TIDMHOT
RNS Number : 4833I
Henderson Opportunities Trust PLC
19 June 2017
Legal Entity Indentifier (LEI): 2138005D884NPGHFQS77
HERSON OPPORTUNITIES TRUST PLC
Financial Report for the Half Year ended 30 April 2017
FINANCIAL HIGHLIGHTS (Unaudited) (Unaudited) (Audited)
30 April 30 April 31 October
2017 2016 2016
------------------------------------ ------------ ------------ -------------------------
Net Asset Value per ordinary share 1,131.9p 974.8p 997.2p
Ordinary share price 962.5p 830.0p 823.0p
Discount 15.0% 14.9% 17.5%
Total return per ordinary share 148.2p (24.7p) 3.2p
Revenue return per ordinary share
- basic and diluted 10.1p 10.3p 20.5p
Dividends per ordinary share 6.0p 5.5p 19.0p
Net Gearing(1) 15.9% 18.1% 14.0%
(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
(including dividends reinvested and excluding transaction costs)
------------------------------------------------------------------------------
6 Months 1 Year 3 Years 5 Years
% % % %
Net asset value per ordinary
share (1) 14.9 18.2 26.8 114.8
Benchmark Index(2) 7.1 20.1 21.8 58.6
Share Price (3) 18.6 18.4 11.9 142. 8
Sector Average NAV(4) 13.6 18.4 26.8 86. 8
Sources: Morningstar for the AIC, Datastream
1. Net Asset Value (NAV) per ordinary share total return 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 Peter Jones
Fund Manager Chairman
Janus Henderson Investors Henderson Opportunities Trust
Telephone: 020 7818 4370 plc
Telephone: 020 7818 4082
INTERIM MANAGEMENT REPORT
CHAIRMAN'S STATEMENT
Performance
In the six months to 30 April 2017, the Company's net asset
value ('NAV') increased by 14.9% on a total return basis, compared
to an increase of 7.1% in our benchmark, the FTSE All-Share Index.
The outperformance resulted from a recovery in smaller company
share prices after a period of relative weakness last year. At the
half year the Company's share price stood at a 15% discount to NAV,
reflecting a modest improvement on the position at the start of the
financial year.
Gearing
During the period, gearing averaged 16.0%, which has been
significantly beneficial to performance in a period of robust
market growth. At the half year gearing stood at 15.9%. The Board's
current policy is to allow the Fund Managers to gear up to 25% of
net assets at the time of drawdown, although a more cautious
approach is preferred during periods of market uncertainty or
volatility. Our current borrowing facility allows for up to
GBP20million of debt, and we do not anticipate any requirement to
adjust this in the near term.
Share Capital
As at 30 April 2017 there were 8,000,858 shares in issue, there
having been no change in share capital in the period under review.
Notwithstanding the discount to NAV we have not engaged in any
share buy-backs as we believe this would reduce demand over the
longer term.
Dividend
An interim dividend of 6.0 pence per ordinary share (2016: 5.5
pence) has been declared payable on 22 September 2017 to
shareholders on the register of the Company on 18 August 2017.
Investment Manager
The Board have noted the merger of Henderson Group plc with
Janus Capital Group Inc effective on 30 May 2017. This will not
lead to any change of personnel responsible for the day to day
management of your Company.
Outlook
The outcome of the General Election on 8th June was not the one
expected when the campaign began but, from a portfolio perspective,
it should not necessarily be seen negatively. The prospects for a
'soft Brexit' have almost certainly improved and if, as seems
likely, there is now an imperative to retain an open border in
Ireland, this could arguably require that the UK remains part of
the single market. Although inevitable political uncertainty will
discourage some investment, the obverse may well be increased
public spending and continuing sterling weakness, both of which
might be viewed positively by many UK businesses.
Ultimately our portfolio's performance will of course reflect
the companies we pick and the excellent products and services they
deliver. Regardless of any near term political uncertainty we will
therefore continue to concentrate on holding companies that clearly
evidence these attributes.
