Global Opportunities Trust plc
Legal
Entity Identifier: 2138005T5CT5ITZ7ZX58
Half-Yearly
Results for the six months to 30 June
2023 (unaudited)
Financial Highlights
SHARE
PRICE TOTAL RETURN*
2.2%
|
NET
ASSET VALUE TOTAL RETURN*
(0.2)%
|
SHAREHOLDERS'
FUNDS
£103.9m
|
DISCOUNT
TO NET ASSET VALUE*
(11.1)%
|
|
30
June
2023
|
31
December
2022
|
%
Change
|
Net
Assets/Shareholders' Funds (£)
|
103,880,000
|
106,144,000
|
(2.1)
|
Shares in
issue
|
29,222,180
|
29,222,180
|
-
|
Net Asset
Value per share - cum inc. (pence)*
|
355.5
|
363.2
|
(2.1)
|
Share
Price (pence)
|
316.0
|
314.0
|
0.6
|
Share
Price Discount to Net Asset Value (%)*
|
(11.1)
|
(13.5)
|
-
|
*
Alternative Performance Measure.
CHAIRMAN'S
STATEMENT
I am
pleased to present the Company's interim report for the six months
to 30 June 2023.
Investment
Performance
The first
half of the year saw markets rebound somewhat with global equities
rising over 9% in sterling terms. The US technology sector was
particularly buoyant as softening headline inflation buoyed
investor confidence. Emerging markets were mixed with Asia not performing particularly well over the
period in contrast to Latin
America where a number of markets produced very strong
returns. The rise in sterling masked some of the global bond market
recovery such that whilst gilts advanced slightly, overseas bonds
generally produced negative returns to the sterling investor. Cash
returns benefited from the sequential increases in rates by central
banks across the world.
For the
six months ended 30 June 2023, the
Company's Net Asset Value ("NAV") Total Return decreased by 0.2% as
equity markets rebounded. On a positive note, the Share Price Total
Return increased by 2.2% reflecting a slight narrowing of the
discount to NAV.
As at
30 June 2023 the Company had Net
Assets of £103.9m (31 December 2022:
£106.1m), the NAV per ordinary share ("share") was 355.5p
(31 December 2022: 363.2p) and the
middle market price per share on the London Stock Exchange was
316.0p (31 December 2022: 314.0p),
representing a discount of 11.1% to NAV.
Update
on Management Arrangements
Shareholders
may have noted that with effect from 30 May
2023, the Company terminated its Investment Management
Agreement (the "IMA") with Franklin Templeton Investment Management
Limited ("Franklin Templeton").
Following the termination of the IMA with Franklin Templeton, Goodhart Partners LLP
("Goodhart") was appointed to provide investment sub-advisory
services to the Company assisting Dr Nairn in managing the global
listed equities mandate. The Board looks forward to working with,
and further strengthening its relationship with
Goodhart.
2023
Annual General Meeting
The Annual
General Meeting ("AGM") of the Company was held on 26 April 2023. On behalf of the Board, I would
like to thank all those shareholders who attended the meeting in
person or voted by way of proxy. I was pleased to note that all
resolutions were formally passed by the requisite
majority.
Board
succession
David Ross retired as a Non-Executive Director of the
Company at the conclusion of the AGM and Katie Folwell-Davies was appointed as a
Non-Executive Director of the Company. I would like to formally
welcome Katie to the Board. As previously noted in the Annual
Report for the financial year ended 31
December 2022, following her appointment, Katie has taken on
the role of Chair of the Audit and Management Engagement Committee
from David.
Portfolio
Information
Shareholders
can keep up to date on the performance of the portfolio through the
Company's website at www.globalopportunitiestrust.com.
If you
have not yet done so, you can subscribe to receive the monthly
factsheet and other interesting research articles by our Executive
Director, Dr Nairn by visiting the Company's website.
