Ann: FLLYR: MLN: Marlin Global completes challeng

• Release Date: 28/08/12 17:44
• Summary: FLLYR: MLN: Marlin Global completes challenging year
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MLN
28/08/2012 15:44
FLLYR

REL: 1544 HRS Marlin Global Limited

FLLYR: MLN: Marlin Global completes challenging year

Marlin Global Limited
 Results for announcement to the market

Reporting Period 12 months to 30 June  2012
Previous Reporting Period 12 months to 30 June 2011

The financial statements attached to this report have been audited by
PricewaterhouseCoopers and are not subject to a qualification. A copy of the
Auditor's Report applicable to the financial statements is attached to this
announcement.

 Current period NZ$000,  Up/(Down) %,  Previous corresponding  Period NZ$000
Total net (loss)/income from ordinary activities (9,312), N/A, 10,958
(Loss)/profit from ordinary activities after tax attributable to security
holders. (11,975), N/A, 7,689
Net (loss)/profit attributable to security holders. (11,975), N/A, 7,689

Dividend
 Marlin Global will pay an unimputed quarterly dividend of 1.80cps as part of
its quarterly dividend policy.

Ex-Dividend Date 12 September 2012
Record Date 14 September 2012
Dividend Payment Date 28 September 2012

 Audited NAV per share 30 June 2012: $0.86

For immediate release:

28 August 2012

Marlin Global completes challenging year. Loss disappoints but second half
performance encouraging

o $12.0m loss for the year ended 30 June 2012 cause for disappointment but
weak first half (loss of $18.1m) offset by strong second half (profit of
$6.1m)
o Result adversely impacted by $2.5m impairment of the carrying value of the
Fook Woo investment
o Adjusted NAV* behind MSCI Global Small Cap Gross Index for year but
significantly ahead since inception
o 7.43 cents per share paid in dividends
o Five new companies added to the portfolio

NZX-listed investment company Marlin Global Limited (NZX: MLN) today
announced a loss for the 12 months to 30 June 2012 of $12.0 million. The
result includes net losses on investments of $11.6m and operating expenses
and tax of $2.7m. After a first half loss of $18.1m there was a significant
improvement in performance which resulted in a second half profit of $6.1m.
The second half profit was achieved despite the $2.5m impairment of the
carrying value of Marlin Global's investment in Fook Woo.

Total Shareholder Return ('TSR')* decreased by 18.4% in the year ended 30
June 2012 and adjusted Net Asset Value ('NAV')* per share fell 11.5% for the
same period. In the year to 30 June 2012, both the TSR* and adjusted NAV*
underperformed the MSCI Global Small Cap Gross Index which decreased 5.3% for
the year.

Since Marlin Global's inception (November 2007), TSR* has decreased by 12.8%.
Adjusted NAV*, which reflects the underlying performance of the Marlin Global
portfolio plus dividends paid, has increased 6.5% since inception,
significantly outperforming its benchmark, the MSCI Global Small Cap Gross
Index, which has fallen by 10.5%.

In accordance with Marlin Global's quarterly distribution policy (2% of
average NAV per quarter), the Company paid a total of 7.43 cents per share
for the year ended 30 June 2012. On 28 August 2012, the Board declared a
dividend of 1.80 cents per share to be paid to shareholders on 28 September
2012 with a record date of 14 September 2012.

Marlin Global's Manager, Fisher Funds, commented that global markets remain
volatile and that the Marlin Global portfolio suffered accordingly over the
year. Fisher Funds managing director Carmel Fisher said: "It was another year
where investment analysis and stock picking expertise counted for little, as
regional political and economic themes were a far bigger driver of market
performance than company earnings or financial health."

The Marlin Global portfolio broadly sought to benefit from three main themes
over the year. The first was being invested in small companies that could
become big companies, the second was to seek exposure to a rapidly urbanising
China and a third was to benefit from a defensive component of healthcare
companies. Investors benefited from exposure to healthcare stocks, enjoying
positive returns and valuable diversification. However, anaemic global
consumer demand tested smaller companies seeking to grow, while weaker
Chinese growth presented Chinese companies with unforeseen difficulties.

Ms Fisher said: "Marlin Global certainly had a challenging year. European
concerns were centre stage and the resulting volatility had a
disproportionate effect on Marlin Global as Europe remains out largest single
geographic exposure. Our performance was also impacted by the policy
paralysis that accompanied the change in Chinese political leadership. We
retain the courage of our convictions and are comfortable with our holdings,
however we do not expect short-term solutions to problems that have been
years in the making."

Ms Fisher added: "Our strategy is simple; we aim to be invested in a
portfolio of strong companies run by reputable managers, in healthy financial
positions with solid earnings growth prospects. We look to the long-term to
reward the integrity of our investment approach."

During the year Marlin Global sold seven companies from its portfolio and
added five new companies - Valid Solucoes, Dolby Laboratories, Tom Tailor,
PSI and Park 24 - bringing its total number of investments to 33.

Since year end, Senior Portfolio Manager Ken Applegate has moved back to the
US but will continue to manage the Marlin Global portfolio for a minimum
period of 12 months. This will enable the Company to achieve continuity and
maintain a consistent investment approach.  A new Senior Investment Analyst,
Manuel Greenland was appointed in May 2012 and will be joined by a new
Portfolio Manager who will be announced in the coming weeks.

For further information please contact:

James Miller
Chairman
Marlin Global Limited
Tel: (09) 484 0365

Carmel Fisher
Managing Director
Fisher Funds Management
Tel: (09) 484 0342

*Total Shareholder Return and Adjusted NAV assume all dividends are
reinvested but exclude imputation credits.

About Marlin Global
Marlin Global Limited is a listed investment company that invests in
companies based outside of New Zealand and Australia. The investment
portfolio of Marlin Global is managed by Fisher Funds Management, a
specialist fund manager with a track record of successful investing. Marlin
Global aims to offer investors competitive returns and access to a
diversified portfolio of investments through a single, tax efficient
investment vehicle. Marlin Global may invest in listed international growth
companies on any approved stock exchange (excluding New Zealand or Australia)
or unlisted international companies not incorporated in New Zealand or
Australia. The company listed on the New Zealand Stock Exchange in November
2007. /ends
End CA:00226557 For:MLN    Type:FLLYR      Time:2012-08-28 15:44:10