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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Henderson Opportunities Trust Plc | LSE:HOT | London | Ordinary Share | GB00BSHRGN41 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -0.23% | 215.50 | 214.00 | 217.00 | 220.00 | 213.00 | 214.00 | 5,930 | 16:35:06 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -32.19M | -33.55M | -0.8495 | -2.59 | 86.88M |
From May 2019 to May 2024
TIDMHOT
RNS Number : 6123C
Henderson Opportunities Trust PLC
18 June 2019
HERSON INVESTMENT FUNDS LIMITED
HERSON OPPORTUNITIES TRUST PLC
LEGAL ENTITY IDENTIFIER (LEI): 2138005D884NPGHFQS77
18 June 2019
HERSON OPPORTUNITIES TRUST PLC
Unaudited results for the half year ended 30 April 2019
This announcement contains regulated information.
Investment Objective
The Company aims to achieve capital growth in excess of the FTSE All-Share Index from a portfolio of UK investments.
Performance Highlights
Hot Features
Premium
(Unaudited) (Unaudited) (Audited)
30 April 30 April 31 October
2019 2018 2018
------------------------------------ ------------ ------------ -------------
Net Asset Value (NAV) per ordinary
share 1,232.6p 1,246.7p 1,179.4p
Ordinary share price 1,007.5p 1,032.5p 990.0p
Net Assets GBP97.4m GBP99.8m GBP94.4m
Discount 18.3% 17.2% 16.1%
Total return per ordinary share 64.5p (9.1p) (70.0p)
Revenue return per ordinary share
- basic and diluted 13.4p 10.0p 20.2p
Dividends per ordinary share 7.0p 6.5p 21.0p
Net Gearing(1) 14.0% 13.4% 6.7%
(1) The net gearing percentage reflects the amount of borrowings (bank loans or overdrafts) the Company has used to invest in the market less cash and investment cash funds, divided by net assets multiplied by 100.
Total Return Performance to 30 April 2019
(including dividends reinvested and excluding transaction costs)
---------------------------------------------------------------------------
6 Months 1 Year 3 Years 5 Years
% % % %
NAV per ordinary share(1) 5.6 0.4 32.8 42.5
Benchmark(2) 6.4 2.6 33.3 35.2
Share price(3) 3.3 -0.4 29.1 22.0
Sector average NAV(4) 4.7 0.0 24.8 37.1
Sources: Morningstar for the AIC, Datastream and Janus Henderson
1. Net Asset Value (NAV) total return per ordinary share with income reinvested
2. FTSE All-Share Index total return
3. Share price total return using mid-market closing price
4. Average NAV of the AIC UK All Companies Sector with income reinvested
For further information, please
contact:
James Henderson Laura Foll
Fund Manager Fund Manager
Janus Henderson Investors Janus Henderson Investors
Telephone: 020 7818 4370 Telephone: 020 7818
6364
Peter Jones Laura Thomas
Chairman Investment Trust PR Manager
Henderson Opportunities Trust Janus Henderson Investors
plc Telephone: 020 7818 2636
Telephone: 020 7818 4082
INTERIM MANAGEMENT REPORT
CHAIRMAN'S STATEMENT
Performance
The NAV total return over the first six months of the financial year increased by 5.6%, while the FTSE All-Share total return increased by 6.4%. It was a period in which large companies outperformed smaller companies due to general economic concerns and uncertainty over Brexit. Over five years or more the Company has a strong record against the benchmark, as illustrated in the following table:
1 year 3 years 5 years 10 years
% % % %
NAV (total return) 0.4 32.8 42.5 361.1
-------- --------- --------- ----------
FTSE All-Share (total return) 2.6 33.3 35.2 167.9
-------- --------- --------- ----------
Outperformance (+)/ Underperformance (-) -2.2 -0.5 +7.3 +193.2
-------- --------- --------- ----------
The share price remained on a discount to NAV moving from 16.1% to 18.3% over the period.
Gearing
During the period the Fund Managers used the general weakness in equity prices inspired by uncertainty over the economy to refresh the portfolio by adding four new stocks. The Company was a net buyer of equities and the gearing moved up to 14.0% from 6.7% at the start of the period.