Keep
in touch
As always,
the Board welcomes communication from shareholders and I can be
contacted directly through the Company Secretary at
cosec@junipartners.com.
Outlook
Much of
the return in market confidence stemmed from the decline in
headline inflation, allied with the view that tightened monetary
policy would be able to engineer an outcome which would see
inflation return to target levels whilst avoiding a meaningful
recession. Equity markets are more than priced for this outcome. It
would be extremely unusual for economic policy to achieve such an
outcome, not least because of the historically unprecedented levels
of debt which exist in all the developed nations. For this reason,
the portfolio remains defensively positioned.
Cahal Dowds
Chairman
15 August 2023
EXECUTIVE
DIRECTOR'S REPORT
The first
half of 2023 demonstrated the resilience of investor sentiment as
markets rallied strongly following the declines of 2022. If we look
back at 2022, market concerns principally stemmed from the gradual
increase of interest rates to more normal levels in the light of
soaring inflation. Part of the inflationary impulse was demand led,
stemming from the release of post Covid consumer expenditure. This,
combined with supply constraints and logistical issues, and
Ukraine-induced energy price
rises, exacerbated the headline inflation rate rise. Since the rise
in energy prices was not going to repeat arithmetically, headline
inflation had to fall. This decline likely gave rise to the
resilience in asset markets and was accompanied by continued growth
in employment and consumption. Investors could therefore look
forward to a time of falling headline inflation and interest rate
peaks.
However,
this narrative ignores the lagged effects of the interest rate
rises that have already happened even if there were to be no
further increases. It also ignores the debt overhang which looms
for most developed economies. When these are taken into account,
combined with the stubborn nature of core inflation, the outlook
does not look so benign. Even if we are approaching peak interest
rates, which is far from certain, it is likely that the concerns
over inflation will be replaced by concerns over economic growth
and hence corporate profitability. Unfortunately, equity valuations
appear to be discounting the rosiest possible outlook rather than
one with potential economic storm clouds. For this reason, the
Company retained broadly the same defensive portfolio structure.
This structure is one constructed to try and minimise downside risk
whilst retaining some upside, but being ready to switch when
opportunities arise.
I remain
confident that the portfolio is following the correct approach and
see investor sentiment turning as the effects of rising interest
rates and the debt overhang works its way through the global
economy and the post Covid expenditure boom peters out.
Dr
Sandy Nairn
Executive
Director
15 August 2023
PORTFOLIO
OF INVESTMENTS
as at
30 June 2023
Company
|
Sector
|
Country
|
Valuation
£'000
|
%
of
Net
assets
|
Templeton
European Long-Short Equity SIF1
|
Financials
|
Luxembourg
|
13,875
|
13.4
|
Volunteer
Park
Capital
Fund
SCSp2
|
Financials
|
Luxembourg
|
7,942
|
7.7
|
TotalEnergies
|
Energy
|
France
|
3,204
|
3.1
|
Unilever
|
Consumer
Staples
|
United
Kingdom
|
3,155
|
3.0
|
Samsung
Electronics
|
Information
Technology
