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HOT Henderson Opportunities Trust Plc

1.50 (0.66%)
Last Updated: 14:32:10
Delayed by 15 minutes
Henderson Opportunities Investors - HOT

Henderson Opportunities Investors - HOT

Share Name Share Symbol Market Stock Type
Henderson Opportunities Trust Plc HOT London Ordinary Share
  Price Change Price Change % Share Price Last Trade
1.50 0.66% 230.00 14:32:10
Open Price Low Price High Price Close Price Previous Close
234.00 225.00 234.00 228.50
more quote information »
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Top Posts
Posted at 11/6/2024 14:41 by sharesoc
ShareSoc is hosting a webinar with Henderson Opportunities Trust plc (HOT) on 09/7/24, which may be of interest to current shareholders or potential investors.
James Henderson (Portfolio Manager) will be presenting. You can register here:
Posted at 24/12/2023 16:08 by sharesoc
ShareSoc is hosting a webinar with Henderson Opportunities Trust plc (HOT) on 07 February 2024, which may be of interest to current shareholders or potential investors. James Henderson (Portfolio Manager) will be presenting. You can register here:
Posted at 06/2/2021 08:48 by 18bt
Annual results out yesterday - why does it take them so long to get these out. The YE is 31.10 and they really should be out by Christmas. However, the managers’ report is worth a read for the way they split down the portfolio and which companies have added and detracted from performance. It has been dominated by tech AIM stocks, many of which I hold elsewhere. The managers calls out a number of themes which guide their thinking, all of which show how this might be a good way to play the COVID recovery. MCap is now above £100m - if they can grow it a bit further it will come on to investors’ radars and I can see the double whammy of growth and discount narrowing. With some years dropping out, it now has a fantastic 1, 5 and 10 year record. It’s volatile but excellent if you have 5 year plus time horizons. Happy to keep holding for another 5 years.
Posted at 30/10/2020 18:39 by brucek1812
Has anyone else noticed that HOT is performing rather well. The discount is still very generous. It's hard to pigeonhole but offers a good yield and some exciting growth companies (and compounded). Unconstrained stock selection across FTSE All Share and AIM with a bias to smaller cap. Plenty to go in terms of share price growth for long term investors (ignoring the spread).
Posted at 10/10/2020 14:50 by brucek1812
HOT is looking well-placed for a post-Brexit recovery. Some nice holdings and looks undervalued. Already over 50% up since March and good divi as well. A trust that is too small (c£65m market cap) for the mainstream but great for retail investors who are willing to buy and hold. Do you agree?
Posted at 03/10/2018 17:39 by robow
from Investment Trust Insider

Switching back to the UK All Companies sector, Henderson Opportunities Trust (HOT) is a worthy bet for a contrarian investor on a 17% discount to NAV. Fund manager James Henderson (pictured) tarnished his reputation somewhat after his portfolios were hit by the collapse of Conviviality, the off-license retailer, whose business was sunk by over expansion and poor financial controls. Henderson says he has learned his lesson and with performance having stabilised, his previous track record of finding superior growth stocks may resume, whatever happens in Brexit.
Posted at 05/10/2017 13:44 by strathroyal
The NAV appears to have increased by around 20% since the last annual report, but the share price has barely changed. I don't see this lag as anything unusual for investment trusts such as this where the emphasis is on capital growth. Revenue reserves do not support large dividend increases and the management don't go in for share buybacks.

Therefore HOT will only ever appeal to a limited number of investors (the small number of comments on this board would suggest that is the case) but, with a long term track record, patience will undoubtedly be rewarded.
Posted at 02/11/2007 10:56 by supercity
not until i have bought some Leeson...i am wondering if investors are finally waking up to these two very undervalued stocks. Both having a decent day so far, i am sure by the end of play they will have bought me back down to earth. :-)

currently 119p and 10p
Posted at 16/4/2006 13:22 by holdontightuk
Final Call for European Minerals Rocket?
By Ben Abelson
18 Jan 2006 at 11:42 AM EST

NEW YORK ( -- While Nevada exploration plays and highly-leveraged producers have been heating up the market in the past several weeks, investors have largely overlooked the potential of European Minerals [TSX:EPM; AIM:EUM], sole owner of the 2.34 million ounce Varvarinskoye project in Kazakhstan.

