Karachi: This is to inform you that the Board of Directors of Golden Arrow Selected Stocks Fund Limited (GASF) in their meeting held on August 09, 2011 at 02:00 p.m. at the registered office 216-217, Continental Trade Centre, Block-8, Clifton, Karachi, has approved the financial results for the year ended June 30, 2011 and recommended the following:
1. Cash Dividend
A final Cash Dividend for the year ended June 30, 2011 at Re. 0.75/- (Seventy Five Paisa) per share i.e. 15.00% of face value of Rs.5/- per share
2. Bonus Shares Nil
3. Right Shares Nil
The financial results of Golden Arrow Selected Stocks Fund Limited for the year ended June 30, 2011 are as follows:
|
2011 |
2010 |
|
|
(Rupees in “000) |
||
| Income | ||
| Capital gain on sale of investments – net | 102,727 | 174,913 |
| Dividend income | 48,649 | 43,545 |
| Unrealised diminution on re-measurement of investments classified
as ‘financial assets at fair value through profit or loss’ – net |
(10,459) | (64,499) |
| Unrealised gain on letter of rights | 948 | – |
| Income on term finance certificates | 7,389 | 13,164 |
| Profit on bank deposits | 1,033 | 12,628 |
| Other Income | 393 | – |
| ——– | ——– | |
| Total Income | 150,680 | 179,751 |
| Operating expenses | ||
| Impairment loss on investments classified as ‘available for sale’ – net | – | 6,871 |
| Remuneration of Management Company | 19,661 | 20,095 |
| Annual fee – Securities and Exchange Commission of Pakistan (SECP) | 934 | 955 |
| Remuneration of Custodian – Central Depository Company
of Pakistan Limited (CDC) |
590 | 705 |
| Auditors’ remuneration | 318 | 325 |
| Legal and professional charges | 14 | 48 |
| Annual listing fee | 197 | 145 |
| Central Depository System charges | 138 | 341 |
| Fees and subscription | 401 | 330 |
| Securities transaction cost | 1,636 | 5,491 |
| Bank charges | 7 | 17 |
| Director’s fee | 65 | 90 |
| Printing and postage | 802 | 712 |
| Provision of Workers Welfare Fund | 2,517 | 2,870 |
| Advertisement | 69 | 151 |
| ——– | ——– | |
| Total Expenses | 27,349 | 39,146 |
| ——– | ——– | |
| Net income before taxation | 123,331 | 140,605 |
| Taxation | – | – |
| ——– | ——– | |
| Net income after taxation | 123,331 | 140,605 |
| Other comprehensive income: | ||
| Unrealised appreciation arising during the year on re-measurement of investments | ||
| Classified as ‘available for sale’ – net | 558 | 269 |
| Reclassified adjustment for net gain realised on disposal of | ||
| Available for sale investments | – | (4,821) |
| Reclassified adjustment for impairment loss on available for sale | ||
| Investments included in income statement | – | 976 |
| ——– | ——– | |
| 558 | (3,576) | |
| ——– | ——– | |
| Total comprehensive income for the year | 123,889 | 137,029 |
| ——– | ——- | |
|
Rupees |
||
| Earnings per share | 0.81 | 0.92 |
For more information, contact:
Muhammad Amin Hussain
Company Secretary
Golden Arrow Selected Stocks Fund Limited
606, Continental Trade Centre,
Block-8, Clifton,
Karachi – 74000.
PABX: (92-21) 5371305-7
Fax: (92-21) 5373217
Email: info@akdinvestment.com