|
South
Korea
|
2,689
|
2.6
|
Sumitomo
Mitsui Trust Holdings
|
Financials
|
Japan
|
2,588
|
2.5
|
Panasonic
|
Consumer
Discretionary
|
Japan
|
2,587
|
2.5
|
Orange
|
Communication
Services
|
France
|
2,448
|
2.4
|
ENI
|
Energy
|
Italy
|
2,431
|
2.3
|
Novartis
|
Health
Care
|
Switzerland
|
2,410
|
2.3
|
Raytheon
Technologies
|
Industrials
|
United
States
|
2,313
|
2.2
|
Dassault
Aviation
|
Industrials
|
France
|
2,141
|
2.1
|
Sanofi
|
Health
Care
|
France
|
2,014
|
1.9
|
Imperial
Brands
|
Consumer
Staples
|
United
Kingdom
|
1,956
|
1.9
|
Lloyds
Banking
|
Financials
|
United
Kingdom
|
1,879
|
1.8
|
General
Dynamics
|
Industrials
|
United
States
|
1,862
|
1.8
|
Nabtesco
|
Industrials
|
Japan
|
1,849
|
1.8
|
Murata
Manufacturing
|
Information
Technology
|
Japan
|
1,797
|
1.7
|
Tesco
|
Consumer
Staples
|
United
Kingdom
|
1,757
|
1.7
|
Daiwa
House Industry
|
Real
Estate
|
Japan
|
1,661
|
1.6
|
Fresenius
Medical Care
|
Health
Care
|
Germany
|
1,601
|
1.5
|
Verizon
Communications
|
Communication
Services
|
United
States
|
1,356
|
1.3
|
Total
investments
|
|
|
65,515
|
63.1
|
Cash
and other net current assets
|
|
|
38,365
|
36.9
|
Net
assets
|
|
|
103,880
|
100.0
|
1 Luxembourg
Specialised Investment Fund
2 Luxembourg
Special Limited Partnership
DISTRIBUTION
OF INVESTMENTS
as at
30 June 2023 (% net
assets)
Sector
Distribution
|
|
|
Geographical
Distribution
|
|
|
|
|
|
Sector
|
%
|
|
Region
/ country
|
%
|
Financials:
Long-Short Fund
|
13.4
|
|
Europe ex
UK
|
15.6
|
Financials:
Private Equity Fund
|
7.7
|
|
Europe:
Long-Short Fund
|
13.4
|
Financials:
Direct Equities
|
4.3
|
|
Total
Europe
|
29.0
|
Total
Financials
|
25.4
|
|
North
America: Private Equity Fund
|
7.7
|
Industrials
|
7.9
|
|
North
America: Direct Equities
|
5.3
|
Consumer
Staples
|
6.6
|
|
Total
North America
|
13.0
|
Health
Care
|
5.7
|
|
Japan
|
10.1
|
Energy
|
5.4
|
|
United
Kingdom
|
8.4
|
Information
Technology
|
4.3
|
|
Asia
Pacific ex Japan
|
2.6
|
Communication
Services
|
3.7
|
|
Cash and
other net assets*
|
36.9
|
Consumer
Discretionary
|
2.5
|
|
|
|
Real
Estate
|
1.6
|
|
|
|
Cash and
other net assets*
|
36.9
|
|
|
|
The figures
detailed in the sector distribution represent the Company's
exposure to those sectors.
The figures
detailed in the geographical distribution represent the Company's
exposure to these countries or regional areas through its
investments and cash.
The
geographical distribution is based on each investment's principal
stock exchange listing or domicile, except in instances where this
would not give a proper indication of where its activities
predominate.
*The
geographical distribution of cash and other net assets as at
30 June 2023 is based on currencies
held in the following regions/countries:
North
America
|
25.5%
|
Japan
|
8.2%
|
Europe ex
UK
|
2.7%
|
United
Kingdom
|
0.5%
|
|
36.9%
|
DIRECTORS'
STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES
The
important events that have occurred during the period under review
and the key factors influencing the Financial Statements are set
out in the Chairman's Statement and Executive Director's Report.
The principal factors that could impact the remaining six months of
the financial year are also detailed in the Chairman's Statement
and Executive Director's Report.
Principle
Risks and Uncertainties
The Board
has considered the principal and emerging risks facing the Company.
