TIDMMHN
Menhaden Capital PLC
(the "Company")
HALF YEAR REPORT
FOR THE SIX MONTHSED 30 JUNE 2016
FINANCIAL HIGHLIGHTS
Performance As at 30 June 2016 As at 31 December
2015
Net asset value per share 80.4p 83.9p
Share price 62.0p 77.0p
Discount 22.9% 8.2%
Total returns Six months to 30 June Period to 31 December
2016 2015
Net asset value per share (4.2%) (14.1%)
Share price (19.5%) (23.0%)
MSCI World Index (GBP) 11.0% (0.8%)
Six months to 30 June
2016
Ongoing charges* 2.1%
Source: Frostrow Capital LLP
* Ongoing charges are calculated as a percentage of shareholders' funds using
average net assets over the period and calculated in line with the AIC's
recommended methodology.
INTERIM MANAGEMENT REPORT
CHAIRMAN'S STATEMENT
Performance during the period
During the first half of the Company's financial year the Company generated a
small loss of 3.5 pence per share, which is equivalent to a 4.2% decline in the
Net Asset Value ("NAV") over the period. The drop in the NAV was primarily due
to market volatility and variable investor sentiment during the period.
Regrettably there was a diminution in the market value of each share, which
fell by 19.5% over the period at the end of which the share price stood at a
22.9% discount to the NAV per share.
Over the same period the MSCI World Total Return Index (in sterling), rose by
11.0%. By way of additional comparison, the WilderHill New Energy Global
Innovation Index (in sterling) rose by 2.6% and the AIC Environmental Sector
fell by 4.9%. The Board is very conscious of the level of the share price
discount to NAV per share and is keeping the situation under close review.
Analysis and more recent performance
Despite the decline during the first six months of the year, the Company's NAV
per share increased by 6.4% between May and June, and a further 4.9% from the
end of the period to 31 August 2016, being the latest practicable date before
the publication of this report, reversing the loss in the first half of this
year. This recent improvement includes the early effects of the UK's
referendum vote to leave the European Union, announced one week prior to the
end of the period. The portfolio has also benefited from positive
contributions during the period from companies such as Praxair, A.O. Smith and
Rockwell Automations, and lessons learnt. Our portfolio managers have provided
a comprehensive analysis of all the factors contributing to the Company's
performance during the period later in this report (pages 7 to 9).
Outlook
Despite a challenging start to the year, our portfolio managers firmly believe
that the long-term prospects for companies delivering or benefiting from the
efficient use of energy and resources are good. The Board has been encouraged
by recent improvements in the Company's NAV per share and believes that the
premise on which the Company was launched and its underlying investment
strategy remain valid.
Dividend
The Board's policy is to pay dividends as required to maintain UK investment
trust status. No interim dividend will be declared for this period. In line
with the prospectus, the Company's aim is to target an annual dividend yield of
2% of the average NAV.
Sir Ian Cheshire
Chairman
21 September 2016
Investment Themes
Theme Description
Clean energy production Companies producing power from clean sources such
as solar or wind
Resource and energy Companies focused on improving energy efficiency
efficiency (e.g. in buildings or manufacturing processes) or
creating emissions reduction products or services
Sustainable transport Companies in the transport sector focused on
helping to reduce harmful air emissions / distance
travelled
Water and waste management Companies with products or services that enable
reductions in usage / volumes and / or smarter
ways to manage water and waste
PORTFOLIO SUMMARY as at 30 June 2016
Investment Country Fair Value % of
GBP'000 net assets
X-ELIO * 1 Spain 9,398 14.6
WHEB Ventures Private Equity Fund 2 UK 6,197 9.6
LP*
Terraform Power United States 4,254 6.6
Alpina Partners Fund LP * 2 UK 3,154 4.9
Airbus France 1,858 2.9
Terraform Global Emerging Markets 1,823 2.8
Atlantica Yield United States 1,799 2.8
Rockwell Automation United States 1,785 2.8
A. O. Smith United States 1,761 2.7
Roper Technologies United States 1,672 2.6
Top 10 investments 33,701 52.3
Ecolab United States 1,667 2.6
Acuity Brands United States 1,663 2.6
Wabtec United States 1,658 2.6
Borgwarner United States 1,602 2.5
Safran France 1,584 2.5
Osmosis MoRE World Resources Global 1,542 2.4
Efficiency
China Longyuan Power China 1,537 2.4
Stericycle United States 1,464 2.3
Shimano Japan 1,450 2.3
Praxair United States 1,364 2.1
Top 20 investments 49,232 76.6
Johnson Matthey UK 1,116 1.7
Volkswagen Germany 986 1.5
Kingspan Ireland 966 1.5
Brookfield Renewable Energy Canada 764 1.1
Atlantica Yield - Bonds United States 141 0.2
Abengoa Senior Notes 8.5% 2016 Spain 138 0.2
Abengoa Senior Notes 8.875% 2017 Spain 135 0.2
Total investments 53,478 83.0
Net current assets (including cash) 10,847 17.0
Total net assets 64,325 100.0
1 Investment made through Helios Co-Invest L.P. X-Elio was formerly known as
Gestamp Solar.
