REG - CQS Natural Res - Half-year Report
27/03/2025 07:15
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RNS Number : 3915C CQS Natural Resources Grwth&Inc PLC 27 March 2025
CQS Natural Resources Growth and Income PLC
Unaudited Half Year Results for the six months to 31 December 2024
This Announcement is not the Company's Half Year Report & Accounts. It is
an abridged version of the Company's full Half Year Report & Accounts for
the six months ended 31 December 2024. The full Half Year Report &
Accounts, together with a copy of this announcement, will shortly be available
on the Company's website
at www.ncim.co.uk/cqs-natural-resources-growth-and-income-plc
(http://www.ncim.co.uk/cqs-natural-resources-growth-and-income-plc) where up
to date information on the Company, including daily NAV, share prices and fact
sheets, can also be found.
The Company's Half Year Report & Accounts for the six months ended 31
December 2024 has been submitted to the UK Listing Authority, and will shortly
be available for inspection on the National Storage Mechanism
("NSM"): https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
Our Objective
To provide shareholders with capital growth and income predominantly from a
portfolio of mining and resource equities and of mining, resource and
industrial fixed interest securities.
Strategic Report
Key Metrics
For the six months to 31 December:
Six months to 31 December 2024 Six months to 31 December 2023
Share price capital return 1 (1.7)% (0.7)%
Share price total return(1) +0.4% +0.7%
Dividend yield(1)(,) 2 +3.0% +3.3%
Net asset value capital return(1) (8.7)% +0.1%
Net asset value total return(1) (7.5)% +3.4%
MSCI World Energy Index total return (sterling adjusted) 3 (3.8)% +6.8%
MSCI World Metals and Mining Index total return (sterling adjusted)(3) (9.3)% +8.4%
Chairman's Statement
"Recent macroeconomic and geopolitical events have continued to contribute to
the turbulent market environment for the sectors in which your company
invests. However, our investment managers believe that volatility provides
investment opportunities from which the company can benefit."
I would like to extend the Board's thanks to all shareholders for their
engagement and support of the Board in voting at the Requisitioned General
Meeting 4 held in February 2025. The Board is pleased to have since engaged
with the Company's major shareholder, Saba Capital Management, L.P. ("Saba"),
in order to enable the progression of its strategic review, the result of
which will be announced during April 2025.
I am pleased to present my first report as Chairman following the retirement
of Helen Green from the Board and as Chair in December 2024. My Board
colleagues and I would like to thank Helen and Alun Evans, who also retired
from the Board in December, for their dedicated service to the Company.
Following the recent Board changes, Seema Paterson succeeded me in the role of
Chair of the Audit Committee.
Overview
Recent macroeconomic and geopolitical events have continued to contribute to
the turbulent market environment for the sectors in which your Company
invests. Rising geopolitical tensions, such as U.S. - China trade disputes and
conflict in resource rich-regions, have led to increased supply chain
disruption and price volatility. However, our investment managers believe that
volatility provides investment opportunities from which the Company can
benefit. The Company's share price, through its portfolio's significant
weighting towards precious metals, was supported by rising gold prices over
the period as investors sought safe-haven assets amid these uncertainties,
although the market remains sensitive to shifts in inflation and central bank
policies.
Performance and discount
During the six months to 31 December 2024, the Company's net asset value
("NAV") total return per share returned -7.5%, outperforming the total return
of -9.3% of its performance comparator, the MSCI World Metals and Mining Index
(sterling adjusted), to which 67.6% of the Company's portfolio (as at 31
December 2024) can be attributed.
The Company underperformed the total return of -3.8% of the MSCI World Energy
Index (sterling adjusted), however, the Company's portfolio has a smaller
relative exposure (19.1% as at 31 December 2024) to this performance
comparator.
Although in recent periods the Company's short-term returns have been
volatile, as explained by the Investment Manager, over the longer term, the
Company's NAV per share total return has been 99% for the five years to 31
December 2024, compared with total returns of 61% for the MSCI World Metals
and Mining Index (sterling adjusted) and 56% for the MSCI World Energy Index
(sterling adjusted).
