TIDMRGO
RNS Number : 2342N
RiverFort Global Opportunities PLC
29 September 2021
29 September 2021
RiverFort Global Opportunities plc
("RGO" or the "Company")
Unaudited interim results for the 6 months ended 30 June
2021
RiverFort Global Opportunities plc is pleased to announce its
unaudited interim results for the six months to 30 June 2021.
Highlights
-- The excellent progress during 2020 has continued into H1 2021
-- Profit before taxation of GBP1.4 million achieved in H1 2021
-- Significant increase in net asset value of 32% since 31 December 2020
-- NAV per share of 1.57 pence
-- Share price up by around 70% over the period
-- Exciting Pre-IPO investments made in Pluto Digital Assets plc and Smarttech247
-- Around GBP2 million of net cash available for further investment
-- Continued strong demand for the Company's investment capital
-- Declaration of a final dividend of 0.04p per share, making a total of 0.06p per share
Philip Haydn-Slater, Non-Executive Chairman, commented:
"The Company's excellent performance for 2020 has continued into
2021 , with the Company continuing to generate an attractive level
of investment income and to grow its net asset value. Going
forward, we believe that the Company has a very attractive
portfolio of investments which not only has the scope to achieve
income with downside protection but the significant upside
potential to generate substantial capital gains as a result of
carefully chosen pre-IPO investments whilst, at the same time,
being able to provide real cash returns to shareholders."
Chairman's statement
The analysis of income for the period is set out below:
Half year Year to 31
to 30 June December
2021 2020
GBP000 GBP000
------------ -----------
Investment income 909 1,251
Net income from financial instruments
at FVTPL 1,116 1,476
Net foreign exchange losses on financial
instruments (12) (284)
Total investment income 2,013 2,443
------------ -----------
During the period, the Company generated total investment income
of GBP2,013,092 from its investment portfolio, with this level of
profit being underpinned by strong cash generation. The Company
principally invests by way of debt and/or equity-linked debt
instruments which provides equity upside with downside protection
Investment income is therefore principally generated from interest,
fees, with additional income from equity conversion and warrants.
Net income from financial instruments at FVTPL is derived from
changes in the value of the Company's investment portfolio. For
example, increases in the value of the Company's investment in
Pires Investments plc ("Pires") and its pre-IPO investments
together accounted for the majority of this figure. Changes in the
value of the Company's warrant portfolio are also included
here.
The Company's principal investment portfolio categories are
summarised below:
Category Cost or valuation
at 30 June 2021
Debt and equity- linked debt
investments 6,405.829
Pre IPO investments 2,501,753
Equity and other investments 2,688,112
Cash resources 1,919,017
Total 13,514,711
------------------
The Company's debt and equity linked portfolio comprises around
15 positions in companies such as Jubilee Metals plc, Oracle Power
plc, Kodal Minerals plc and Rambler Metals and Mining plc.
The pre-IPO investment category is a new category and reflects
the opportunities that the Company sees in making pre-IPO
investments that have a clear path to a listing or liquidity
events. This category comprises the Company's holdings in
Smarttech247 and Pluto Digital Assets plc.
Smarttech247, a global artificial intelligence based cyber
security cloud business that protects enterprises as they migrate
to cloud-based IT operations. Smarttech247 is profitable with high
forecast revenue growth and has over 100 technology partners,
including Tanium and Crowdstrike, and 50 clients based in Europe
and the US. Smarttech247 has also recently announced its intention
to seek a listing by way of a reverse takeover transaction which is
expected to complete later in the year.
Pluto is a software technology company and operator in the
decentralised finance ("DeFi") and non-fungible tokens
("NFT")/Metaverse (virtual environments) sectors. It is currently
developing a DeFi software platform, that provides a highly usable
web DeFi portal to open up DeFi to a mass audience. This platform
provides vault middleware to find and categorise a set of
proprietary DeFi vaults to offer users the ability to generate
yield from crypto currencies. Furthermore, Pluto has partnered with
a leading NFT metaverse platform and is currently engaging high
quality owners of digital media and rights to offer their content
to the NFT community. In addition to Pluto's operational
activities, it has made further investments in Web3 ventures and
has acquired an NFT portfolio including assets such as Cryptopunks,
Artblocks and BAYCs.
Pluto has advised the Company that it currently holds treasury
assets that include Bitcoin, Ethereum, Polkadot, Cardano and
Solana. The company has also advised that its portfolio of venture
and treasury assets has been performing well and the company's
current NAV per share exceeds 6 pence, the price at which Pluto
carried out its most recent fund raise in March 2021. RGO has
already achieved a valuation uplift on this investment.
