Half-year Report

Miton Global Opportunities plc

Half-Yearly Report for the six months ended 31 October 2017

Miton Global Opportunities plc (the “Company”) has today released its Half-Yearly Report for the six months ended 31 October 2017.

The Half-Yearly Report and other information is available via www.mitongroup.com/private/fund/miton-global-opportunities-plc/.

Enquiries:

David Barron

Miton Group plc

DDI: [phone]

Email: [e-mail]    

Frostrow Capital LLP

Company Secretary

DDI: [phone]

Email: [e-mail]

Financial Highlights

31 October 2017		30 April 2017
Net asset value per share	272.6p	248.7p
Share price	278.5p	242.3p
Premium / (Discount)	2.2%	(2.6%)
Net asset value volatility over one year	4.9%	5.9%
Gearing	7.1%	8.0%
Ongoing charges	1.4%	1.4%

Total Return Performance to 31 October 2017

	6 months %	1 year %	5 years %
Net asset value*	9.6	20.3	90.4
Share price *	14.9	33.3	114.2
Sterling 3 month LIBOR +2%**	1.2	2.3	13.2

Sources:

*           Bloomberg. Net income reinvested GBP.

**         Miton Asset Management Limited (sterling 3 month LIBOR +2% at the beginning of the accounting period).

Investment Objective

The objective of the Company is to outperform sterling 3 month LIBOR plus 2% (the Benchmark) over the longer term, principally through exploiting inefficiencies in the pricing of closed-end funds. This objective is intended to reflect the Company’s aim of providing a better return to shareholders over the longer term than they would get by placing money on deposit.

The Benchmark is a target only and should not be treated as a guarantee of the performance of the Company or its portfolio.

Investment Policy

The Company invests in closed-end investment funds traded on the London Stock Exchange’s Main Market, but has the flexibility to invest in investment funds listed or dealt on other recognised stock exchanges, in unlisted closed-end funds (including, but not limited to, funds traded on AIM) and in open-ended investment funds. The funds in which the Company invests may include all types of investment trusts, companies and funds established onshore or offshore. The Company has the flexibility to invest in any class of security issued by investment funds including, without limitation, equity, debt, warrants or other convertible securities. In addition, the Company may invest in other securities, such as non-investment fund debt, if deemed to be appropriate to produce the desired returns to shareholders.

The Company is unrestricted in the number of funds it holds. However, at the time of acquisition, no investment will have an aggregated value totalling more than 15% of the gross assets of the Company. Furthermore, the Company will not invest more than 10%, in aggregate, of the value of its gross assets at the time of acquisition in other listed closed-end investment funds, although this restriction does not apply to investments in any such funds which themselves have stated investment policies to invest no more than 15% of their gross assets in other listed closed-end investment funds. In addition, the Company will not invest more than 25%, in aggregate, of the value of its gross assets at the time of acquisition in open-ended funds.

There are no prescriptive limits on allocation of assets in terms of asset class or geography.

There are no limits imposed on the size of hedging contracts, save that their aggregated value will not exceed 20% of the portfolio’s gross assets at the time they are entered into.

The Board permits borrowings of up to 20% of the Company’s net asset value (measured at the time new borrowings are incurred).

The Company’s investment objective may lead, on occasions, to a significant amount of cash or near cash being held.

Chairman’s Statement

Performance

I am pleased to report that in the six months to 31 October 2017 covered by this report the Company’s net asset value per share total return of +9.6% and the share price total return of +14.9% comfortably outperformed the Company’s Benchmark, sterling 3 month LIBOR +2%, which delivered a total return of +1.2%.   

A comprehensive review of the factor’s affecting the Company’s performance during the period can be found in the Investment Manager’s Review later in this report.

Share Price

As noted above the Company’s share price performance during the period was particularly strong, reflecting a re-rating of the Company’s shares.  At the start of the period, the discount to net asset value per share was -2.6% which compares to a premium to net asset value per share of 2.2% at the end of the period.

This is of course largely due to the good performance of the portfolio, but is also a result of a number of initiatives introduced by the Board which are now bearing fruit, including the realisation opportunity to be presented next year, the appointment of Numis Securities Limited as broker and the appointment of Frostrow Capital LLP to help market your Company. Since these steps were taken, the average daily trading volume in the Company’s shares has significantly increased and a significant number of new shareholders have been welcomed to the register.