2 Formerly WHEB Ventures Private Equity Fund 3 LP.
* Unquoted
Investment Business Description Theme
X-ELIO * 1 Developer and operator of solar energy products Clean energy
WHEB Ventures Growth capital fund managed by specialist green PE Resource
Private Equity Fund firm, Alpina Partners efficiency
2 LP*
Terraform Power Operator of contracted renewable assets Clean energy
Alpina Partners Fund Growth capital fund managed by specialist green PE Resource
LP * 2 firm, Alpina Partners efficiency
Airbus Aircraft manufacturer Sustainable
transport
Terraform Global Operator of contracted renewable energy assets in Clean energy
emerging markets
Atlantica Yield Owner and manager of contracted renewable energy assets Clean energy
Rockwell Automation Provider of integrated systems for process Resource
manufacturing efficiency
A. O. Smith Manufacturer of commercial and residential water Resource
heaters efficiency
Roper Technologies Manufacturers and distributes industrial equipment Resource
efficiency
Ecolab Provider of water, hygiene and energy technologies Water & waste
Acuity Brands Provider of LED lighting, lighting controls and related Resource
products and services efficiency
Wabtec Manufactures braking equipment and other transportation Sustainable
parts transport
Borgwarner Supplier of motor vehicle parts and systems Sustainable
transport
Safran Supplier of systems and equipment for aerospace, Resource
defence and security efficiency
Osmosis MoRE World Open-ended fund investing in resource efficient public Resource
Resources Efficiency companies efficiency
China Longyuan Power Manufacturer and producer of wind energy Clean energy
Stericycle Provides medical and pharmaceutical waste management Sustainable
transport
Shimano Manufacturer and distributor of cycling and fishing Sustainable
equipment and accessories transport
Praxair Provider of industrial gases Resource
efficiency
Johnson Matthey Manufactures catalysts, pharmaceutical materials and Resource
pollution control systems efficiency
Volkswagen Developer and manufacturer of passenger cars and light Sustainable
commercial vehicles transport
Kingspan Provider of insulation and building envelope Resource
technologies efficiency
Brookfield Renewable Open-ended fund investing in hydroelectric and wind Clean energy
Energy facilities
Atlantica Yield - Owner and manager of contracted renewable energy assets Clean energy
Bonds
Abengoa Senior Notes Operator and developer of renewable energy assets Clean energy
8.5% 2016
Abengoa Senior Notes Operator and developer of renewable energy assets Clean energy
8.875% 2017
INVESTMENT MANAGER'S REPORT
Portfolio update
During the first half of 2016, the Company's NAV per share decreased from 83.9p
to 80.4p. This represents a decline of 4.2% for the period. However, since the
end of the period the NAV per share has increased to 84.4p as at 31 August 2016
(being the latest practicable date prior to the publication of this report).
For the same period the MSCI World Total Return Index (in sterling) returned
11.0%. The performance of the index in sterling was largely driven by the
depreciation in sterling after the EU referendum in the UK. The same index in
US dollars returned 1.0%.
The Company's share price traded at a 23.5% discount to NAV per share as at 30
June 2016.
The contribution to the loss over the period is summarised below:
30 June
2016 Contribution
Asset Category % NAV %
Listed Equities 40.9 (1.9)
Private Equity 29.9 (0.1)
Yield 14.4 (1.2)
Cash 14.8 -
Ongoing charges - (1.0)
Net Assets 100.0 (4.2)
Listed Equity
The Listed Equity portfolio's contribution to the decline was 1.9% for the
period.
