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Karachi, July 06, 2012 (PPI-OT): We are pleased to inform you that the Board of Directors of Dawood Capital Management Limited (DCM), the Management Company of Dawood Income Fund (formerly Dawood Money Market Fund) in their meeting held on July 06, 2012 has approved the following distribution out of net income earned for the financial year ended June 30, 2012:
(i) Bonus Units:
The BOD has announced bonus dividend to unit holders of Rs. 4.95 per unit on NAV of June 30, 2012 of Rs. 76.7635, which comes out to be 6.79% of the opening Ex-NAV of Rs. 72.8655. Unit holders will get 6.8929 bonus units per 100 units held.
The total return on investment including the appreciation in NAV amount to 5.35%.
The above entitlement will be paid to the unit holders whose name appeared in the register of unit holders on June 30, 2012.
(ii) Right Shares Nil
And/ Or
(iii) Any Other Entitlement/ Corporate Action Nil
And/ Or
(iv) Any Other Price-Sensitive Information Nil
The Net Income Statement certified by auditors is enclosed.
Dawood Income Fund Income Statement for the Year Ended 30 June 2012
| (Rupees) | |
| Income | |
| Profit / return on | |
| – Term finance certificates |
13,439,444 |
| – Placements |
569,986 |
| – Treasury bills |
38,955,873 |
| – Bank balances |
2,012,832 |
| Capital gain on sale of securities – net |
655,444 |
| Unrealised loss on revaluation of investments | |
| at fair value through profit and loss – net |
(39,685) |
| Impairment charged in the value of investments | |
| classified as available for sale |
(17,773,629) |
|
———- |
|
|
37,820,265 |
|
| Expenses | |
| Remuneration of the Management Company | |
| – Dawood Capital Management Limited |
4,680,121 |
| Sales tax on management fee |
732,819 |
| Remuneration of the Trustee |
687,029 |
| Annual fee of Securities and Exchange Commission of Pakistan |
343,508 |
| Securities transactions costs |
41,019 |
| Auditors’ remuneration |
363,500 |
| Legal and professional charges |
295,000 |
| Financial charges |
24,127 |
| Workers’ welfare fund |
576,208 |
| Fees and subscription |
40,000 |
| Printing charges |
100,200 |
|
———- |
|
|
7,783,531 |
|
|
———- |
|
| Net income from operating activities |
30,036,734 |
| Element of loss and capital loss included in prices of units sold less | |
| those in units redeemed – net |
(1,822,532) |
|
———- |
|
| Net Income for the year |
28,214,202 |
This statement has been prepared in accordance with the accounting policies of the Fund as applicable for the year ended 30 June 2012.
For more information, contact:
Dawood Capital Management Limited
5B Lakson Square Building # 1,
Sarwar Shaheed Road,
Karachi 74200 Pakistan
UAN: 111-DAWOOD (111-329-663)
Tel: (92-21) 3562-1001-06
Fax: (92-21) 3562-1010
URL: www.edawood.com
E-mail: dcm@edawood.com