Peter Jones
Chairman
19 June 2017
FUND MANAGERS' REPORT
Investment Background
Following hot on the heels of the UK's Brexit vote another
unexpected voter response was the election of Donald Trump as the
new US President. Global markets took political surprises in their
stride with investors focusing on the positive business and
economic factors. In the period under review, the UK economy has
continued to perform well in general, although a squeeze is
apparent for UK consumers as inflation from last year's sterling
devaluation feeds through into higher prices at the tills. The US
has been helped by moves to normalise monetary policy. In Europe
the economy is growing on a broad front finally emerging from the
impact of the global financial crisis, whereas Chinese growth
threatens to stall somewhat.
Fund Performance
The Company has had a good six months with the NAV total return,
i.e. including income, of 14.9% against a benchmark FTSE All-Share
Index which rose by 7.1%. The share price rose by 18.6% adjusting
for income. Post the US election, markets have been in an ebullient
mood with most major indices making strong advances. This backdrop,
together with very low market volatility, has favoured a return to
more targeted small and medium size company investing where
underlying growth prospects are typically better than the global
mature giants which investors had retreated to post the Brexit
vote.
Portfolio Activity
In the half year under review we have been active in buying or
selling in 40 companies (44 last year) of which 4 were complete
exits (13) while we started 10 new positions (8) bringing our total
number of holdings of value to 93.
Portfolio Attribution Analysis
Top Five
Blue Prism, robotic software automation, has been a stunning
success since IPO in March 2016 at 78p. Repeated upgrades to
revenue and new business forecasts have been catalysts. Keywords
Studios, an IPO from July 2013, had an awkward birth as a public
company. Involved in language, art and testing services to the
global video games industry good organic growth supplemented by
acquisitions in a fragmented industry has produced a stream of
profit upgrades. One of the smaller stocks is Serica Energy, North
Sea oil and gas production, where production and cash flow have
exceeded expectations from the 2014 acquisition of BP's interest in
the Erskine field. Conviviality Retail is a drinks wholesaler and
convenience retailer, which has been transformed from IPO in 2013
by the acquisition of Matthew Clark and Bibendum, driving material
synergies and growth. XP Power, electrical power supplies, has seen
all end markets improve and profits exceed forecasts.
Bottom Five
4D Pharma, the live bio therapeutics company, was our largest
holding but has fallen sharply recently. News flow from the company
has been as expected and the best we can say is that the bio tech
space is subject to large sentiment swings. The holding has added
considerable value since acquisition. The total investment in the
company has been GBP1.4m and sales made have come to GBP2.2m. The
holding at the period end was worth GBP2.6m. Atlantis, the tidal
power generation play, has successfully brought on stream its first
project in Scotland, however, the Government has moved the
goalposts for renewable energy support which will result in lower
returns on future projects. The company is exploring alternative
projects and locations including overseas. NAHL, a marketing and
legal services business, has re-aligned its business model to the
changing landscape of small claims and personal injury. We are
confident that waiting for this to play out will be well rewarded.
Imagination Technologies, fell sharply as its largest customer,
Apple, determined not to use their IP in future versions of the
iPhone. Until the future direction becomes clearer we will retain
our position. Lastly, IG, a global leader in online trading
including CFDs, was hit last year with the rest of the industry
when European and UK Regulators decided to consult on ways in which
certain aspects of the market operated. IG as the market leader is
fully engaged in this process. We await the outcome.
Outlook
There are over 1,000 stocks quoted in the UK on the main market
or on AIM that we could invest in. Amongst these stocks there are
many companies that in time will be substantially bigger businesses
than they are today. We try and blend companies that have different
operational drivers into a mix that will give good growth at a
reduced level of volatility. It is by paying attention to what
companies say and do that allows us to build a diverse list of
excellent stocks that can grow strongly over time. We will retain a
mix of large, medium and small companies. We will keep holding a
relatively long list of stocks which dilutes the impact of those
stocks which encounter difficulties. It is some of these stocks
though that will produce the most substantial returns over
time.
James Henderson and Colin Hughes
Fund Managers
19 June 2017
Principal Risks and Uncertainties
The principal risks and uncertainties associated with the
Company's business can be divided into various areas:
-- Investment activity and strategy;
-- Financial instruments and the management of risk;
-- Operational;
-- Accounting, legal and regulatory;
-- Liquidity;
-- Net gearing; and
-- Failure of the Manager.
