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RGO Riverfort Global Opportunities Plc

0.22
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Riverfort Global Opportunities Plc LSE:RGO London Ordinary Share GB00BKKD0862 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.22 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs -134k -866k -0.0011 -2.00 1.71M

RiverFort Global Opportunities PLC Interim Results

23/09/2024 7:00am

RNS Regulatory News


RNS Number : 1354F
RiverFort Global Opportunities PLC
23 September 2024
 

For immediate release

23 September 2024

 

RiverFort Global Opportunities plc

 

("RGO" or the "Company")

 

 

Unaudited interim results for the 6 months ended 30 June 2024

 

RiverFort Global Opportunities plc is pleased to announce its unaudited interim results for the six months to 30 June 2024.

 

Chairman's Statement

Highlights

·      Successful redemption of the Company's debt and equity linked portfolio for cash

·      Total NAV of £4.7 million as at 30 June 2024

·     NAV per share of 0.60 pence, principally represented by cash, compared to the pre suspension price of   0.22 pence per share in March 2024

·     Profitable partial realisation of the Company's investment in Smarttech247 Group plc ("Smarttech247").

·      Cash balance of around £2.9 million

·   Currently pursuing an opportunity to become a listed operating company in the wellness sector and generate additional value for stakeholders

 

Philip Haydn-Slater, Non-Executive Chairman, commented:

"As explained in the Company's full year results for the year to 31 December 2023, the Board has been conscious that small investment companies listed on AIM have become increasingly less attractive to investors and that the Company's share price had continued to trade at a significant discount to its underlying net asset value.

 

In early 2024, it was decided to redeem part of its outstanding debt and equity linked portfolio in order to generate cash. An opportunity was then identified where, subject to shareholder approval, RGO would become a focused operating business by acquiring the trading assets of S-Ventures plc ("SVEN"), a company listed on the AQSE Growth Market and active in the wellness sector, for circa £3.5 million in new shares in RGO ("RTO").

 

The Board believes that the proposed acquisition represents an exciting opportunity and would enable RGO to become an operating business with attractive potential for growth and the creation of shareholder value.  RGO would bring additional funding to SVEN's operations and provide them with an AIM listing and better access to capital.  Going forward, the enlarged group would continue to improve its existing businesses, taking advantage of economies of scale and consolidation of infrastructure to support their growth.  At the same time, the Board believes that there are a number of interesting acquisition opportunities available which would benefit from the team's expertise and existing infrastructure and enable the enlarged group to further scale its operations.

 

Since then, the RTO process has been advancing which has included due diligence by the Company on SVEN, the 2023 audit of SVEN and related work.  All advisers are actively engaged, the RTO process is ongoing and expected to complete in Q4 2024. Meanwhile, trading in our shares remains suspended on AIM and we look forward to updating the market further as the RTO process progresses."

 

 

Review of activities

 

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

                                                                                   

 

Half year to 30 June 2023

Year to 31 December 2023


£000

£000

Investment income

75

391

Net income from financial instruments at FVTPL

(381)

(4,673)

Net foreign exchange losses on financial instruments

(7)

(45)




Total investment income

(313)

(4,327)

 

Historically investment income was principally generated from interest and fees, with additional income from equity conversion and warrants.  During the current period, the Company generated a lower level of total investment income from its investment portfolio as a significant proportion of this portfolio was redeemed.  Net income from financial instruments at FVTPL is derived from changes in the value of the Company's investment portfolio.  During the period, this figure principally comprised the reduction in the value of the Company's remaining equity holdings offset by the gain on the part disposal of the Company's holding in Smarttech247. In the prior period, this figure comprised the losses from the debt and equity linked portfolio that has since been redeemed. The Company's principal investment portfolio categories are summarised below:

 

Category

Cost or valuation at

30 June 2024

 £000

Cost or valuation at

31 December 2023

£000

Debt and equity- linked debt investments

1,000

2,150

Pre IPO investments

200

200

Equity and other investments

710

2,005

Cash resources

2,901

1,062

 

 

 

Total

4,811

5,417

 

 

The debt and equity- linked debt investments category has reduced as a result of the redemption of certain of these investments during the period, offset by the new £1 million loan made to SVEN.

 

The equity and other investments category, principally comprises the Company's holdings in Smarttech247 and Mindflair plc (formerly Pires Investments plc).  The overall value of these investments has decreased due to a reduction  in their share prices during the period and the profitable disposal of over half of the Company's holding in Smarttech247.

 

The key unaudited performance indicators are set out below: 

Performance indicator

30 June

 2024

31 December 2023

Change

Investment income

£75,361

£391,151


Net asset value

£4,672,085

£5,245,196

-10.9%

Net asset value - fully diluted per share

0.60p

0.68p

-10.9%

Closing share price

0.22p

0.39p

-43.6%

Market capitalisation

£1,706,000

£3,024,000

-43.6%

 

Note: Market capitalisation as at 30 June 2024 is based on the pre suspension price of 0.22 pence per share.

There has been a small reduction in the Company's overall net asset position during the period due to a reduction in the value of its equity investments and a lower level of investment income, partially offset by the profitable disposal of part of the investment in Smarttech247 and lower administration and advisory costs.  As referred to above, the Company has continued to grow its cash balance during the period and is now well positioned to fund its investment strategy going forward.