Earnings and Dividend
The revenue return in the period was GBP1,061,000, compared with GBP797,000 in the corresponding period last year. An interim dividend of 7.0 pence per ordinary share (2018: 6.5 pence) has been declared payable on 20 September 2019 to shareholders on the register of the Company on 16 August 2019. A noticeable feature of the half year was the level of income achieved by stock lending. This was GBP224,000 over the period compared to GBPnil over the corresponding period last year and GBP49,000 for the year ended 31 October 2018. Stock lending is a closely monitored activity with a cap on the amount of stock that can be lent. The Board considers that it represents low risk to the portfolio and provides useful income.
Share Capital
Since the year end, 99,670 ordinary shares have been bought back, under the authority given by shareholders at the Company's Annual General Meeting, at an average price of 937p each. The shares are being held in treasury. We purchased these shares in order to enhance NAV marginally, it did this by 0.2%, at a time when the underlying shares in the portfolio appeared particularly oversold. We will continue to be opportunistic in our approach to buybacks with the objective of increasing the NAV rather than reducing the discount, although that may be a secondary consequence. The Board believes that the discount is more likely to be reduced over time by strong investment performance and the marketing of the strengths of the Company.
Outlook
The UK economy continues to grow but at a subdued pace. This is in spite of the macroeconomic uncertainties, in particular the fear that Brexit would be detrimental for UK economic growth. Some of this is priced into UK equity prices and accounts for the fall of Sterling and the underperformance of the UK markets since the referendum. A continuation of open trade across borders with Europe would be positive. There are UK companies that are trading on reasonable valuations and yet have strong growth prospects because of dynamic management teams, and such companies remain the focus of the portfolio.
Peter Jones
Chairman
18 June 2019
FUND MANAGERS' REPORT
Review
The net asset value of the portfolio grew 5.6% in the six months to the end of April, while the benchmark FTSE All-Share rose 6.4% (both on a total return basis).
It was a difficult period for AIM which, having had a strong start to 2018, fell materially in the fourth quarter (-21.5%) before recovering and finishing virtually unchanged over the six months. As at the end of April, 58% of the portfolio is invested on AIM. While it is disappointing to be underperforming our benchmark the FTSE All-Share over the period, part of what we are trying to achieve is providing exposure to high growth companies on AIM but without the heightened volatility that was particularly evident in the fourth quarter. In this context we are pleased to have outperformed the AIM All-Share Index and continue to see excellent value in the underlying portfolio.
Portfolio Attribution
The largest contributor to performance over the six months was RWS Holdings, which provides specialist translation services for sectors such as pharmaceuticals. As it is one of the largest companies in the markets that it operates in, it has a significant scale advantage. For this reason it generates consistently good operating margins and is also generating double digit organic growth. While it has performed well and now trades on a higher valuation, we are happy to maintain the current position and it sits within the 'compounders' sleeve of excellent quality companies within the portfolio.
The largest detractor from performance was Zoo Digital, which provides dubbing and subtitling services for content producers such as Netflix and Disney. The key advantage of Zoo Digital versus traditional studios is that it allows freelance actors to record from home using Zoo's software. This provides content producers with quicker, but still good quality, translations that allow them to transmit content more quickly across the globe. The reason for the poor share price performance during the period was that legacy work that Zoo used to undertake in the DVD market has rolled over more steeply than expected. Their higher value dubbing work continues to grow well and their customer base is successfully expanding. The position was added to over the period as in our view the current valuation looks compelling and the investment thesis of substantially growing dubbing revenue has not changed. As at 17 June 2019, the share price since the period end had recovered by 16.4%.
Portfolio Activity
Having brought the gearing down in summer last year we used the fourth quarter and beginning of 2019 to be net buyers and as a result the gearing rose back to 14.0%. This net buying included adding to holdings that we had previously reduced earlier in 2018 having de-rated substantially. Examples of this included e-learning services provider Learning Technologies(1) and Senior, an engineer of predominantly aerospace components (which was sold in entirety in early 2018 and subsequently repurchased).