Renewable Energy
Two of the principal detractors to performance for the period have been in the
solar sector.
The first, SunEdison, contributed (2.6%) to the decline. While we continue to
believe in the long-term market opportunity in the development and operation of
solar and wind assets, the capital consumptive nature of SunEdison's business
model really required management to execute at a high level. We misjudged the
capabilities of the management team and, realising this, we decided in February
to withdraw from that position, and to transfer our exposure to SunEdison's two
associated yield companies, Terraform Power and Terraform Global. Since then
SunEdison has entered Chapter 11 bankruptcy, and the two yield companies have
ring-fenced themselves from their former parent to seek to protect their
shareholders' interests.
The second, Canadian Solar, which contributed (1.5%), is a vertically
integrated solar player that both manufactures panels and uses those panels in
the development of solar assets around the world. Canadian Solar has struggled
to protect its manufacturing margins as the market for solar panels has become
commoditised and over-supplied. Moreover, the business has struggled to find
buyers for its solar assets as the obvious buyers, the publicly traded yield
companies, have been buffeted by negative market conditions. In April we sold
our position in the company.
Resource and Energy Efficiency
Our top performing positions in the quoted equity category were all in the
resource and energy efficiency sector. Praxair, Rockwell Automation and A.O.
Smith's share prices all benefited from solid financial performance over the
period and each individually contributed 0.5% to the portfolio.
Sustainable Transport
Since the Volkswagen emissions scandal came to light, the company's share price
has declined dramatically - mostly in anticipation of the payouts the company
will have to make, especially in the US. We believe that the market has
overestimated the scale of the damage to Volkswagen. Sales have held up well
since the scandal, and in light of the scandal the company's entire
non-executive and executive management teams have been replaced. Volkswagen,
one of the world's largest vehicle manufacturers, has the potential to reduce
costs and improve margins and profitability. We believe that the company's
management team is now incentivised to step up to this challenge. More
significantly for us, the new management team has announced ambitious plans to
become the world's leading electric vehicles manufacturer. We therefore believe
that Volkswagen represents an enticing recovery play and an attractively valued
opportunity to gain exposure to the coming electric transportation growth wave.
Before the widespread electrification of transport arrives, however, the world
continues to rely on the internal combustion engine. We are therefore keen to
be exposed to the world's leaders in the production of engines that are less
polluting and more efficient. BorgWarner and Johnson Matthey, currently in the
Company's portfolio, provide products and technologies that reduce pollution
and enhance efficiency.
Airbus and its key engines supplier, Safran, are focused on producing engines
that are significantly more efficient and less polluting, and we have added
them to the portfolio during the period. Airbus represents an opportunity to
invest in a global duopoly with very high barriers to entry in a growing
industry - passenger volumes increase at 5% per year. Importantly, the Airbus
A320neo delivers a 15% fuel burn saving compared to current single aisle
aircraft operations, with targets to achieve a 20% reduction in fuel burn and
CO2 emissions by 2020. With improving governance, the depreciation of the euro
and a 10 year backlog we think Airbus will make a good addition to the
portfolio. Much of the efficiency gains achieved by Airbus can be attributed to
its supplier, Safran, whose new LEAP engine promises remarkable environmental
performance including 15% lower fuel consumption and a significant reduction in
ground noise. Safran also operates in a consolidated market with high barriers
to entry and we believe the market is undervaluing the significant value in its
installed fleet.
We believe these additions to the portfolio represent a good way of accessing
the sustainable transportation theme.
Private Equity
The Private Equity portfolio contribution to the decline was 0.1%.
Alpina Partners marked down the valuation of the WHEB Ventures Private Equity
Fund 2 portfolio in Q1, and our holding in this fund was therefore a
significant detractor for the period - costing us 1.9% of NAV. The write-down
was attributable to a changeover to new private equity valuation guidelines and
updated forecasts for one of the fund's most significant portfolio companies,
Green Energy Geothermal (GEG). Revenues are expected to be down this year on
last year due to contract delays. Nevertheless, the Alpina team assure us of
GEG's encouraging progress in East Africa and Indonesia.
The effect of this write down was partially offset by an increase in the
valuation of the Alpina Partners Fund, which contributed 1.6% to NAV, on the
back of the continued strong performance of advanced materials portfolio
company, Dolan.
