Global Opportunities Trust Plc - Half-Yearly Results to 30 June 2024

Global Opportunities Trust plc

Legal Entity Identifier: 2138005T5CT5ITZ7ZX58

 

Half-Yearly Results for the six months to 30 June 2024 (unaudited)

 

Financial Highlights

 

 ___________________________________________________________________
|INCREASE IN NET ASSET VALUE PER SHARE|NET ASSET VALUE TOTAL RETURN*|
|                                     |                             |
|1.4%                                 |3.1%                         |
|_____________________________________|_____________________________|
|SHAREHOLDERS’ FUNDS                  |DISCOUNT TO NET ASSET VALUE* |
|                                     |                             |
|£107.9m                              |19.8%                        |
|_____________________________________|_____________________________|


 

 

 ___________________________________________________________________________
|                                            |30 June    |31 December|%     |
|                                            |           |           |      |
|                                            |2024       |2023       |Change|
|____________________________________________|___________|___________|______|
|Net Assets/Shareholders’ Funds (£)          |107,896,000|106,411,000|1.4   |
|____________________________________________|___________|___________|______|
|Shares in issue                             |29,222,180 |29,222,180 |–     |
|____________________________________________|___________|___________|______|
|Net Asset Value per share (pence)*          |369.2      |364.1      |1.4   |
|____________________________________________|___________|___________|______|
|Share Price (pence)                         |296.0      |298.0      |(0.7) |
|____________________________________________|___________|___________|______|
|Share Price Discount to Net Asset Value (%)*|19.8       |18.2       |n/a   |
|____________________________________________|___________|___________|______|


 

* Alternative Performance Measure.

 

 

CHAIRMAN’S STATEMENT

 

I am pleased to present the Company’s interim report for the six months to 30 June 2024.

 

Investment performance

 

For the six months to 30 June 2024, the Company generated positive returns. Net Asset Value (‘NAV’) Total Return increased by 3.1% whilst Share Price Total Return increased by 1.0%, with dividends assumed to be reinvested. In comparison, the FTSE All-World Index rose 12.2% on a total return basis, with the strong performance experienced at the end of 2023 continuing into the first half of 2024. The Bloomberg Global Aggregate Bond Index on the other hand declined by approximately 2%. We would continue to remind shareholders however, that the Company has no stated benchmark against which it seeks to outperform. Its objective is to achieve real long-term total return through investing globally in undervalued assets.

 

As at 30 June 2024 the Company had Net Assets of £107.9m (31 December 2023: £106.4m), the NAV per ordinary share was 369.2p (31 December 2023: 364.1p) and the middle market price per share on the London Stock Exchange was 296.0p (31 December 2023: 298.0p), representing a discount of 19.8% to NAV.

 

Share capital and discount

 

The widening of the Company’s discount from its year-end position of 18.2% is disappointing albeit the discount averaged a comparable 18.4% during the period. The average discount of the ‘Flexible Investment’ sector of the Association of Investment Companies (‘AIC’) (of which the Company is a member) was 22.2% as at 30 June 2024. The narrowing of the Company’s discount is a focus of the Board and the opportunities to expand the Company’s reach by appealing to a wider shareholder base are continuing to be explored. No share buybacks were undertaken during the period.

 

2024 Annual General Meeting

 

I chaired my third Annual General Meeting of the Company which was held on 16 May 2024 (‘the AGM’). On behalf of the Board, I would like to thank all those shareholders for their engagement, either in person or by way of proxy, and was pleased to note that all resolutions were formally passed by the requisite majority at the AGM.

 

Portfolio Information

 

Shareholders can keep up to date on the performance of the portfolio through the Company’s website at www.globalopportunitiestrust.com where you will find information on the Company, a monthly factsheet and research articles by our Executive Director, Dr Nairn. There is also an option to sign-up to receive the latest publications directly via email.

