goldlink incomeplus

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    SWGLI) Ferret's Stock to Watch: GOLDLINK INCOMEPLUS
    RWE News
    8:32:020 27/01/2005
    (Repeating for code)


    Sydney - Thursday - January 27: (RWE)


    If you are looking for a good income earner it's hard to go past
    Goldlink Incomeplus, a company that works the commodities futures markets
    often as an arbitrager.
    The investment strategy comprises long-term investments to
    capture arbitrage opportunities from yield curves in interest rate and
    commodity markets.
    GoldLink IncomePlus obtains margin-backed credit facilities from
    major financial institutions, and uses the cash subscribed by investors
    as collateral to underpin the investment exposures.
    The investment strategy is designed to perform during rising and
    falling markets, and is not wholly dependent on market movements to earn
    income or returns.
    The strategy generates strong cash flows, and GoldLink IncomePlus
    pays regular dividends. All dividends have been fully franked to date.
    GoldLink IncomePlus Ltd this week delivered another record
    financial result with earnings ahead of budget in the half year to 31
    Pre-tax cash earnings increased 85.4% to $6.7 million in the
    half year while after tax cash earnings rose 89.8% to $5.0 million.
    Realised revenues rose 60.8% to $9.9 million. Pre-tax profit
    rose increased 444.2% to $19.6 million while net profit after tax rose
    426.9% to $13.9 million for the six month period. Total revenue grew
    322.3% to $22.9 million.
    A positive movement of $12.9 million in the unrealised value of
    the investment portfolio boosted total revenue in the half year. Basic
    earnings per share were 25.5-cents for the first half (13.1-cents
    previous corresponding half). Shareholders funds totalled $130.6
    million and the net tangible asset backing was $1.13 per Share at 31
    December 2004. The pre tax return on weighted equity was 33.8% for the
    half year, while the pre-tax cash return on weighted equity was 11.5%.
    GoldLink declared and paid the interim dividend early in
    conjunction with the successful $70 million capital raising.
    The fully franked interim dividend of 5c was paid on January 14.
    Directors confirmed the intention to pay a special dividend of
    2.5c in the March quarter.
    GoldLink IncomePlus employs an innovative investment strategy
    focused on absolute returns.
    GoldLink Capital Asset Management Pty Limited (AFSL no 230983),
    the Investment Manager, identifies market opportunities arising from
    structural inefficiencies in interest rate and commodity markets.
    GoldLink designs and implements the strategy using derivatives on behalf
    of GoldLink IncomePlus.


    Shares of GoldLink yesterday sold 1c lower at $1.07. Rolling high
    since listing on December 18 has been $1.14 and low $1.05. Dividend is
    11.92c to yield an impressive 11.04 per cent. GoldLink IncomePlus pays
    dividends on a semi-annual basis. GoldLink IncomePlus aims to fully frank
    dividends, although the level of franking is ultimately dependant on the
    company having sufficient imputation credits. The final dividend payable
    in the September quarter of 2005. is still to be determined by directors.

    GoldLink IncomePlus has produced stunning returns since its
    inception in 1999.
    In one year the company earned 17.6 per cent; two years 61.4 per
    cent, three years 80.1 per cent and since it began operating 123.7 per
    GoldLink IncomePlus has historically reported its returns as
    Return on Weighted Shareholders equity.
    A change in the accounting policies of GoldLink IncomePlus (based
    on the International Accounting Standards that will be mandatory in
    Australia from 2005 onwards) effective July, 1 2003 have resulted in
    slightly different historical performance numbers to those reported in
    earlier annual and quarterly shareholder reports.
    Following the adoption of these new accounting policies, the
    historical accounts have been recalculated to allow a consistent
    historical performance record going forward.
    These numbers are shown in the above table.
    The returns have allowed GoldLink IncomePlus to consistently pay
    fully franked dividends twice yearly, as shown in the Dividend overview.
    Shareholders may also achieve capital growth returns through
    increases in the GoldLink IncomePlus Share price.


    GoldLink IncomePlus is an alternative investment company, listed
    on the Australian Stock Exchange in December 2003.
    GoldLink IncomePlus has been generating strong returns for
    shareholders since 1999, offering a high yield and fully franked
    Managed by GoldLink Capital Asset Management (AFSL no 230983),
    GoldLink IncomePlus exploits arbitrage opportunities in interest rate and
    commodity markets and converts them into ongoing cash streams
    More than 6 million ounces of gold are currently managed in the
    investment portfolio.
    Current offer closed oversubscribed.
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