Ann: HALFYR: MLN: Marlin Global Limited half year

• Release Date: 29/02/12 17:33
• Summary: HALFYR: MLN: Marlin Global Limited half year preliminary result
• Price Sensitive: No
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MLN
29/02/2012 15:33
HALFYR

REL: 1533 HRS Marlin Global Limited

HALFYR: MLN: Marlin Global Limited half year preliminary result

Marlin Global Limited

Results for announcement to the market

Reporting Period 6 months ended 31 December 2011
Previous Reporting Period 6 months ended 31 December 2010

The financial statements attached to this report have been reviewed by
PricewaterhouseCoopers and are not subject to a qualification. A copy of the
Accountants' Report applicable to the interim 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* (16,611) , N/A, 6,770
(Loss)/profit from ordinary activities after tax attributable to security
holder. (18,123) , N/A, 5,265
Net (loss)/profit attributable to security holders. (18,123) , N/A, 5,265

Dividend

Marlin Global will pay a partially imputed dividend of 1.72cps as part of its
long term distribution policy.

Ex-Dividend Date 14 March 2012
Record Date 16 March 2012
Dividend Payment Date 30 March 2012

*The total net income from ordinary activities includes an $18.0m decrease in
fair value of financial assets held.

Unaudited NAV per share 31 December 2011: $0.84

For Immediate release:
29 February 2012
Marlin Global Limited half year preliminary result

o Adjusted NAV* drops 17%, trailing the MSCI Global Small Cap Index
o Company paid 3.9 cents per share in dividends over the six month period
o First investment in Brazil
o New director appointed to the board

NZX-listed investment company Marlin Global Limited (NZX: MLN) today
announced a net operating loss for the six months to 31 December 2011 of
$18.1 million, principally due to a reduction in the portfolio value.

The adjusted net asset value (NAV) per share* fell 17% in the six months,
trailing the MSCI Global Small Cap (MSCI) which fell 8%. Marlin Global's
share price closed at 72 cents at 31 December 2011, down from 95 cents at
year end. Total shareholder return for the period was -20%.

"Marlin's performance over the six months reflected investor nervousness due
to the lack of resolution to current global economic issues. In this
environment, it was difficult for the company to achieve anything other than
what the board acknowledges is a disappointing result," said Marlin Global
chairman James Miller. "The good news is Marlin's adjusted NAV per share* has
risen 7% in the New Year (1 January 2012 to 21 February 2012), reflecting the
volatility of global small-cap investing."

The company paid 3.9 cents per share in dividends over the six months in
accordance with Marlin Global's distribution policy (2% of average NAV per
quarter). The next payment under the policy will be for 1.72 cents per share,
payable on 30 March 2012.

The discount between Marlin Global's share price and NAV ended the period at
15%, an increase from 11% at year end. The board remains committed to the
management of Marlin Global's discount and is confident in the sustainability
of its capital management initiatives.

During the six months, Fisher Funds' management fee was calculated and
accrued at 0.75% of Gross Asset Value as opposed to 1.25% for the
corresponding period last year**.

At a governance level, the board saw some change toward the end of 2011
following the announcement of long-serving director Annabel Cotton's intended
retirement this year.  In February 2012, the board welcomed Alistair Ryan as
a director. Over the past 15 years Alistair has been the chief financial
officer and company secretary of listed company SKYCITY Entertainment Group
Limited and held directorship roles on their various subsidiary company
boards.

"Alistair met our specific professional criteria for selection as director
and, in addition, brings strong finance skills providing leadership in the
audit and risk domain," said James Miller. After a transition period,
Alistair will take over as chair of the Audit and Risk Committee.

Momentum within Marlin's portfolio has continued over the six month period,
with six companies sold and five added including the first investment in
Brazil, Valid Solucoes.  The board supports Fisher Funds' efficient
positioning of the portfolio, retaining a balanced mix of cyclical and
defensive growth companies, while taking advantage of specific themes and
valuation based regional opportunities.

"Marlin's disappointing performance against the index is largely explained by
our preference for Asia (which underperformed) over the U.S (which performed
well during the period)," said Carmel Fisher, managing director of Fisher
Funds. "We believe that U.S small cap stocks remain relatively expensive with
sub-par growth prospects, compared with the compelling growth opportunities
and attractive company valuations that currently exist in China and Asia. Our
conviction to these investment themes is paying off with a lift in Marlin's
performance in the first two months of the 2012 calendar year."

For further information please contact:

James Miller
Chairman
Marlin Global Limited
Tel: (09) 489 0365

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

*Assumes all dividends are reinvested. Excludes imputation credits.

**Marlin Global's management fee was reduced due to underperformance relative
to the change in the NZX 90 day bank bill index.

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 Exchange in November 2007.
/ends
End CA:00220186 For:MLN    Type:HALFYR     Time:2012-02-29 15:33:48