 

Outlook

 

In the short to medium term the outlook is dominated by geopolitical events. A large number of Western countries are facing elections. In the UK we have the prospect of reasonable stability with the election of a new Labour government which is emphasising fiscal responsibility and growth. The outlook is less stable when one considers the recent results of the French elections and the looming US Presidential election. The war in Ukraine grinds on with shocking loss of life and China has been making ominous noises about Taiwan for some time now. Equity markets have been remarkably resilient against this backdrop such that they are close to historically high valuations on a cyclically adjusted basis. This leaves us with a continued risk averse approach albeit with some opportunities beginning to appear, particularly further down the market capitalisation scale.

 

Keep in Touch

 

As always, the Board welcomes communication from shareholders and I can be contacted through the Company Secretary at cosec@junipartners.com.

 

Cahal Dowds

Chairman

3 September 2024

 

 

EXECUTIVE DIRECTOR’S REPORT

 

The first six months of 2024 broadly followed the pattern of 2023 albeit that equity returns were particularly skewed towards the artificial intelligence (‘AI’) theme and a small number of US technology stocks in particular. Whilst AI has been widely used since the 1980’s the ‘new’ AI relates to its ability to process the written word through ‘large language models’ (‘LLMs’). This element of AI is still in the early stages and whilst it will inevitably bring productivity improvements in a range of areas it is not the economic panacea that markets seem to believe. We remain in an environment with elevated valuations and meaningful government debt overhangs which have to constrain policy. This reality is dawning on electorates which are reacting to the realisation that incumbent governments cannot satisfy all the promises that have been made. This will lead to more political instability with France as an early example. Against this backdrop the UK stands out as an area of relative stability.

 

Whilst bond markets have corrected, equity market valuations remain at historically high levels which implies substantial risk, even if the economic and political background were more supportive. For this reason, the portfolio remains conservatively positioned. However, the composition is more nuanced since we still see opportunities, particularly outside of the mega-caps. In the first half we initiated positions in Qinetiq and Jet2 for example. Qinetiq has leadership positions in a number of defence related areas and Jet2, whilst affected by the economic cycle, combines a low valuation with a high-quality management team. This has been part of increasing exposure to the UK equities. The portfolio also reoriented part of the Japanese exposure from larger companies which had performed well into the AVI Japan Special Situations Fund to take advantage of the value in the over-capitalised Japanese small-cap companies.

 

We anticipate that the stark economic choices facing the major economies will prove increasingly difficult to ignore and will become ever more evident in company results/ forecasts. Combining this with an unfolding election season and the global geopolitical tensions suggests that the seemingly unshakeable optimism of equity markets will be severely tested.

 

The portfolio has been constructed to try and provide positive returns through the cycle including periods of asset market decline. For this reason, one of the characteristics has been a volatility level around one third that of equity markets. The target has been to identify attractive investments without taking on meaningful broad equity market risk. There will come a time when it is appropriate to take a more sanguine view of risk and we are prepared to do this when the potential returns justify.

 

Dr Sandy Nairn

Executive Director

3 September 2024

 

 

PORTFOLIO OF INVESTMENTS

as at 30 June 2024 (unaudited)

 


                                                          Valuation % of
Company             Sector                 Country
                                                          £’000     Net assets

Templeton European
Long-Short Equity   Financials             Luxembourg     16,113    14.9
SIF1

AVI Japan Special   Financials             Japan          8,097     7.5
Situations Fund

Volunteer Park      Financials             Luxembourg     7,842     7.3
Capital Fund SCSp2

TotalEnergies       Energy                 France         3,749     3.5

Unilever            Consumer Staples       United Kingdom 3,345     3.1

Samsung Electronics Information Technology South Korea    2,902     2.7

Qinetiq             Industrials            United Kingdom 2,658     2.5

ENI                 Energy                 Italy          2,606     2.4

Lloyds Banking      Financials             United Kingdom 2,360     2.2

Imperial Brands     Consumer Staples       United Kingdom 2,276     2.1

Jet2                Industrials            United Kingdom 2,204     2.0

Alibaba             Consumer Discretionary Hong Kong      2,186     2.0

Tesco               Consumer Staples       United Kingdom 2,163     2.0

Orange              Communication Services France         2,110     2.0

Dassault Aviation   Industrials            France         1,954     1.8

General Dynamics    Industrials            United States  1,952     1.8

Sanofi              Health Care            France         1,820     1.7

RTX                 Industrials            United States  1,804     1.7

Panasonic           Consumer Discretionary Japan          1,753     1.6

Verizon             Communication Services United States  1,512     1.4
Communications

