Dr Cohen was not entitled to pro-rated Directors' fees for the
time which he serviced as a Director of the Company during the
period. Mr Benway was not entitled to any Directors' fees for the
period. As at 31 March 2011, the Directors' fees creditor was
US$Nil (30 September 2010 & 31 March 2010: US$Nil).
For the period ended 31 March 2011, Directors' fees were
US$112,668 (31 March 2010: US$95,947).
5. Basic & Diluted Earnings per Ordinary Share:
Basic and diluted earnings per Ordinary Share is based on the
deficit for the period of US$63,563,574 (31 March 2010: return of
US$43,477,438) and on a weighted average of 65,660,453 (31 March
2010: 66,189,574) Ordinary Shares in issue.
6. Investments:
1 October 2009 1 October
1 October 2010 to 2009
Fair Value Through Profit to 30 September to
or Loss Investments: 31 March 2011 2010 31 March 2010
--------------- --------------- ---------------
US$ US$ US$
Listed equity securities
(freely tradeable) 15,875,148 28,717,222 101,701,551
Listed equity securities
(restricted) 36,327,297 70,979,465 -
--------------- ---------------
52,202,445 99,696,687 101,701,551
--------------- --------------- ---------------
Opening fair value 99,696,687 97,385,577 97,385,577
Purchases 5,192,853 33,459,101 2,738,224
Sales - proceeds (15,098,022) (51,411,514) (40,280,706)
Sales - realised
gains on disposals 16,253 28,046,269 25,428,875
Movement in net
unrealised
(losses)/gains (37,605,326) (7,782,746) 16,429,581
--------------- --------------- ---------------
Closing fair value 52,202,445 99,696,687 101,701,551
--------------- --------------- ---------------
Closing book cost 44,553,362 54,442,278 32,234,815
Closing net
unrealised gains 7,649,083 45,254,409 69,466,736
--------------- --------------- ---------------
Closing fair value 52,202,445 99,696,687 101,701,551
--------------- --------------- ---------------
1 October 1 October 2009
2010 to 1 October 2009
Held for Trading to 30 September to
Investments: 31 March 2011 2010 31 March 2010
--------------- --------------- ---------------
US$ US$ US$
Unlisted investments
- warrants 10,193,120 34,089,070 59,760,699
--------------- --------------- ---------------
Opening fair value 34,089,070 35,987,698 35,987,698
Purchases - 86,308 -
Sales - proceeds (4,041) - -
Movement in net
unrealised gains (23,891,909) (1,984,936) 23,773,001
--------------- --------------- ---------------
Closing fair value 10,193,120 34,089,070 59,760,699
--------------- --------------- ---------------
Closing book cost 89,445 93,486 7,178
Closing net
unrealised gains 10,103,675 33,995,584 59,753,521
--------------- --------------- ---------------
Closing fair value 10,193,120 34,089,070 59,760,699
--------------- --------------- ---------------
1 October 1 October 2009
2010 to 1 October 2009
to 30 September to
Total Investments: 31 March 2011 2010 31 March 2010
--------------- --------------- ---------------
US$ US$ US$
Listed equity securities
(freely tradeable) 15,875,148 28,717,222 101,701,551
Listed equity securities
(restricted) 36,327,297 70,979,465 -
Warrants 10,193,120 34,089,070 59,760,699
--------------- --------------- ---------------
62,395,565 133,785,757 161,462,250
--------------- --------------- ---------------
Opening fair value 133,785,757 133,373,275 133,373,275
Purchases 5,192,853 33,545,409 2,738,224
Sales - proceeds (15,102,063) (51,411,514) (40,280,706)
Sales - realised
gains on disposals 16,253 28,046,269 25,428,875
Movement in net
unrealised gains (61,497,235) (9,767,682) 40,202,582
--------------- --------------- ---------------
Closing fair value 62,395,565 133,785,757 161,462,250
--------------- --------------- ---------------
Closing book cost 44,642,807 54,535,764 32,241,993
Closing net
unrealised gains 17,752,758 79,249,993 129,220,257
--------------- --------------- ---------------
Closing fair value 62,395,565 133,785,757 161,462,250
--------------- --------------- ---------------
7. Cash and Cash Equivalents:
30 September
31 March 2011 2010 31 March 2010
-------------- ------------- --------------
US$ US$ US$
Cash at bank 9,799,671 6,162,090 31,798,337
Bank overdraft (3) - (8,317)
-------------- ------------- --------------
9,799,668 6,162,090 31,790,020
-------------- ------------- --------------
8. Other Prepayments:
30 September
31 March 2011 2010 31 March 2010
-------------- ------------- --------------
US$ US$ US$
Unsettled investment
sales 2,149,224 - 142,030
Prepayments 153,014 52,792 88,144
-------------- ------------- --------------
2,302,238 52,792 230,174
-------------- ------------- --------------
The Directors consider that the carrying amount of other
receivables approximates fair value.
9. Other Payables:
30 September
31 March 2011 2010 31 March 2010
-------------- ------------- --------------
US$ US$ US$
Performance allocation - - 10,869,360
Income allocation on
B Redeemable Preference
Shares (101,293) 129,342 201,464
Administrator's fee 19,582 24,490 24,517
Registrar's fee 3,857 3,860 4,000
NOMAD & Broker's fees 1,918 123,110 -
Prime Broker fees 8,806 9,812 8,876
Legal & professional
fees 69,566 201,363 78,784
Consultancy fees 8,558 - -
Audit fee 48,581 85,810 44,080
Travel & marketing - 116 6,091
Sundry payables 11,013 8,303 17,983
-------------- ------------- --------------
70,588 586,206 11,255,155
-------------- ------------- --------------
The Directors consider that the carrying amount of other
payables approximates fair value.
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