Detailed information on these risks is given in the Strategic
Report and in the Notes to the Financial Statements in the
Company's latest Annual Report for the year to 31 October 2016.
In the view of the Board these principal risks and uncertainties
are as applicable to the remaining six months of the financial year
as they were to the six months under review.
Directors' Responsibility Statement
(Disclosure GUIDANCE and Transparency Rule (DTR) 4.2.10R)
The Directors confirm that, to the best of their knowledge:
-- the condensed set of financial statements has been prepared
in accordance with "FRS 104 Interim Financial Reporting";
-- the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and the principal risks and
uncertainties for the remaining six months of the year); and
-- the interim management report and financial statements
include a fair review of the information required by DTR 4.2.8R
(disclosure of related party transactions and changes therein).
For and on behalf of the Board
Peter Jones
Chairman
19 June 2017
INVESTMENT PORTFOLIO at 30 April 2017
Company Valuation Portfolio Company Valuation Portfolio
GBP'000 % GBP'000 %
------------------------- ---------- --------------------- ------------------------ ---------- ----------------
RWS(1) 3,352 3.2 GKN 897 0.9
Blue Prism(1) 2,708 2.6 NAHL(1) 888 0.8
Micro Focus 2,662 2.5 Eurocell 873 0.8
Keywords Studios(1) 2,642 2.5 Accrol(1) 872 0.8
4D Pharma(1) 2,638 2.5 Ubisense(1) 871 0.8
HSBC 2,582 2.5 Prudential 858 0.8
Conviviality Retail(1) 2,472 2.4 Joules(1) 831 0.8
Ricardo 2,457 2.3 SDX Energy(1) 806 0.8
XP Power 1,982 1.9 Luceco 804 0.8
Clinigen(1) 1,837 1.7 Dairy Crest 718 0.7
Ten Largest 25,332 24.1 Sixty Largest 87,223 83.1
Vertu Motors(1) 1,821 1.7 Hollywood Bowl 710 0.7
Redde(1) 1,780 1.7 On The Beach 692 0.7
Tracsis(1) 1,722 1.7 Ted Baker 691 0.7
SDL 1,702 1.6 Sportech 687 0.7
Assura 1,684 1.6 Servelec 677 0.7
Faroe Petroleum(1) 1,671 1.6 Quantum Pharma(1) 672 0.6
Johnson Matthey 1,639 1.6 Redcentric(1) 671 0.6
Tarsus 1,612 1.6 Miton(1) 647 0.6
Senior 1,608 1.5 Ilika(1) 645 0.6
ITV 1,575 1.5 CML Microsystems 645 0.6
Twenty Largest 42,146 40.2 Seventy Largest 93,960 89.6
Tribal(1) 1,564 1.5 Countryside Properties 641 0.6
Rio Tinto 1,531 1.5 Freeagent(1) 570 0.6
Cohort(1) 1,522 1.4 Oxford Biodynamics(1) 566 0.5
Safestyle(1) 1,496 1.4 Xaar 563 0.5
Standard Chartered 1,442 1.4 Electric Word(1) 557 0.5
Royal Dutch Shell
'B' shares 1,437 1.4 IG 543 0.5
International
Consolidated
Airlines 1,400 1.3 Velocys(1) 538 0.5
Serica Energy(1) 1,387 1.3 Medica 515 0.5
Ebiquity(1) 1,328 1.3 Vodafone 498 0.5
Workspace 1,297 1.2 Berkeley Energia(1) 494 0.5
Thirty Largest 56,550 53.9 Eighty Largest 99,445 94.8
Oxford Instruments 1,293 1.2 Oxford Pharmascience(1) 481 0.5
Revolution Bars 1,226 1.2 Pearson 479 0.5
Gateley(1) 1,222 1.2 Lakehouse 478 0.5
Rolls Royce 1,218 1.2 Fidessa 473 0.4
Burberry 1,210 1.1 WYG(1) 465 0.4
Atlantis(1) 1,185 1.1 Xafinity 456 0.4
BHP Billiton 1,175 1.1 Plexus(1) 444 0.4
IP 1,161 1.1 Alpha FX(1) 431 0.4
Flowtech(1) 1,146 1.1 Premier Oil 413 0.4
Horizon Discovery(1) 1,142 1.1 Digital Barrier(1) 378 0.4
Forty Largest 68,528 65.3 Ninety Largest 103,943 99.1
Loopup(1) 1,140 1.1 SCS 377 0.4
Oxford Sciences
Up Global Sourcing 1,115 1.1 Innovation(2) 333 0.3
Imagination
The Gym Group 1,081 1.0 Technologies 252 0.2
hVIVO(1) 1,081 1.0
Character(1) 1,080 1.0
Learning Technologies(1) 1,036 1.0
Be Heard(1) 979 0.9
Aveva 955 0.9
Benchmark(1) 910 0.9
Van Elle(1) 900 0.9
Fifty Largest 78,805 75.1 Total 104,905 100.0
(1) Quoted on the Alternative Investment
Market ('AIM') (2) Unlisted
Attribution Analysis
The table below sets out the top and bottom five contributors to
NAV.