The Board has concluded that there are no significant additional
risks facing the Company other than those detailed below and in the
Annual Report and Financial Statements for the year ended
31 December 2022.
The Board
considers that the following risks remain the principal risks
associated with investing in the Company: investment and strategy
risk, key person risk, discount volatility risk, price risk,
foreign currency risk, liquidity risk, operational risk and
regulatory risk. Other risks associated with investing in the
Company include, but are not limited to, credit risk, interest rate
risk and gearing risk. These risks, and the way in which they are
managed, are described in more detail under the heading "Principal
risks and uncertainties" within the Strategic Report in the
Company's Annual Report and Financial Statements for the year ended
31 December 2022.
The
emerging risks facing the Company have largely remained unchanged
since those detailed in the Annual Report for the year ended
31 December 2022, namely geopolitical
tension, inflation, and economic recession. During the period under
review, the Board monitored emerging risks associated with the
banking sector following the collapse of Credit Suisse, First
Republic Bank, Silicon Valley Bank, and Signature Bank. The
Company's investment portfolio had no direct exposure to any of the
aforementioned banks.
The risks
identified by the Board as detailed above are not exhaustive and
various other risks may apply to an investment in the Company.
Potential investors may wish to obtain independent financial advice
as to the suitability of investing in the Company.
Going
concern
The
Half-Yearly Report has been prepared on a going concern basis. The
Directors consider that this is the appropriate basis as they have
a reasonable expectation that the Company has adequate resources to
continue in operational existence and meet its financial
commitments as they fall due for a period of at least twelve months
from the date of approval of the unaudited financial
statements.
DIRECTORS'
STATEMENT OF RESPONSIBILITIES IN RESPECT OF THE FINANCIAL
STATEMENTS
The
Directors confirm that to the best of their knowledge:
-
The
condensed set of Financial Statements, prepared in accordance with
Financial Reporting Standard ("FRS") 104: "Interim Financial
Reporting", gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company;
and
-
This
Half-Yearly Report includes a fair review of the information
required by:
(a)
Disclosure Guidance and Transparency Rule 4.2.7R, being an
indication of important events that have occurred during the first
six months of the financial year, and their impact on the condensed
set of Financial Statements; and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
(b)
Disclosure Guidance and Transparency Rule 4.2.8R, being related
party transactions that have taken place in the first six months of
the current financial year and that have materially affected the
financial position or performance of the Company during that
period; and any changes in the related party transactions described
in the last Annual Report that could do so.
This
Half-Yearly Report has not been audited or reviewed by the
Company's auditor.
This
Half-Yearly Report was approved by the Board of Directors and the
above responsibility statement was signed on its behalf
by:
Cahal Dowds
Chairman
15 August 2023
INCOME
STATEMENT
for the
six months to 30 June 2023
(unaudited)
|
Six
months
to
30 June 2023
|
Six
months
to
30 June 2022
|
|
Revenue
£'000
|
Capital
£'000
|
Total
£'000
|
Revenue
£'000
|
Capital
£'000
|
Total
£'000
|
Gains on
investments at fair value through profit or loss
|
-
|
564
|
564
|
-
|
6,725
|
6,725
|
Unrealised
foreign exchange (losses)/gains on current assets
|
-
|
(2,278)
|
(2,278)
|
-
|
1,539
|
1,539
|
Realised
foreign exchange (losses)/gains on current assets
|
-
|
(7)
|
(7)
|
-
|
384
|
384
|
Income
|
1,539
|
-
|
1,539
|
1,454
|
-
|
1,454
|
Management
fee
|
(25)
|
(58)
|
(83)
|
(73)
|
(171)
|
(244)
|
Other
expenses
|
(348)
|
-
|
(348)
|
(268)
|
-
|
(268)
|
Net
return before finance costs and taxation
|
1,166
|
(1,779)
|
(613)
|
1,113
|
8,477
|
9,590
|
Finance
costs
|
|
|
|
|
|
|
Interest
payable and related charges
|
(8)
|
-
|
(8)
|
(12)
|
-
|
(12)
|
Net
return before taxation
|
1,158
|
(1,779)
|
(621)
|
1,101
|
8,477
|
9,578
|
Taxation -
overseas withholding tax
|
(182)
|
-
|
(182)
|
(141)
|
-
|
(141)
|
Net
return after taxation
|
976
|
(1,779)
|
(803)
|
960
|
8,477
|
9,437
|
Return
per share
|
3.3p
|
(6.1)p
|
(2.8)p
|
3.0p
|
26.9p
|
29.9p
|
All
revenue and capital items in the above statement derive from
continuing operations.