Accordingly, the Board has implemented a share issuance programme to increase the total issued share capital of the Company.  The first issue was on 11 October and continued investor demand resulted in the issue of a total of 485,000 new shares to 31 October with a further 405,000 shares issued since the half year end.  This has raised new funds of £2.3 million.  As at 31 October 2017, the Company had 25,764,985 shares in issue (31 October 2016: 25,279,985) and at the date of this report, the number had increased to 26,169,985.  The funds were invested in line with the investment objective and further details are contained in the Investment Manager’s Review.

During 2017 to date, the following steps have been taken to address the demand for your Company’s shares:

•           a block listing authority was obtained from the UK Listing Authority in July 2017 to enable shares to be issued as cost effectively as possible; and

•           shareholder authority to issue shares equal to 10% of the Company’s issued share capital on a non-pre-emptive basis was granted at the Company’s AGM held in September 2017.

The Company will continue to be proactive in managing its share price premium.  Issuing new shares at a premium to net asset value per share is accretive to existing shareholders and such share issuance also improves the liquidity of the Company’s shares, controls the premium to net asset value at which the shares trade and spreads the operating costs over a larger capital base, reducing the ongoing charges ratio.

The Board

I stated in the Company’s last Annual Report that I had initiated a Board refreshment process and it was announced at the Annual General Meeting held in September (as well as in a stock exchange announcement that followed the meeting) that the Board had appointed a director search agency to assist with the search for a new Chairman and a new Audit Committee Chairman.

As reported in a recent stock exchange announcement, the Board has resolved to appoint Richard Davidson as Chairman-elect and Katya Thomson as Chairman-elect of the Audit Committee, with effect from 18 December 2017.  We are very pleased to have appointed directors with extensive industry and financial expertise.  Resolutions proposing their election together with resolutions for those Directors standing for re-election will be considered by shareholders at the Annual General Meeting of the Company to be held in September 2018.

Having served on the Board since the launch of the Company, James Fox and I intend to step down from the Board after a suitable handover period and the effective date of our retirement will be announced to the stock exchange in due course.

I would like to thank James for his very significant contribution during his years on the Board and for his expertise as Audit Committee Chairman.  I and my fellow directors have all greatly enjoyed working with him.

It has been a great pleasure to have been a member of this Board and I should like to thank very warmly all my Board colleagues for their support over my tenure.

Outlook

The investment trust sector continues to be affected by the consolidation of private client stockbrokers, as our investment manager explains in his review.  Against this background, he continues to find new opportunities for the portfolio.  Your Board continues to support fully the Investment Manager’s strategy of exploiting the inefficiencies across the investment company market to deliver capital growth over the long term.

Anthony Townsend

Chairman

20 December 2017

Investment Manager’s Report for the period ended 31 October 2017

Performance

The period under review saw a continuation of the long-term trend where asset prices have been squeezed unhealthily higher. Very low interest rates leave few alternatives for investors to own. Our net asset value rose from 248.7p to 272.6p. This represents a gain of 9.6%. In comparison, the FTSE All Share index appreciated 3.9% and the MSCI World Index (in sterling) rose 5.8% in capital terms. This outperformance is significant, as our investment style tends to lag the general direction of mainstream markets in both directions. Furthermore, a narrowing discount led to Miton Global Opportunities shares appreciating by 14.9%.

Portfolio Themes

The three dominant themes within the portfolio remained constant; India, residential property in Berlin, and listed private equity.

India

India’s economy continues to evolve under the leadership of Prime Minister Modi. His reforms continue to reposition the country away from an informal cash economy riven by corruption and bureaucracy. Short term hardships have been wrought on the general population through disruption associated with the introduction of a national goods and sales tax and an overnight move to rule that the vast majority of bank notes were no longer legal tender. Nevertheless, Modi has continued to do well in the polls. The man in the street appears to buy into his vision. India is an emerging market where stock picking can be particularly profitable. The Mumbai exchange was founded in 1875 and has thousands of companies listed on it. Investors can gain access to most industrial sectors. Other emerging markets often offer less depth with trading until recently being dominated by a narrow range of sectors such as banks, utilities and breweries.

