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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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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%

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

  • 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

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
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


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

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