 

 

Philip Haydn-Slater

Non-Executive Chairman

23 September 2024

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

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 Capital Partners LLP

Damon Heath/Erik Woolgar

 

Joint Broker:                                                                             +44 (0) 20 7562 3351

Peterhouse Capital Limited

Lucy Williams

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2024

 


Unaudited

6 months

ended

30 June

2024

Unaudited

6 months

ended

30 June

 2023

Audited

Year ended

31 December

2023


£

£

£





Investment income

75,361

215,035

391,151





Net loss from financial instruments at FVTPL

(381,767)

(140,753)

(4,672,874)





Foreign exchange losses on financial instruments

(6,764)

(106,529)

(45,154)





Total income

(313,170)

(32,247)

(4,326,877)





Administration expenses

(258,244)

(173,245)

(365,715)





Investment advisory fees

-

(151,565)

(624,243)





Exchange translation losses

(1,697)

(65,725)

(25,707)





Loss before taxation

(573,111)

(422,782)

(5,342,542)





Taxation

-

-

-





Loss for the period and total comprehensive expense

(573,111)

(422,782)

(5,342,542)

 




 




Basic loss per share




Continuing and total operations

(0.07p)

(0.05p)

(0.69p)





Fully diluted loss per share




Continuing and total operations

(0.07p)

(0.05p)

(0.69p)

 

 

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2024

 

 

Unaudited

6 months

ended

30 June

2024

Unaudited

6 months

ended

30 June

 2023

Audited

Year ended

31 December

2023

 

£

£

£

 




ASSETS




Non-current investments




Financial asset investments

1,910,081

5,545,225

2,205,372

Total non-current assets

1,910,081

5,545,225

2,205,372

Current assets




Financial asset investments

-

1,280,498

2,150,000

Trade and other receivables

65,623

1,444,766

729,347

Cash and cash equivalents

2,901,477

2,419,917

1,062,338

Total current assets

2,967,100

5,145,181

3,941,685

 




Total assets

4,877,181

10,690,406

6,147,057





LIABILITIES




Current liabilities




Trade and other payables

205,096

525,450

901,861

Total current liabilities

205,096

525,450

901,861





Net assets

4,672,085

10,164,956

5,245,196





EQUITY




Share capital

77,540

77,540

77,540

Share premium account

1,568,353

1,568,353

1,568,353

Share options reserve

201,034

201,034

201,034

Retained earnings

2,825,158

8,318,029

3,398,269

 




Total equity

4,672,085

10,164,956

5,245,196

 




    

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2024

 


Called up

 share

  capital

Share premium

account

Share options reserve

 

Retained

earnings

 

Total

equity


£

£

£

£

£

 






Balance at

1 January 2023

77,540

1,568,353

201,034

8,740,811

10,587,738

Loss for the year and total comprehensive expense

-

-

-

(5,342,542)

(5,342,542)

 






Balance at

31 December 2023

77,540

1,568,353

201,034

3,398,269

5,245,196

Loss for the period and total comprehensive expense

-

-

-

(573,111) 

(573,111)

 






Balance at

30 June 2024

77,540

1,568,353

201,034

2,825,158

4,672,085

 


UNAUDITED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2024

 

 

 

 

Unaudited

6 months

ended

30 June

 2024

Unaudited

6 months

ended

30 June

2023

Audited

Year ended

31 December

2023

 


£

£

£

 

CASH FLOWS FROM OPERATING ACTIVITIES


 


Loss before taxation

(573,111)

(422,782)

(5,342,542)

Adjustments for:




Profit on disposal of trading investments

(157,760)

-

-

Fair value loss on trading investments

539,527

140,753

4,672,874

Foreign exchange losses on other financial instruments

6,764

106,529

45,154

Operating cash flow before working capital changes

(184,580)

(175,500)

(624,514)

Decrease in trade and other receivables

663,724

410,104

1,125,523

(Decrease)/Increase in trade and other payables

(696,765)

194,489

570,901

NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES

(217,621)

429,093

1,071,910

INVESTING ACTIVITIES




Purchase of investments

(1,000,000)

-

(3,690,590)

Disposal of investments

913,524

-

-

Debt instrument repayments

2,150,000

1,076,840

2,768,037

NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES

2,063,524

1,076,840

(922,553)

NET INCREASE IN CASH AND CASH EQUIVALENTS

1,845,903

1,505,933

149,357

Cash and cash equivalents at the beginning of the period

1,062,338

958,135

958,135

Effect of foreign currency exchange on cash

(6,764)

(44,151)

(45,154)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

2,901,477

2,419,917

1,062,338

 

 

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 2023, 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 2023. 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

2024

(unaudited)

Six months ended

30 June

2023

(unaudited)

 

Year ended

31 December

 2023

(audited)

 

(Loss)/profit from continuing and total operations

(£573,111)

(£422,782)

(£5,342,542)

Weighted average number of shares in the period for basic earnings

 

775,404,187

 

775,404,187

 

775,404,187

Weighted average number of shares in the period for fully diluted earnings

 

775,404,187

 

775,404,187

 

775,404,187

 

Basic and fully diluted (loss)/earnings per share:




Basic (loss)/earnings per share from continuing and total operations

(0.07p)

(0.05p)

(0.69)p

Fully diluted (loss)/earnings per share from continuing and total operations

(0.07p)

(0.05p)

(0.69)p

For the current period exercise of the outstanding warrants would be anti-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.         Copies of the interim report can be obtained from: The Company Secretary, RiverFort Global Opportunities plc, Suite 39, 18 High Street, High Wycombe, Buckinghamshire, HP10 8NJ and are available to view and download from the Company's website : www.riverfortglobalopportunities.com

 

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