Residential Property in Berlin

It is without parallel that a city has moved from an urban wilderness to major capital in one generation. Despite commentators expressing concern about the extent of the rally in apartment prices and the backlash against Berlin’s gentrification, we believe that residential property will continue to appreciate in value. Apartments remain much cheaper than in other German cities despite the fact that the young and the educated continue to flock to the capital. We believe that in some respects Berlin has the scope to become a world city, a possibility that is not remotely reflected in current prices. The combination of a left wing government in city hall and the heavily regulated rental market has created a gulf between the prices of property available to rent and similar apartments that have the required permissions to split and sell into private hands. These permissions are now extremely difficult to obtain. Notwithstanding the bull market conditions, the two trusts within our portfolio can exploit this differential by privatising much of their estate.

Private Equity

In recent years, the private equity industry has been extraordinarily successful in raising capital. Approaching one trillion US dollars has been committed to the industry but is yet to be spent. This has created a buoyant market in unlisted companies ripe for sale. Net asset values of the sector’s specialist investment trusts, which own mature portfolios, will continue to appreciate. The obvious concern has to be whether it is possible to reinvest the proceeds of these disposals profitably at this point in the cycle. Therefore we have focused on trusts that either are in wind down or are not compelled to spend at these inflated levels.

Contributors

During the six months under review, many of the material contributors to our portfolio’s progress have come from these dominant themes. Shareholders in Dunedin Enterprise voted last year to move the trust into an orderly liquidation. The managers have proved to be very successful in disposing of businesses into the sellers’ market. Its shares rallied by nearly 30% during the interim period and have continued to rise since. Pantheon, Standard Life Private Equity and EPE Special Opportunities also made useful contributions. India Capital Growth and Phoenix Spree Deutschland, representatives of the other top down themes, enjoyed healthy moves with the latter’s shares gaining nearly 30%.

Baker Steel Resources, which specialises in developing mining prospects, saw a number of projects move towards production. Its shares rerated given improved visibility about its prospects.  Its largest investment is Siberian based Polar Silver. If developed, Polar would become one of the largest producers of the precious metal in the world. An encouraging feasibility study suggests that there is a real chance that Polar becomes a viable mine. Such an eventuality would lead to the Polar investment dwarfing Baker Steel itself, which currently has a market capitalisation of less than £50 million.

Alpha Real Trust continued to take an entrepreneurial approach to the world of property. It sold the bulk of its stake in a Madrid shopping centre that was acquired opportunistically in the immediate aftermath of the global financial crisis. Its current focus is on developing purpose built residential rental properties in major cities such as Birmingham and Leeds. Despite Alpha’s continued good performance, its shares continue to languish at a wide discount.

Detractors

Inevitably, there were disappointments. Geiger Counter’s shares declined in the absence of a recovery in the Uranium spot price. Phaunos Timber failed to win its continuation vote, its shares fell in response to this development.  The new board face an uncertain process of selling plantations where they are minority shareholders.

Sector Developments

The consolidation of the private client stockbroking community into a small number of major chains continues apace. This has significant implications for the investment trust movement. This is because these brokers were until relatively recently the dominant buyer of trusts. Rathbones and Smith & Williamson came close to merging during the summer. If this transaction had been successful, it would have created an operation managing £52 billion worth of assets. The scale of such an organisation would have dictated increased standardisation of client portfolios. Inevitably, this would have reduced the number of investment trusts owned by the organisation as it would be impossible to source sufficient investment trust shares on the open market to allocate across all portfolios. To put this challenge into context, FTSE 250 index constituent Halfords has a market capitalisation of £640 million. Assuming that an investor needs to allocate at least 1% of their portfolio in order “to move the needle” then a combination of Rathbones and Smith and Williamson would in practice have to buy virtually every share in Halfords or a similar sized company to make any investment worthwhile. Therefore the process of consolidation is forcing private client brokers to steadily reduce their exposure to investment trusts.

On a more positive note, there is increased interest from the self-directed investor. During the last couple of years, the percentage of shares in Miton Global Opportunities held on platforms such as Hargreaves Lansdowne and Alliance Trust Savings, which are favoured, by this type of investor, has increased from less than 10% to over 30%. Their interest is often triggered by articles in periodicals such as Moneyweek, Investors Chronicle and Shares Magazine that highlight the advantages enjoyed by investment trusts.