X-Elio, our co-investment with the KKR infrastructure team, generated $32
million of EBITDA during H1 2016, slightly underperforming forecast due to a
large engineering, procurement and construction ("EPC") project in Egypt being
delayed. X-Elio's business model has three components: the development of new
solar assets; EPC for third parties; and the opportunistic acquisition of
existing operating solar assets around the world.
X-Elio is focused on developing new solar assets in three countries: Japan,
Mexico and Chile. The first projects in Japan have been completed and the
company has launched the construction of a new set of projects, while 28 MW are
under construction in Mexico. In total X-Elio will have 150 MW under
construction by year end. As of Q2 all of the company's operating assets are in
good shape and performing well. The appreciation of the dollar has contributed
1.3% to the portfolio from this position.
Yield Investments
Renewables Yield Investments
The Renewables Yield Investments portfolio's contribution to the decline was
0.2%.
The Company has a portfolio of four publicly traded yield companies. These
comprise Brookfield Renewable Energy Partners, Atlantica Yield and the two
SunEdison affiliated yield companies, Terraform Power and Terraform Global.
The major detractor from here was Terraform Global with a negative contribution
of 0.9% in the period. Terraform Global is the smallest of the yield companies
with the greatest exposure to emerging markets. The market has placed little
value on the portfolio as it goes through the process of disentangling itself
from SunEdison. However, we continue to believe that the assets are trading
below replacement value. Indeed, since 30 June 2016 to 31 August 2016,
Terraform Global has traded up 13.7%.
Absolute Return & Credit
The Absolute Return & Credit portfolio's contribution to the decline was 1.0%.
With regards to Abengoa, in mid-August a group of creditors including banks and
bondholders agreed a restructuring proposal with the company. The proposal
involves a write down of 70% on the old debt and the injection of EUR1.17 billion
of new money by bondholders and banks. Abengoa claims that the proposal is
being finalised and that the vote on the proposal should take place soon. The
deadline is 28 October 2016 and if the agreement is not approved by at least
75% of financial creditors and ratified by the controlling shareholders by that
time, the company will face liquidation
New Team Members
To strengthen our team research, analytic and due diligence capacity and
capabilities, we are pleased to welcome Luciano Suana as a fourth partner at
Menhaden Capital Management LLP and a member of Frostrow's Investment
Committee. Previously he was a Director for Barclays Capital in the Capital
Markets division where he ran the credit trading operations for Brazil out of
São Paulo. Before Barclays, Luciano was a Director at Dresdner Kleinwort in
London. There he focused mainly on infrastructure, utilities and real estate
assets as head of the Illiquids group. Luciano holds a Lienciatura in business
administration from Universitat Autònoma de Barcelona and was granted the
Premio Extraordinario de Fin de Carrera for outstanding academic performance.
Ben Goldsmith
Menhaden Team
21 September 2016
The Menhaden Team is comprised of the partners of Menhaden Capital Management
LLP: Ben Goldsmith, Graham Thomas, Alexander Vavalidis and Luciano Suana. The
Menhaden Team has been seconded to act for Frostrow Capital LLP from Menhaden
Capital Management LLP and together form the Investment Committee, which makes
all investment and divestment decisions in respect of the Company. Frostrow
Capital LLP is the Company's Alternative Investment Fund Manager ("AIFM").
REGULATORY DISCLOSURES
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company were explained in
detail within the Prospectus issued in July 2015 and the annual report for the
period ended 31 December 2015. The Directors are not aware of any new risks or
uncertainties for the Company and its investors for the period under review and
moving forward, beyond those stated within the Prospectus and the Annual
Report.
Related Parties Transactions
During the first six months of the current financial year, no transactions with
related parties have taken place which have materially affected the financial
position or the performance of the Company.
Going Concern
The Directors believe, having considered the Company's investment objective,
risk management policies, capital management policies and procedures, the
nature of the portfolio and the expenditure projections, that the Company has
adequate resources, an appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the foreseeable
future and, more specifically, that there are no material uncertainties
pertaining to the Company that would prevent its ability to continue in such
operational existence for at least twelve months from the date of the approval
of this half year report. For these reasons, the Directors consider there is
reasonable evidence to continue to adopt the going concern basis in preparing
the accounts.
