Annual shareholders meeting 13 september 2007
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Annual Shareholders Meeting 13 September 2007. Chairman’s Review Rob Challinor. Overview of Investing Activities. Listed 26 October 2006 - $100m subscribed - $ 97m after issue costs To 30 June 2007: Total surplus of $21.3 million after tax

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Annual Shareholders Meeting 13 September 2007

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Annual shareholders meeting 13 september 2007

Annual Shareholders Meeting13 September 2007


Chairman s review rob challinor

Chairman’s ReviewRob Challinor


Overview of investing activities

Overview of Investing Activities

  • Listed 26 October 2006 - $100m subscribed

    - $ 97m after issue costs

  • To 30 June 2007:

    • Total surplus of $21.3 million after tax

    • Total net assets $120m

    • Net Asset Value up 23% to $1.20 compared with 10% benchmark

    • Market value of shares up 13% and warrants up 32%


Annual shareholders meeting 13 september 2007

Update since 30 June 2007


Annual shareholders meeting 13 september 2007

Share Price Performance


Annual shareholders meeting 13 september 2007

Warrant Price Performance


Annual shareholders meeting 13 september 2007

Share Price Premium/(Discount) to Diluted NAV


Annual shareholders meeting 13 september 2007

Diluted Net Asset Value Calculation


Annual shareholders meeting 13 september 2007

Amalgamation under Companies Act 1993

  • PIE Regime means not necessary to separate long and short term investments

  • Short form amalgamation effected 31 August 2007

  • Assets and liabilities of Barra Holdings and Barra Nursery transferred to Barramundi Limited

  • Barra Holdings and Barra Nursery no longer exist


Manager s report

Manager’s Report

Carmel Fisher

Fisher Funds

September 2007


Agenda

Agenda

  • Review of June 2007 year – major contributors

  • Review since balance date

  • Exam results – the fiscal year 2007 results season

  • Outlook


The year to june 2007

Highlights

Built Barramundi portfolio – 16 of Australia’s best growth companies

Enjoyed strong share price performance from a number of portfolio companies

Placements and capital raisings allowed discounted volume access to several stocks

Lowlights

Strong kiwi dollar took lustre off early returns

The Year to June 2007


Contributors to nav growth

Contributors to NAV Growth


Annual shareholders meeting 13 september 2007

Price performance Oct 06 – Jun 07


Annual shareholders meeting 13 september 2007

Price performance Oct 06 – Jun 07 (excl. Arrow)


Arrow energy s contribution

Arrow Energy’s contribution

Share Price up 221% on average purchase price


Arrow energy

Arrow Energy

A leading global coal seam methane player


Credit corp s contribution

Credit Corp’s contribution

Share Price up 49% on average purchase price


Credit corp

Credit Corp

Australia’s premier debt collector


Aevum s contribution

Aevum’s contribution

Share Price up 42% on average purchase price


Aevum

Aevum

Retirement living – great locations

Golden Ponds – Forster – Northern NSW Coast


Returns since balance date

Returns since balance date

Strong profit results

Disappointing FY result

Market volatility


2007 results earnings growth

2007 results – earnings growth

First full year of profits

6th consecutive year of 25%+ EPS growth

Disappointing – margin pressure in accounting business


Outlook what analysts think

Outlook - what analysts think

This is why Arrow is our biggest holding

3 year forecast earnings growth %pa

Leveraging UK acquisitions and new software development

Strong future profit growth expected


Our thoughts

Our thoughts

  • We firmly believe we own some of Australia’s best listed growth stocks

  • We are confident that the executives of our companies will make the right “macro” decisions

  • We believe it important to focus on our companies’ achievements rather than on the mood of the market

  • Our best “value-add” is our extensive company visit schedule and networks


Our thoughts1

Our thoughts

  • The two main components of our investments success are the stock selection and portfolio composition

  • The PIE regime will be beneficial as we can more actively manage portfolio composition

  • Our stock selection processes have not and will not change

  • We continue to see plenty of interesting opportunities


Annual shareholders meeting 13 september 2007

Questions


Annual shareholders meeting 13 september 2007

Portfolio Investment Entity Regime

  • What is it?

    • Legislation, commencing 1 October 2007, changes the way managed funds (including Listed Investment Companies) are taxed

    • Removes tax disadvantages to those investing in managed funds and leaves the investor in the same (or better) position whether they invest in equities directly or via a managed fund


Annual shareholders meeting 13 september 2007

Portfolio Investment Entity Regime

  • Key Benefits to Barramundi:

    • Barramundi no longer taxed on capital gains on sale of investments held on revenue account (previously held by Barra Nursery Limited)

    • Distributions to shareholders will be excluded from their income tax returns

    • As a PIE, there will no longer be a restriction on the distribution of capital gains to shareholders

    • The ability to simplify the legal and reporting structure of the Group (through amalgamation) which will result in lower costs


Annual shareholders meeting 13 september 2007

Foreign Investment Fund Regime

  • Certain Australian equities will attract tax on a flat 5% of opening market values (primarily those stocks not listed on the ASX/S&P All Ordinaries Index – top 500 listed stocks)

  • Dividends and any capital gains on these stocks will no longer be taxable

  • Where gains on these stocks are > 5%, the fixed tax payable will represent a tax saving

  • Where gains are <5%, the fixed tax payable will represent additional tax

  • At 31 August 2007 Barramundi had 16% of the portfolio invested in ‘caught’ Australian equities


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