During the summer of 2021, Pluto has been focusing on expanding
its product team and forming key partnerships. This work has
progressed well and the company now believes that it is
well-positioned to proceed with its planned IPO. Pluto also
recently entered into a strategic partnership with NFT company
Terra Virtua and sports tycoon, Jon Smith OBE to develop
sports-focused NFTs. The partnership has already announced an NFT
agreement between Terra Virtua and the Indian Super League which
was facilitated by the partnership. The understanding and awareness
of NFTs and their potential has been rapidly gaining traction and
the partnership has been established to capitalise on the growing
demand in the NFT sector.
The equity and other investments category principally comprises
the Company's holdings in Pires and its warrant portfolio. Pires,
is an investment company listed on AIM that invests in next
generation technology companies. Pires recently announced its
interim results which included a significant profit of GBP1.4
million and an increase in NAV per share of over 80%. This company
is building a very attractive portfolio of investments. The Pires
share price increased by over 30% during the period.
As previously announced, as part of the Company's overall
strategy when making investments, warrants or their equivalent are
sought which can significantly increase the level of investment
return . However, due to the inherent volatility associated with
this form of instrument, the potential value of this warrant
portfolio is not fully reflected in the Company's net asset value
and a return is only crystallised when the respective warrants are
exercised and resulting shares sold.
The key unaudited performance indicators are set out below:
Performance indicator 30 June 2021 31 December Change
2020
------------------------------------ ------------------ ------------ ----------
Investment income GBP2,013,092 GBP2,443,398
------------------------------------ ------------------ ------------ ----------
Net asset value GBP 12,198,539 GBP9,239,936 +32.0%
Net asset value - fully diluted per
share 1.57p 1.36p +15.4%
Closing share price 1.63p 0.96p +69.8%
Market capitalisation GBP12,639,000 GBP6,552,000 +92.9%
------------------------------------ ------------------ ------------ ----------
On 10 May 2021, the Company announced a placing to raise GBP1.64
million, at the prevailing market price, in order to provide funds
for further investment and to fund the investment into Smarttech247
which was also announced at that time. This fund raising was
supported both by current and new investors.
During the period, the Company has continued to generate
substantial cash through its generation of investment returns
thereby providing the Company with a significant cash balance for
further investment and enabling the Company to pay a final dividend
which was declared on 16 June 2021. The final gross dividend
amounted to, 0.04 pence per share, which would make a total of 0.06
pence per share for the year or equivalent to a gross yield of 4.1%
at the current share price.
Philip Haydn-Slater
Non-Executive Chairman
28 September 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2021
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP GBP GBP
---------------------------------------------- -------------- -------------- --------------
Investment income 909,485 513,643 1,251,681
Net gain/(loss) from financial instruments
at FVTPL 1,115,767 179,662 1,476,201
Foreign exchange (losses)/gains on
financial
instruments (12,160) 77,075 (284,484)
Total income 2,013,092 770,380 2,443,398
Administration expenses (226,296) (187,181) (403,564)
Investment advisory fees (367,357) - (375,446)
Exchange translation losses (38,836) (14,034) (167,083)
Profit before taxation 1,380,603 569,165 1,497,305
Taxation - - -
---------------------------------------------- -------------- -------------- --------------
Profit for the period and total comprehensive
income 1,380,603 569,165 1,497,305
Basic earnings per share
Continuing and total operations 0.20p 0.08p 0.22p
---------------------------------------------- -------------- -------------- --------------
Fully diluted earnings per share
Continuing and total operations 0.20p 0.08p 0.22p
---------------------------------------------- -------------- -------------- --------------
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2021
Called
up
share Share premium Retained Total
capital account Other reserves earnings equity
GBP GBP GBP GBP GBP
-------------------------- ------------ -------------- --------------- ------------ -----------
Balance at
1 January 2020 10,042,273 3,191,257 27,000 (5,382,113) 7,878,417
Profit for the year
and total comprehensive
income - - - 1,497,305 1,497,305
-------------------------- ------------ -------------- --------------- ------------ -----------
Capital reorganisation (9,974,380) (3,191,257) (27,000) 13,192,637 -
Dividend payment (135,786) (135,786)
Balance at
31 December 2020 67,893 - - 9,172,043 9,239,936
Profit for the period
and total comprehensive
income - - - 1,380,603 1,380,603
-------------------------- ------------ -------------- --------------- ------------ -----------
Share issue 9,647 1,630,353 - - 1,640,000
Share issue expenses - (62,000) - - (62,000)
Balance at
30 June 2021 77,540 1,568,353 - 10,552,646 12,198,539
-------------------------- ------------ -------------- --------------- ------------ -----------
UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP GBP GBP
---------------------------- ---------- --------- ---------------
ASSETS
Non-current investments
Financial asset investments 8,608,261 1,900,693 4,249,249
---------------------------- ---------- --------- ---------------
