Half-year Report

19 December 2016

Miton Global Opportunities PLC

Half-Yearly Report for the six months ended 31 October 2016

Miton Global Opportunities plc (the “Company”) has today released its Half-Yearly Report for the six months ended 31 October 2016.

The Half-Yearly Report and other information is available via www.mitongroup.com/migo.

Enquiries:

Miton Group plc David Barron
DDI: [phone]
Email:[e-mail]

Numis Securities Limited
Nathan Brown, Corporate Broking and Advisory DDI: [phone]
Email:[e-mail]

Frostrow Capital LLP
Company Secretary
DDI: [phone]
Email:[e-mail]

Half-Yearly Report

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.

Financial Highlights

31 October 2016		30 April 2016
Net asset value per share	226.7p	182.4p
Share price	209.0p	164.3p
Discount to net asset value per share	(7.8%)	(10.0%)
Net assets	£57.3m	£46.1m
Gearing	8.7%	10.8%
Ongoing charges	1.4%	1.4%

Total Return Performance to 31 October 2016

	6 months %	1 year %	5 years %
Net asset value*	24.3	30.5	62.4
Share price *	27.3	32.1	67.0
Sterling 3 month LIBOR +2%**	1.3	2.6	13.8

Sources:

*           Bloomberg. Net income reinvested GBP.

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

Chairman’s Statement

Performance

I am pleased to report that in the six months to 31 October 2016 the Company’s net asset value per share total return of 24.3% and the share price total return of 27.3% comfortably outperformed the Company’s Benchmark, Sterling 3 month LIBOR +2%, which delivered a total return of 1.3%.

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

Share Price Discount

It is encouraging to note that the share price discount to net asset value per share has steadily declined in recent months. At the end of the period under review, our discount stood at 7.8% and has narrowed since to 5.6% as at 15 December 2016, the latest practicable date before publication of this report.

Shareholders will recall that your Board has recently introduced three initiatives. Our capital structure now incorporates the opportunity every three years to opt to transfer to a realisation pool, with the first opportunity to be in 2018. This replaces the traditional three yearly continuation vote. We have appointed Numis Securities Limited as our broker and finally we have appointed Frostrow Capital LLP as company secretary who provide a valuable range of additional services including marketing and investor relations. It is pleasing to report that the average daily trading volume in our shares has significantly increased and a number of new shareholders have been welcomed to our register.

In line with the commitment made at the time of the Company’s previous AGM in 2015, in the weeks following our 2016 AGM the Board has reviewed the Company’s discount control policy in conjunction with our larger shareholders. I am pleased to report that the overwhelming majority of the feedback received from shareholders was supportive of the Board’s overall corporate strategy and the Investment Manager’s approach. As a result of this support and the recent changes to the Company’s capital structure, the Board does not intend to protect a specific level of discount by undertaking share buy backs but will continue to give consideration to all the ways by which the share price performance may be enhanced, including the effectiveness of marketing and the overall distribution effort.

Outlook

A great deal of uncertainty still prevails following the EU referendum in the UK and, more recently, the US presidential election. As our Investment Manager notes, regulatory pressures resulting in declining liquidity have also added to the volatility in the closed-end sector. This makes the normally hazardous business of predicting market movements even more dangerous so I will not attempt it.

However, the Board has been much encouraged by the Company’s recent strong performance and continues to believe in the Company’s investment proposition of exploiting the inefficiencies in the investment fund market and delivering capital growth over the long term.

Anthony Townsend

Chairman

19 December 2016

Investment Manager’s Report for the period ended 31 October 2016

Performance

The period under review was dominated by the UK electorate’s decision to leave the European Union. This event triggered a sharp fall in the level of sterling. That move had significant implications for Miton Global Opportunities given our portfolio is invested on a worldwide basis predominantly outside sterling. Our net asset value increased from 182.4p to 226.7p, a gain of 24.3%. During the same period your shares rose 27.3%. In comparison, the Company’s Benchmark, Sterling 3 month LIBOR +2%, returned 1.3%, the FTSE 100 Index climbed 11.4% whilst the MSCI World Index (in sterling) appreciated by 21.0% in capital terms. This was an encouraging result as returns from our investment style would normally be expected to lag rapidly rising markets over shorter periods of time.

Significant Portfolio Changes

The themes within the portfolio have remained consistent since the financial year-end. There were only two notable disposals; JP Morgan Japan Smaller Companies and Middlefield Canadian. In the immediate aftermath of the referendum, the yen rose as it was deemed to be a safe haven during market turmoil. At that point yen assets owned by sterling-based investors benefitted from a substantial foreign exchange translation gain. We decided to bank our profits given the strong yen represented a challenge to the competitiveness of many Tokyo listed companies. We acquired Middlefield Canadian at a time when its shares had been treated harshly amid a slump in the oil price. Despite the managers retaining little exposure to resources, its stock fell broadly in line with the mainstream Toronto index. As a result, Middlefield languished on a wide discount. This purchase was opportunistic and once the shares regained their poise we sold the position.