The Company's share price total return over the six months was 0.4%, while the
share price decreased from 189.00 pence per share as at 30 June 2024 to 185.75
pence per share as at 31 December 2024. As at 31 December 2024 the discount to
NAV was 2.8% and at the time of writing (at the close of the UK market on 25
March 2025), the discount was 7.9%. Over the six months the discount averaged
8.9%, compared with 15% over the course of the previous financial year.
Share capital
During the six months under review the Company bought back a total of
2,002,114 shares into treasury at a cost of £3.6 million and at an average
discount of 11.2%. The resulting uplift to NAV was 1.4%. The discount had
narrowed since the Company started buying back shares in April 2024 but also
as Saba reported increases in their shareholding in the Company. Saba's latest
publicly disclosed holding (as at 2 January 2025) was 18.6 million shares,
representing 29.07% of the Company's total voting rights.
As at 25 March 2025, the Company had 64,157,838 shares in issue (excluding
2,730,671 shares held in treasury).
Over the six months ended 31 December 2024 and subsequent to the period end,
current Directors' shareholdings have risen collectively by 22,660 shares,
demonstrating the Board's long-term support of the Company's investment
strategy and manager, and further aligning the Board's interest with
shareholders. The current total shareholdings of the Board are valued at over
£80,000 5 and, further, the collective shareholdings of the Company's
investment management team (and of the persons closely associated with them)
are valued at over £225,000(5).
Dividends and Income
As detailed within the Condensed Income Statement and Note 3 to the Condensed
Financial Statements, the Company has reported an overall reduction in Income
from investments during the period. This is primarily due to a conscious
repositioning of the portfolio by the Investment Manager in leading a total
return investment strategy, in anticipation of market turbulence. As shown by
the ̒by commodity' illustration, the Company's exposure to high-yielding
shipping stocks was reduced by nearly a third between 31 December 2023 and 31
December 2024 and exposure to gold, which is typically lower yielding, has
increased by over 80% in the same period. Whilst having a positive effect on
capital returns during the period, this inevitably created the reduction in
Income.
The Company has continued to maintain its dividend and has paid two quarterly
dividends of 1.26 pence each per share during the financial year to date.
Gearing
The Company's credit facility with Scotiabank expired after a one-year term on
13 September 2024 and, following the Board's review of alternative credit
facility providers, the Company entered into a two-year agreement with BNP
Paribas for the provision of a £25 million secured revolving credit facility.
Further details can be found within Note 8 to the Condensed Financial
Statements.
Continued market volatility led the Investment Manager to reduce gearing over
the period from 10.1% at the start of the period to 7.0% as at 31 December
2024. As at 31 December 2024, and as at the date of this report, £13 million
had been drawn down from this facility (30 June 2024: £17 million).
Half Year Report and Accounts
In common with many other companies, the Company aims to do what it can to
reduce its carbon footprint. As noted in the Company's Annual Report for the
year ended 30 June 2024, as part of this strategy, and also to produce cost
savings for shareholders, the Company will no longer prepare printed copies of
its half year report and accounts. This document will, however, continue to be
published on the Company's website. The Company's annual report will continue
to be available in print.
Shareholder Activity
On 18 December 2024, the Company was served a requisition notice on behalf of
Saba requiring the Board to convene a general meeting to consider resolutions
that would remove each of the current directors and replace them with two of
Saba's nominees (the "Requisitioned Resolutions").
In addition to this, Saba's requisition included reference to terminating the
Company's current investment management agreement with Manulife | CQS
Investment Management, potentially selecting themselves as the Company's new
investment manager and refocusing the Company's investment mandate away from
energy, mining, and natural resources.
The Board and three proxy advisor agencies unanimously recommended that
shareholders should vote against Saba's Requisitioned Resolutions to protect
their investment in the Company.
