On 14 December 2010, in accordance with the Company's buy-back programme in relation to it's distribution policy in respect of the year ended 30 September 2010, the Company acquired 900,000 Ordinary Shares from Shareholders for an aggregate price of US$1.44 million. On 17 December 2010, these Ordinary Shares that were being held in treasury were cancelled. Following the cancellation, as at 31 March 2011, the issued Ordinary Shares of the Company was 65,289,574.

On 28 May 2010, the Company paid to Shareholders (on the register as at close of business on 7 May 2010) a return of capital of 5 cents per Ordinary Share, amounting to US$3.31 million in aggregrate. As at 30 September 2010 the remaining amount to be distributed to Shareholders in relation to the year ended 30 September 2010 was US$1.44 million.

15. Taxation:

The Company is exempt from Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 and is charged an annual exemption fee of GBP600.

16. Capital Management:

The Company has the ability to borrow up to 25% of net assets in order to meet ongoing expenses and obligations. Any such borrowing requires Board approval.

The Company has been granted authority to make market purchases of up to 14.99% of its own Ordinary Shares. Any such purchases require Board approval.

17. Contingent Liability:

Legal proceedings have been brought against the Company, the Limited Partnership and six other defendants in the Nevada courts by the Trustee of the Litigation Trust of Astrata Group Inc, a former investee of the Company. The Directors, having taken legal advice on the pleaded case and known evidence to date, have no reason to believe the claims for an amount of approximately US$380 million, plus punitive and exemplary damages, attorneys' fees and pre-judgment interest, have merit and they are accordingly being strenuously defended. A hearing at which the Company and Limited Partnership are requesting that all claims against them are stuck out is expected to be scheduled shortly. At the time of approving these financial statements the outcome of the proceedings is not known, although the Directors believe that there is a risk that not all of the claims will be able to be dismissed as showing no reasonable prospects of success prior to a discovery stage, which could be extensive. The legal costs incurred to date have been expensed, but if the claims proceed to the discovery stage, the Directors will consider making a provision for legal and other costs in respect of defending the action in the future financial statements of the Company and the Limited Partnership.

18. Post Period End Events:

China Integrated Energy (CBEH)

As disclosed in the Investment Manager's Report, since the period end, the Company has further realised US$1.8 million in sales proceeds of its investment in CBEH. Following the events described in the Investment Manager's Report, the Company has written down the value of its remaining position of 475,859 CBEH shares to zero.

Investment Strategy

In view of the Company's more recent performance, the uncertain outlook for smaller US-listed Chinese companies and shareholder feedback, the Board is recommending that the Company should not make any new investments, seek to realise its remaining investments in an orderly fashion and return any surplus cash to shareholders from time to time.

There were no other significant post period end events that require disclosure in these financial statements.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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