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RNS Number : 2525J
RiverFort Global Opportunities PLC
21 December 2020
21 December 2020
RiverFort Global Opportunities plc
("RGO" or the "Company")
Quarterly update for the 3 months ended 30 September 2020
RiverFort Global Opportunities plc is pleased to provide a Q3
update for the 3 months to 30 September 2020.
Highlights
-- GBP669,425 of total income generated in Q3, making a total of
GBP1,439,805 for the first nine months of 2020
-- Increase in net asset value of 11.9% over the first nine months of 2020
-- NAV per share of 1.3 pence, representing a 49% premium to the period end share price
-- Around GBP3 million of net cash available for further investment
-- The excellent progress during H1 2020 has continued into Q3
-- Continued strong demand for the Company's investment capital
Chairman's review
The Company had a very busy first six months of 2020 which has
continued into the period under review. This robust trading has
supported the Company's ability to start paying dividends and the
Company has just paid its first interim dividend on the basis of a
targeted full year gross yield of 7.5%. During Q3, investment
activity has continued with the Company making a number of new
investments, including a substantial investment in Tanzanian Gold
Corporation, the gold production company which is listed on the New
York Stock Exchange and TSX with a market capitalisation of over
US$130 million.
The analysis of income for the period is set out below:
3 months to 6 months to
30 September 30 June 2020
2020
GBP000 GBP000
-------------- --------------
Investment income 325 514
-------------- --------------
Net income from financial instruments
at FVTPL 553 180
-------------- --------------
Net foreign exchange gains/(losses)
on financial instruments (210) 76
-------------- --------------
Total investment income 669 770
-------------- --------------
During the period, the Company generated total investment income
of GBP669,425 from its investment portfolio, with this level of
profit being underpinned by strong cash generation from operations.
The Company principally invests by way of debt and/or equity-linked
debt instruments which provides equity upside with downside
protection, with income principally being generated from interest,
fees, equity conversion upside and warrants.
The key unaudited performance indicators are set out below:
Performance indicator 30 September 30 June 2020 Change
2020
------------------------------------ ----------------- ------------- ---------
Investment income GBP669,425 GBP770,380
------------------------------------ ----------------- ------------- ---------
Net asset value GBP 8,811,519 GBP 8,447,582 +4.3%
Net asset value - fully diluted per
share 1.298p 1.244p +4.3%
Closing share price 0.87p 0.85p +2.4%
Market capitalisation GBP5,906,722 GBP5,770,936 +2.4%
------------------------------------ ----------------- ------------- ---------
The Company's principal investment portfolio categories are
summarised below:
Category Cost or valuation at 30
September 2020
Debt and equity- linked
debt investments 4,300,482
------------------------
Equity, warrants and
other investments 1,425,024
------------------------
Net cash resources 2,996,443
------------------------
Total 8,721,949
------------------------
The Company continues to grow its net asset value, with an
increase of almost 12% for the first nine months of 2020. 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. The Company's equity, warrant and other
investments have increased during the period as a result of the
increasing value of its warrant book and the value of its equity
investment in Pires Investments plc, the investment company listed
on AIM that invests in next generation technology.
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.
The result for Q3 2020 further confirms the delivery of the
strategy that it embarked on in early 2018, namely the de-risking
of the portfolio, the generation of cash returns and the creation
of value for investors with the payment of a dividend. We very much
look forward to reporting further progress in the months ahead.
Philip Haydn-Slater
Non-Executive Chairman
21 December 2020
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
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END
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