The largest purchase during the period was RBS. This is a new holding in the portfolio, and as at the end of April was 1.1%. The legacy issues of RBS (such as PPI) are largely resolved, while the balance sheet has been significantly strengthened such that it has now material excess capital that we think is likely to be returned to shareholders via a series of special dividends and share buybacks.
The largest individual sale during the period was Faroe Petroleum, which received a cash offer at a significant premium to the undisturbed share price from DNO, a Norwegian oil & gas company. It is encouraging to see takeover interest returning in the UK market and another of the holdings, Dairy Crest, was taken over by a Canadian company who wished to gain access to some of their established brands, such as Cathedral City.
Outlook
Following a difficult fourth quarter of 2018, valuations particularly within AIM have been re-set and are now at what, in our view, are attractive levels. There is heightened political and macro-economic uncertainty but our focus as fund managers remains on finding relatively unknown but fast growing smaller companies and larger companies in the UK where sentiment has become overly pessimistic.
James Henderson and Laura Foll
Fund Managers
18 June 2019
(1) Data illustrating Learning Technologies' share price since first purchase is set out below
March June September December March June September December March
2017 2019 2017 2017 2018 2018 2018 2018 2019
Share
Price 42.5p 45.5p 55.0p 68.0p 88.0p 112.0p 166.5p 69.4p 70.6p
------ ------ ---------- --------- ------ ------- --------- -------- -----
(Reduced at 160p in September 2018 and added to at 76p in January 2019)
Source: Datastream
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties associated with the Company's business can be divided into the following main areas:
-- investment activity and strategy; -- financial instruments and the management of risk; -- operational; -- accounting, legal and regulatory; -- liquidity; -- net gearing; and -- failure of Janus Henderson.
Detailed information on these risks is given in the Strategic Report and in the Notes to the Financial Statements in the Company's Annual Report for the year to 31 October 2018.
In the view of the Board, these principal risks and uncertainties were unchanged over the last six months and are as applicable to the remaining six months of the financial year as they were to the six months under review.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
(a) the condensed financial statements for the half year ended 30 April 2019 have been prepared in accordance with "FRS 104 Interim Financial Reporting";
(b) this report includes a fair review of the information required by the Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c) this report and the condensed financial statements include a fair review of the information required by the Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
For and on behalf of the Board
Peter Jones
Chairman
18 June 2019
INVESTMENT PORTFOLIO at 30 April 2019
Company Valuation Portfolio Company Valuation Portfolio
GBP'000 % GBP'000 %
-------- ---------- ---------- --------- ---------- ----------
Blue Prism(1)
RWS(1) 5,260 4.8
Serica Energy(1) 4,981 4.5
Tracsis(1) 4,752 4.3
Loopup(1) 3,200 2.9
HSBC 2,931 2.6
Johnson Matthey 2,706 2.4
Boku(1) 2,670 2.4
Rolls Royce 2,486 2.2
Rio Tinto 2,287 2.1
10 Largest 2,232 2.0
Keyword Studios(1) 33,505 30.2
Prudential 2,180 2.0
Sigmaroc(1) 2,169 2.0
Ricardo 2,162 1.9
Learning Technologies(1) 2,150 1.9
Oxford Instruments 2,099 1.9
Eland Oil & Gas(1) 2,092 1.9
Assura 2,018 1.8
Flowtech(1) 1,960 1.8
Springfield Properties(1) 1,742 1.6
20 Largest 1,723 1.5
Tarsus 53,800 48.5
Workspace 1,721 1.5
Aveva 1,680 1.5
SDL 1,672 1.5
Standard Chartered 1,635 1.5
XP Power 1,610 1.5