The total
column of this statement is the profit and loss account of the
Company.
The
revenue and capital columns are prepared in accordance with
guidance issued by the Association of Investment Companies
("AIC").
A separate
Statement of Comprehensive Income has not been prepared as all
gains and losses are included in the Income Statement.
BALANCE
SHEET
as at
30 June 2023
|
30
June
2023
(unaudited)
£'000
|
31
December
2022
(audited)
£'000
|
Fixed
asset investments
|
|
|
Investments
at fair value through profit or loss
|
65,515
|
69,283
|
|
|
|
Current
assets
|
|
|
Debtors
|
438
|
412
|
Cash at
bank and short-term deposits
|
38,031
|
36,629
|
|
38,469
|
37,041
|
Current
liabilities
|
|
|
Creditors
|
(104)
|
(180)
|
|
(104)
|
(180)
|
Net
current assets
|
38,365
|
36,861
|
Net
assets
|
103,880
|
106,144
|
|
|
|
Capital
and reserves
|
|
|
Called-up
share capital
|
645
|
645
|
Share
premium
|
1,597
|
1,597
|
Capital
redemption reserve
|
14
|
14
|
Special
reserve
|
9,760
|
9,760
|
Capital
reserve
|
88,319
|
90,098
|
Revenue
reserve
|
3,545
|
4,030
|
Total
shareholders' funds
|
103,880
|
106,144
|
Net
asset value per share
|
355.5p
|
363.2p
|
STATEMENT
OF CHANGES IN EQUITY
for the
six months to 30 June 2023
(unaudited)
Six
months to
30
June 2023
|
Share
capital
£'000
|
Share
premium
£'000
|
Capital
redemption
reserve
£'000
|
Special
reserve
£'000
|
Capital
reserve
£'000
|
Revenue
reserve
£'000
|
Total
£'000
|
At 31
December 2022
|
645
|
1,597
|
14
|
9,760
|
90,098
|
4,030
|
106,144
|
Net return
after
taxation
|
-
|
-
|
-
|
-
|
(1,779)
|
976
|
(803)
|
Dividends
paid
|
-
|
-
|
-
|
-
|
-
|
(1,461)
|
(1,461)
|
At
30 June 2023
|
645
|
1,597
|
14
|
9,760
|
88,319
|
3,545
|
103,880
|
Six
months to
30
June 2022
|
Share
capital
£'000
|
Share
premium
£'000
|
Capital
redemption
reserve
£'000
|
Special
reserve
£'000
|
Capital
reserve
£'000
|
Revenue
reserve
£'000
|
Total
£'000
|
At 31
December 2021
|
645
|
1,597
|
14
|
32,961
|
77,026
|
3,880
|
116,123
|
Net return
after
taxation
|
-
|
-
|
-
|
-
|
8,477
|
960
|
9,437
|
Dividends
paid
|
-
|
-
|
-
|
-
|
-
|
(1,461)
|
(1,461)
|
Share
purchases
for
treasury
|
-
|
-
|
-
|
(23,201)
|
-
|
-
|
(23,201)
|
At
30 June 2022
|
645
|
1,597
|
14
|
9,760
|
85,503
|
3,379
|
100,898
|
NOTES
TO THE FINANCIAL STATEMENTS
for the
six months to 30 June 2023
-
Accounting
policies
Basis
of accounting
The
Company applies Financial Reporting Standard ("FRS") 102: "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Statement of
Recommended Practice as issued by the AIC. The Company has prepared
the Financial Statements for the six months to 30 June 2023 in accordance with FRS 104: "Interim
Financial Reporting". The Company has elected to remove the Cash
Flow Statement from the Half-Yearly Report, as permitted by FRS 102
section 7.1A.