New Entrants

The fact that traditional private client brokers are restricting their interest to only the largest trusts has led to an opportunity for us to acquire positions in medium sized funds at wider than usual discounts. New entrants of this type include; Henderson Opportunities, Atlantis Japan Growth and Polar Capital Financials.

Departures

The only complete departure was Global Fixed Interest Realisation, which rose sharply in the aftermath of disposing of an Indonesian beach resort. There were also positive developments at Better Capital (2009) and Prospect Japan. Better Capital returned the bulk of its assets to shareholders post the realisation of its spectacularly successful investment in Gardners Aerospace. Prospect Japan merged with its more liquid sister company listed in Tokyo.

Outlook

Looking forward there is an intense sense of déjà vu. Despite much speculation that interest rates are about to rise, it is difficult to envisage any increase proving meaningful. Nearly a decade of freely available easy to service credit has seen debt levels surge in many corners of the financial system. Economic activity would grind to a halt if interest rates returned to levels even close to those historically considered normal. Therefore an environment of excessively low interest rates is likely to persist for some time yet. However, a point may be reached where investors decide that they want much higher rates for lending to highly indebted nations, individuals and corporations. Whilst for now there are no warning signs emanating from the fixed interest world, such a development would send markets into a completely different environment.

Nick Greenwood

Miton Asset Management Limited

20 December 2017

Portfolio Valuation as at 31 October 2017

	Valuation £’000	% of portfolio
Taliesin Property Fund*	5,906	8.1
India Capital Growth Fund*	4,983	6.8
Pantheon International	4,875	6.7
Macau Property Opportunities Fund â€	4,084	5.6
EPE Special Opportunities*	3,840	5.3
Establishment Investment Trust	3,551	4.9
Alpha Real Trust	3,138	4.3
Artemis Alpha Trust	3,080	4.2
Real Estate Investors*	2,857	3.9
Dunedin Enterprise Investment Trust â€	2,667	3.7
Top 10 Investments	38,981	53.5
Baker Steel Resources Trust	2,569	3.5
New Star Investment Trust	2,363	3.2
Phaunos Timber Fund	2,359	3.2
Rights And Issues Investment Trust	2,357	3.2
Prospect Co	2,167	3.0
Phoenix Spree Deutschland	2,160	3.0
Aurora Investment Trust	1,813	2.6
Marwyn Value Investors	1,722	2.4
JPMorgan Indian Investment Trust	1,520	2.1
Standard Life Private Equity Trust	1,496	2.0
Top 20 Investments	59,507	81.7
Vinacapital Vietnam Opportunity Fund	1,495	2.0
Geiger Counter	1,403	1.9
Ecofin Global Utilities And Infrastructure Trust	1,248	1.7
Atlantis Japan Growth Fund	1,040	1.4
Polar Capital Global Financials Trust	833	1.1
Eredene Capital	774	1.1
Aseana Properties	773	1.1
City Natural Resources High Yield Trust	757	1.0
IP Japan Z	745	1.0
Origo Partners	612	0.8
Top 30 Investments	69,187	94.8
RENN Universal Growth Investment Trustâ€	429	0.6
Henderson Opportunities Trust	426	0.6
Chelverton Growth Trust	420	0.6
SQN Secured Income Fund	397	0.5
Downing Strategic Micro-Cap Investment Trust Plc/The Fund	396	0.5
Better Capital PCC â€	302	0.5
Cambium Global Timberland*â€	287	0.4
LMS Capital	242	0.3
Terra Catalyst Fund *â€	220	0.3
Reconstruction Capital II*â€	204	0.3
Top forty investments	72,510	99.4
Camper & Nicholsons Marina Investments*	184	0.3
Duke Royalty*	103	0.1
St Peter Port Capital*â€	64	0.1
Origo Partners	47	0.1
New City Energy â€	36	0.0
Auctus Growth	36	0.0
Alternative Asset Opportunity Traded Life â€	27	0.0
Global Resources Investment Trust	23	0.0
Total investments in the portfolio	73,030	100.0

* AIM/ISDX listed.

† In liquidation, in a process of realisation or has a fixed life.

Capital Structure

At a General Meeting of the Company held on 9 September 2015, shareholders approved proposals to remove the requirement for future continuation votes in the Company’s Articles of Association and instead include provisions enabling shareholders to elect, in 2018 and then at three year intervals, for the realisation of all or part of their shareholding. The Company’s share capital therefore comprises Ordinary shares of 1p each with one vote per share and Realisation shares of 1p each, when in issue, with one vote per share.