4D Pharma(1) 1,608 1.5
Zoo Digital(1) 1,501 1.4 Redcentric(1)
Integrafin 1,474 1.3 Mondi
The Gym Group 1,451 1.3 IP Group
30 Largest 1,451 1.3 Senior 841 0.8
Next Fifteen Communications(1) 69,603 62.8 IDOX(1) 840 0.8
Character(1) 1,450 1.3 Eurocell 832 0.7
Cohort(1) 1,400 1.2 Quixant(1) 811 0.7
Miton(1) 1,323 1.2 Creo Medical(1) 771 0.7
Vodafone 1,260 1.1 Oxford Biodynamics(1) 752 0.7
Redde(1) 1,207 1.1 Findel 719 0.6
Tribal(1) 1,204 1.1 60 Largest 658 0.6
Royal Bank of 1,198 1.1 Lloyds Banking Group 654 0.6
Scotland 1,198 1.1 IQE(1) 645 0.6
GB Group(1) 1,190 1.1 BT Group 99,405 89.7
Fastjet(1) 1,172 1.0 Van Elle(1) 626 0.6
40 Largest 82,205 74.1 Ebiquity(1) 597 0.5
Direct Line Insurance 1,153 1.0 Aggregated Micro Power(1) 573 0.5
Vertu Motors(1) 1,132 1.0 International Consolidated 550 0.5
IQGEO(1) 1,100 1.0 Airlines 550 0.5
Hollywood Bowl 1,023 0.9 Ilika(1) 544 0.5
Gateley(1) 932 0.9 IG Group 540 0.5
Ceres Power(1) 909 0.8 Surface Transforms(1) 540 0.5
Premier Oil 861 0.8 70 Largest 510 0.4
Horizon Discovery(1) 857 0.8 21 Remaining (excluding 473 0.4
Keystone Law(1) 855 0.8 cash and investments 104,908 94.6
Franchise Brands(1) 855 0.8 written down to zero) 5,969 5.4
50 Largest 91,882 82.9 Total 110,877 100.0
(1) Quoted on the Alternative Investment Market ('AIM')
We have one unlisted holding, Oxford Sciences Innovation, which was 0.4% of the portfolio as at the period end.
Attribution Analysis to 30 April 2019
The table below sets out the top five contributors and top five detractors to NAV
Top Five Contributors Share Price Contribution
Return % to NAV %
RWS +28.0 +1.0
Serica Energy +20.1 +1.0
Fastjet +77.7 +0.6
Rio Tinto +26.4 +0.5
Integrafin +49.6 +0.5
Top Five Detractors Share Price Contribution
Return % to NAV %
Zoo Digital -50.3 -0.8
Learning Technologies -21.4 -0.6
Redde -28.8 -0.5
The Gym Group -22.3 -0.5
IQGEO -27.6 -0.5
Source: Janus Henderson
Portfolio by Index at 30 April 2019
As a percentage of the investment portfolio excluding cash
Index FTSE All-Share Portfolio
Index % %
---------------- --------------- ----------
FTSE 100 80.7 17.7
FTSE 250 15.7 9.0
FTSE SMALLCAP 3.6 11.3
FTSE FLEDGLING 0.0 0.4
FTSE AIM 0.0 58.1
OTHER 0.0 3.5
Total 100.0 100.0
Source: Factset
Portfolio by Market Capitalisation at 30 April 2019
As a percentage of the investment portfolio excluding cash
Index FTSE All-Share Portfolio
Index % %
--------------------- --------------- ----------
Greater than GBP2bn 88.7 19.2
GBP1bn - GBP2bn 5.3 15.1
GBP500m - GBP1bn 3.3 10.5
GBP200m - GBP500m 2.3 20.4
GBP100m - GBP200m 0.4 17.6
GBP50m - GBP100m 0.0 7.8
Less than GBP50m 0.0 9.0
Other 0.0 0.4
Total 100.0 100.0
Source: Factset
CONDENSED INCOME STATEMENT
(Unaudited) (Unaudited) (Audited)
Half Year ended Half Year ended Year ended
30 April 2019 30 April 2018 31 October 2018
Revenue Capital Revenue Capital Revenue Capital
return return Total return return Total return return Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
Gains/(losses)
from investments
held at fair
value through
profit or loss - 4,277 4,277 - (1,256) (1,256) - (6,669) (6,669)
Investment income
held at fair
value through
profit or loss 1,095 - 1,095 1,058 - 1,058 2,097 - 2,097
Interest
receivable
and other income 228 - 228 9 - 9 74 - 74
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Gross revenue
and
capital
gains/(losses) 1,323 4,277 5,600 1,067 (1,256) (189) 2,171 (6,669) (4,498)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Management fee
(note 2) (71) (166) (237) (80) (185) (265) (165) (386) (551)
Administrative
expenses (167) - (167) (153) - (153) (319) - (319)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Net
return/(loss)
before finance
costs and
taxation 1,085 4,111 5,196 834 (1,441) (607) 1,687 (7,055) (5,368)
Finance costs (23) (54) (77) (36) (85) (121) (69) (160) (229)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Net