Set to begin production in the fourth quarter of this year, Varvarinskoye will put European Minerals on the map - the project will churn out 145,000 ounces of gold and 18.4 million pounds of copper per year for the mine's first 10 years. And with a total mine life of 15 years, the project has more than enough potential and cash flow to fund the company's exploration activities throughout its Eastern European land holdings.

All told, Varvarinskoye has the potential to become a company making copper-gold project - just like Alumbrera did for Wheaton River and Northern Orion [TSX:NNO; AMEX:NTO]. Investors looking to get in on the stock may have also been handed a stellar opportunity when some short-term problems were reportedly recently with one of its contractors, sending the company's stock price down to C$0.90, some 20% below its recent highs.

Hedging at $574

European Minerals scored a coup in December when as a component of its mine financing package it hedged some 20% of its mineable reserves, or 443,000 ounces, at $574 per ounce - the highest hedging price seen in about 20 years. While most precious metals investors loathe hedging, it's typically a necessary part of obtaining mine financing. The fact also remains that the company was able to obtain a cycle-high price, while still being mostly leveraged to the upside in gold prices.

Company Valuation

At its recent stock price, the market's ascribed EPM a valuation of just C$176 million. But, even with conservative gold price estimates, this appears at least C$50 million too low, according to one brokerage company. Using a long-term gold price of $440/oz, and $1/lb copper, and incorporating its recent hedging decision, Canaccord modeled a net project value for Varvarinskoye of C$239 million. After accounting for exploration and debt expenses the brokerage calculates a NAV for the company of C$222 million at a 12% discount - or a stock price target C$1.30 assuming no multiple ascribed to the NAV.

But, like any brokerage hedging its bets, there are several reasons why the stock could soon blow past Canaccord's conservative estimates.

The Upside

First, European Minerals' reserves were calculated with $375 per ounce gold and $1/lb copper. These numbers are set to be revised upwards sometime in the near future, accounting for more current metals prices. Second, as production approaches at Varvarinskoye, the market is likely to ascribe a higher valuation to European Minerals. One only need to look at what happened to companies like Desert Sun Mining [TSX:DSM; AMEX:DEZ] and Yamana Gold [TSX:AUY; AMEX:AUY] as they upped reserves and boosted production for a look at this stock's potential trajectory.

Finally, European Minerals is also exploring the potential of hedging a portion of its copper production. Assuming copper prices of just $1/lb, life of mine cash costs are expected to come in the $180/oz range. If the company is able to hedge a portion of this production at current prices, gold investors can expect these cash costs to be significantly lower.

Short-Term Dispute Provides Long-Term Opportunity

On Jan. 16, EPM reported that MDM Ferroman, which is providing mine equipment and building a process plant, had yet to deliver a portion of the necessary plans for its part in the project. EPM has put the contractor on notice, and may be forced to terminate this portion of its agreement. If this should occur, the company shouldn't have any problems finding another contractor and equipment supplier – but EPM could technically be at risk of default on its debt facility. While its mine financing could wind up being cancelled as a result, this is an extreme long shot. Even if this did occur, EPM should have no problem lining up new financing once a new contractor is found. The probable worst-case scenario: mine production is delayed by a few months.

Still, the market reacted squeamishly to the news, sending the company's stock down by nearly 10% after the announcement. While much of the decline was recouped in the following day of trading, the company's stock is still trading about 20% below its early January high of C$1.14 - giving long-term precious metals investors a great entry point for the stock.

The Risks

While the contract issue should probably blow over, and production at Varvarinskoye seems all but inevitable, EPM does face some political risk that could keep its stock from trading a premium valuation. Kazakhstan, while not as unfriendly to mining as some of our neighbours to the south, isn't exactly known as a bastion of free markets.

The country has made strides politically and economically since gaining independence from the Soviets (and isn't anywhere near as backward as nearby Uzbekistan), but is still run by strong-armed President Nursultan Nazarbayev, who conveniently won some 90% of the popular vote in a recent, questionable re-election. Additionally, outsider observers have questioned the country's political and human rights records.

Still, EPM has held a stake in Varvarinskoye since the mid-90s - and is now probably quite comfortable operating in that environment. It's a fair bet, however, that the project will never be ascribed the same valuation as a similar mine located in North America.


European Minerals represents one of the more solid bets in the long-term precious metals bull run. With Varvarinskoye's successful development, the company appears undervalued even if gold traded back down to the mid-$400s. With continued strength in gold, investors can look for the stock to really take off.
Posted at 06/4/2006 22:22 by holdontightuk

Galantas: Irish Gold finally comes to London
By the team.