Contributors

Private Equity remains the largest theme. A recent Barron’s article highlighted that $1.3 trillion dollars of dry powder remains uninvested. The industry has been highly successful in raising assets from institutions, pension funds and public authorities. Whilst investors have committed vast funds to private equity houses, these will only be called from them once suitable investments have been found. Traditional UK private equity investment trusts such as Pantheon and F&C Private Equity own mature portfolios comprised of exactly the type of private company that this wall of cash is seeking to invest in. Given that a sellers’ market for this type of asset has developed, the stated asset values of the sector’s investment trusts understate the valuation underlying portfolios could achieve if sold on the open market. This sector trades on one of the widest discounts within our universe yet offers the greatest scope for rising asset values. Within our exposure to the private equity sector, the performance of EPE Special Opportunities stands out. Its shares more or less doubled over the period, largely as the result of the floatation of Luceco, its principal investment. This triggered a 100% rise in the fund’s NAV. Currently, our most significant exposure to private equity comes via the redeemable shares of Pantheon. This trust has a solid record however there has been no resolution to the problems caused by its antiquated share structure. This leaves it vulnerable to the attentions of activist investors. Another useful return in this area was generated by Better Capital (2009) which was largely triggered by the success of its holding in Gardner’s Aerospace. Subsequent to the end of this reporting period it was announced that Better Capital (2009) had agreed to sell Gardner’s at a premium to its carrying value. Once the proceeds are received they will be distributed to shareholders thus eliminating the discount that Better Capital (2009) stands on.

Our exposure to India proved to be a major contributor to performance. The local economy is benefitting from the removal of many of the bureaucratic and sometimes corrupt practices which led to past underperformance. The country has a deeper and more developed equity culture than most emerging markets. The benefits from the arrival of a market friendly majority government focussed on greater efficiency should in time feed through into earnings forecasts, a trend which will run for years rather than months. India’s dependence on imported oil leaves it better placed than its emerging market peers. This is an ideal environment for traditional stock pickers such as the team at Ocean Dial, the manager of India Capital Growth. A particularly heavy issue of subscription shares was exercised in August which has increased the shares in issue by 40%. This has created an overhang which will take time to absorb. In the meantime, India Capital Growth shares trade at a significant discount.

Residential property in Berlin continued to be a buoyant market. It is without parallel for a city to be transformed from an urban wilderness to major capital city within one generation. Whist property prices have enjoyed bull market conditions in recent years, in practice values have moved from a very low base. Apartments in Berlin command prices which are a fraction of those of similar properties in London. These conditions are likely to continue until Berlin prices attain a level equivalent to replacement cost. A further attraction lies in the arbitrage opportunity between the value of a flat filed with the land registry as rental and those which are privately owned. The vast majority of Berliners rent rather than own their homes. This means that most voters are tenants which has led to a raft of landlord unfriendly policies. Multiple layers of regulation mean that rental properties attract much lower prices than those which have been privatised. Taliesin and Phoenix Spree, the Berlin specialist trusts that we own have obtained permission to split a number of their apartment blocks into individual properties in order to privatise them. Following a backlash against the gentrification of Germany’s capital city, these permissions are now difficult to obtain. This has boosted the value of properties which have the required permits.

Chelverton proved to be our best performer gaining 97%. It remains a mystery as to why its shares traded at a one hundred percent premium at one point. In those circumstances we felt the valuation already more than discounted future success, therefore we significantly reduced the position.

Detractors

The only notable faller was Real Estate Investors which is a Birmingham property specialist. The West Midlands economy has a bias towards high-end manufacturing much of which is destined for export. Therefore, the region has enjoyed a real shot in the arm post sterling’s devaluation. We believe that the market is yet to recognise how progressive the trust’s dividend policy will be. Whilst we do not expect any improvement in sentiment towards the property sector given the background of rising rates, we believe that once investors recognise the attractive flow of dividends from Real Estate Investors, the shares will re-rate.

Outlook

Clearly the world has moved on somewhat post the end of October. The arrival of Donald Trump as US president may well take the financial markets into a new phase. Should the substantial infrastructure expenditure mooted during the election campaign materialise, this would place the US Treasury market under severe stress. The high multiples on which global equity markets trade is a direct result of the very low alternative returns available from fixed interest securities. Should bond yields continue to rise, equity markets will be undermined despite the boost to profitability which would also come as the result of new inflationary initiatives. Moving on from a period of unconventional monetary policy would be healthy in the long term, however markets would undergo a period of turmoil whilst investors adapted to the new reality. Pain has already been felt in the government bond market. The Italian fifty-year bond which was only issued in October has already fallen, at the time of writing, to 84% of face value on the open market.