return/(loss)
before taxation 1,062 4,057 5,119 798 (1,526) (728) 1,618 (7,215) (5,597)
Taxation on net
return (1) - (1) (1) - (1) (2) - (2)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Net
return/(loss)
after taxation 1,061 4,057 5,118 797 (1,526) (729) 1,616 (7,215) (5,599)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Return/(loss)
per ordinary
share - basic
and diluted
(note
4) 13.36p 51.11p 64.47p 9.96p (19.07p) (9.11p) 20.20p (90.18p) (69.98p)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
The total columns of this statement represent the Income Statement of the Company, prepared in accordance with FRS 104.
All revenue and capital items in the above statement derive from continuing operations. The revenue and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. The Company had no recognised gains or losses other than those disclosed in the Income Statement and Statement of Changes in Equity. The accompanying notes are an integral part of the condensed financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
Half Year ended 30 April 2019
Called up
share capital Share premium Capital Total
GBP'000 account redemption Other capital Revenue shareholders'
GBP'000 reserve reserves reserve funds
GBP'000 GBP'000 GBP'000 GBP'000
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
At 1 November
2018 2,000 14,838 2,431 72,334 2,757 94,360
Ordinary
dividends paid - - - - (1,146) (1,146)
Net return
after taxation - - - 4,057 1,061 5,118
Buyback of
ordinary
shares into
treasury - - - (939) - (939)
--------------- --------------- --------------- --------------- --------------- ---------------
At 30 April
2019 2,000 14,838 2,431 75,452 2,672 97,393
--------------- --------------- --------------- --------------- --------------- ---------------
(Unaudited)
Half Year ended 30 April 2018
Called up
share capital Share premium Capital Other capital Total
GBP'000 account redemption reserves Revenue shareholders'
GBP'000 reserve GBP'000 reserve funds
GBP'000 GBP'000 GBP'000
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
At 1 November
2017 2,000 14,838 2,431 79,549 2,781 101,599
Ordinary
dividends paid - - - - (1,120) (1,120)
Net
(loss)/return
after taxation - - - (1,526) 797 (729)
--------------- --------------- --------------- --------------- --------------- ---------------
At 30 April
2018 2,000 14,838 2,431 78,023 2,458 99,750
--------------- --------------- --------------- --------------- --------------- ---------------
(Audited)
Year ended 31 October 2018
Called up
share capital Share premium Capital Other capital Total
GBP'000 account redemption reserves Revenue shareholders'
GBP'000 reserve GBP'000 reserve funds
GBP'000 GBP'000 GBP'000
---------------- --------------- --------------- --------------- --------------- --------------- ---------------
At 1 November
2017 2,000 14,838 2,431 79,549 2,781 101,599
Ordinary
dividends paid - - - - (1,640) (1,640)
Net
(loss)/return
after taxation - - - (7,215) 1,616 (5,599)
--------------- --------------- --------------- --------------- --------------- ---------------
At 31 October
2018 2,000 14,838 2,431 72,334 2,757 94,360
--------------- --------------- --------------- --------------- --------------- ---------------
The accompanying notes are an integral part of these condensed financial statements.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
30 April 2019 30 April 2018 31 October
2018 GBP'000
GBP'000 GBP'000
---------------------------------- --------------- --------------- ---------------
Investments held at fair value
through profit or loss
Listed at market value 44,347 44,665 35,971
Quoted on AIM at market value 66,130 68,137 65,319
Unlisted at market value 400 400 400
--------------- --------------- ---------------
110,877 113,202 101,690
--------------- --------------- ---------------
