As to Oxus Gold, this position was revalued as of 31 January 2013, to the equivalent equity conversion price, after
an independent valuation report by a third party was provided to the Board of Directors as at 31 January 2013.
Several meetings have been held with the company and other parties, but no sale has of yet taken place. In the
absence of any secondary market, it may be advisable to await the (initial) outcome on the arbitration case in late
2013.
Adjusting event
The convertible loan Oxus Gold PLC was marked down in January 2013 from US$2,500,000 to
US$682,845 following an independent review into the valuation of the Group holding. The review was
considered to provide evidence of conditions which existed in relation to the investment at the balance
sheet date and therefore the valuation of the investment in Oxus Gold plc has been adjusted within these
financial statements
____________________________________________________________
Of Interest June 2012 dealings of Tau capital
Investment Activities
The Fund entered 2012 almost fully invested with a low cash position after significantly increasing exposure at
the end of 2011. During the first quarter the Fund reduced market exposure. The Fund sold into strength on signs
of a temporary run-up among equities. In particular, Oil & Gas Sector exposure was reduced significantly.
Throughout the first half of the year trading calls were made on volatile, cyclical miners, and in the latter part of
the period the Fund increased its Public Equity exposure to take advantage of attractive valuations in this sector.
By the end of the first half of 2012 the Fund received Ivanhoe Mines rights, and exercised them as a subsequent
event. Tau also liquidated three illiquid positions that were in the portfolio: Max Petroleum (ATT 10p , Today 4p ) & Caspian Services ( ATT $0.25 Today $.30 )
Victoria Oil & Gas (ATT 4p Today 1p )
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