The rights of holders of Ordinary shares (being shares in respect of which no election for realisation has been made) and of Realisation shares (being shares in respect of which an election for realisation has been made), when in issue, will be as follows: the portfolio will be split into two separate and distinct pools, namely a continuation pool comprising assets attributable to the continuing Ordinary shares (the “Continuation Pool”) and a realisation pool comprising the assets attributable to the Realisation shares (the “Realisation Pool”). The assets in the Realisation Pool will be managed in accordance with an orderly realisation programme with the aim of making progressive returns of cash to holders of Realisation shares as soon as practicable. The precise mechanism for any return of cash to holders of Realisation shares will depend upon the relevant factors prevailing at the time and will be at the discretion of the Board.

As at 31 October 2017 there were 25,764,985 Ordinary shares in issue and as at the date of this report there were 26,169,985 Ordinary shares were in issue. No Realisation shares are in issue.

Interim Management Report

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company were explained in detail in the annual report for the year ended 30 April 2017. The Directors are not aware of any new risks or uncertainties for the Company and its investors for the period under review and moving forward, beyond those stated within the Annual Report.

Related Parties Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.

Going Concern

The Directors believe, having considered the Company’s investment objective, risk management policies, capital management policies and procedures, the nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least twelve months from the date of the approval of this half year report. For these reasons, the Directors consider there is reasonable evidence to continue to adopt the going concern basis in preparing the Half-Yearly Report.

Directors Responsibility Statement

The Directors confirm that to the best of their knowledge:

• the condensed set of financial statements has been prepared in accordance with the Financial Reporting Standard (FRS 104) ‘Interim Financial Reporting’ and gives a true and fair view of the assets, liabilities, financial position and return of the Company; and

• the interim management report includes a fair review of the information required by sections 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure Guidance and Transparency Rules.

In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

and the Directors confirm that they have done so.

Anthony Townsend

Chairman

20 December 2017

Condensed Income Statement

Six months to 31 October 2017 (Unaudited)					Six months to 31 October 2016 (Unaudited)			Year ended 30 April 2017 (Audited)
Note		Revenue £’000	Capital £’000	Total £’000	Revenue £’000	Capital £’000	Total £’000	Revenue £’000	Capital £’000	Total £’000
Gains on investments		-	6,089	6,089	-	11,233	11,233	-	16,936	16,936
Income	4	471	-	471	347	-	347	675	-	675
Management fee		(212)	-	(212)	(150)	-	(150)	(331)	-	(331)
Other expenses		(278)	-	(278)	(205)	-	(205)	(447)	-	(447)
(Loss) / Return before finance costs and taxation		(19)	6,089	6,070	(8)	11,233	11,225	(103)	16,936	16,833
Finance costs		(35)	-	(35)	(36)	-	(36)	(77)	-	(77)
(Loss) / Return before and after taxation		(54)	6,089	6,035	(44)	11,233	11,189	(180)	16,936	16,756
(Loss) / Return per Ordinary share		(0.2p)	24.0p	23.8p	(0.2p)	44.4p	44.2p	(0.7p)	67.0p	66.3p

The revenue loss, capital and total returns per Ordinary share are based on 25,309,279 shares, being the weighted average number of Ordinary shares in issue at the end of the period (31 October 2016 & 30 April 2017: 25,279,985).

The total column of this statement is the Income Statement of the Company. The supplementary revenue and capital columns have been prepared in accordance with guidance issued by the AIC.

All revenue and capital items in the above statement derive from continuing operations. There are no recognised gains or losses other than those passing through the Income Statement and therefore no Statement of Total Comprehensive Income has been presented.

The notes form an integral part of these financial statements.