Current assets
Investments held at fair value
through profit or loss 2 2 2
Debtors 579 254 147
Cash at bank and in hand 935 212 707
--------------- --------------- ---------------
1,516 468 856
Creditors: amounts falling due
within one year
Bank loans (14,552) (13,540) (7,001)
Other creditors (448) (380) (1,185)
Net current liabilities (13,484) (13,452) (7,330)
--------------- --------------- ---------------
Net assets 97,393 99,750 94,360
--------------- --------------- ---------------
Capital and reserves
Called up share capital (note
6) 2,000 2,000 2,000
Share premium account 14,838 14,838 14,838
Capital redemption reserve 2,431 2,431 2,431
Other capital reserves 75,452 78,023 72,334
Revenue reserves 2,672 2,458 2,757
Total shareholders' funds 97,393 99,750 94,360
--------------- --------------- ---------------
Net asset value per ordinary
share - basic and diluted (note
7) 1,232.6p 1,246.7p 1,179.4p
--------------- --------------- ---------------
The accompanying notes are an integral part of these condensed financial statements.
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited) (Unaudited)
Half Year Half Year
ended ended (Audited)
30 April 30 April Year ended
2019 2018 31 October 2018
GBP'000 GBP'000 GBP'000
------------------------------------------- ------------ ------------ -----------------
Cash flows from operating activities
Net return/(loss) before taxation 5,119 (728) (5,597)
Add back: finance costs 77 121 229
Add: (gains)/losses on investments
held at fair value through profit
or loss (4,277) 1,256 6,669
Withholding tax on dividends deducted
at source (2) (2) (1)
(Increase)/decrease in debtors (203) (43) 62
Decrease in creditors (34) (918) (899)
------------ ------------ -----------------
Net cash inflow/(outflow) from operating
activities 680 (314) 463
Cash flows from investing activities
Purchase of investments (15,115) (13,304) (30,932)
Sale of investments 9,268 15,021 39,550
------------ ------------ -----------------
Net cash (outflow)/inflow from investing
activities (5,847) 1,717 8,618
Cash flows from financing activities
Equity dividends paid (net of refund
or unclaimed distributions and reclaimed
distributions) (1,146) (1,120) (1,640)
Buyback of ordinary shares into
treasury (939) - -
Net loans drawn down/(repaid) 7,551 (1,085) (7,624)
Interest paid (71) (109) (233)
Net cash inflow/(outflow) from financing
activities 5,395 (2,314) (9,497)
Net increase/(decrease) in cash
and cash equivalents 228 (911) (416)
Cash and cash equivalents at start
of year 707 1,123 1,123
Cash and cash equivalents at end
of period 935 212 707
------------ ------------ -----------------
Comprising:
Cash at bank 935 212 707
------------ ------------ -----------------
The accompanying notes are an integral part of these condensed financial statements.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1 Accounting policies - basis of preparation
The condensed set of financial statements has been prepared in
accordance with FRS 104, Interim Financial Reporting, FRS 102,
the Financial Reporting Standard applicable in the UK and Republic
of Ireland, and the Statement of Recommended Practice for "Financial
Statements of Investment Trust Companies and Venture Capital Trusts",
which was updated by the Association of Investment Companies in
February 2018 with consequential amendments.
For the period under review, the Company's accounting policies
have not varied from those described in the annual report for
the year ended 31 October 2018. These financial statements have
been neither audited nor reviewed by the Company's auditors.
2 Expenses: management fees and performance fees
Henderson Investment Funds Limited ("HIFL") is appointed to act
as the Company's Alternative Investment Fund Manager. HIFL delegates
investment management services to Henderson Global Investors Limited.
