Ann: HALFYR: MLN: Marlin outperforms in challenging market

• Release Date: 22/02/16 16:46
• Summary: HALFYR: MLN: Marlin outperforms in challenging market
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					MLN
22/02/2016 16:46
HALFYR
PRICE SENSITIVE
REL: 1646 HRS Marlin Global Limited

HALFYR: MLN: Marlin outperforms in challenging market

Marlin Global Limited
Results for announcement to the market
Reporting period 6 months to 31 December 2015
Previous reporting period 6 months to 31 December 2014

The interim financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A copy of
the independent review report applicable to the interim financial statements
is attached to this announcement.

 Current period NZ$000; up/(down)% Previous reporting period NZ$000
Total net income from ordinary activities 2,129; (49.6)%, 4,222;
Profit from ordinary activities after tax attributable to security holders
256; (89.8)%,  2,498;
Net profit attributable to security holders 256; (89.8)%, 2,498;

Dividend Marlin will pay a quarterly dividend of 1.88cps as part of its
long-term distribution policy.
Ex-dividend date 10 March 2016
Record date 11 March 2016
Dividend payment date 24 March 2016

Net asset value per share 31 December 2015: $0.93

For immediate release:

22 February 2016

Marlin outperforms in challenging market

o Interim 2016 net operating profit $0.3m
o Adjusted net asset value* per share +0.1%
o Total shareholder return* +1.2%
o 3.87 cents per share in dividends paid during the period

In a challenging global equity market, NZX-listed investment company Marlin
Global Limited (NZX: MLN) today announced a net operating profit after tax
for the six month period ended 31 December 2015 of $0.3m (1H15: $2.5m).

The key components of the first half result were gains on financial assets of
$1.7m (including foreign exchange losses of $1.3m and hedging gains of
$1.0m), dividend and interest income of $0.4m, less operating expenses and
tax of $1.9m.

Marlin's key performance ratios show a growth in total shareholder return* of
1.2% and a stable adjusted net asset value (NAV)* of 0.1% versus the
benchmark index^ which was down 3.1% over the same period.

Since inception in November 2007, Marlin's adjusted NAV* is up 51.7%, behind
the benchmark index^ which is up 62.3% over the same period.

In July 2015 the Marlin Board announced it would undertake a pro-rata warrant
issue as part of its capital management programme to improve liquidity and
operational efficiency. One warrant was issued for every four Marlin shares
held on 13 July 2015. The warrants give holders the right to purchase
additional Marlin shares in August 2016 at an exercise price of $0.88
adjusted for dividends declared during the period up to the exercise date.
In accordance with company's distribution policy (2.0% of average NAV per
quarter), a total of 3.87 cents per share was paid to Marlin shareholders
during the six months ended 31 December 2015. The Board has declared a
dividend of 1.88 cents per share to be paid to shareholders on 24 March 2016
with a record date of 11 March 2016.

Marlin's Chairman, Alistair Ryan, said: "Global equity markets continue to be
volatile as concerns remain over whether there will be a recovery in the
global economy. The Board is pleased that the Marlin portfolio outperformed
the market over the period and proved resilient in challenging times."

Portfolio Manager, Roger Garrett, said: "While we expect market volatility to
persist in the short term we do not believe the economic or business
fundamentals have deteriorated sufficiently to justify the significant
declines experienced in the second half of last year."

For further information please contact:

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

*Adjusted NAV and total shareholder return assume all dividends are
reinvested, but exclude imputation credits

^Benchmark index: World Small Cap Gross Index until 30 September 2015 & S&P
Large Mid Cap/S&P Small Cap Index (50% hedged to NZD) from 1 October 2015

About Marlin Global
Marlin Global is a listed investment company that invests in growing
companies based outside of New Zealand and Australia. The Marlin portfolio is
managed by Fisher Funds, a specialist investment manager with a track record
of successfully investing in growth company shares. The aim of Marlin is to
offer investors competitive returns through capital growth and dividends, and
access to a diversified portfolio of investments through a single,
tax-efficient investment vehicle. Marlin listed on the NZX Main Board on 1
November 2007 and may invest in companies that are listed on any approved
stock exchange (excluding New Zealand or Australia) or unlisted international
companies not incorporated in New Zealand or Australia.    /ends
End CA:00278099 For:MLN    Type:HALFYR     Time:2016-02-22 16:46:44