Condensed Statement of Changes in Equity

	Share Capital£’000	Capital Redemption reserve £’000	Share Premium account £’000	Special reserve £’000	Capital reserve £’000	Revenue reserve £’000	Total £’000
Six months to 31 October 2016 (Unaudited)
At 30 April 2016	252	60	16,727	10,008	19,548	(474)	46,121
Return/(loss) for the period	-	-	-	-	11,233	(44)	11,189
Balance at 31 October 2016	252	60	16,727	10,008	30,781	(518)	57,310
Six months to 31 October 2017 (Unaudited)
At 30 April 2017	252	60	16,727	10,008	36,484	(654)	62,877
New issue of shares during the period	6	-	1,323	-	-	-	1,329
Return/(loss) for the period	-	-	-	-	6,089	(54)	6,035
Balance at 31 October 2017	258	60	18,050	10,008	42,573	(708)	70,241
Year ended 30 April 2017 (Audited)
At 30 April 2016	252	60	16,727	10,008	19,548	(474)	46,121
Return/(loss) for the period	-	-	-	-	16,936	(180)	16,756
Balance at 30 April 2017	252	60	16,727	10,008	36,484	(654)	62,877

The notes form an integral part of these financial statements.

Condensed Statement of Financial Position

	As at 31 October 2017 (Unaudited) £’000	As at 31 October 2016 (Unaudited) £’000	As at 30 April 2017 (Audited) £’000
Non-current assets
Investments	73,030	58,572	64,155
Current assets
Debtors	116	302	90
Cash	2,244	3,551	3,806
	2,360	3,853	3,896
Creditors: amounts falling due within one year
Bank loan	(5,000)	(5,000)	(5,000)
Other creditors	(149)	(115)	(174)
	(5,149)	(5,115)	(5,174)
Net current liabilities	(2,789)	(1,262)	(1,278)
Net assets	70,241	57,310	62,877
Share capital and reserves
Share capital	258	252	252
Capital redemption reserve	60	60	60
Share premium account	18,050	16,727	16,727
Special reserve	10,008	10,008	10,008
Capital reserve	42,573	30,781	36,484
Revenue reserve	(708)	(518)	(654)
Total shareholders’ funds	70,241	57,310	62,877
Net asset value per Ordinary share	272.6p	226.7p	248.7p

The net asset value per Ordinary share is based on 25,764,985 shares, being the shares in issue as at 31 October 2017 (31 October 2016 and 30 April 2017: 25,279,985).

The notes form an integral part of these financial statements.

Condensed Cash Flow Statement

	Six months to  31 October 2017 (Unaudited) £’000	Six months to 31 October 2016 (Unaudited) £’000	Year ended 30 April 2017 (Audited) £’000
Net cash outflow from operating activities	(19)	(1)	(86)
Investing Activities
Purchases of investments	(11,202)	(4,168)	(13,289)
Sales of investments	8,365	6,253	15,755
Net cash (outflow) / inflow from investing activities	(2,837)	2,085	2,466
Financing Activities
New issue of shares	1,329	-	-
Interest paid	(35)	(36)	(77)
Net cash inflow / (outflow) from financing activities	1,294	(36)	(77)
(Decrease) / increase in cash	(1,562)	2,048	2,303

The notes form an integral part of these financial statements.

Notes to the Condensed Interim Financial Statements

1.Accounting policies

These condensed financial statements have been prepared on a going concern basis in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, FRS 104 ‘Interim Financial Reporting’, the Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ dated November 2014 and using the same accounting policies as set out in the Company’s Annual Report for the year ended 30 April 2017.

2.Financial Statements

The condensed financial statements contained in this interim financial report do not constitute statutory accounts as defined in s434 of the Companies Act 2006. The financial information for the six months to 31 October 2017 has not been audited or reviewed by the Company’s external auditors.

The information for the year ended 30 April 2017 has been extracted from the latest published audited financial statements. Those statutory financial statements have been filed with the Registrar of Companies and included the report of the auditors, which was unqualified and did not contain a statement under Sections 498(2) or (3) of the Companies Act 2006.

3.Going concern

After making enquiries, and having reviewed the investments, Statement of Financial Position and projected income and expenditure for the next 12 months, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. The Directors have therefore adopted the going concern basis in preparing these financial statements.

4.Income

	Six months to 31 October 2017 £’000	Six months to 31 October 2016 £’000	Year ended 30 April 2017 £’000
Income from investments
UK dividend income	230	180	446
Unfranked dividend income	241	167	229
Total income	471	347	675

5.Fair value hierarchy

The methods of fair value measurement are classified into a hierarchy based on reliability of the information used to determine the valuation.

Level 1 –	Quoted prices in an active market.
Level 2 –	Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data), either directly or indirectly.
Level 3 –	Inputs are unobservable (i.e. for which market data is unavailable)

The table below sets out the Company’s fair value hierarchy investments.