The
accounting policies are set out in the Company's Annual Report and
Financial Statements for the year ended 31
December 2022 and remain unchanged. 70% of management fees
and finance costs relating to borrowings are charged to capital,
with 30% of these costs charged to revenue, as detailed in the
Income Statement.
Going
concern
The
financial statements have been prepared on a going concern basis
and on the basis that approval as an investment trust company will
continue to be met.
The
Directors have made an assessment of the Company's ability to
continue as a going concern and are satisfied that the Company has
adequate resources to continue in operational existence for a
period of at least 12 months from the date when these financial
statements were approved.
The
Directors have noted that the Company, holding a portfolio
consisting principally of liquid listed investments and cash
balances, is able to meet the obligations of the Company as they
fall due, any future funding requirements and finance future
additional investments. The Company is a closed end fund, where
assets are not required to be liquidated to meet day-to-day
redemptions.
The
Directors have reviewed stress tests assessing the impact of
changes and scenario analysis to assist them in determination of
going concern. In making this assessment, the Directors have
considered plausible downside scenarios that have been financially
modelled. These tests apply to any set of circumstances in which
asset value and income are significantly impaired. The conclusion
was that in a plausible downside scenario, the Company could
continue to meet its liabilities. Whilst the economic future is
uncertain, and the Directors believe that it is possible the
Company could experience further reductions in income and/or market
value, the opinion of the Directors is that this should not be to a
level which would threaten the Company's ability to continue as a
going concern.
The
Company and its key service providers have put in place contingency
plans to minimise disruption. Furthermore, the Directors are not
aware of any material uncertainties that may cast significant doubt
on the Company's ability to continue as a going concern, having
taken into account the liquidity of the Company's investment
portfolio and the Company's financial position in respect of its
cash flows, borrowing facilities and investment commitments.
Therefore, the financial statements have been prepared on the going
concern basis.
Comparative
information
The
financial information for the six months to 30 June 2023 and for the six months to
30 June 2022 have not been audited or
reviewed by the Company's Auditor pursuant to the Auditing
Practices Board guidance on such reviews. The financial information
contained in this report does not constitute statutory accounts as
defined in the Companies Act 2006.
The latest
published audited financial statements which have been delivered to
the Registrar of Companies are the Annual Report and Financial
Statements for the year ended 31 December
2022; the report of the independent Auditor thereon was
unqualified and did not contain a statement under Section 498 of
the Companies Act 2006. Information shown for the year ended
31 December 2022 is extracted from
that Annual Report and Financial Statements.
Segmental
reporting
The
Directors are of the opinion that the Company is engaged in a
single segment of business, being investment business. The Company
primarily invests in listed companies.
-
Income
|
Six
months to
30
June 2023
£'000
|
Six
months to
30
June 2022
£'000
|
Revenue
|
|
|
Income
from investments
|
|
|
UK
dividend income
|
257
|
235
|
Overseas
dividend income
|
848
|
1,176
|
|
1,105
|
1,411
|
Total
income comprises
|
|
|
Dividend
income
|
1,105
|
1,411
|
Rebate
income
|
30
|
30
|
Bank
interest
|
404
|
13
|
|
1,539
|
1,454
|
-
Dividends
|
Six
months to
30
June 2023
£'000
|
Six
months to
30
June 2022
£'000
|
2022
final
dividend
of
5.0p
per
ordinary
share paid in May 2023
|
1,461
|
-
|
2021
final
dividend
of
5.0p
per
ordinary
share paid in May 2022
|
-
|
1,461
|
|
1,461
|
1,461
|
-
Return per
share
|
Six
months to
30
June 2023
|
Six
months to
30
June 2022
|
|
Net
return
£'000
|
Per
share
pence
|
Net
return
£'000
|
Per
share
pence
|
Revenue
return after taxation
|
976
|
3.3
|
960
|
3.0
|
Capital
return after taxation
|
(1,779)
|
(6.1)
|
8,477
|
26.9
|
Total
return
|
(803)
|
(2.8)
|
9,437
|
29.9
|
The
returns per share for the
six months to 30 June 2023 are based
on 29,222,180 shares (six months to 30 June
2022: 31,563,185 shares), being the weighted average number
of shares, excluding shares held in treasury, in circulation during
the period.