Top Five Contributors Share Price Contribution
Return % to NAV %
Blue Prism 122.3 +1.8
Keywords Studios 86.0 +1.4
Serica Energy 129.0 +0.9
Conviviality Retail 50.6 +0.9
XP Power 58.8 +0.8
Bottom Five Contributors Share Price Contribution
Return % to NAV %
4D Pharma -57.0 -3.6
Atlantis -29.1 -0.6
NAHL -34.1 -0.5
Imagination Technologies -63.4 -0.4
IG -33.0 -0.4
Analysis by Index
Index FTSE All-Share Portfolio
Index % %
---------------- --------------- ----------
FTSE 100 79.5 19.5
FTSE 250 16.9 9.3
FTSE SMALLCAP 3.6 13.5
FTSE FLEDGLING - 2.0
FTSE AIM - 49.2
OTHER - 6.5
Total 100.0 100.0
Analysis by Market Capitalisation
Index FTSE All-Share Portfolio
Index % %
--------------------- --------------- ----------
Greater than GBP2bn 89.1 19.6
GBP1bn - GBP2bn 5.3 7.3
GBP500m - GBP1bn 3.3 14.1
GBP200m - GBP500m 1.9 24.9
GBP100m - GBP200m 0.4 17.9
GBP50m - GBP100m - 11.8
Less than GBP50m - 4.4
Total 100.0 100.0
Source: Factset
CONDENSED INCOME STATEMENT
(Unaudited) (Unaudited) (Audited)
Half Year ended Half Year ended Year ended
30 April 2017 30 April 2016 31 October 2016
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 - 11,283 11,283 - (2,562) (2,562) - (941) (941)
Income from
investments
held at fair
value through
profit or loss 1,053 - 1,053 1,058 - 1,058 2,099 - 2,099
Interest
receivable
and other income 12 - 12 5 - 5 25 - 25
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Gross revenue
and
capital
gains/(losses) 1,065 11,283 12,348 1,063 (2,562) (1,499) 2,124 (941) 1,183
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Management fee
(note 2) (71) (166) (237) (62) (146) (208) (124) (291) (415)
Performance fee
(note 2) - - - - - - - - -
Administrative
expenses (153) - (153) (144) - (144) (300) - (300)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Net return/(loss)
on ordinary
activities
before finance
costs and
taxation 841 11,117 11,958 857 (2,708) (1,851) 1,700 (1,232) 468
Finance costs (29) (67) (96) (36) (85) (121) (64) (149) (213)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Net return/(loss)
on ordinary
activities
before taxation 812 11,050 11,862 821 (2,793) (1,972) 1,636 (1,381) 255
Taxation on net
return on
ordinary
activities (2) - (2) - - - - - -
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Net return/(loss)
on ordinary
activities
after taxation 810 11,050 11,860 821 (2,793) (1,972) 1,636 (1,381) 255
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Return/(loss)
per ordinary
share - basic
and diluted (note
4) 10.12p 138.11p 148.23p 10.26p (34.91p) (24.65p) 20.45p (17.26p) 3.19p
--------- --------- --------- --------- --------- --------- --------- --------- ---------
The total columns of this statement represent the Income
Statement of the Company, prepared in accordance with FRS 104. The
revenue and capital columns are supplementary to this and are
published under guidance from the Association of Investment
Companies.