	Level 1 £’000	Level 2 £’000	Level 3 £’000	Total £’000
As at 31 October 2017
Investments – Equities	70,407	-	1,266	71,673
Investments – Preference shares	612	-	-	612
Investments – OEICs	-	745	-	745
Total	71,019	745	1,266	73,030
As at 31 October 2016
Investments – Equities	54,082	-	985	55,067
Investments – Preference shares	2,815	-	-	2,815
Investments – OEICs	-	690	-	690
Total	56,897	690	985	58,572
As at 30 April 2017
Investments – Equities	57,968	-	1,012	58,980
Investments – Preference shares	4,476	-	-	4,476
Investments – OEICs	-	699	-	699
Total	62,444	699	1,012	64,155

Shareholder Information

Share dealing

Shares can be traded through a stockbroker or other authorised intermediary. The Company’s Ordinary shares are traded on the London Stock Exchange. The Company’s shares are fully qualifying investments for Individual Savings Accounts (“ISAs”).

Share register enquires

The register for the Ordinary shares is maintained by Link Asset Services. In the event of queries regarding your holding, please contact the Registrar on 0871 664 0300 (calls cost 12p per minute plus network extras; lines are open 9.00am to 5.30pm, Monday to Friday) (from outside the UK: [phone]) or email: [e-mail]. Changes of name and/or address must be notified in writing to the Registrar: Shareholder Services, Link Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, or via the shareholder portal at www.signalshares.com.

Share capital and net asset value information

SEDOL number	3436594
ISIN number	GB0034365949
Bloomberg symbol	MIGO

The Company releases its net asset value per Ordinary share to the London Stock Exchange on a daily basis.

Website: www.mitongroup.com/private/fund/miton-global-opportunities-plc/

Share prices

The mid-market prices are quoted daily in the Financial Times under ‘Investment Companies’.

Annual and Half-Yearly Reports

Copies of the Annual and Half-Yearly Reports are available from the Company Secretary and are available on the Company’s website.

Investment Manager: Miton Asset Management Limited

The Company’s Investment Manager is Miton Asset Management Limited, a wholly owned subsidiary of Miton Group plc. Miton Group is listed on the AIM market for smaller and growing companies.

As at 31 October 2017, the Group had £3.6 billion of assets under management.

Investor updates in the form of monthly factsheets are available from the Company’s website, www.mitongroup.com/private/fund/miton-global-opportunities-plc/.

Association of Investment Companies

The Company is a member of the Association of Investment Companies.

Legal Entity Identifier

21380075RRMI7D4NQS20

Directors and Advisers

Directors (all non-executive)	Registrar
Anthony Townsend (Chairman) Richard Davidson James Fox Michael Phillips Katya Thomson Hugh van Cutsem Registered Office 6th Floor Paternoster House 65 St. Paul's Churchyard, London EC4M 8AB	Link Asset Services, The Registry 34 Beckenham Road, Beckenham Kent BR3 4TU Tel: [phone]* Fax: [phone] Email: [e-mail] Website: www.linkassetservices.com *Calls cost 12p per minute plus your phone company’s access charge and may be recorded for training purposes.  Calls outside the UK will be charged at the applicable international rate.  Lines are open from 9.00 a.m. to 5.30 p.m. Monday to Friday excluding public holidays in England and Wales.
Company Secretary, Marketing & Administration	Stockbroker and Financial Adviser
Frostrow Capital LLP 25 Southampton Buildings London WC2A 1AL Website: www.frostrow.com	Numis Securities Limited The London Stock Exchange Building  10 Paternoster Square London EC4M 7LT
Alternative Investment Fund Manager	Custodian
Miton Trust Managers Limited Paternoster House 65 St Paul’s Churchyard, London EC4M 8AB	Bank of New York Mellon One Canada Square, London E14 5AL
Investment Manager	Depositary
Miton Asset Management Limited Paternoster House 65 St Paul’s Churchyard, London EC4M 8AB Website: www.mitongroup.com Tel: [phone]	BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street London EC4V 4LA
Independent Auditor
PricewaterhouseCoopers LLP 2 Glass Wharf Bristol BS2 0FR
Miton Global Opportunities plc An investment company as defined under Section 833 of the Companies Act 2006 Registered in England and Wales No.5020752

END

Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.