LEM:ISE ended March 2009 with a profit of 19'615(47’564) $L before dividend payment. NAV rose to 1.76 (1.52) $L/share. The dividend is set to be 0.015 (0.0165) $L/share and was distributed just before.
March was stable compared to Februray. Some shares of our portfolio rose strongly (DDE and RDX) what sent our portfolio bullish. Its value climbed up to 1.76 $L/share. We hope that thise tendency will keep on. Also dividend earnings rose accordingly up to 9'000 $L and we realised some trading profit.
The reduced earnings are related to a depreciation we did in regard to the ISE:SIM drama. The CEO promised to buy back the shares and then disappeared without any notice. We had to depreciate 30'000 $L which put LEM into loss for March. However, we still hope that all this is a misunderstanding and that Pablo from SIM will stay to his word and do his buy backs.
The currency exchanges started to turn down in February and our earnings dropped 50%. We don't see the currency exchanges recovering and are thinking to use it differently. We will invest some time into research to find a solution.
The balance sheet and PL-sheet is given below
Financials
Our outlook for April is mediocre. We cannot guarantee the level of income as it depends partly on the future of currency exchanges in SL. However, we are optimistic to keep the actual dividend.
Greetz
Casper Trebuchet
CEO, LEM:ISE
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