Q1 Update - to 31 March 2019
Source: RNS9 July 2019
RiverFort Global Opportunities plc
("RGO" or the "Company")
Quarterly update to 31 March 2019
RiverFort Global Opportunities plc is pleased to provide a quarterly update to 31 March 2019.
Highlights
· Over £4.6 million invested in RiverFort-arranged opportunities as at the period end
· Total investment income generated of £483,000 in the quarter
· Net asset value up by around 5% over the quarter
· The Company is continuing to build on the progress made in 2018
· Significant cash balance available for further investment
· Additional investments made during the period in companies including Jubilee Metals Group plc
Chairman's review
The progress made for 2018 has continued apace into the first quarter of this year, with the majority of the £483,000 of total investment income for the quarter being generated from RiverFort-arranged opportunities. Overall, after administration and other costs, Q1 2019 represented a profitable quarter for the Company.
The analysis of income for the period is set out below:
|
|
|
Q1 2019 |
Year to 31 December 2018 |
|
|
|
£ |
£ |
|
Investment income |
|
283 |
513 |
|
Net income from financial instruments at FVTPL |
|
200 |
(929) |
|
|
|
|
|
|
Total investment income |
|
483 |
(416) |
The improved level of total investment income in Q1 2019 was principally driven by the returns made from the Company's Q1 investments. In particular, the Company announced an investment of £1.2 million in Jubilee Metals Group plc during this period, its largest investment to date.
The key unaudited performance indicators are set out below:
|
Performance indicator |
31 March 2019 |
31 December 2018 |
Change |
|
Investment income |
£283,000 |
£513,000 |
|
|
Net asset value |
£7,575,442 |
£7,254,727 |
+4.4% |
|
Net asset value - fully diluted per share |
0.112p |
0.107p |
+4.4% |
|
Closing share price |
0.085p |
0.090p |
-5.5% |
|
Net asset value premium to the share price |
31% |
19% |
|
|
Market capitalisation |
£5,770,935 |
£6,110,000 |
-5.5% |
The Company's principal investment portfolio categories are summarised below:
|
Category |
Cost or valuation at 31 March 2019 |
|
|
|
|
Debt and equity- linked debt investments |
4,643,751 |
|
Equity investments |
719,391 |
|
Other |
200,000 |
|
Cash resources |
2,048,437 |
|
|
|
|
Total |
7,611,579 |
The Company's net asset value has increased by around 5% during the quarter and the Company has continued to build its investment portfolio of RiverFort-arranged investments. Also, during this quarter, the Company's equity portfolio has grown slightly due to the further investment made in Pires Investments plc as part of that company's recent fund raising.
Further details about the Company's investment portfolio are set out on the Company's website at www.riverfortglobalopportunities.com.
The Company is continuing to see a number of interesting investment opportunities where it can deploy its investment funds in order to make attractive returns.
Philip Haydn-Slater
Non-Executive Chairman
9 July 2019
For more information, please contact:
RiverFort Global Opportunities plc: +44 (0) 20 3984 9191
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.
