PM Capital Asian Opportunities Fund : Appendix 4D and Half Year Report - 31 December 2021

For personal use only

ACN 166 666 171

Level 11, 68 York Street

Sydney NSW 2000 Australia

GPO Box 3965

Sydney NSW 2001 Australia

T 61 2 8243 0888

Appendix 4DE [e-mail]

Half-Year Report

www.pmcapital.com.au

For the half-year ended 31 December 2021

Date: 11 February 2022

Results for announcement to the market

FINANCIAL RESULTS	HALF-YEAR ENDED	HALF-YEAR ENDED	CHANGE
	DEC 2021	DEC 2020	%
	$	$
Net Revenue from ordinary activities	(780,022)	10,537,440	n/a
(Loss/)profit from ordinary activities after tax	(4,158,050)	6,989,906	n/a
attributable to members
(Loss)/profit for the period attributable to	(4,158,050)	6,989,906	n/a
members

* Note: A loss from ordinary activities in the prior period was recorded, no % change is shown.

	NET TANGIBLE ASSET ("NTA") BACKING PER		31 DEC 2021	30 JUN 2021	6 MONTH CHANGE
	SHARE		$	$	%

NTA before tax accruals	1.0522	1.1272	(7%)
NTA after tax (excluding deferred tax asset)	1.0437	1.1081	(6%)
NTA after tax (excluding deferred tax asset)	1.0687	1.1081	(4%)
(31 DEC 2021 adding the October 2021 dividend of 2.5 cents
per Share)

Dividends

On 14 October 2021, a 2.5 cents per share 30 June 2021 final dividend was paid amounting to $1,430,758.

The Board does not intend to declare an interim dividend for the period ended 31 December 2021.

Details of any dividend or distribution reinvestment plans in operation:

The operation of the Dividend Reinvestment Plan is not applicable in this period given the Board do not intend to declare an interim dividend.

Entities over which control has been gained or lost during the period:

None.

Details of associates and joint venture entities

None.

To find out more about PM Capital Asian Opportunities Fund Limited, please visit the Company's website: http://www.pmcapital.com.au/listed-investment-company/paf

For personal use only

PM CAPITAL ASIAN OPPORTUNITIES FUND LIMITED

ABN 15 168 666 171

Financial Report

For the Half-Year Ended 31 December 2021

PM CAPITAL ASIAN OPPORTUNITIES FUND LIMITED

FINANCIAL REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

Contents

onlyCorporate Directory Directors' Report

Auditor's Independence Declaration

Statement of Profit or Loss and Other Comprehensive Income

Statement of Financial Position

Statement of Cash Flows useStatement of Changes in Equity

Notes to the Financial Statements Directors' Declaration Independent Auditor's Review Report

personalFor

Page

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Directors:

onlyCompany Secretary:

Investment Manager:

Auditor:

useCountry of Incorporation: Registered Office:

Share Registry:

personalASX Code:

Website:

Charters and Policies:

For

PM CAPITAL ASIAN OPPORTUNITIES FUND LIMITED

CORPORATE DIRECTORY

Andrew McGill - Chairman and Independent Non-executive Director (appointed 15 September 2021) Chris Knoblanche AM - Independent Non-executive Director

Ben Skilbeck - Executive Director

Richard Matthews - Alternate Director for Ben Skilbeck

Richard Matthews

Ben Skilbeck (appointed 7 September 2021)

PM Capital Limited Level 11, 68 York Street Sydney NSW 2000 (AFSL 230222)

HLB Mann Judd (NSW Partnership)

Chartered Accountants

Level 19, 207 Kent Street

Sydney NSW 2000

Australia

Level 11, 68 York Street

Sydney NSW 2000

Telephone: [phone]

Boardroom Pty Limited

Level 12, 225 George Street

Sydney NSW 2000

Telephone: [phone]

Shares: PAF.AX

http://www.pmcapital.com.au/listed-investment-company/paf

http://www.pmcapital.com.au/paf/compliance

1

Half-yearended

31 December

20212020

$$

(2,820,003) 9,948,657

(1,338,047) (2,958,751)

(4,158,050) 6,989,906

PM CAPITAL ASIAN OPPORTUNITIES FUND LIMITED

ABN 15 168 666 171

DIRECTORS' REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

The directors submit the financial report on PM Capital Asian Opportunities Fund Limited ("the Company" or "PAF") for the half-year ended 31 December 2021.

Directors

The following persons were directors of the Company during the whole of the half-year and up to the date of this report (unless otherwise stated):

Andrew McGill	Chairman and Independent Non-executive Director (appointed 15 September 2021)
Brett Spork	Independent Non-executive Director (resigned 15 September 2021)
Chris Knoblanche AM	Independent Non-executive Director
onlyBen Skilbeck	Executive Director
Richard Matthews	Alternate Director for Ben Skilbeck
use

Principal Activities of the Company

The Company is a listed investment company established to invest predominantly in a concentrated portfolio of listed securities from Asian equity markets (ex-Japan) or companies whose business is predominantly conducted in this region, with the objective of providing long- term capital growth.

Review of Operations

The performance of the Company, as represented by the results of its operations, was as follows:

personal(Loss)/profit before income tax Income tax expense

(Loss)/profit for the period attributable to shareholders

Please refer to the Statement of Profit or Loss and Other Comprehensive Income for further details.

WAM Capital Limited take over

On 28 September 2021, WAM Capital Limited ("WAM") announced an unsolicited conditional off-market take over bid for all the issued hares in the Company. The initial consideration was 1 WAM share for 1.99 of the Company's shares, this was increased to 1 WAM share for 1.95 of the Company's shares on 11 January 2022. On 5 November 2021, WAM announced its takeover offer for the Company was unconditional. On 22 November 2021, WAM extended the offer to 14 January 2022, and on 11 January 2022 WAM further extended the offer to 18 February 2022.

On 12 January 2022, PM Capital Global Opportunities Fund Limited ("PGF") accepted WAM's increased take over offer and were issued 5,858,554 WAM shares in exchange for 11,424,181 of the Company's shares. On 17 January 2022, entities associated with Paul Moore (PM Capital Limited, Horizon Investments Australia Pty limited and Roaring Lion Pty Limited) accepted WAM's increased take over offer and were issued 3,840,465 WAM shares in exchange for 7,488,910 of the Company's shares.

WAM is the controlling shareholder of the Company with a relevant interest of 90.01% as at 10 February 2022 in the Company.

ForMerger between PM Capital Global Opportunities Fund Limited ("PGF") and the Company

On 15 September 2021, the Company and PGF entered into a Scheme Implementation Deed to merge the two entities by way of Scheme f Arrangement ("Scheme"). On 13 December 2021, the Company's shareholder resolution to approve the Scheme failed to obtain the requisite 75% of votes cast at the Scheme Meeting. In accordance with the Scheme Implementation Deed, a $500,000 break fee became payable by the Company to PGF where a Competing Proposal was announced before the Scheme's Second Court Date and within 12 months of the announcement of the Scheme, and the person announcing the Competing Proposal acquired relevant interests exceeding 20% of the Company's shares. Following WAM Capital Limited's relevant interest exceeding 20% of the Company, the Company paid the

$500,000 break fee.

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