Annual Financial Report

RNS Number : 3240B

Golden Prospect Precious Metals Ltd

16 April 2012

 

Date 16 April 2012

Golden Prospect Precious Metals Limited

("Golden Prospect" or "GPPM" or "the Company")

Annual Report and Financial Statements and Notice of Annual General Meeting

Golden Prospect Precious Metals Limited today announces its annual report and financial statements for the year ended 31 December 2011 and gives notice of the Company's Annual General Meeting scheduled to be held on Thursday 7 June 2012 at 11am.

Highlights

·      Company successfully raised £18.6 million in October 2011

o  Included a bonus of half a subscription share for each share subscribed

·      Money raised increased the size of the Company, thus increasing liquidity and also reduced expense ratio

Malcolm Burne, Chairman of GPPM, commented:

"2011 was a turbulent year for financial markets and it became apparent that the global economy was facing a slow down. As a result, equities across the board had a difficult year. In relation to Golden Prospect, the performance was somewhat hindered over the period by a decline in the performance of gold equities, however, I am pleased with how GPPM performed. The Company successfully raised £18.6 million which significantly increased the size of GPPM. Looking ahead we are confident on the outlook for gold and gold equities for 2012 and the longer term. We see drivers such as high government debt levels, slow economic recovery and continued inflation expectations to continue to support the sector and I am confident of GPPM's performance."  

Golden Prospect's objective is to provide investors with capital growth, from a portfolio of companies involved in the precious metals sector.  The Annual Report will shortly be circulated to shareholders and will also be available on the investment manager's website at http://www.ncim.co.uk/gppm_top.php

For the full set of results please click on, or paste the following link into your web browser, to view the associated PDF document

http://www.rns-pdf.londonstockexchange.com/rns/3240B_-2012-4-13.pdf

 

Notes to Editors:

For further information please contact:

Patrick Farncombe, Company Secretary              Tel: [phone]

Beth Harris,

Newgate Threadneedle                                       Tel: [phone]

Notes to Editors

The objective of GPPM is to provide investors with capital growth, from a portfolio of companies involved in the precious metals sector.

John Wong manages the GPPM portfolio and is a Chartered Accountant with over ten years' experience including investment management roles at Ruffer LLP and Rothschild Asset Management. Since New City Investment Managers took over the management of the Company's portfolio in September 2008 John has been GPPM's lead fund manager.

If you would like to receive the monthly factsheet on Golden Prospect Precious Metals Limited or any of the other New City Investment Managers' trusts please email [e-mail]

Please see the below table for GPPM's ordinary share and NAV performance over a six year period:

	1 month	3 months	12 months	3 years	From 01/12/06
GPPM NAV*	+2.4%	+6.5%	-7.0%	210.46%	+14.2%
Share Price*	+4.8%	+1.1%	+14.2%	292.24%	+13.7%

(Data as at 29 February 2011)

Source: Legis Fund Services Limited/Bloomberg

*Total return performance based on mid prices.

New City Investment Managers took over the investment management function of GPPM on 15 September 2008.

 

END

 

 

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