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RNS Number : 8928L
RiverFort Global Opportunities PLC
11 September 2019
 

 

 11 September 2019

 

 

RiverFort Global Opportunities plc

 

("RGO" or the "Company")

 

 

Unaudited interim results for the 6 months ended 30 June 2019

 

RiverFort Global Opportunities plc is pleased to announce its unaudited interim results for the six months to 30 June 2019.

 

Highlights

·      Total income generated of £676,000 in the six months to 30 June 2019

·      Increase in net asset value since the beginning of the year of almost 6%

·      De-risked investment portfolio with around 90% now comprising debt instruments and cash

·      NAV per share is at a 49% premium to the period end share price

·      The Company is continuing to build on the progress made in 2018 and is generating significant level of investment income

·      Profit for the six month period of £423,000 and cash generated from operations of £417,000

·      Net profit margin of 63% and operating cash flow margin of 62% achieved during the period

·      In excess of £2 million of cash available for further investment

·      Additional investments made during 2019 in companies including Jubilee Metals Group plc, Anglo African Oil and Gas plc and UK Oil and Gas plc

·      Continued strong demand for investment capital

 

Chairman's review

We have continued to make good progress in Q2 2019, delivering a significantly improved result for the first six months of 2019 compared to the whole of 2018.  The majority of the £549,000 of total investment income for the half year is being generated from RiverFort-arranged investments and, overall, after administration and other costs, we have been able to deliver a profit of over £400,000 for the half year underpinned by cash flow from operations of a similar figure .

 

The analysis of income for the period is set out below: 

                                                                                   

 

 

Half year to 30 June 2019

Year to 31 December 2018

 

 

£

£

Investment income

 

549

513

Net income from financial instruments at FVTPL

 

127

(929)

 

 

 

 

Total investment income

 

676

(416)

 

 

This significantly improved level of total investment income in 2019 has been driven by the returns made from the Company's investment in RiverFort-generated opportunities.  During this period, administration costs amounted to £252,000, which included fees payable to RiverFort Global Capital Limited for advisory services of £97,000, which are primarily linked to the generation of income, whilst keeping the fixed costs of the business to a minimum.

 

 

The key unaudited performance indicators are set out below: 

Performance indicator

31 December 2018

Change

Investment income

£549,000

£513,000

 

Net asset value

£7,678,162

£7,254,727

+5.8%

Net asset value - fully diluted per share

0.113p

0.107p

+5.8%

Closing share price

0.076p

0.090p

-15.5%

Net asset value premium to the share price

49%

19%

 

Market capitalisation

£5,159,895

£6,110,000

-15.5%

Whilst the Company is continuing to grow its net asset value, generate a significant level of investment income and is profitable, the Company's shares are trading at a very substantial discount to net asset value.  This is against the background of a significant reduction in the risk profile of the Company's investment portfolio, where some 90% is represented by debt instruments and cash.

The Company's principal investment portfolio categories are summarised below:

Category

Cost or valuation at 30 June 2019

 

 

 

 

Debt and equity- linked debt investments

4,863,204

62.3%

Equity investments

649,056

8.3%

Other

200,000

2.6%

Cash resources

2,090,220

26.8%

 

 

 

Total

7,802,480

100.0%

 

 

The Company's net asset value has increased by 6% since the beginning of the year and the Company has continued to build its investment portfolio of RiverFort-arranged investments.  Also, during the half year, the Company's equity portfolio has reduced as a result of disposals of equity holding and a fall in the share price of Plutus PowerGen plc offset by a further investment made in Pires Investments plc ("Pires"). The valuation of Pires is now very solidly underpinned by that company's cash resources and investment in Eco (Atlantic) Oil and Gas Limited. Further details about the Company's investment portfolio are set out on the Company's website at www.riverfortglobalopportunities.com.

As the Company continues to  build its investment portfolio, it has been agreed with RiverFort that it will waive certain of its investment adviser fees for the first 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. 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.

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. Furthermore, given the Company's ability to generate significant levels of investment income and profits, going forward, the Board is looking carefully at ways to enhance returns to shareholders that may include dividends and share buybacks. 

 

 

Philip Haydn-Slater

Non-Executive Chairman

11 September 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

 

 

 

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

Unaudited

6 months

ended

30 June

2019

Unaudited

6 months

ended

30 June

 2018

Audited

Year ended

31 December

2018

 

£

£

£

 

 

 

 

Net gain/(loss) from financial instruments at FVTPL

126,670

(110,119)

(965,228)

 

 

 

 

Investment income

549,137

169,759

512,743

 

 

 

 

Total income

675,807

59,640

(452,485)

 

 

 

 

Administration expenses

(252,372)

(157,122)

(278,707)

 

 

 

 

Profit/(loss) before taxation

423,435

(97,482)

(731,192)

 

 

 

 

Taxation

-

-

-

 

 

 

 

Profit/(loss) for the period and total comprehensive income

423,435

 

(97,482)

(731,192)

 

 

 

 

 

 

 

 

Basic earnings/(loss) per share

 

 

 

