Dawood Capital Management Limited’s open-end fund Dawood Islamic fund (DIF) distribution for the year ended June 30, 2011

Karachi: We are pleased to inform you that the Board of Directors of Dawood Capital Management Limited, (DCM) the Management Company of Dawood Islamic Fund (DIF) in their meeting held on July 06, 2011 has approved the following distribution out of net income earned for the financial year ended June 30. 2011:

(1) Cash and Bonus Dividend:

The BOD has announced dividend (50% Bonus Dividend and 50% Cash Dividend) to unit holders of Rs. 10.50 per unit on NAV of June 30, 2011 of Rs. 112.2587. Which comes out to be 10.61% of the opening Ex-NAV of Rs. 98.9468.Unit holders will get 5.1593 Bonus units per- 100 units held and Cash Dividend of Rs. 5.25 per Unit.

The total return on investment including the appreciation in NAV amount to 13.45%

The above entitlement will be paid to the unit holders whose name appeared in the register of unit holders on June 30, 2011.

(2) Right Shares                                                               -Nil-

And/ Or

(3) Any Other Entitlement/Corporate Action       – Nil -

And/ Or

(4) Any Other Price-Sensitive Information             – Nil -

The Net Income Statement certified by auditors is enclosed

Dawood Islamic Fund

Statement of Net Income

For the year ended June 30, 2011

 

Rupees.
Total income (excluding realized and unrealized gain on sale of marketable securities and reversal of impairment loss)24,506,049
Total expenses for the year(22,067,689)
————
Income before realised and unrealised gain on sale of marketable securities and reversal of impairment loss2,438,359
Net unrealized gain on remeasurement of marketable securities3,897,920
Net realized gain on sale of marketable securities7,655,360
Reversal of impairment loss on securities25,572,338
————
Net income for the year39,563,978

 

To comply with the Regulation 63 of Non-Banking Finance Companies and Notified Entities Regulations, 2008 management intends to distribute by way of dividend (in the form of cash or stock dividend) at minimum 90 percent of accounting income received or derived from sources other than unrealized capital gains for the year ended June 30, 2011 to the unit holders. Consequently no provision for taxation has been made as the Fund is exempt from Income Tax as per Clause 99 of Part I to the Second Schedule to the Income Tax Ordinance. 2001 if not Less than 90 percent of the accounting income for the year as reduced by capital gain whether realized or unrealized is distributed among the unit holders.

Open-End Fund Dawood Income Fund (Formerly Dawood Money Market Fund) Distribution for the Year Ended June 30, 2911

We are pleased to inform you that the Board of Directors of Dawood Capital Management Limited, the Management Company of Dawood Income Fund (formerly Dawood Money Market Fund) in their meeting held on July 06, 2011 has approved the following distribution out of net income earned for the financial year ended June 30, 2011:

(1) Bonus Units:

The BOD has announced bonus dividend to unit holders of Rs. 11.10 per unit on NAV of June 30, 2011 of Rs. 83.9655. Which comes out to be 16.96% of the opening Ex-NAV of Rs. 65.4382. Unit holders will get 15.2335 bonus units per 100 units held.

The total return on investment including the appreciation in NAV amount to 28.31%

The above entitlement will be paid to the unit holders whose name appeared in the register of unit holders on June 30. 2011.

(2) Right Shares                                                                   -Nil-

And/ Or

(3) Any Other Entitlement/Corporate Action          – Nil -

And/ Or

(4) Any Other Price-Sensitive Information               – Nil -

The Net Income Statement certified by auditors is enclosed

Dawood Income Fund (Formerly Dawood Money Market Fund) Statement of Net Income for the year Ended June 30, 2011

 

Rupees
Total income (excluding realized and unrealized losses on sale of marketable securities and reversal of impairment loss)38,558,759
Total expenses for the year(44,428,271)
————
Loss before realized and unrealized losses on sale of marketable securities and reversal of impairment(5,869,512)
Net unrealized losses on remeasurement of marketable securities(6,971)
Net realized loss on sale/settlement of marketable securities(52,478,826)
Reversal of impairment loss on securities124,533,333
————
Net income for the year66,178,024

 

To comply with the Regulation 63 of Non-Banking Finance Companies and Notified Entities Regulations, 2008 management intends to distribute by way of dividend (in the form of cash or stock dividend) at minimum 90 percent of accounting income received or derived from sources other than unrealized capital gains for the year ended June 30, 2011 to the unit holders. Consequently no provision for taxation has been made as the Fund is exempt from Income Tax as per Clause 99 of Part I to the Second Schedule to the Income Tax Ordinance. 2001if not less than 90 percent of the accounting income for the year as reduced by capital gain whether realized or unrealized is distributed among the unit holders.

For more information, contact:
Syed Kabiruddin
Chief Financial Officer and
Company Secretary
Dawood Capital Management Limited
5B Lakson Square Building # 1,
Sarwar Shaheed Road,
Karachi 74200 Pakistan
UAN: 111-DAWOOD (111-329-663)
Tel: +9221 3562-1001-06
Fax: +9221 3562-1010
URL: www.edawood.com
E-mail: dcm@edawood.com