Directors' Responsibilities Statement
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the half
year report has been prepared in accordance with Financial Reporting Standard
(FRS 102) applicable in the UK and Republic of Ireland, which forms part of the
revised Generally Accepted Accounting Practice (New UK GAAP) issued by the
Financial Reporting Council (FRC) in 2012 and 2013; and
(ii) the interim management report includes a fair review of the
information required by sections 4.2.7R and 4.2.8R of the UK Listing Authority
Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these financial
statements, the Directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgments and accounting estimates that are reasonable and
prudent;
* state whether applicable UK Accounting Standards have been followed,
subject to any material departures disclosed and explained in the financial
statements; and
* prepare the financial statements on the going concern basis unless it
is inappropriate to presume that the Company will continue in business;
and the Directors confirm that they have done so.
Si Ian Cheshire
Chairman
21 September 2016
CONDENSED INCOME STATEMENT
Six months to 30 June 2016 Period ended
(unaudited) 31 December 2015
(unaudited) (audited)
Revenue CapitalGBP Total Revenue Capital Total
Note GBP'000 '000 GBP'000 GBP'000 GBP'000 GBP'000
Losses on investments at fair - (2,421) (2,421) - (10,757) (10,757)
value through profit or loss
Income from investments 5 309 - 309 611 - 611
Impairment of interest 5 - - - (206) - (206)
AIFM and Portfolio management 6 (93) (369) (462) (87) (350) (437)
fee
Other expenses (192) - (192) (221) (22) (243)
Net return / (loss) on ordinary 24 (2,790) 97 (11,129) (11,032)
activities before taxation (2,766)
Taxation on net return on (24) - (24) (24) - (24)
ordinary activities
Net return / (loss) on ordinary - (2,790) (2,790) 73 (11,129) (11,056)
activities after taxation
Return / (Loss) per Ordinary 7 0.0p (3.5)p (3.5)p 0.1p (13.9)p (13.8)p
share
The total column of this statement is the profit and loss account of the
Company. The supplementary revenue and capital columns are prepared under
guidance issued by the Association of Investment Companies' Statement of
Recommended Practice.
All revenue and capital items in the above statement derive from continuing
operations.
There are no recognised gains or losses other than those shown above and
therefore no Statement of Total Comprehensive Income has been presented.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Share Share Special Capital Revenue Total GBP
capital premium reserve reserve reserve '000
GBP'000 account GBP'000 GBP'000 GBP'000
GBP'000
Issue of shares following 800 79,200 - - - 80,000
placing and offer for
subscription
Expenses of placing and offer - (1,829) - - - (1,829)
for subscription
Net (loss) / return from - - - (11,129) 73 (11,056)
ordinary activities after
taxation
Balance at 31 December 2015 800 77,371 - (11,129) 73 67,115
Six months to 30 June 2016
(unaudited)
Conversion of share premium - (77,371) 77,371 - - -
account*
Net (loss) / return from - - - (2,790) - (2,790)
ordinary activities after
taxation
Balance at 30 June 2016 800 - 77,371 (13,919) 73 64,325
* The share premium account was cancelled in June 2016 and the 'Special
Reserve' created.
CONDENSED STATEMENT OF FINANCIAL POSITION
As at 30 June 2016 As at 31 December
(unaudited) 2015
GBP'000 (audited)
GBP'000
Fixed assets Note
Investments at fair value through 53,478 63,709
profit or loss
Current assets
Debtors 2,306 204
Cash 9,282 3,371
11,588 3,575
Current liabilities
Creditors: amounts falling due (741) (169)
within one year
Net current assets 10,847 3,406
Net assets 64,325 67,115
Share capital and reserves
Share capital 800 800
Share premium account - 77,371
Special reserve 77,371 -
Capital reserve (13,919) (11,129)
Revenue reserve 73 73
Equity shareholders' funds 64,325 67,115
Net asset value per Ordinary share 8 80.4p 83.9p
CONDENSDED CASH FLOW STATEMENT
Six months to Period ended
30 June 2016 31 December
(unaudited) 2015
GBP'000 (audited)
GBP'000
Net cash (outflow)/inflow from operating (386) (194)
activities
Investing activities
Purchases of investments (8,605) (76,636)
Sales of investments 14,902 2,174
Net cash inflow / (outflow) from investing 6,297 (74,462)
activities
Financing activities
Issue of shares following placing and offer - 80,000
for subscription
Expenses of placing and offer for - (1,969)
subscription
Net cash (outflow) from financing activities - 78,031
Increase in cash and cash equivalents 5,911 3,375
Notes to the Condensed Interim Financial Statements
1 Financial Statements
The condensed financial statements contained in this interim financial report
do not constitute statutory accounts as defined in s434 of the Companies Act
2006. The financial information for the six months to 30 June 2016 has not been
audited or reviewed by the Company's external auditors.