Total investments                                         71,406    66.2

Cash and other net                                        36,490    33.8
current assets

Net assets                                                107,896   100.0



 

1 Luxembourg Specialised Investment Fund

2 Luxembourg Special Limited Partnership

 

 

DISTRIBUTION OF INVESTMENTS

as at 30 June 2024 (% net assets)

 


Sector Distribution                   Geographical Distribution

Sector                          %     Region / country                   %

Financials: Long-Short Fund     14.9  Europe ex UK                       11.4

Financials: Japan Fund          7.5   Europe: Long-Short Fund            14.9

Financials: Private Equity Fund 7.3   Total Europe                       26.3

Financials: Direct Equities     2.2   North America: Private Equity Fund 7.3

Total Financials                31.9  North America: Direct Equities     4.9

Industrials                     9.8   Total North America                12.2

Consumer Staples                7.2   United Kingdom                     13.9

Energy                          5.9   Japan                              9.1

Consumer Discretionary          3.6   Asia Pacific ex Japan              4.7

Communication Services          3.4   Cash and other net assets*         33.8

Information Technology          2.7

Health Care                     1.7

Cash and other net assets*      33.8



 

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 2024 is based on currencies held in the following regions/countries:

 

        US Dollar     24.8%

British Pound 6.4%

Swiss Franc   2.2%

Euro          0.3%

Japanese Yen  0.1%

              33.8%



 

 

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 on pages 3 to 5 of the Interim 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.

 

Principal 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 2023.

 

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 2023.

 

The emerging risks facing the Company have largely remained unchanged since those detailed in the Annual Report for the year ended 31 December 2023, namely those risks arising from heightened geopolitical tensions.

 

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 12 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

3 September 2024

 

 

 

INCOME STATEMENT

for the six months to 30 June 2024 (unaudited)

 


                                   Six months            Six months

                                   to 30 June 2024       to 30 June 2023

                                   Revenue Capital Total Revenue Capital Total

                                   £’000   £’000   £’000 £’000   £’000   £’000

Gains on investments at fair value –       2,288   2,288 –       564     564
through profit or loss

Unrealised foreign exchange losses –       (157)   (157) –       (2,278) (2,278)
on current assets

Realised foreign exchange losses   –       (342)   (342) –       (7)     (7)
on current assets

Income                             1,623   –       1,623 1,539   –       1,539

Management fee                     (20)    (48)    (68)  (25)    (58)    (83)

Other expenses                     (299)   –       (299) (348)   –       (348)

Net return before finance costs    1,304   1,741   3,045 1,166   (1,779) (613)
and taxation

Finance costs

Interest payable and related       (9)     –       (9)   (8)     –       (8)
charges

Net return before taxation         1,295   1,741   3,036 1,158   (1,779) (621)

Taxation – overseas withholding    (90)    –       (90)  (182)   –       (182)
tax

Net return after taxation          1,205   1,741   2,946 976     (1,779) (803)

Return per share                   4.1p    6.0p    10.1p 3.3p    (6.1)p  (2.8)p



 

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 2024 (unaudited)

 


                                                 30 June     31 December

                                                 2024        2023

                                                 (unaudited) (audited)

                                                 £’000       £’000

Fixed asset investments

Investments at fair value through profit or loss 71,406      64,083

Current assets

Debtors                                          587         374

Cash at bank and short-term deposits             36,030       42,105

                                                 36,617      42,479

Current liabilities

Creditors                                        (127)        (151)