The Company has no recognised gains or losses other than those
disclosed in the Income Statement and Statement of Changes in
Equity.
All items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the
period.
The accompanying notes are an integral part of the condensed
financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
Half Year ended 30 April 2017
Called Share Capital Other
up share premium redemption capital Revenue
capital account reserve reservesGBP'000 reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ---------- --------- ------------ ----------------- ---------- ----------
At 1 November 2016 2,000 14,838 2,431 57,917 2,596 79,782
Dividends paid on
the ordinary shares - - - - (1,080) (1,080)
Net return on ordinary
activities after
taxation - - - 11,050 810 11,860
---------- --------- ------------ ----------------- ---------- ----------
At 30 April 2017 2,000 14,838 2,431 68,967 2,326 90,562
---------- --------- ------------ ----------------- ---------- ----------
(Unaudited)
Half Year ended 30 April 2016
Called Share Capital Other capital
up share premium redemption reserves Revenue
capital account reserve GBP'000 reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ---------- --------- ------------ -------------- ---------- ----------
At 1 November 2015 2,000 14,838 2,431 59,298 2,440 81,007
Dividends paid on
the ordinary shares - - - - (1,040) (1,040)
Net return on ordinary
activities after
taxation - - - (2,793) 821 (1,972)
---------- --------- ------------ -------------- ---------- ----------
At 30 April 2016 2,000 14,838 2,431 56,505 2,221 77,995
---------- --------- ------------ -------------- ---------- ----------
(Audited)
Year ended 31 October 2016
Called Share Capital Other
up share premium redemption capital Revenue
capital account reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ---------- --------- ------------ ---------- ---------- ----------
At 1 November 2015 2,000 14,838 2,431 59,298 2,440 81,007
Dividends paid on
the ordinary shares - - - - 1,480 1,480
Net return on ordinary
activities after
taxation - - - (1,381) 1,636 255
---------- --------- ------------ ---------- ---------- ----------
At 31 October 2016 2,000 14,838 2,431 57,917 2,596 79,782
---------- --------- ------------ ---------- ---------- ----------
The accompanying notes are an integral part of these condensed
financial statements.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited) (Unaudited) (Audited)
30 April 2017 30 April 2016 31 October
2016 GBP'000
GBP'000 GBP'000
---------------------------------- --------------- --------------- ---------------
Investments held at fair value
through profit or loss
Listed at market value 50,984 46,650 45,570
Quoted on AIM at market value 53,588 46,031 45,174
Unlisted at market value 333 333 333
--------------- --------------- ---------------
104,905 93,014 91,077
--------------- --------------- ---------------
Current assets
Investments held at fair value
through profit or loss (note
5) 2 2 2
Debtors 311 276 201
Cash at bank and in hand 482 948 605
--------------- --------------- ---------------
795 1,226 808
Creditors: amounts falling due
within one year
Bank loans (14,873) (15,048) (11,811)
Other creditors (265) (1,197) (292)
Net current liabilities (14,343) (15,019) (11,295)
--------------- --------------- ---------------
Net assets 90,562 77,995 79,782
--------------- --------------- ---------------
Capital and reserves
Called up share capital (note
7) 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 68,967 56,505 57,917
Revenue reserves 2,326 2,221 2,596
Total shareholders' funds 90,562 77,995 79,782
--------------- --------------- ---------------
Net asset value per ordinary
share - basic and diluted (note
8) 1,131.9p 974.8p 997.2p
--------------- --------------- ---------------
The accompanying notes are an integral part of these condensed
financial statements.
