TIDMRGO
RNS Number : 4035H
RiverFort Global Opportunities PLC
15 November 2018
15 November 2018
RiverFort Global Opportunities plc
("RGO" or the "Company")
Quarterly update as at 30 September 2018
RiverFort Global Opportunities plc is pleased to provide a
quarterly update to 30 September 2018.
Highlights
-- Over GBP1.8 million now invested in RiverFort-arranged
opportunities by the period end, increasing to around GBP2.7
million to date
-- Profitable Q3 performance continuing on from Q2 results
-- Majority of investments now in debt and equity linked debt investments
-- Investment income comprises cash fees and interest plus
realised/unrealised gains/losses on the equity portfolio
-- Substantial cash balance available for further investment
-- Post period end, the Company's name changed to RiverFort
Global Opportunities plc and GBP500,000 in additional funds were
raised
Chairman's review
The progress made at the interim stage for 2018 has continued
apace into the third quarter of the year, with Q3 representing
another profitable quarter for the Company.
The Company's net income comprises both unrealised and realised
gains/losses from its equity portfolio, along with income from the
RiverFort-arranged investments that principally comprises fees and
interest. The analysis of income for the period is set out
below:
Q3 2018 Q2 2018
GBP GBP
---------- ---------
Existing equity portfolio (103,172) (62,105)
---------- ---------
RiverFort-arranged investments 182,855 181,241
---------- ---------
Total net investment
income 79,683 119,136
---------- ---------
Whilst the Company has continued to realise gains from the
disposal of certain of its equity investments, recent weaknesses in
financial markets have had an overall negative impact on the
Company's equity portfolio. The level of income from the
RiverFort-arranged investments has, however, continued to
increase.
The key unaudited performance indicators are set out below:
Performance indicator 30 September 30 June 2018 Change
2018
------------------------------------- ---------------- ------------ ---------
Net investment income/(loss) in the
quarter GBP79,683 GBP119,136
------------------------------------- ---------------- ------------ ---------
Net asset value GBP7,432,892 GBP7,416,437 +0.2%
Net asset value - fully diluted per
share 0.118p 0.118p 0.0%
Closing share price 0.105p 0.100p +5.0%
Net asset value premium to the share
price 12.6% 18.0%
Market capitalisation GBP6,603,802 GBP6,289,335 +5.0%
------------------------------------- ---------------- ------------ ---------
The Company's principal investment portfolio categories are
summarised below:
Category Description Cost or valuation at
30 September 2018
Debt and equity-
linked debt
investments Arranged by RiverFort 1,908,398
----------------------- ---------------------
Equity investments Equity portfolio 1,250,452
----------------------- ---------------------
Cash resources Cash 4,110,078
----------------------- ---------------------
Total 7,268,928
---------------------
During Q3, the Company has continued to accelerate the
investment of its capital into RiverFort-arranged investments. At
the same time, the Company has reduced the size of its equity
portfolio, which now represents around 17% of the overall
investment portfolio. The Company's principal equity investments
now comprise Plutus PowerGen plc and Pires Investments plc. Pires
Investments plc recently announced a significant increase in its
net asset value to around GBP950,000 and Plutus PowerGen plc has
just raised GBP500,000 to progress the development of its
wholly-owned gas sites.
The Company has also now changed its name to RiverFort Global
Opportunities plc in order to better reflect the focus of
investment activity going forward. Also, as a result of continued
investor interest, in October 2018, the Company raised an
additional GBP500,000 of new funds for investment from one of its
existing institutional investors. Further details about the
Company's investment portfolio are set out on the Company's new
website at www.riverfortglobalopportunities.com.
The Company is continuing to see a number of interesting
investment opportunities where the Company can deploy its
investment funds in order to make attractive returns. Furthermore,
given the uncertainly in financial markets, we expect these
opportunities to increase in number.
N Lee
Chairman
15 November 2018
For more information, please contact:
RiverFort Global Opportunities plc:
Nicholas Lee, Chairman +44 (0) 20 7580 7576
Nominated Adviser:
Beaumont Cornish +44 (0) 20 7628 3396
Roland Cornish/Felicity Geidt
Joint Broker: +44 (0) 20 7601 6100
Shard Partners LLP
Damon Heath/Erik Woolgar
Joint Broker: +44 (0) 20 7562 3351
Peterhouse Capital Limited
Lucy Williams
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END
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