                                                  (127)      (151)

Net current assets                               36,490       42,328

Net assets                                       107,896     106,411

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                                  92,022      90,281

Revenue reserve                                   3,858       4,114

Total shareholders’ funds                        107,896     106,411

Net asset value per share                        369.2       364.1



 

 

STATEMENT OF CHANGES IN EQUITY

for the six months to 30 June 2024 (unaudited)

 


                                    Capital
                    Share   Share              Special Capital Revenue
Six months to                       redemption                         Total
                    capital premium            reserve reserve reserve
30 June 2024                        reserve                            £’000
                    £’000   £’000              £’000   £’000   £’000
                                    £’000

At 31 December 2023 645     1,597   14         9,760   90,281  4,114   106,411

Net return after
                    –       –       –          –       1,741   1,205   2,946
taxation

Dividends paid      –       –       –          –       –       (1,461) (1,461)

At 30 June 2024     645     1,597   14         9,760   92,022  3,858   107,896



 

 


                                    Capital
                    Share   Share              Special Capital Revenue
Six months to                       redemption                         Total
                    capital premium            reserve reserve reserve
30 June 2023                        reserve                            £’000
                    £’000   £’000              £’000   £’000   £’000
                                    £’000

At 31 December 2022 645     1,597   14         9,760   90,098  4,030   106,144

Net return after
                    –       –       –          –       (1,779) 976     (803)
taxation

Dividends paid      –       –       –          –       –       (1,461) (1,461)

At 30 June 2023     645     1,597   14         9,760   88,319  3,545   103,880



 

 

STATEMENT OF CASH FLOW

For the six months to 30 June 2024 (unaudited)

 


                                                     Six months to Six months to

                                                     30 June 2024  30 June 2023

                                                     £’000         £’000

Cash flows from operating activities

Net return on ordinary activities before taxation    3,036         (621)

Adjustments for:

Gains on investments                                 (2,288)       (564)

Interest payable                                     9             8

Purchases of investments*                            (15,132)      (52)

Sales of investments*                                10,077        4,383

Dividend income                                      (921)         (1,105)

Other income                                         (702)         (434)

Dividend income received                             877           1,064

Other income received                                610           456

Increase in receivables                              (39)          (2)

Decrease in payables                                 (24)          (76)

Overseas withholding tax deducted                    (108)         (185)

                                                     (7,641)       3,493

Net cash flows from operating activities             (4,605)       2,872

Cash flows from financing activities

Equity dividends paid from revenue                   (1,461)       (1,461)

Interest paid                                        (9)           (9)

Net cash flows from financing activities             (1,470)       (1,470)

Net (decrease)/increase in cash and cash equivalents (6,075)       1,402

Cash and cash equivalents at the start of the period 42,105        36,629

Cash and cash equivalents at the end of the period   36,030        38,031



 

* Receipts from the sale of, and payments to acquire, investment securities have been classified as components of cash flows from operating activities because they form part of the Company’s dealing operations.

 

NOTES TO THE FINANCIAL STATEMENTS

for the six months to 30 June 2024

 

  1. 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 2024 in accordance with FRS 104: “Interim Financial Reporting”.

 

The accounting policies are set out in the Company’s Annual Report and Financial Statements for the year ended 31 December 2023 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 is unlikely to 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 2024 and for the six months to 30 June 2023 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 2023; 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 2023 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.

 

  1. Income


                         Six months to Six months to

                         30 June 2024  30 June 2023

                         £’000         £’000

Revenue

Income from investments

UK dividend income       278           257

Overseas dividend income 643           848

                         921           1,105

Total income comprises

Dividend income          921           1,105

Rebate income            38            30

Bank interest             664           404

                         1,623         1,539



 

  1. Dividends

 


                                                    Six months to Six months to

                                                    30 June 202430 June 2023

                                                    £’000         £’000

2023 final dividend of 5.0p per ordinary share paid 1,461         –
in May 2024

2022 final dividend of 5.0p per ordinary share paid –             1,461
in May 2023

