 2012 and the portfolio allocation as at 31 Mar 2012 is summarised below

Period 29 Feb 2012 (opening) - 31 Mar 2012 (closing)
All figures in US$

US$	Opening	Closing
Net Asset Value *	29,273,618	29,119,189
NAV* per Ordinary Share	0.9278	0.9230

FSF was down approximately 0.52% in the month of March. This was due to a revaluation of the private equity & real estate. The investment manager is happy to report that in March it received the full repayment of the Alternative investment transaction which it initiated in December 2010 which was a murabaha structure with a three year tenure. From the date of the initial investment in 2010, FSF has received four net cash quarterly payments totaling 8.6% of the investment.  FSF received an additional 3% together with the principal repayment of $1,000,000 on 30 March 2012. FSF will receive the final distribution in December 2012 of approximately 8.6% of the principal.  This final distribution was part of the original structuring of the transaction which was negotiated by The Family Office. The payment of this final distribution should be made on or about the date of the 2-year anniversary of the initial investment.  In summary, after the repayment of the principal, FSF has received a return of approximately 11.6%, and, by the end of 2012, FSF would have received a return of approximately 20.2%. On an annualized basis, the internal rate of return is expected to be approximately 15.5%.

Asset Allocation at end of March 2012 is:

Cash 24.1%

Islamic Income 18.6%

Equities 16.6%

Private Equity 18.4%Real Estate 22.3%

Notes:

* All figures are unaudited. Also, as stated in the Admission Document, all private equity investments are subject to 6 monthly 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	Tel: [phone]
Manoj Ranawat
Religare Capital Markets (UK) Limited) (Nomad and Broker)	Tel: [phone]
Richard Thompson, David Porter

 

This announcement should be read in conjunction with the Admission Document. Terms defined in the Admission Document have the same meaning when used in this announcement.

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.

 

END

 

 

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