-
Investments
|
Six
months to
30
June 2023
£'000
|
Year
to
31
December 2022
£'000
|
Opening
book cost
|
60,663
|
84,582
|
Changes in
fair value of investments
|
8,620
|
(660)
|
Opening
fair value
|
69,283
|
83,922
|
Movements
in the period:
|
|
|
Purchases
at cost
|
51
|
21,645
|
Sales -
proceeds
|
(4,383)
|
(46,442)
|
Sales - realised
gains on sales
|
394
|
878
|
Changes in
fair value of investments
|
170
|
9,280
|
Closing
fair value
|
65,515
|
69,283
|
|
|
|
Closing
book cost
|
56,725
|
60,663
|
Changes in
fair value of investments
|
8,790
|
8,620
|
Closing
fair value
|
65,515
|
69,283
|
The fair
value hierarchy for investments held at fair value at the period
end is as follows:
|
30
June 2023
£'000
|
31
December 2022
£'000
|
Level
1
|
43,698
|
47,277
|
Level
2
|
13,875
|
14,298
|
Level
3
|
7,942
|
7,708
|
|
65,515
|
69,283
|
-
Cash at
bank and short-term deposits
|
30
June
2023
£'000
|
31
December
2022
£'000
|
US
dollar
|
26,553
|
13,036
|
Japanese
yen
|
8,448
|
9,766
|
Swiss
franc
|
2,299
|
3,802
|
Sterling
|
597
|
10,013
|
Euro
|
123
|
-
|
South
Korean won
|
11
|
12
|
|
38,031
|
36,629
|
-
Net asset
value per share and share capital
The NAV is
based on net assets at 30 June 2023
of £103,880,000 (31 December 2022:
£106,144,000) and on 29,222,180 shares (31
December 2022: 29,222,180 shares), being the number of
shares, excluding shares held in treasury, in circulation at the
period end.
During the
six months to 30 June 2023, no shares
were repurchased or issued from Treasury by the Company.
As at
30 June 2023 there were 64,509,642
shares in issue of which 35,287,462 shares were held in treasury,
resulting in there being 29,222,180 shares in
circulation.
-
Related
party transactions
Dr
Sandy Nairn was appointed as an
Executive Director of the Company on 27
April 2022. He is also lead portfolio manager and holds a
substantial interest in the shares of the Company.
The
Company has invested in Volunteer Park Capital Fund ("VPC"). The
Alternative Investment Fund Manager of VPC is Goodhart Partners LLP
("Goodhart"). Goodhart Partners S.a.r.l. is the general partner of
VPC which is 100% owned by Goodhart. Dr Nairn is the sole
controller of a company which holds a significant shareholding
(25.83%) in Goodhart and will be a beneficiary of the management
fees and carried interest payable to Goodhart related
companies.
Goodhart
was also appointed to provide investment sub-advisory services to
the Company with effect from 31 May
2023.
-
Post
balance sheet events
There were
no events subsequent to the half-year end and up to 15 August 2023, the date of this
report.
-
Availability
of Half-Yearly Report
The
Half-Yearly Report will shortly be available to view on the
Company's website at www.globalopportunitiestrust.com
where up
to date information on the Company, including daily NAV and share
prices, factsheets and portfolio information can also be
found.
A copy of
the Half-Yearly Report will shortly be submitted to the Financial
Conduct Authority's National Storage Mechanism and will be
available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For
further information please contact:
Juniper
Partners Limited
Company
Secretary
e-mail:
cosec@junipartners.com
15 August 2023
[END]