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Tembusu Investments Limited (NOVA)

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Monday 28 September, 2009

Tembusu Investments Limited

Half-yearly report

                           TEMBUSU INVESTMENTS LIMITED
                          ('Tembusu' or the  'Company')

            HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2009


28 September 2009


CHAIRMAN'S STATEMENT

As  at  30  June 2009 the Company had cash balances of £1,123,459  (31  December
2008: £1,186,823). Following the Company's first investment on 14 May 2008,  and
throughout  the  period, the Company sought to guard its cash resources  in  the
difficult  prevailing economic climate, whilst continuing to evaluate  potential
investments/transactions - none of which resulted in a  suitable  investment  or
acquisition being identified.

Now  that a recovery in the economic cycle is visible we are confident that  the
opportunities available to, and prospects for, Tembusu will continue to  improve
for the remainder of 2009 and into 2010.

The  Company  continues  to evaluate potential transactions  in  line  with  its
investment  strategy.  The investment strategy, alterations  to  which  received
shareholder  approval  on  1  August  2008,  remains  principally  to  focus  on
identifying  and  acquiring  quoted and unquoted financial  services  businesses
based  in  Asia,  though  other geographical areas  will  be  considered  should
appropriate  opportunities occur which could benefit the  Company.  By  actively
investing  in  businesses with complementary areas of expertise, which  may  for
example  include real estate, mortgage financing and other such activities,  the
Directors believe that it is possible to generate considerable opportunities for
the  cross  selling of services between the different operations and  countries.
The  Directors  also  intend to continue to make minority  investments  in  such
financial  services businesses where it would be a passive investor,  but  where
those investments provide the opportunity for enhancing the growth prospects  of
the Company.

With  the recent AIM Rule changes, effective 1 June 2009, the Company is in  the
process  of  making  and  adopting consequential, non-material  changes  to  its
"Investment  Strategy" - to bring it in line with the new AIM definition  of  an
"Investing   Policy".  The  Company  will  notify  its  "Investing  Policy"   to
shareholders  and make it available on its AIM Rule 26 website once  these  non-
material  consequential alterations have been made and in any event by no  later
than 1 December 2009.

Jonathan Rowland
Chairman


For further information, contact:

Tembusu Investments Limited
Jonathan  Rowland, Chairman                          Tel:    +44 (0)207 087 7970

Blomfield Corporate Finance Ltd                      Tel:    +44 (0)20 7512 0191
Alan MacKenzie
Ben Jeynes


STATEMENT OF COMPREHENSIVE INCOME FOR SIX MONTHS ENDED 30 JUNE 09

                                                    From             From             From
                                                1 Jan 09         1 Jan 08         1 Jan 08
                                     Notes  to 30 Jun 09     to 31 Dec 08     to 30 Jun 08
                                              (Unaudited)        (Audited)      (Unaudited)
                                                       £                £                £

Other operating expenses                         (51,048)        (211,054)         (98,151)

Unrealised losses on financial
assets designated at fair value                 (438,317)        (858,852)               -

Operating loss                                  (489,365)      (1,069,906)         (98,151)

Bank interest income                               3,726           98,095           70,196

Loss on ordinary activities before
taxation                                        (485,641)        (971,811)         (27,955)

Taxation                                               -                -                -

Retained loss for the financial
period                                          (485,641)        (971,811)         (27,955)

Loss per ordinary share (pence) -
Basic                                  3            (0.8)           (1.62)           (0.05)
Loss per ordinary share (pence) -
Diluted                                             (0.8)           (1.62)           (0.05)


The Company's loss arising from continuing operations.

There  were  no  recognized gains or losses other than those recognized  in  the
income statements.



STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 09

                                                        As at       As at         As at
                                                   30 June 09   31 Dec 08    30 June 08
                                                   (Unaudited)   (Audited)   (Unaudited)
                                             Note           £           £             £
ASSETS

Non-current assets
INVESTMENTS
Investments                                             5,000       5,000         5,000
Financial assets designated at fair value             547,897     986,214     1,854,529
                                                      552,897     991,214     1,859,529

CURRENT ASSETS
Debtors                                                     -       2,500         5,833
Cash at bank                                        1,123,459   1,186,823     1,340,875
                                                    1,123,459   1,189,323     1,346,708

LIABILITIES
Current liabilities                                         -           -             -
Trade & other payables                                (48,865)    (67,405)     (149,249)

NET CURRENT ASSETS                                  1,074,594   1,121,918     1,197,459

NET ASSETS                                          1,627,491   2,113,132     3,056,988

CAPITAL AND RESERVES

Called up share capital                               600,000     600,000       600,000
Share premium account                               2,504,061   2,504,061     2,504,061
Accumulated Loss                                   (1,476,570)   (990,929)      (47,073)
                                                            -                         -
                                                    1,627,491   2,113,132     3,056,988



CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 JUNE 2009


                                                            Period       Period        Period
                                                             ended        ended         ended
                                                        30 June 09    31 Dec 08    30 June 08
                                                        (Unaudited)    (Audited)   (Unaudited)
                                              Note               £            £             £

Cashflows from operating activities

Cash (absorbed) generated from operations      4           (67,090)    (254,532)      (58,118)
Cashflow from investing activities             5             3,726   (1,746,971)   (1,789,333)
                                                         _________    _________     _________
(DECREASE)/INCREASE IN CASH FOR THE PERIOD                 (63,364)  (2,001,503)   (1,847,451)
CASH AT THE BEGINNING OF THE PERIOD                      1,186,823    3,188,326     3,188,326
                                                         _________    _________     _________
CASH AT THE END OF THE PERIOD                            1,123,459    1,186,823     1,340,875
                                                         =========    =========     =========


STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR PERIOD ENDED 30 JUNE 2009



                                             Share        Share   Accumulated        Total
                                           capital      premium        losses

Balance at 31 December 2007                600,000    2,504,061       (19,118)   3,084,943
Loss for the year                                -            -       (27,955)     (27,955)
                                           _______________________________________________
Balance at 30 June 2008                    600,000    2,504,061       (47,073)   3,056,988
Loss for the year                                -            -      (943,856)    (943,856)
                                           _______________________________________________
Balance at 31 December 2008                600,000    2,504,061      (990,929)   2,113,132
Loss for the period                              -            -      (485,641)    (485,641)
                                           _______________________________________________
Balance at 30 June 2009                    600,000    2,504,061    (1,476,570)   1,627,491
                                           ===============================================



NOTES TO THE HALF-YEARLY REPORT

1 The  Company  was  incorporated in Bermuda on 21st March  2007  and  was
  admitted  to  the AIM market of the London Stock Exchange ('AIM')  on  11  May
  2007,  when  it  commenced  its  business. This half-yearly  report  has  been
  prepared  in  accordance with International Financial Reporting Standards  and
  on   the   historical  cost  basis,  using  generally  recognised   accounting
  principles  and using the accounting policies which are consistent with  those
  set  out  in  the  Company Annual Report and Accounts for the  year  ended  31
  December 2008.

  The  Half-Yearly  report for the six months to 30 June  2009,  which  complies
  with IAS34, was approved by the Board on 220 September 2009.

2 The directors do not recommend the payment of a dividend.

3 The  basic and diluted earnings per share are based on the loss  for  the
  financial  period  of £485,641 (30 June 2008 - £27,955:  31  December  2008  -
  £971,811) and the following weighted average number of shares in issue  during
  the period ended 30th June 2009.

  Basic and diluted 60,000,000 (30 June 2008 -60,000,000:31 December 2008 -
  60,000,000)

4 Reconciliation  of  operating  loss to  net  cash  inflow  from  operating
  activities

                                    Period ended     Period ended      Period ended
                                      30 June 09        31 Dec 08        30 June 08
                                      (Unaudited)        (Audited)       (Unaudited)
                                               £                £                 £

  Operating loss                        (489,365)      (1,069,906)          (98,151)
  Provision for quoted investments       438,317          858,852                 -
                                         _______        _________            ______
                                         (51,048)        (211,053)          (98,151)
  Increase/(Decrease) in creditors       (18,542)         (45,094)           36,751
 (Increase)/ Decrease in debtors           2,500            1,615             3,282
                                          ______        _________            ______
                                         (67,090)        (254,532)          (58,118)
                                          ======        =========            ======

5 Cashflow from investing activities

                                         Period ended    Period ended  Period ended
                                           30 June 09       31 Dec 08    30 June 08
                                                    £               £             £

  Acquisition of investment                         -      (1,845,066)   (1,859,529)
  Bank interest                                 3,726          98,095        70,196
                                            _________        ________      ________
  Net cash inflow from
  investing activities                          3,726      (1,746,971)   (1,789,333)
                                            =========        ========      ========

6. The  issue  share capital as at 30 June 2009 and 31  December  2008  was
   60,000,000 ordinary share of 1p each .

7. The  unaudited results for the period ended 30 June 2009 do not constitute
   statutory accounts under the Bermuda Act 1981. The comparative figures for the
   year  ended  31  December  2008  are extracted from  the  statutory  financial
   statements which contain an unqualified report.   

a d v e r t i s e m e n t