Vital statistics Epic: GAL (TSX)
Shares Issued: 126.3 million
Share Price: 20 cents
Market Cap: $24.6 million (£12 million)
1 Year Range: 9c-20c
Sector: Precious Metals
News: Latest
Other Articles:

Do you know many gold companies are listed on AIM? Neither do I exactly (around 50 and counting) but it's a pretty crowded part of the resource sector. So here we go, another gold company coming to AIM, whoopee............

Hang on a minute, Galantas isn't looking for gold is Zazkaigrilantostan! I thought all the gold in the world was in the 'stans' or Russia or China? By the look of the companies coming to the London markets over the past few years you would be forgiven for thinking this to. In fact, some of the most prolific gold producing areas in the world are not in Eurasia, they are actually in places like North, Central and South America and Africa; if you look hard enough, you will find gold explorers in just about every nook and cranny on the planet.

There certainly is no shortage of gold in the ground, the big problem most companies have is finding it in high enough grades and large enough quantities to justify the construction of the mine - a company that claims to have found a gold anomaly with high grade intersections is still a long, long way off from ever being a producer. Sorry if we sound a bit pessimistic, but until a company has a very advanced stage gold deposit which has been drilled to death, the risks are very high.

However, gold explorers can be incredibly exciting companies to watch. From the first soil anomalies and magnetic targets right through to the bank feasibility study and first pouring of gold, this sector offers a expansive mix of risk and reward which is hard to find in any other sector, anywhere. Because of this large mix of companies spread all over the globe, it also makes it easier for investors to research heavily and find comparative companies that should help make more informed decisions on valuations, risk/reward ratios, country risk etc – the sheer size of the gold sector makes it the topic of entire web-sites and bulletin boards and allows the investor to get very intimate with the gold market.

For investors who are intimate about gold, a company like Galantas actually stands out a mile from it's peers. Why does it stand out? Not because it has a massive high grade deposit that will attract the majors, but because the mine is located in Northern Ireland and the company has spotted the added potential of selling Irish trademarked gold jewellery.

Ireland currently has no gold mines. This seems a bit peculiar when you think of the folk-lore of pots of gold at the end of the rainbow held by those sneaky leprechauns! Actually, the folk-lore is partially correct: Ireland does have gold, its just in recent times no one has found enough to finance the building of a mine – until now that is.

Galantas Gold is building Irelands first gold mine not too far from Omagh. The company has a 189sq km prospecting licence and is nearing the completion of a fully permitted plant on the Kearney deposit which contains approximately 89,000 ounces of proven and probable gold and a further 267,000 indicated ounces with an combined average gold grade in the 7-7.5g/tonne region. Galantas acquired the license to follow up on an extensive trenching program carried out by Rio Tinto. Since acquiring them, Galantas have drilled 43 shallow depth drill holes to prove up a small resource. The rest of the ore body has yet to be extensively drilled as CEO Roland Phelps priority is getting the company generating revenues for shareholders as soon as feasible. On the current resource, the mine has enough ore to keep it busy for the next 3-4 years whilst Galantas will no doubt do further drilling to move the inferred resource into the proved & probable categories.

The mine plan envisages commissioning of the plant occurring in the 2nd quarter of 2006 (April-June), training of staff, and work up to production based initially on one shift. Assuming all things go to plan, Galantas could produce up to 8,000 ounces of gold in 2006 with the long term production targeted at 30,000 ounces of gold per annum based on three shifts working on the mine 24/7. As infrastructure in Ireland is comparatively excellent to many other parts of the world, the cash cost per ounce will make this a low cost operation. Galantas also has other potential gold targets spotted with a VTEM aerial survey carried out in 2005 and is following up with further trenching, with the hope of eventually finding more drillable targets.

If building a gold mine in Ireland isn't enough to raise a few eyebrows, then the company's plans for some of the gold will definitely do the trick... Galantas is also the trademarked name for a range of jewellery the company intends to market in North America and Europe. In fact, Galantas used the gold collected from a bulk sample last year to create a limited range of jewellery products which it sold generating revenues of approximately Cad $0.5 million.

Some gold bugs will have a problem with a mine operator also running a retail business, but the potential mark up on Irish jewellery would appear to be too good an opportunity to ignore.

Galantas will list on the Alternative Investment Market on the 31st March, 2006.

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