The information for the period ended 31 December 2015 has been extracted from
the latest published audited financial statements. Those statutory financial
statements have been filed with the Registrar of Companies and included the
report of the auditors, which was unqualified and did not contain a statement
under Sections 498(2) or (3) of the Companies Act 2006.
2 Accounting policies
These condensed financial statements have been prepared on a going concern
basis in accordance with the Disclosure and Transparency Rules of the Financial
Conduct Authority, FRS 104 'Interim Financial Reporting', the Statement of
Recommended Practice 'Financial Statements of Investment Trust Companies and
Venture Capital Trusts' dated November 2014 and using the same accounting
policies as set out in the Company's Annual Report for the period ended 31
December 2015.
3 Going concern
After making enquiries, and having reviewed the investments, Statement of
Financial Position and projected income and expenditure for the next 12 months,
the Directors have a reasonable expectation that the Company has adequate
resources to continue in operation for the foreseeable future. The Directors
have therefore adopted the going concern basis in preparing these financial
statements.
4 Principal Risks and Uncertainties
The principal risks facing the Company together with an explanation of these
risks and how they are managed is contained in the Strategic Report and note 14
of the Company's Annual Report for the period ended 31 December 2015.
5 Income
Six months to Period ended
30 June 2016 31 December 2015
GBP'000 GBP'000
Income from investments
UK dividend income 37 8
Unfranked dividend income 269 342
Fixed interest income 3 261
Total income 309 611
Impairment of interest* - (206)
* As set out in the Annual Report for the period ended 31 December 2015 the
Abengoa Senior Notes are in default and an impairment provision of GBP206,000 was
made against the accrued interest on these investments.
6 AIFM and portfolio management fees
Six months to 30 June 2016 Period ended 31 December 2015
(unaudited) (audited)
(audited)
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
AIFM fee 14 56 70 13 53 66
Portfolio management 79 313 392 74 297 371
fee
93 369 462 87 350 437
7 Return per share
The revenue and capital returns per Ordinary share are based on 80,000,001
shares, being the weighted average number of Ordinary shares in issue during
the six months to 30 June 2016 (period from the IPO of the Company to 31
December 2015: 80,000,001 shares).
The calculation of the total, revenue and capital losses per ordinary share is
carried out in accordance with IAS 33, "Earnings per Share (as adopted in the
EU)".
8 Net asset value per share
The net asset value per share is based on the number of shares in issue at 30
June 2016 of 80,000,001 (31 December 2015: 80,000,001).
9 Transaction Costs
Purchase transaction costs for the six months ended 30 June 2016 were GBP4,000
(period ended 31 December 2015: GBP115,000).Sales transaction costs for the six
months ended 30 June 2016 were GBP24,000 (period ended 31 December 2015: GBP2,000).
These costs comprise mainly commission.
10 Fair value hierarchy
The methods of fair value measurement are classified into a hierarchy based on
reliability of the information used to determine the valuation.
Level 1 - Quoted prices in active markets.
Level 2 - Inputs other than quoted prices included within Level 1 that are
observable (i.e. developed using market data), either directly or
indirectly.
Level 3 - Inputs are unobservable (i.e. for which market data is unavailable)
The table below sets out the Company's fair value hierarchy investments as at
30 June 2016.
Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
As at 30 June 2016
Investments 34,730 - 18,748 53,478
As at 31 December 2015
Investments 45,536 - 18,173 63,709
For further information please contact:
Frostrow Capital LLP
Company Secretary
0203 709 8734
www.frostrow.com
A copy of the Half Year Report has been submitted to the National Storage
Mechanism and will shortly be available for inspection at http://
www.morningstar.co.uk/uk/NSM
The Half Year Report will also shortly be available on the Company's website at
www.menhaden.com where up to date information on the Company, including NAV,
share prices and fact sheets, can also be found.
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
ENDS
END
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