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited) (Unaudited) (Audited)
Half Year Half Year
ended ended Year ended
30 April 30 April 31 October 2016
2017 2016 GBP'000
GBP'000 GBP'000
------------------------------------------- ------------ ------------ -----------------
Cash flows from operating activities
Net return on ordinary activities
before taxation 11,862 (1,972) 255
Add back: finance costs 96 121 213
(Less)/add (gains)/losses on investments
held at fair value through profit
or loss (11,283) 2,562 941
(Increase)/decrease in debtors (120) (9) 76
Decrease in creditors (36) (783) (748)
------------ ------------ -----------------
Net cash inflow/(outflow) from operating
activities 519 (81) 737
Cash flows from investing activities
Purchase of investments (9,533) (7,361) (18,772)
Sale of investments 6,994 9,358 23,386
------------ ------------ -----------------
Net cash (outflow)/inflow from investing
activities (2,539) 1,997 4,614
Cash flows from financing activities
Equity dividends paid (net of refund
of unclaimed distributions and reclaimed
distributions) (1,080) (1,040) (1,480)
Net loans drawn down/(repaid) 3,062 (314) (3,551)
Interest paid (85) (122) (223)
Net cash inflow/(outflow) from financing
activities 1,897 (1,476) (5,254)
Net (decrease)/increase in cash
and cash equivalents (123) 440 97
Cash and cash equivalents at start
of year 605 508 508
Cash and cash equivalents at end
of year 482 948 605
------------ ------------ -----------------
Comprising:
Cash at Bank 482 948 605
------------ ------------ -----------------
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, issued in
March 2015, the revised reporting standard for half-year reporting
that was issued following the introduction of FRS 102, the Financial
Reporting Standard applicable in the UK and Republic of Ireland,
which is effective for periods commencing on or after 1 January
2015. The Statement of Recommended Practice for "Financial Statements
of Investment Trust Companies and Venture Capital Trusts", in
accordance with which the Company's financial statements are also
prepared, was reissued by the Association of Investment Companies
in November 2014 and updated in January 2017 with consequential
amendments.
The condensed set of financial statements has 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 2016: GBPnil; 31
October 2016: 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 6.0p per ordinary
share (2016: 5.5p), to be paid on 22 September 2017 to shareholders
on the Register at the close of business on 18 August 2017. The
ex-dividend date will be 17 August 2017. Based on the number of
ordinary shares in issue on 19 June 2017 of 8,000,858, the cost
of this dividend will be GBP480,000.
No provision has been made for the interim dividend in these condensed
financial statements. The final dividend of 13.5p per ordinary
share, paid on 24 March 2017 in respect of the year ended 31 October
2016, 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 2017 ended 31 October
GBP'000 30 April 2016 2016
GBP'000 GBP'000
---------------------------------------- ---------------------------------------- ------------------------------------------
The return
per
ordinary
share
is based on
the
following
figures:
Revenue
return 810 821 1,636
Capital
return 11,050 (2,793) (1,381)
---------------------------------------- ---------------------------------------- ------------------------------------------
Total
return 11,860 (1,972) 255
---------------------------------------- ---------------------------------------- ------------------------------------------
Weighted
average
number of
ordinary
shares in
issue
for the
period 8,000,858 8,000,858 8,000,858
Revenue
return per
ordinary
share 10.12p 10.26p 20.45p
Capital
return per
ordinary
share 138.11p (34.91p) (17.26p)
---------------------------------------- ---------------------------------------- ------------------------------------------
Total
return per
ordinary
share 148.23p (24.65p) 3.19p
---------------------------------------- ---------------------------------------- ------------------------------------------
5 Investments held at fair value through profit of 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 2017 (unaudited) GBP'000 GBP'000 GBP'000
-------------------------------- --------- --------- --------- ---------
Investments 104,572 - 333 104,905
Current asset investments 2 - - 2
Total 104,574 - 333 104,907
Investments held at fair value Level Level Level Total
through profit or loss at 30 1 2 3 GBP'000
April 2016 (unaudited) GBP'000 GBP'000 GBP'000
-------------------------------- --------- --------- --------- ---------
Investments 92,681 - 333 93,014
Current asset investments 2 - - 2
Total 92,683 - 333 93,016
Investments held at fair value Level Level Level Total
through profit or loss at 31 1 2 3 GBP'000
October 2016 (audited) GBP'000 GBP'000 GBP'000
-------------------------------- --------- --------- --------- ---------
Investments 90,744 - 333 91,077
Current asset investments 2 - - 2
-------------------------------- --------- --------- --------- ---------
Total 90,746 - 333 91,079
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 2016.