                                                    1,461         1,461



 

  1. Return per share


                              Six months   Six months to
                              to
                                           30 June 2023
                              30 June 2024

                              Net    Per   Net     Per

                              return share return  share

                              £’000  pence £’000   pence

Revenue return after taxation 1,205  4.1   976     3.3

Capital return after taxation 1,741  6.0   (1,779) (6.1)

Total return                  2,946  10.1  (803)   (2.8)



 

The returns per share for the six months to 30 June 2024 are based on 29,222,180 shares (six months to 30 June 2023: 29,222,180 shares), being the weighted average number of shares, excluding shares held in treasury, in circulation during the period.

 

  1. Investments


                                     Six months to Year to

                                     30 June 2024  31 December 2023

                                     £’000         £’000

Opening book cost                    54,044        60,663

Changes in fair value of investments 10,039        8,620

Opening fair value                   64,083        69,283

Movements in the period:

Purchases at cost                    15,132        949

Sales – proceeds                     (10,097)      (8,420)

Sales – realised gains on sales      280           852

Changes in fair value of investments 2,008         1,419

Closing fair value                   71,406        64,083

Closing book cost                    59,359        54,044

Changes in fair value of investments 12,047        10,039

Closing fair value                   71,406        64,083



 

The fair value hierarchy for investments held at fair value at the period end is as follows:

        30 June 2024
        31 December 2023

        £’000        £’000

Level 1 47,451       41,135

Level 2 16,113       14,699

Level 3 7,842        8,249

        71,406       64,083



  1. Cash at bank and short-term deposits

 


                 30 June 31 December

                 2024    2023

                 £’000   £’000

US dollar        26,702  25,904

Sterling         6,805   5,011

Swiss franc      2,302   2,441

Euro             123     125

Japanese yen     88      8,613

South Korean won 10      11

                 36,030  42,105



 

During the period, the Company opened a new US dollar notice account with The Royal Bank of Scotland International Limited. As at 30 June 2024 £10,500,000 was placed on deposit (31 December 2023: £nil).

 

The Company also opened two new US dollar liquidity funds with Goldman Sachs and JPMorgan respectively. As at 30 June 2024 £7,685,000 was placed in each fund, totalling £15,370,000 (31 December 2023: £nil).

 

  1. Net asset value per share and share capital

 

The NAV is based on net assets at 30 June 2024 of £107,896,000 (31 December 2023: £106,411,000) and on 29,222,180 shares (31 December 2023: 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 2024, no shares were repurchased or issued from Treasury by the Company.

 

As at 30 June 2024 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.

 

  1. Related party transactions

 

Dr Sandy Nairn is the Executive Director of the Company and is a substantial shareholder.

 

The Company has invested in Volunteer Park Capital Fund SCSp (“VPC”). The Alternative Investment Fund Manager of VPC is Goodhart Partners LLP (“Goodhart”). Goodhart Partners S.a.r.l. is the general partner to VPC and is 100% owned by Goodhart. Goodhart was also appointed to provide investment sub-advisory services to the Company with effect from 31 May 2023.

 

Dr Nairn is the sole controller of a company which holds a significant shareholding (30.61%) in Goodhart and will be a beneficiary of the management fees and carried interest payable to Goodhart related companies. Given Dr Nairn’s interests in Goodhart, it was agreed with him, in March 2023, that his salary would be reduced (such reduction equalling the entire salary, if necessary) by his share (through his minority interest in Goodhart) of amounts credited in the same period in respect of (i) any carried interest on co-investments made by the Company alongside Goodhart and (ii) any partnership profit allocations attributable to Goodhart’s net profits on fees earned from the Company (including the Company’s existing investment in VPC and any carried interest attributable to VPC earned by Goodhart or any Goodhart-sponsored vehicle).

 

  1. Post balance sheet events

 

There were no events subsequent to the half-year end and up to 3 September 2024, the date of this report.

 

  1. 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

 

3 September 2024

 

[END]