References to the Manager within these results refer to the services
provided by both entities. The management fee is calculated, quarterly
in arrears, as 0.55% per annum on the net assets. Arrangements
are in place for the Manager to earn a performance fee. The cap
on total fees that can be earned in a financial year is 1.5% of
the average net assets over the year. There is no performance
fee accrual for the current period (30 April 2018: and 31 October
2018: GBPnil). Since 1 November 2013, the Company has allocated
70% of its management fees and finance costs to the capital return
of the Income Statement with the remaining 30% being allocated
to the revenue return. Performance fees payable are allocated
100% to the capital return.
3 Dividends
The Board has declared an interim dividend of 7.0 p per ordinary
share (2018: 6.5p), to be paid out of revenue on 20 September
2019 to shareholders on the register of the Company at the close
of business on 16 August 2019. The Company's shares will be quoted
ex-dividend on 15 August 2019. Based on the number of ordinary
shares in issue on 18 June 2019, the cost of this dividend will
be GBP553,000.
No provision has been made for the interim dividend in these condensed
financial statements. The final dividend of 14.5p per ordinary
share, paid on 22 March 2019 in respect of the year ended 31 October
2018, has been recognised as a distribution in this period.
4 Return per ordinary share - basic and diluted
(Unaudited) (Unaudited) (Audited)
Half Year ended Half Year Year ended
30 April 2019 ended 31 October
GBP'000 30 April 2018 2018
GBP'000 GBP'000
------------------------------- -------------------------- ---------------------
The return per ordinary
share
is based on the following
figures:
Revenue return 1,061 797 1,616
Capital return/(loss) 4,057 (1,526) (7,215)
------------------------------- -------------------------- ---------------------
Total return/(loss) 5,118 (729) (5,599)
------------------------------- -------------------------- ---------------------
Weighted average number
of
ordinary shares in issue
for the period 7,938,225 8,000,858 8,000,858
Revenue return per
ordinary
share 13.36p 9.96p 20.20p
Capital return/(loss)per
ordinary share 51.11p (19.07p) (90.18p)
------------------------------- -------------------------- ---------------------
Total return/(loss)per
ordinary
share 64.47p (9.11p) (69.98p)
------------------------------- -------------------------- ---------------------
5 Investments held at fair value through profit or loss
The table below analyses fair value measurements for investments
held at fair value through profit or loss. These fair value measurements
are categorised into different levels in the fair value hierarchy
based on the valuation techniques used and are defined as follows
under FRS 102:
Level 1: valued using quoted prices in active markets for identical
assets
Level 2: valued by reference to valuation techniques using observable
inputs other than quoted prices included in Level 1
Level 3: valued by reference to valuation techniques using inputs
that are not based on observable market date
Investments held at fair value Level Level Level Total
through profit or loss at 30 1 2 3 GBP'000
April 2019 (unaudited) GBP'000 GBP'000 GBP'000
-------------------------------- --------- --------- --------- ---------
Investments 110,477 - 400 110,877
Current asset investments 2 - - 2
Total 110,479 - 400 110,879
Investments held at fair value Level Level Level Total
through profit or loss at 30 1 2 3 GBP'000
April 2018 (unaudited) GBP'000 GBP'000 GBP'000
-------------------------------- --------- --------- --------- ---------
Investments 112,802 - 400 113,202
Current asset investments 2 - - 2
Total 112,804 - 400 113,204
Investments held at fair value Level Level Level Total
through profit or loss at 31 1 2 3 GBP'000
October 2018 (audited) GBP'000 GBP'000 GBP'000
-------------------------------- --------- --------- --------- ---------
Investments 101,290 - 400 101,690
Current asset investments 2 - - 2
-------------------------------- --------- --------- --------- ---------
Total 101,292 - 400 101,692
There have been no transfers between levels of the fair value
hierarchy during the period.
The valuation techniques used by the Company are explained in
the accounting policies note in the Company's Annual Report for
the year ended 31 October 2018.
6 Called up share capital
During the period ended 30 April 2019, 99,670 shares were repurchased
to be held in treasury at a cost of GBP939,000 (half year ended
30 April 2018 and year ended 31 October 2018: no shares repurchased
or issued). At 30 April 2019 there were 8,000,858 ordinary shares
of 25p each in issue (30 April 2018 and 31 October 2018: 8,000,858)
of which 99,670 were held in treasury (30 April 2018 and 31 October
2018: no shares held in treasury) resulting in 7,901,188 shares
being entitled to a dividend (30 April 2018 and 31 October 2018:
8,000,858).
