Annual shareholders meeting 13 september 2007
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Annual Shareholders Meeting 13 September 2007 PowerPoint PPT Presentation

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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 Meeting13 September 2007

Chairman’s ReviewRob 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

    • 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%

Update since 30 June 2007

Share Price Performance

Warrant Price Performance

Share Price Premium/(Discount) to Diluted NAV

Diluted Net Asset Value Calculation

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

Carmel Fisher

Fisher Funds

September 2007


  • Review of June 2007 year – major contributors

  • Review since balance date

  • Exam results – the fiscal year 2007 results season

  • Outlook


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


Strong kiwi dollar took lustre off early returns

The Year to June 2007

Contributors to NAV Growth

Price performance Oct 06 – Jun 07

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

Arrow Energy’s contribution

Share Price up 221% on average purchase price

Arrow Energy

A leading global coal seam methane player

Credit Corp’s contribution

Share Price up 49% on average purchase price

Credit Corp

Australia’s premier debt collector

Aevum’s contribution

Share Price up 42% on average purchase price


Retirement living – great locations

Golden Ponds – Forster – Northern NSW Coast

Returns since balance date

Strong profit results

Disappointing FY result

Market volatility

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

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

  • 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 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


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

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

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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