TIDMRGO
RNS Number : 5039T
RiverFort Global Opportunities PLC
15 November 2019
15 November 2019
RiverFort Global Opportunities plc
("RGO" or the "Company")
Quarterly update to 30 September 2019
Further to the announcement of 31 October 2019, RiverFort Global
Opportunities plc is pleased to provide a detailed quarterly update
for Q3 to 30 September 2019.
Highlights
-- Total income generated in Q3 of GBP252,000, making a total of
GBP919,000 for the first nine months of 2019
-- Increase in net asset value since 30 June 2019 of around 3%,
or almost 9% over the first 9 months of 2019
-- NAV per share is at a 55% premium to the period end share price
-- GBP2.2 million of cash available for further investment
-- Very busy Q3 and start to Q4 with additional investments made
in companies including Savannah Petroleum plc, Anglo African Oil
& Gas plc, UK Oil and Gas plc, Infrastrata plc, Angus Energy
plc and Ascent Resources plc
-- Continued strong demand for the Company's investment capital
Chairman's review
The Company has had a very busy Q3 and start to Q4 and has
continued to build on its excellent 2019 interim results. Further
good progress has been made in Q3 2019, with the Company providing
capital to a number of companies for a variety of uses including
for working capital purposes and acquisitions. These companies
include some larger listed companies such as Savannah Petroleum plc
and UK Oil & Gas plc. The majority of our total investment
income is now being generated from this type of investment.
The analysis of income for the period is set out below:
Q3 to 30 September Half year to 30
2019 June 2019
GBP GBP
------------------- ----------------
Investment income 234 549
------------------- ----------------
Net income from financial instruments
at FVTPL 18 127
------------------- ----------------
Total investment income 252 676
------------------- ----------------
Total investment income of GBP252,000 was generated in the three
months to 30 September 2019, making a total of GBP919,000 for the
first nine months of 2019.
The key unaudited performance indicators are set out below:
Performance indicator 30 September 30 June 2019 Change
2019
------------------------------------- ---------------- ------------ ---------
Investment income GBP252,000 GBP549,000
------------------------------------- ---------------- ------------ ---------
Net asset value GBP7,869,823 GBP7,678,162 +2.6%
Net asset value - fully diluted per
share 0.116p 0.113p +2.6%
Closing share price 0.075p 0.076p -1.3%
Net asset value premium to the share
price 55% 49%
Market capitalisation GBP5,092,001 GBP5,159,895 -1.3%
------------------------------------- ---------------- ------------ ---------
The Company's net asset value has increased by 9% since the
beginning of the year and the Company has continued to build its
investment portfolio of RiverFort-arranged investments. Further
details about the Company's investment portfolio are set out on the
Company's website at www.riverfortglobalopportunities.com.
The Company's principal investment portfolio categories are
summarised below:
Category Cost or valuation
at 30 September
2019
Debt and equity-linked debt
investments 4,709,792
------------------
Equity investments 630,605
------------------
Other 200,000
------------------
Cash resources 2,166,906
------------------
Total 7,707,303
------------------
Despite increasing net asset value and generating a significant
level of investment income, the Company's shares continue to trade
at a very substantial discount to net asset value. As mentioned in
our interim results, the Board is working on ways to enhance
returns to shareholders that will, most likely, include the payment
of a dividend which, we believe, will help reduce the trading
discount to net asset value.
As the Company continues to build its investment portfolio and
investment income, it has been agreed with RiverFort, the Company's
investment adviser, that they will waive their annual retainer
fees, equivalent to two per cent. of the Company's net assets, and
performance fees, equivalent to 20 per cent. of the realised
profits generated on each new investment, for the second half 2019.
In consideration for this, the Company has agreed to extend the
current term of the investment adviser agreement with RiverFort by
an additional six months to 30 June 2022. Under the AIM Rules,
RiverFort, as the Company's investment adviser, is regarded as a
Related Party so the variation of the investment agreement is a
Related Party Transaction under the AIM Rules. To that end, the
Independent Directors (being all the Directors with the exception
of Mr Andrew Nesbitt who is a consultant to RiverFort) who have
consulted with the Company's nomad, believe that this variation of
the investment agreement is fair and reasonable in so far as the
shareholders are concerned.
There continues to be a good demand for the Company's investment
capital in situations that can generate attractive returns and we
have the necessary cash resources to deploy in order to benefit
from these opportunities. Furthermore, the Company is now starting
to build a track record of delivering significant levels of
investment income and building net asset value.
Philip Haydn-Slater
Non-Executive Chairman
15 November 2019
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For more information, please contact:
RiverFort Global Opportunities plc: +44 (0) 20 3368 8978
Philip Haydn-Slater, Non-Executive Chairman
Nicholas Lee, Investment Director
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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