6 Current asset investment
The Company has a holding in Deutsche Global Managed Platinum
Income Fund, a money market fund which is used to invest cash
balances that would otherwise be placed on short term deposit.
At 30 April 2017 this holding had a value of GBP2,000 (30 April
2016: GBP2,000; 31 October 2016: GBP2,000).
7 Called up share capital
There were 8,000,858 ordinary shares of 25p each in issue at 30
April 2017 (30 April 2016 and 31 October 2016: 8,000,858). No
shares were bought back or issued during the period.
8 Net asset value per ordinary share - basic and diluted
The net asset value per ordinary share is based on the net assets
attributable to the ordinary shares of GBP90,562,000 (30 April
2016: GBP77,995,000; 31 October 2016: GBP79,782,000) and on the
8,000,858 ordinary shares of 25p each in issue at 30 April 2017
(30 April 2016: 8,000,858 and 31 October 2016: 8,000,858).
9 Transaction costs
Purchase transaction costs for the half-year ended 30 April 2017
were GBP16,000 (30 April 2016: GBP9,000; 31 October 2016: GBP35,000);
these comprise mainly stamp duty and commissions. Sale transaction
costs for the half-year ended 30 April 2017 were GBP4,000 (30
April 2016: GBP9,000; 31 October 2016: GBP20,000); these comprise
mainly commissions.
10 Related party transactions
The Company's transactions with related parties for 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 other than the amounts paid to them which were in respect
of expenses and remuneration. 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 provision of sales
and marketing services there have been no material transactions
with the Manager affecting the financial position of the Company
during the half year period.
11 Going concern
The assets of the Company consist of securities that are readily
realisable and, 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 Board has determined that it is appropriate for the financial
statements to be prepared on a going concern basis.
12 General information
a) Investment Objective:
The Company's objective is to achieve above average capital growth
from investment in a portfolio of predominately UK listed companies.
Investment Portfolio - Asset Allocation: The strategy is to invest
in a concentrated portfolio of shares on an unconstrained basis
across the whole range of market capitalisations. The investment
portfolio is characterised by focus on growth, recovery and 'special
opportunities' company shares which the Fund Managers believe
should achieve the investment objective.
Benchmark: The benchmark is the FTSE All-Share Index.
b) Company Status:
Henderson Opportunities Trust plc is registered in England and
Wales No. 1940906, has its registered office at 201 Bishopsgate,
London EC2M 3AE and is listed on the London Stock Exchange. The
SEDOL number is 0853657. The London Stock Exchange (EPIC) Code
is HOT. The Company's Global Intermediary Identification Number
(GIIN) is LVAHJH.99999.SL.826 and its Legal Entity Identifier
(LEI) is 2138005D884NPGHFQS77.
c) Directors and Secretary:
The Directors of the Company are Peter Jones (Chairman of the
Board), Peter May (Chairman of the Audit Committee), Frances Daley,
Chris Hills and Malcolm King. The Company Secretary is Henderson
Secretarial Services Limited, represented by Melanie Stoner, FCIS.
d) 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.
13 Comparative information
The financial information contained in the half-year financial
report does not constitute statutory accounts as defined in section
434 of the Companies Act 2006. The figures and financial information
for the year ended 31 October 2016 are extracted from the latest
published accounts and do not constitute the statutory accounts
for that year. Those accounts have been delivered to the Registrar
of Companies and included in the report of the independent auditors,
which was unqualified and did not include a statement under either
section 498(2) or 498(3) of the Companies Act 2006.
14 Financial report for the half year ended 30 April 2017
The Half Year Report will be available on the Company's website
or in hard copy from the Company's registered office, 201 Bishopsgate,
London, EC2M 3AE. An abbreviated version of this Report, the 'Update',
will be posted to shareholders in early July 2017.
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 company news service from the London Stock Exchange
END
IR BBGDLBDBBGRC
(END) Dow Jones Newswires
June 19, 2017 07:25 ET (11:25 GMT)
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