Total non-current assets 8,608,261 1,900,693 4,249,249
---------------------------- ---------- --------- ---------------
Current assets
Financial asset investments 2,987,433 2,863,783 2,908,855
Trade and other receivables 174,305 513,917 246,149
Cash and cash equivalents 1,919,017 3,263,326 4,046,856
---------------------------- ---------- --------- ---------------
Total current assets 5,080,755 6,641,026 7,201,860
---------------------------- ---------- --------- ---------------
Total assets 13,689,016 8,541,719 11,451,109
---------------------------- ---------- --------- ---------------
LIABILITIES
Current liabilities
Trade and other payables 1,490,477 87,612 2,211,173
Other financial liabilities - 6,525 -
Total current liabilities 1,490,477 94,137 2,211,173
---------------------------- ---------- --------- ---------------
Net assets 12,198,539 8,447,582 9,239,936
---------------------------- ---------- --------- ---------------
EQUITY
Share capital 77,540 67,893 67,893
Share premium account 1,568,353 - -
Retained earnings 10,552,646 8,379,689 9,172,043
---------------------------- ---------- --------- ---------------
Total equity 12,198,539 8,447,582 9,239,936
---------------------------- ---------- --------- ---------------
UNAUDITED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2021
Unaudited Unaudited
6 months 6 months Audited
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP GBP GBP
--------------------------------------- ---------------- -------------- ----------------
Cash flows from operating activities
Investment income received 999,097 361,559 1,178,181
Operating expenses paid (674,447) (217,024) (489,020)
--------------------------------------- ---------------- -------------- ----------------
Net cash inflow from operating
activities 324,650 144,535 689,161
--------------------------------------- ---------------- -------------- ----------------
Cash flows from investing activities
Purchase of investments (6,369,758) (974,419) (4,854,799)
Proceeds from disposal of investments 472,664 175,461 2,562,113
Debt instrument repayments 1,878,765 1,422,057 3,405,246
Settlement of forward currency
contracts - (212,461) (212,456)
Net cash (used in)/from investing
activities (4,018,329) 410,638 900,104
--------------------------------------- ---------------- -------------- ----------------
FINANCING ACTIVITIES
Net proceeds from share issues 1,578,000 - -
Dividend payment - - (135,786)
--------------------------------------- ---------------- -------------- ----------------
Net cash from/(used) in financing
activities 1,578,000 - (135,786)
--------------------------------------- ---------------- -------------- ----------------
Net (decrease)/increase in cash
and cash equivalents (2,115,679) 555,173 1,453,479
Cash and cash equivalents at beginning
of period 4,046,856 2,624,480 2,624,480
Effect of foreign currency exchange
on cash (12,160) 83,673 (31,103)
--------------------------------------- ---------------- -------------- ----------------
Cash and cash equivalents at end
of period 1,919,017 3,263,326 4,046,856
--------------------------------------- ---------------- -------------- ----------------
NOTES TO THE INTERIM REPORT
1. The financial information set out in this interim report does
not constitute statutory accounts as defined in section 434 of the
Companies Act 2006. The group's statutory financial statements for
the period ended 31 December 2020, prepared under International
Financial Reporting Standards (IFRS), have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
The interim financial information has been prepared in
accordance with the recognition and measurement principles of
International Financial Reporting Standards (IFRS) and on the same
basis and using the same accounting policies as used in the
financial statements for the year ended 31 December 2020. The
interim financial statements have not been audited or reviewed in
accordance with the International Standard on Review Engagement
2410 issued by the Auditing Practices Board.
The financial statements have been prepared on a going concern
basis under the historical cost convention.
The Directors believe that the going concern basis is
appropriate for the preparation of the financial statements as the
Company is in a position to meet all its liabilities as they fall
due.
2. Earnings per share
Earnings per share is calculated by dividing the profit/(loss)
attributable to equity shareholders by the weighted average number
of shares in issue.
Six months Six months Year ended
ended ended
30 June 30 June 31 December
2020 2020 2020
(unaudited) (unaudited) (audited)
-------------------------------------- ------------- ------------- --------------
Weighted average number of shares
in the period 706,115,920 678,933,600 678,933,600
-------------------------------------- ------------- ------------- --------------
Profit/(Loss) from continuing
and total operations GBP1,380,603 GBP569,165 GBP1,497,305
-------------------------------------- ------------- ------------- --------------
Basic and fully diluted earnings
per share:
From continuing and total operations 0.20p 0.08p 0.22p
Exercise of the outstanding warrants would be anti-dilutive
for earnings per share, so the weighted average number of shares
in issue is the same for both basic and fully diluted earnings
per share calculations.
3. Copies of the interim report can be obtained from: The
Company Secretary, RiverFort Global Opportunities plc, Suite 39, 18
High Street, High Wycombe, Buckinghamshire, HP10 8NJ and are
available to view and download from the Company's website :
www.riverfortglobalopportunities.com
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