Proactiveinvestors United Kingdom Riverfort Global Opportunities PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Riverfort Global Opportunities PLC RSS feed en Mon, 22 Jul 2019 23:39:24 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Investment update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190719160001_14156861/ Fri, 19 Jul 2019 16:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190719160001_14156861/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190718121402_14154885/ Thu, 18 Jul 2019 12:14:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190718121402_14154885/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190718121043_14154878/ Thu, 18 Jul 2019 12:10:43 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190718121043_14154878/ <![CDATA[RNS press release - Q1 Update - to 31 March 2019 ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190709070008_14140917/ Tue, 09 Jul 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190709070008_14140917/ <![CDATA[Media files - Riverfort Global sees 'continued strong demand' from junior listed companies ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/14012/riverfort-global-sees--continued-strong-demand--from-junior-listed-companies-14012.html Mon, 08 Jul 2019 13:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/14012/riverfort-global-sees--continued-strong-demand--from-junior-listed-companies-14012.html <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190705123936_14138582/ Fri, 05 Jul 2019 12:39:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190705123936_14138582/ <![CDATA[News - RiverFort NAV jumps in 2018, readies “substantial” cash resources to grow portfolio ]]> https://www.proactiveinvestors.co.uk/companies/news/223048/riverfort-nav-jumps-in-2018-readies-substantial-cash-resources-to-grow-portfolio-223048.html RiverFort Global Opportunities PLC (LON:RGO) has said it is well placed to deploy its “substantial” cash balance and grow its portfolio following a strong jump in its net asset value (NAV) in 2018.

The investment firm, which focuses on growth companies in the technology, natural resources, energy, financial and healthcare industry sectors, said in an outlook statement that it had the potential to grow its investment portfolio “significantly” going forward by “rapidly by making investments that can generate income and capital growth whilst offering downside protection”.

READ: Jubilee Metals recent fund raise and quarterly update further de-risks RiverFort Global Opportunities plc’s senior secured debt investment

The group has raised over £6mln in new equity which it intends to deploy into new investment opportunities.

Philip Haydn-Slater, RiverFort’s chairman, added that, to date, it had invested around £5.5mln and that there continued to be “strong demand” for funding from junior-listed firms offering attractive returns.

For the year ended 31 December 2018, the company reported its NAV at year-end was around £7.2mln, up from £2.4mln in 2017, while its losses from continuing operations had narrowed to £731,192 from £1.1mln.

In late-morning trading on Friday, RiverFort’s shares were steady at 0.09p.

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Fri, 28 Jun 2019 11:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223048/riverfort-nav-jumps-in-2018-readies-substantial-cash-resources-to-grow-portfolio-223048.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190628070003_14128072/ Fri, 28 Jun 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190628070003_14128072/ <![CDATA[News - Jubilee Metals recent fund raise and quarterly update further de-risks RiverFort Global Opportunities plc’s senior secured debt investment ]]> https://www.proactiveinvestors.co.uk/companies/news/220777/jubilee-metals-recent-fund-raise-and-quarterly-update-further-de-risks-riverfort-global-opportunities-plcs-senior-secured-debt-investment-220777.html RiverFort Global Opportunities PLC (LON:RGO) revealed on 5 February 2019 that it had made around a £1.2mln investment in Jubilee Metals Group PLC (LON:JLP), which represents the company’s largest investment to date.  

The investment was principally part of the secured non-convertible financing facility arranged by Jubilee in connection with its acquisition of certain chrome processing operations announced on 10 December 2018.

READ: Jubilee Metals acquires zinc refinery, completes fund-raising to ramp up Kabwe project in Zambia

On 21 March 2019, Jubilee announced that it had raised £17.2mln from a combination of debt and equity to acquire the Sable Zinc Refinery in Zambia and to provide working capital for the company’s operations.

Since that March equity placing on, Jubilee’s share price has increased by around 50%, demonstrating the market’s support for the company’s recent investments and operational performance.

Jubilee announced its first quarter results on 9 May 2019 which showed operational earnings of £3.2mln for the period, representing a substantial 57% increase in group operational earnings compared to the fourth quarter of 2018.

In particular, Jubilee’s chrome processing operations - which RiverFort Global’s investment was involved in funding - are already contributing positively to group earnings and performing ahead of projections.

WATCH: Jubilee Metals delivers 'exceptional' first quarter with significant earnings growth

Moreover, the company said it believes that the first quarter does not fully reflect the potential of these operations, with the second quarter expected to be a better guide to its potential.

Jubilee added that the chrome processing assets acquired in December 2018 were currently generating £4.3mln of earnings, and for the first two months of 2019, those assets have already generated earnings of £0.9mln.

Consequently, RiverFort Global’s investment, which formed part of the debt raised to fund these operations of around US$6mln (£4.6mln), is significantly covered by current and expected earnings of the underlying assets.