The Board was pleased to announce that at the meeting held on 4 February 2025,
all Requisitioned Resolutions were defeated on a poll by a majority of
shareholders. Over 59% of the votes cast were against Saba's Requisitioned
Resolutions, representing approximately 40% of the issued share capital. Total
votes cast represented over 68% of the issued share capital, up from 10% at
the Company's Annual General Meeting held on 15 December 2024. The Board was
truly pleased to see such strong engagement from shareholders, and the results
of the vote against Saba's proposals spoke loud and clear - the majority of
our shareholders have shown their confidence in the existing board and
investment strategy. We thank you for this support.
Post reporting period update
On 12 February 2025, the Company announced the receipt of a requisition served
on behalf of Saba for a second general meeting of shareholders. Since then,
the Board has engaged in a series of constructive discussions with Saba, who
have agreed to withdraw the requisition to enable the Board and its advisers
to complete the strategic review that was outlined in the Circular to
shareholders. The Board will expedite this review and announce the outcome
during April 2025. We are pleased to have reached this constructive way
forward with the team at Saba and to focus on achieving an outcome in the best
interests of all shareholders.
The Board has always been, and continues to be, committed to the interests of
all shareholders. A key area of attention is delivering shareholder value and
ensuring the strongest corporate governance and transparency. As outlined
within the Circular, the Board is currently reviewing the following options
available to preserve value for all shareholders:
· Maintaining the current investment policy and management
arrangements, given the best practice annual continuation vote, together with
providing liquidity to Shareholders by means of buybacks, tenders and other
similar actions;
· Introducing an increased dividend, to be funded in part by
capital growth;
· Pursuing further discount management mechanisms;
· Providing a full cash exit at NAV for all Shareholders; and
· If a suitable partner can be identified, to negotiate terms
of a combination with another investment trust or open-ended investment
company that would provide an ongoing investment opportunity with a natural
resources and energy focus, together with the option of a full cash exit at
NAV for all Shareholders.
Outlook
The Board and Investment Manager remain positive for the outlook of the
Company, underpinned by strong free cash flow in the sector and new mining
projects from investee companies. The Investment Manager has increased the
Company's exposure to uranium, with confidence that newly elected President
Trump is likely to support pro-nuclear policies and uranium demand is
therefore expected to rise.
Despite macroeconomic and geopolitical challenges, your Board remains
confident that the Company's investment strategy should continue to deliver
sustainable returns to shareholders and invites shareholders to read the
Investment Manager's Review below for their views on your Company's underlying
investments and outlook for the future.
We thank shareholders for your recent support and fully intend to continue to
engage with you through the various channels available to us. Shareholders are
welcome to get in touch with the Board of Directors via the Company Secretary
or the Investment Manager using the contact information provided in the Half
Year Report.
Christopher Casey
Chairman
26 March 2025
Performance Record 6
Six months ended Six months ended Year ended Five years ended
31 Dec 2024 31 Dec 2023
30 June 2024
31 December
(audited) 2024
Total Return
Net asset value per share(1) (7.5)% 3.4% 7.2% 99.0%
Ordinary share price (mid market)(1) 0.4% 0.7% 17.1% 168.1%
MSCI World Energy Index (sterling adjusted)(3) (3.8)% 6.8% 17.4% 56.3%
MSCI World Metals and Mining Index (sterling adjusted)(3) (9.3)% 8.4% 7.3% 60.6%
As at As at % change
31 December 30 June
2024 2024
(audited)
Capital Values
Net asset value per share(1) 191.17p 209.44p (8.7)%
Ordinary share price (mid market) 185.75p 189.00p (1.7)%
Share price discount to NAV per share(1) 2.8% 9.8%
Gearing(1) 7.0% 10.1%
Six months ended Six months ended
31 Dec 2024 31 Dec 2023
Revenue Earnings and Dividends
Earnings per ordinary share 0.63p 3.06p
Dividends per ordinary share 2.52p 2.52p
Dividend yield(1) 3.0% 3.3%
Ongoing charges ratio(1) 2.0% 1.8%
High Low
Highs and Lows during the six months ended 31 December 2024
Net asset value per share 221.3p 184.9p
Ordinary share price (mid market) 205.0p 166.5p
Discount/(premium) 13.3% (2.0)%
Dividend per share Ex-dividend date Record date Payment date
Dividend History
Second interim dividend 2025 1.26p 30 January 2025 31 January 2025 28 February 2025
First interim dividend 2025 1.26p 24 October 2024 25 October 2024 22 November 2024
Total 2.52p
Special interim dividend 2024 1.00p 1 August 2024 2 August 2024 2 September 2024
Fourth interim dividend 2024 1.82p 1 August 2024 2 August 2024 2 September 2024
Third interim dividend 2024 1.26p 25 April 2024 26 April 2024 28 May 2024
Second interim dividend 2024 1.26p 25 January 2024 26 January 2024 23 February 2024
First interim dividend 2024 1.26p 26 October 2023 27 October 2023 27 November 2023
Total 6.60p
Investment Manager's Review
In these uncertain geopolitical times, being able to own quality gold miners
at these levels provides a very attractive risk reward ratio through 2025.