Regulatory pressure has led to a fall in the commission rates paid on investment trust transactions. This is a disincentive for specialist market makers to put capital behind trading in the closed-end sector. This has reduced liquidity available to the sector’s investors. In a volatile environment we fear that the clearing system will be less able to cope with a sudden sell-off. With that prospect in mind we have been allowing net gearing to fall.

Looking forward the combination of markets in transition, combined with structural change within the closed-end funds industry, will undoubtedly throw up opportunities which we will be well placed to exploit.

Nick Greenwood

Miton Asset Management Limited

19 December 2016

Portfolio Valuation as at 31 October 2016

	Valuation £’000	% of portfolio
India Capital Growth Fund*	5,248	9.0
Taliesin Property Fund*	3,668	6.3
Pantheon International Participations	3,600	6.1
Establishment Investment Trust	3,008	5.1
Alternative Asset Opportunitiesâ€	2,815	4.8
Phoenix Spree Deutschland	2,602	4.4
EPE Special Opportunities*	2,597	4.4
Rights & Issues Investment Trust	2,408	4.1
Phaunos Timber Fund	2,364	4.0
Better Capital (2009)â€	2,328	4.0
Top ten investments	30,638	52.2
New Star Investment Trust	2,194	3.7
Alpha Real Trust	2,137	3.6
Prospect Japan Fund	1,906	3.3
Standard Life European Private Equity Trust	1,568	2.7
Macau Property Opportunities Fundâ€	1,562	2.7
Artemis Alpha Trust	1,537	2.6
Aurora Investment Trust	1,462	2.5
Boussard & Gavaudan Holding	1,399	2.4
Geiger Counter	1,354	2.3
Real Estate Investors*	1,304	2.2
Top twenty investments	47,061	80.2
Dunedin Enterprise Investment Trustâ€	1,256	2.1
Monks Investment Trust	1,244	2.1
Sanditon Investment Trust	1,121	1.9
F&C Private Equity Trust	1,034	1.8
Terra Catalyst Fund*â€	915	1.6
Baker Steel Resources Trust	865	1.5
Aseana Propertiesâ€	854	1.5
Invesco Perpetual Japan Fund	690	1.2
Pacific Horizon Investment Trust	687	1.2
Eredene Capitalâ€	556	1.0
Top thirty investments	56,283	96.1
RENN Universal Growth Investment Trustâ€	429	0.7
New City Energy	375	0.6
Chelverton Growth Trust	357	0.6
Reconstruction Capital II*â€	285	0.5
Global Fixed Income Realisationâ€	244	0.4
Cambium Global Timberland*â€	180	0.3
Camper & Nicholsons Marina Investments*	158	0.3
St Peter Port Capital*â€	97	0.2
Duke Royalty Ltd*	51	0.1
Auctus Growth	48	0.1
Top forty investments	58,507	99.9
Origo Partnersâ€	41	0.1
Global Resources Investment Trust	17	0.0
Tau Capital*â€	7	0.0
Total investments in the portfolio	58,572	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 2016 and the date of this report, there were 25,279,985 Ordinary shares in issue and no Realisation shares were in issue.

Regulatory Disclosures

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 2016. 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 102) applicable in the UK and Republic of Ireland, which forms part of the revised Generally Accepted Accounting Practice (New UK GAAP) issued by the Financial Reporting Council (FRC) in 2012 and 2013; 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 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

19 December 2016

Condensed Income Statement

Six months to 31 October 2016 (Unaudited)					Six months to 31 October 2015 (Unaudited)			Year ended 30 April 2016 (Audited)
Note		Revenue £’000	Capital £’000	Total £’000	Revenue £’000	Capital £’000	Total £’000	Revenue £’000	Capital £’000	Total £’000
Gains / (Losses) on investments		-	11,233	11,233	-	(1,816)	(1,816)	-	521	521
Income	4	347	-	347	264	-	264	521	-	521
Management fee		(150)	-	(150)	(108)	-	(108)	(238)	-	(238)
Other expenses		(205)	-	(205)	(301)	-	(301)	(514)	-	(514)
(Loss) / Return on ordinary activities before finance costs and taxation		(8)	11,233	11,225	(145)	(1,816)	(1,961)	(231)	521	290
Finance costs		(36)	-	(36)	(44)	-	(44)	(86)	-	(86)
(Loss) / Return on ordinary activities before and after taxation		(44)	11,233	11,189	(189)	(1,816)	(2,005)	(317)	521	204
(Loss) / Return per Ordinary share		(0.2p)	44.4p	44.2p	(0.7p)	(7.2p)	(7.9p)	(1.3p)	2.1p	0.8p

The revenue loss, capital and total returns per Ordinary share are based on 25,279,985 shares, being the weighted average number of Ordinary shares in issue in all periods.