Continuing and total operations

0.006p

(0.005)p

(0.018)p

 

 

 

 

Fully diluted earnings/(loss) per share

 

 

 

Continuing and total operations

0.006p

(0.005)p

(0.018)p

 

 

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

Called up

 share

  capital

Share premium

account

Other reserves

 

Retained

deficit

 

Total

equity

 

£

£

£

£

£

 

 

 

 

 

 

Balance at

1 January 2018

4,269,546

3,191,257

100,150

(5,112,184)

2,448,769

Loss for the year and total comprehensive expense

-

-

-

(731,192)

(731,192)

Share option reserve transfer following cancellation of options

-

-

(73,150)

73,150

-

Share issues

5,772,727

77,273

-

-

5,850,000

Share issue expenses

 

(77,273)

-

(235,577)

(312,850)

Transactions with owners

5,772,727

-

-

(235,577)

5,537,150

 

 

 

 

 

 

Balance at

31 December 2018

10,042,273

3,191,257

27,000

(6,005,803)

7,254,727

Profit for the period and total comprehensive income

-

-

-

423,435

423,435

 

 

 

 

 

 

Balance at

30 June 2019

9,542,273

3,191,257

27,000

(5,582,368)

7,678,162

 

 

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2019

 

 

Unaudited

6 months

ended

30 June

2019

Unaudited

6 months

ended

30 June

 2018

Audited

Year ended

31 December

2018

 

£

£

£

 

 

 

 

ASSETS

 

 

 

Non-current investments

 

 

 

Financial asset investments

883,588

-

1,540,456

Total non-current assets

883,588

-

1,540,456

Current assets

 

 

 

Financial asset investments

4,828,672

2,494,958

2,253,259

Trade and other receivables

242,096

4,424,824

206,107

Cash and cash equivalents

2,090,220

871,452

3,597,734

Total current assets

7,160,988

7,791,234

6,057,100

 

 

 

 

Total assets

8,044,576

7,791,234

7,597,556

 

 

 

 

LIABILITIES

 

 

 

Current liabilities

 

 

 

Trade and other payables

273,516

374,797

307,013

Other financial liabilities

92,898

-

35,816

Total current liabilities

366,414

374,797

342,829

 

 

 

 

Net assets

7,678,162

7,416,437

7,254,727

 

 

 

 

EQUITY

 

 

 

Share capital

10,042,273

9,542,273

10,042,273

Share premium account

3,191,257

3,191,257

3,191,257

Capital redemption reserve

27,000

27,000

27,000

Share option reserve

-

73,150

-

Retained losses

(5,582,368)

(5,417,243)

(6,005,803)

 

 

 

 

Total equity

7,678,162

7,416,437

7,254,727

 

 

 

 

 

 

 

 

UNAUDITED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

 

 

 

Unaudited

6 months

ended

30 June

 2019

Unaudited

6 months

ended

30 June

2018

Audited

Year ended

31 December

2018

 

£

£

£

 

 

 

 

Cash flows from operating activities

 

 

 

Investment income received

518,743

78,904

332,664

Operating expenses paid

(101,869)

(122,319)

(277,396)

Net cash inflow/(outflow) from operating activities

416,874

(43,415)

55,268

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of investments

(3,032,776)

(318,424)

(3,204,994)

Proceeds from disposal of investments

69,678

256,496

783,975

Debt instrument repayments

1,097,132

-

193,211

Net payments on forward exchange contracts

(65,899)

-

-

Net cash used in investing activities

(1,931,865)

(61,928)

(2,227,808)

 

 

 

 

Financing activities

 

 

 

Net proceeds of share issues

-

765,000

5,537,150

Net cash from financing activities

-

765,000

5,537,150

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

(1,514,991)

659,657

3,364,610

Cash and cash equivalents at beginning of period

3,597,734

211,795

211,795

Effect of foreign currency exchange on cash

7,477

-

21,329

 

 

 

 

Cash and cash equivalents at end of period

2,090,220

871,452

3,597,734

 

 

 

 

 

 

 

 

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 2018, 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 2018. 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 ended

30 June

2019

(unaudited)

Six months ended

30 June

2018

(unaudited)

 

Year ended

31 December

 2018

(audited)

 

 

 

 

Weighted average number of shares in the period

6,789,335,226

1,811,936,934

4,152,597,991

 

Profit/(Loss) from continuing and total operations

£423,435

(£97,482

(£731,192)

 

Basic and fully diluted earnings per share:

 

 

 

From continuing and total operations

0.006p

(0.005)p

(0.018)p

There are no share options or warrants outstanding that would be 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.         No interim dividend will be paid.

4.         Copies of the interim report can be obtained from: The Company Secretary, RiverFort Global Opportunities plc, Suite 12a, 55 Park Lane, London, W1K 1NA and are available to view and download from the Company's website : www.riverfortglobalopportunities.com

 


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 [email protected] or visit www.rns.com.
 
END
 
 
IR DGGDCBUBBGCG

Quick facts: Riverfort Global Opportunities PLC

Price: 0.075

Market: AIM
Market Cap: £5.09 m
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