On 4 February 2025 shareholders rejected the proposed change of Board,
Investment Manager and strategy by 29% shareholder, Saba. Non-Saba
shareholders voted 98.6% in support of the existing company mandate and
strategy. We thank all shareholders for their support especially on the strong
voter turnout.
Summary
The Company's flexible investment strategy, driven by top down and bottom up
research, allows the Company to exploit opportunities that arise through
economic and political cycles, as well as global secular trends pertaining to
the energy and resources sector, with the aim of maximising total returns to
shareholders. This strategy has been the right one, as recent geopolitical
events have introduced a heightened level of uncertainty in global trade which
directly impacts the sector and markets.
The new US Administration has played a considerable role in disrupting
international trade policies and recalibrating trends such as the energy
transition, amongst others. We are witnessing the stoking of inflation and
investment decisions being deferred in many regions around the world which is
likely to act as a drag to overall global economic growth in the near term.
Pre-empting such turbulence over the period under review, we had implemented a
conscious reallocation of portfolio exposure from more economically sensitive
sectors, including the income-generating energy and shipping markets, into
gold, which has supported the Company's performance.
Exposure to gold was considerably more profitable than the energy-related
sector over the period to 31 December 2024, albeit at a lower level when
compared with the first six months of 2024, during which it made a higher
contribution. Despite paring back our energy-related exposure during the
period it continued to act as a drag to performance and dividends,
particularly as shippers of energy, such as Frontline, reduced their
dividends. Since 31 December 2024, however, the performance of gold
investments has contributed nearly 12% to overall returns in contrast to the
3% drag from energy related investments, thereby supporting our view and
actions.
At the time of writing, with little to suggest an end to retaliatory tariffs,
inward focused international trade policies and uncertainty around global
growth and the outcomes of the wars in Ukraine and Gaza, gold remains a
preferred investment. This positioning feels even more justified against the
backdrop of a US-led trade war, whilst further supporting the upside case for
precious metals as financial market participants and central banks are adding
gold for portfolio protection. The Company continues to hold a historically
low weighting to base metals and zero iron ore, in part due to the ongoing
Chinese property crisis, but this is further supported by broader economic
risk from trade policy. Over the longer term, we remain supportive of the
secular trends towards decarbonisation which will support some specific
commodity investments, but timing is uncertain so we remain flexible and
focused on delivering value today by maximising total returns to our
shareholders.
Performance
The Company's NAV total return performance was between that of the two
comparator indices on a sterling adjusted basis, MSCI World Metals and Mining
and MSCI World Energy, over the six months to 31 December 2024. The discount
closed from ~10% in October to 3% at the period end, leading to a 7% relative
better performance of the Company's shares vs the Company's NAV.