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 2015 (Unaudited)
At 30 April 2015	252	60	16,727	10,008	19,027	(157)	45,917
Loss for the period	-	-	-	-	(1,816)	(189)	(2,005)
Balance at 31 October 2015	252	60	16,727	10,008	17,211	(346)	43,912
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
Year ended 30 April 2016 (Audited)
At 30 April 2015	252	60	16,727	10,008	19,027	(157)	45,917
Return/(loss) for the period	-	-	-	-	521	(317)	204
Balance at 30 April 2016	252	60	16,727	10,008	19,548	(474)	46,121

The notes form an integral part of these financial statements.

Condensed Statement of Financial Position

	As at 31 October 2016 (Unaudited) £’000	As at 31 October 2015 (Unaudited) £’000	As at 30 April 2016 (Audited) £’000
Non-current assets
Investments	58,572	47,763	49,415
Current assets
Debtors	302	131	326
Cash	3,551	1,107	1,503
	3,853	1,238	1,829
Creditors: amounts falling due within one year
Bank loan	(5,000)	(5,000)	(5,000)
Other creditors	(115)	(89)	(123)
	(5,115)	(5,089)	(5,123)
Net current liabilities	(1,262)	(3,851)	(3,294)
Net assets	57,310	43,912	46,121
Share capital and reserves
Share capital	252	252	252
Capital redemption reserve	60	60	60
Share premium account	16,727	16,727	16,727
Special reserve	10,008	10,008	10,008
Capital reserve	30,781	17,211	19,548
Revenue reserve	(518)	(346)	(474)
Equity shareholders’ funds	57,310	43,912	46,121
Net asset value per Ordinary share	226.7p	173.7p	182.4p

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

The notes form an integral part of these financial statements.

Condensed Cash Flow Statement

	Six months to  31 October 2016 (Unaudited) £’000	Six months to 31 October 2015 (Unaudited) £’000	Year ended 30 April 2016 (Audited) £’000
Net cash outflow from operating activities	(1)	(180)	(243)
Investing Activities
Purchases of investments	(4,168)	(8,290)	(14,403)
Sales of investments	6,253	5,755	12,370
Net cash inflow/(outflow) from investing activities	2,085	(2,535)	(2,033)
Financing Activities
Revolving credit facility drawn down	-	2,000	2,000
Interest paid	(36)	(46)	(89)
Net cash (outflow) / inflow from financing activities	(36)	1,954	1,911
Increase/(decrease) in cash	2,048	(761)	(365)

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 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 2016.

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 2016 has not been audited or reviewed by the Company’s external Auditors.

The information for the year ended 30 April 2016 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 2016 £’000	Six months to 31 October 2015 £’000	Year ended 30 April 2016 £’000
Income from investments
UK dividend income	180	158	302
Unfranked dividend income	167	98	209
Fixed interest income	-	8	10
Total income	347	264	521

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 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 31 October 2015
Investments – Equities	43,202	-	1,264	44,466
Investments – Preference shares	2,583	-	-	2,583
Investments – OEICs	-	714	-	714
Total	45,785	714	1,264	47,763
As at 30 April 2016
Investments – Equities	44,816	-	1,002	45,818
Investments – Preference shares	3,063	-	-	3,063
Investments – OEICs	-	534	-	534
Total	47,879	534	1,002	49,415

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 Capita 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, Capita Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, or via the shareholder portal at www.capitashareportal.com.

Share capital and net asset value information

Ordinary 1p shares	25,279,985
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/migo

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 30 June 2016, the Group had £2.5 billion of assets under management.

Investor updates in the form of monthly factsheets are available from the Company’s website, www.mitongroup.com/migo.

Association of Investment Companies

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

Directors and Advisers

Directors (all non-executive)	Registrar and Transfer Office
Anthony Townsend (Chairman)                              James Fox Michael Phillips                                                          Hugh van Cutsem All of: 6th Floor Paternoster House 65 St. Paul's Churchyard London, EC4M 8AB	Capita Asset Services                                         The Registry 34 Beckenham Road                              Beckenham Kent BR3 4TU Tel: [phone] (calls will cost 12p per minute plus network charges) Fax: [phone] Email: [e-mail] Website: www.capitaregistrars.com
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	Banker and 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
Grant Thornton UK LLP                                               30 Finsbury Square                                                London EC2P 2YU
Miton Global Opportunities plc An investment company as defined under Section 833 of the Companies Act 2006                        Registered in England and Wales No.5020752

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