7 Net asset value per ordinary share - basic and diluted
Net asset value per ordinary share is based on the net assets
attributable to the ordinary shares of GBP97,393,000 (30 April
2018: GBP99,750,000; 31 October 2018: GBP94,360,000) and on the
7,901,188 ordinary shares of 25p each in issue at 30 April 2019
(half year ended 30 April 2018: 8,000,858; year ended 31 October
2018: 8,000,858).
8 Transaction costs
Purchase transaction costs for the half-year ended 30 April 2019
were GBP43,000 (30 April 2018: GBP11,000; 31 October 2018: GBP40,000);
these comprise mainly stamp duty and commissions. Sale transaction
costs for the half-year ended 30 April 2019 were GBP4,000 (30
April 2018: GBP6,000; 31 October 2018: GBP18,000); these comprise
mainly commissions.
9 Related party transactions
The Company's transactions with related parties in the period
were with the Directors, and the Manager. There have been no material
transactions between the Company and its Directors during the
half year and the only amounts paid to them were in respect of
expenses and remuneration for which there are no outstanding amounts
payable at the half year period end.
In relation to the provision of services by the Manager, other
than fees payable by the Company in the ordinary course of business
and the facilitation of marketing activities with third parties,
there have been no material transactions with the Manager affecting
the financial position of the Company during the half year period.
10 Going concern
The Company's Articles of Association require that at the Annual
General Meeting of the Company held in 2008, and every third year
thereafter, an ordinary resolution be put to approve the continuation
of the Company. The resolutions put to the Annual General Meetings
in 2011, 2014 and in 2017 were duly passed. The next triennial
continuation resolution will be put to the Annual General Meeting
in 2020. The assets of the Company consist almost entirely of
securities that are listed (or quoted on AIM) and are readily
realisable. Accordingly, the Directors believe that the Company
has adequate resources to continue in operational existence for
at least twelve months from the date of approval of the financial
statements. Having assessed these factors and the principal risks,
the Directors considered it appropriate to adopt the going concern
basis of accounting in preparing the financial statements.
11 General information
Company Status:
Henderson Opportunities Trust plc is registered in England and
Wales No. 01940906, has its registered office at 201 Bishopsgate,
London EC2M 3AE and is listed on the London Stock Exchange.
SEDOL/ISIN: 0853657
London Stock Exchange (TIDM) Code: HOT
Global Intermediary Identification Number (GIIN): LVAHJH.99999.SL.826
Legal Entity Identifier (LEI): 2138005D884NPGHFQS77
Directors and Corporate Secretary:
The Directors of the Company are Peter Jones (Chairman), Frances
Daley (Audit Committee Chairman), Chris Hills, Malcolm King and
Wendy Colquhoun. The Corporate Secretary is Henderson Secretarial
Services Limited, represented by Melanie Stoner, FCIS.
Website:
Details of the Company's share price and net asset value, together
with general information about the Company, monthly factsheets
and data, copies of announcements, reports and details of general
meetings can be found at www.hendersonopportunitiestrust.com.
12 Comparative information
The financial information contained in the half-year report does
not constitute statutory accounts as defined in section 434 of
the Companies Act 2006. The financial information for the half
year periods ended 30 April 2019 and 30 April 2018 has not been
audited or reviewed by the Company's auditors. The figures and financial information for the year ended 31 October 2018 are an extract based on the latest published accounts and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors, which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006. 13 Half Year Report The Half Year Report will be available in typed format on the Company's website, www.hendersonopportunitiestrust.com, or from the Company's registered office, 201 Bishopsgate, London EC2M 3AE. An abbreviated version, the 'Update', will be circulated to shareholders in June.
Neither the contents of the Company's website not the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
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.
END
IR GIGDLUSBBGCI
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June 18, 2019 04:50 ET (08:50 GMT)
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