Unaudited interim results for the 6 months ended 30 June 2023 

RiverFort Global Opportunities plc is pleased to announce its unaudited interim results for the six months to 30 June 2023.


·      Total NAV of £10.2 million as at 30 June 2023

·      NAV per share of 1.30 pence compared to the current share price of 0.59 pence

·      Smarttech247 is progressing well as a listed company

·      Around £2.4 million of net cash available for further investment


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

"Given the difficult market conditions of 2022 continuing into 2023, RGO has continued to accumulate and preserve cash during the period such that at the period end the Company had a cash balance of £2.4 million. This strategy has, however, resulted in a reduction in investment income, although at the same time, the Company has broadly maintained its NAV against this background of difficult markets. In particular, Smarttech247 is progressing well as a listed company which has been reflected in an increase in its share price during the period. However, notwithstanding this and the maintenance of its NAV, disappointingly, the Company's current shares are trading at a 55% discount to its underlying NAV.

Post period end both in response to attractive investment opportunities and significant demand for the Company's capital, a number of new investments have been made which, going forward, we believe will generate attractive returns whilst offering downside protection.  We believe that this combination continues to be an attractive investment strategy in current markets."

Chairman's statement


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



Half year to 30 June 2023

Year to 31 December 2022



Investment income



Net income from financial instruments at FVTPL



Net foreign exchange gains/(losses) on financial instruments



Total investment income




During the period, the Company generated total investment income of £215,000 from its investment portfolio.  The Company principally invests by way of debt and/or equity-linked instruments which provides equity upside with downside protection.   Investment income is therefore principally generated from interest, fees, with additional income from equity conversion and warrants.  Net income from financial instruments at FVTPL is derived from changes in the value of the Company's investment portfolio.



The Company's principal investment portfolio categories are summarised below:



Cost or valuation at

30 June 2023


Cost or valuation at

31 December 2022


Debt and equity- linked debt investments



Pre IPO investments



Equity and other investments



Cash resources










During the period, the Company has focused on recovering cash from its debt and equity linked portfolio.  This portfolio currently includes over 20 companies, with principal investments in companies such as Jubilee Metals plc, Gaussin SA, Kibo Energy plc and Valoe Corp Oyj.  Since the period end, investments have been made in companies including Gaussin SA, UK Oil and Gas plc, Cadence Minerals plc and Sareum Holdings plc.

The pre-IPO investment category now principally comprises the Company's holding in Emergent Entertainment ("Emergent") as Smarttech247 Group plc ("Smarttech247") was successfully listed on AIM in December 2022 and is now included in the equity and other investments category.


During the period, Emergent signed an LOI to secure development funding to develop a new game and is also in discussions on other projects. The launch of the VR game, Peaky Blinders, was positively received and further work is underway to increase sales.  The company has agreed terms with a massive multiplayer roleplaying game developer to fast track the development of its Web3 game, Resurgence, which is expected to reduce development times by 12 months. The management team is also working on various initiatives to reduce the company's cost base and it expects 2023 revenues to be significantly ahead of the previous year.


The equity and other investments category principally comprises the Company's holdings in Smarttech247, Pires and its warrant portfolio. 


Smarttech247 (AIM: S247) is an established global artificial intelligence-based cybersecurity business, specialising in automated managed detection and response. It has a successful track record of revenue growth and profitability and is positioned at the intersection of three major cyber security growth markets: security threat incidents, growth of cloud adoption and proliferation of cyber security data generation that needs to be integrated. 


Recent full year and interim results of Smarttech247, along with some significant new contract wins have reinforced the company's growth trajectory.  In May 2021, the Company invested €1.4 million in Smarttech247 to help fund its expansion and development. As at the period end, this holding was worth £2.4 million representing a significant uplift on investment.


Pires, is a company listed on AIM that invests in next generation technology companies with a focus on AI.  Pires is continuing to build an attractive investment portfolio and, notwithstanding difficult markets for technology companies, has managed to maintain the value of its portfolio during the period.  At the same time, a number its portfolio companies have been able to successfully raise new funds during the period demonstrating the quality of its portfolio.  Further details can be found on the company's website which is www.piresinvestmentsplc.com. 


As previously announced, as part of the Company's overall strategy when making investments, warrants or their equivalent are negotiated which can significantly increase the level of investment return.  However, due to the inherent volatility associated with this form of instrument, the potential value of this warrant portfolio is not fully reflected in the Company's net asset value and a return is only crystallised when the respective warrants are exercised and resulting shares sold.








The key unaudited performance indicators are set out below: 

Performance indicator

30 June



Investment income



Net asset value




Net asset value - fully diluted per share




Closing share price




Market capitalisation





The Company's overall net asset position has reduced slightly during the period.  The decrease in the value of the Pires investment partially offset by the increase in the value of the Company's holding in Smarttech247 and the lower level of investment income was offset by administration and advisory costs.  As referred to above, the Company has continued to grow its cash balance during the period and is now well positioned to focus on making new investments as attractive opportunities arise.



Philip Haydn-Slater

Non-Executive Chairman

27 September 2023


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

1. Issuer Details



Issuer Name


UK or Non-UK Issuer


2. Reason for Notification

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation


Dowgate Wealth Limited

City of registered office (if applicable)


Country of registered office (if applicable)


4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above


City of registered office (if applicable)


Country of registered office (if applicable)


5. Date on which the threshold was crossed or reached


6. Date on which Issuer notified


7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8.A)

% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer

Resulting situation on the date on which threshold was crossed or reached





Position of previous notification (if applicable)




8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of shares ISIN code(if possible)

Number of direct voting rights (DTR5.1)

Number of indirect voting rights (DTR5.2.1)

% of direct voting rights (DTR5.1)

% of indirect voting rights (DTR5.2.1)




Sub Total 8.A



8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Type of financial instrument

Expiration date

Exercise/conversion period

Number of voting rights that may be acquired if the instrument is exercised/converted

% of voting rights


Sub Total 8.B1

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

Type of financial instrument

Expiration date

Exercise/conversion period

Physical or cash settlement

Number of voting rights

% of voting rights


Sub Total 8.B2

9. Information in relation to the person subject to the notification obligation

2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)

Ultimate controlling person

Name of controlled undertaking

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold


Onward Opportunities Limited



SVS Dowgate Wealth UK Small Cap Fund





10. In case of proxy voting

Name of the proxy holder


The number and % of voting rights held


The date until which the voting rights will be held


11. Additional Information


12. Date of Completion


13. Place Of Completion


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