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Wed, 22 May 2019 11:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220777/jubilee-metals-recent-fund-raise-and-quarterly-update-further-de-risks-riverfort-global-opportunities-plcs-senior-secured-debt-investment-220777.html
<![CDATA[RNS press release - Change of Registered Office ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190503131512_14062853/ Fri, 03 May 2019 13:15:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190503131512_14062853/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190304135950_13989321/ Mon, 04 Mar 2019 13:59:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190304135950_13989321/ <![CDATA[RNS press release - Replacement Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190222124834_13979084/ Fri, 22 Feb 2019 12:48:34 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190222124834_13979084/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190222111554_13978949/ Fri, 22 Feb 2019 11:15:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190222111554_13978949/ <![CDATA[RNS press release - Investment ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190213140001_13968363/ Wed, 13 Feb 2019 14:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190213140001_13968363/ <![CDATA[RNS press release - Investment update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190205142233_13959105/ Tue, 05 Feb 2019 14:22:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190205142233_13959105/ <![CDATA[RNS press release - Change of Registered Office ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190109133147_13929223/ Wed, 09 Jan 2019 13:31:47 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20190109133147_13929223/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181220162859_13912075/ Thu, 20 Dec 2018 16:28:59 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181220162859_13912075/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181220092048_13911178/ Thu, 20 Dec 2018 09:20:48 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181220092048_13911178/ <![CDATA[RNS press release - Investment update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181214070002_13903585/ Fri, 14 Dec 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181214070002_13903585/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181129130312_13885548/ Thu, 29 Nov 2018 13:03:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181129130312_13885548/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181128160127_13884102/ Wed, 28 Nov 2018 16:01:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181128160127_13884102/ <![CDATA[RNS press release - Update for Quarter Three ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181115070004_13867546/ Thu, 15 Nov 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181115070004_13867546/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181114140828_13867059/ Wed, 14 Nov 2018 14:08:28 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181114140828_13867059/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181107125835_13858739/ Wed, 07 Nov 2018 12:58:35 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181107125835_13858739/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181107125526_13858735/ Wed, 07 Nov 2018 12:55:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181107125526_13858735/ <![CDATA[RNS press release - Equity placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181031070005_13848513/ Wed, 31 Oct 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181031070005_13848513/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181026163751_13844704/ Fri, 26 Oct 2018 16:37:51 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181026163751_13844704/ <![CDATA[News - Paternoster wastes no time in deploying investment capital ]]> https://www.proactiveinvestors.co.uk/companies/news/206789/paternoster-wastes-no-time-in-deploying-investment-capital-206789.html Paternoster Resources PLC (LON:PRS) has provided almost £2mln of bespoke financing to small companies over the past month.

The company raised £4.5mln from investors over the summer, with a large chunk of that having now been lent out.

READ: Paternoster sees good return in small company funding gap

“We are very pleased with the number of investment opportunities that have been made available to us and we are confident of being able to deploy the capital that we have raised earlier in the year,” said chairman Nicholas Lee.

As a result, the majority of Paternoster’s portfolio is now made up of income-generating investments arranged by its advisor, RiverFort.

Many of these investments include warrants in the underlying investee companies, as Paternoster looks to increase its scope to benefit from the firms’ future equity performance.

That is on top of the income it receives in the form of interest payments, fees and debt principal repayments.

Paternoster shares were down 2.4% to 0.1p on Wednesday afternoon.

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Wed, 10 Oct 2018 13:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206789/paternoster-wastes-no-time-in-deploying-investment-capital-206789.html
<![CDATA[RNS press release - Investment Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181010070004_13822524/ Wed, 10 Oct 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181010070004_13822524/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181005092812_13818068/ Fri, 05 Oct 2018 09:28:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181005092812_13818068/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181003135305_13815257/ Wed, 03 Oct 2018 13:53:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181003135305_13815257/ <![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181002152024_13813687/ Tue, 02 Oct 2018 15:20:24 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20181002152024_13813687/ <![CDATA[News - Paternoster Resources sees good returns in small company funding gap ]]> https://www.proactiveinvestors.co.uk/companies/news/205862/paternoster-resources-sees-good-returns-in-small-company-funding-gap-205862.html It’s not just people who need the occasional top-up loan, companies do too.

And just like borrowers with poor credit records, there is a raft of small, listed companies that can’t get bank finance.

Watch: Paternoster Resources sees big opportunities to move company to next level

Start-ups, businesses or resource companies with no income until a project is up and running are a case in in point.

Usually, companies tee up the finance for a project through equity funding at the start but when (almost inevitably) delays occur, trying to get funds to tide things over can be a nightmare.

Paternoster Resources PLC (LON:PRS) aims to fill the gap and has teamed up with RiverFort Capital to invest in  just these situations.

RiverFort is hugely experienced in this type of finance package having been formed by Brian Kinane, ex-of small cap financier Yorkville, and James Lewis, who founded stockbroker Shard Capital.

RiverFort will act as an advisor to Paternoster, suggesting investments, deals, package structures and advice, though the final investment decision rests with Paternoster, says Nicholas Lee, chairman.

It is not a trust, he adds, where there is an investment manager, but the portfolio will nonetheless have a very strong RiverFort feel.

Variety of instruments

Investments will be straight debt, mezzanine finance, convertible loans and other instruments.

Equity is unlikely to figure as in the event of something going badly awry it bears the brunt of the risks, says Lee

There are still some equites in the portfolio: North Sea producer I3 Energy; Pires Investment; Arc Minerals and Plutus PowerGen, but these will become much less significant as the RiverFort-inspired portion of portfolio grows.

One thing in Paternoster’s favour is that it is  an investment company, not a fund, and that has allowed other fund managers to invest.

Small cap specialist Miton for example took a sizeable chunk of a funding at the start of the year that raised £5.4mln through an issue of new shares.

In future, therefore the portfolio will generate cash-backed returns from interest payments, fees and debt principal repayments rather than having to rely on the value of the investee companies going up.

Good returns with low volatility

That way Paternoster can generate good returns but without the volatility, he says, and have the scope to pay dividends.

And if a business does run into real difficulty, holding debt rather than equity makes Paternoster’s position more secure.

The returns may be lost but principal is protected, says Lee.

“It’s equity that gets hit in a restructuring.”

He denies it is just distressed lending, rather a gap in the market that requires funding solutions.

“We’ll provide funding to companies without earnings that want to do an acquisition - or need a bit of short-term working capital but don’t want to raise equity.”

But there is a stigma attached to this form of lending, especially stand-by facilities that have come to be known among investors as ‘rolling shorts’ or even ‘death spirals’.

Lee says that while certain investments may include variable term convertibles, there are a range of other investment structures that can be provided, dependent on a company’s needs.

For Paternoster investors, however, the proposition offers a steady way to play the junior company funding space.

On a 12-month loan, for instance, fees, interest and repayments means half the money can be paid back within six months.

Change starts to show

Half-year results out recently showed the first signs of the change in strategy.

Fees and income from the RiverFort-recommended investments jumped to £181,000 from almost nothing a year earlier, outweighing the drop in the value of the investment portfolio.

Over £1mln has now been invested in recommendations made by RiverFort.

By the end of the year, the majority of the portfolio will comprise debt and equity-linked investments.

“Interim results showed the first signs of the shift in the portfolio, with cash income rising and that will be the pattern going forward,” said Lee.

At 0.1p the business is valued at around £6.5mln.

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Thu, 27 Sep 2018 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205862/paternoster-resources-sees-good-returns-in-small-company-funding-gap-205862.html
<![CDATA[Media files - Paternoster Resources sees big opportunities to move company to next level ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10544/paternoster-resources-sees-big-opportunities-to-move-company-to-next-level-10544.html Thu, 20 Sep 2018 14:13:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10544/paternoster-resources-sees-big-opportunities-to-move-company-to-next-level-10544.html <![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180919070002_13795778/ Wed, 19 Sep 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180919070002_13795778/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180911145742_13786883/ Tue, 11 Sep 2018 14:57:42 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180911145742_13786883/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180803104528_13743223/ Fri, 03 Aug 2018 10:45:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180803104528_13743223/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180801105011_13739718/ Wed, 01 Aug 2018 10:50:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180801105011_13739718/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180719123947_13724464/ Thu, 19 Jul 2018 12:39:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180719123947_13724464/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180717175511_13721470/ Tue, 17 Jul 2018 17:55:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180717175511_13721470/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180712110053_13715635/ Thu, 12 Jul 2018 11:00:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180712110053_13715635/ <![CDATA[RNS press release - New Investments ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180711070003_13712998/ Wed, 11 Jul 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180711070003_13712998/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180710113750_13712327/ Tue, 10 Jul 2018 11:37:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180710113750_13712327/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180709121415_13710693/ Mon, 09 Jul 2018 12:14:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180709121415_13710693/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180705172612_13707718/ Thu, 05 Jul 2018 17:26:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180705172612_13707718/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180705153526_13707556/ Thu, 05 Jul 2018 15:35:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180705153526_13707556/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180705110607_13707142/ Thu, 05 Jul 2018 11:06:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180705110607_13707142/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180704170518_13706096/ Wed, 04 Jul 2018 17:05:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180704170518_13706096/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180629124059_13699655/ Fri, 29 Jun 2018 12:40:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180629124059_13699655/ <![CDATA[RNS press release - Equity Placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180626070501_13693122/ Tue, 26 Jun 2018 07:05:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/1070/LSE20180626070501_13693122/