The second half of 2024 was dominated by the US presidential election as it
became increasingly likely that Donald Trump would win, before that was
confirmed on 5 November. The reason for such focus was not unjustified given
the divergent policy intentions between Trump and Biden, which would impact
almost every corner of the global economy, not least with regards to global
commodity pricing and trade flows. Trump was clear on his love of import
tariffs as a way of encouraging more US domestic supply and raising additional
tax receipts.
This form of trade war is unprecedented in its scope and reach, but whilst it
is claimed to be a tax on the suppliers of goods to the US, ultimately this
will be a be a burden that is also shared with US consumers, as these
incremental tariffs will directly translate through to higher consumer prices
and add to inflationary pressures in the US. These consequences appear to be
well understood by the broader market and previously anticipated interest rate
cuts are no longer expected. Indeed long-dated interest rates have risen since
the election result: the pre‑election consensus that viewed inflation as
being on a downward path is being questioned as readings prove that price
rises are proving stickier, with US policy shifts, especially the introduction
of tariffs, likely to make inflation persistent and restricting the US Federal
Reserve's ability to follow through on rate cuts. Against a backdrop of rising
government indebtedness, and slowing global growth, the sticky inflation
environment has raised fears of stagflation (inflation and negative growth)
which is historically supportive for real assets, especially gold.
Precious Metal miners
Gold prices repeatedly made new all-time highs through 2024, after breaking
free from the $2,000/oz level that had capped it since 2020. This led to
strong performance in the precious metal miners which benefited the Company.
Gold rallied 12.8% through the second half of calendar 2024 whilst gold
miners, as measured by the Philadelphia Gold/Silver Index, decreased 0.8% in
USD terms, disappointingly not exhibiting the operating leverage one would
expect to see.
Typically, returns of a producer should increase by a greater amount than the
underlying commodity as, given their production cost, the margins expand by a
greater percentage than the underlying metal price increase. A reason that
leverage might not occur as above is when the market expects cost pressures
also to increase, but the costs of many inputs are easing, from beneficial
foreign exchange rate moves, improved availability of labour, easing steel and
oil prices, all contributing to an improving outlook for margins and cash
generation.
Strong central bank demand has been a key driver of gold's strength, with 2024
marking the third year of over 1,000 tonnes of net demand. Trump's tariff and
trade war threats and risks from broader government indebtedness should only
act to support even stronger additions to gold reserves going forwards.
Base metal caution
Trump's approach to foreign policy, which relies heavily on tariffs, is and
will remain significant for commodity markets. In this regard, at the time of
writing, a series of varying tariffs have been applied on all US imports from
China while higher duties are due to be applied to specific goods imported
from the US's neighbours, Canada and Mexico. Historically, such policies come
with collateral damage, causing prices to rise and growth to slow domestically
while creating deflation and unemployment in tariffed countries, which causes
their growth to slow.
Meanwhile, the ongoing Chinese property crisis continues to weigh on commodity
demand and remains key to our still cautious portfolio positioning in base
metals and zero-weighting in iron ore. While showing some signs of flattening
out, Chinese residential housing starts are down 72% from the end of 2020.
Central planners appear reluctant to stimulate the sector meaningfully,
perhaps sensibly given the longer-term demographic issues now faced and the
population now in decline. Chinese stimulus to address slowing economic growth
proved disappointing in 2024 as authorities awaited clarity on US trade
policies. China's central planners have subsequently indicated, and as noted
by Mr Liao Min, Vice Minister of Finance, that the country has "ample fiscal
policy room and tools to deal with new domestic and external problems".
Measures include an increase in fiscal spending deficit from to 4% of GDP in
2025, from ~3% historically, in order to support domestic consumption and
reduce reliance on export markets. However, without even more stimulus (and
against the backdrop of a countervailing response by Trump early in his
Presidential tenure), the economic growth outlook remains challenging. In
addition, we are acutely aware that the pull-forward of trade ahead of the
much-vocalised tariff-led policy has led to broadly higher inventory levels
which may now dampen near-term demand.
Assessing other investment themes, the energy transition will require more
base metals, especially copper. We continue to believe that does not translate
to shortages of associated ingredients today (as illustrated by the adequate
supply of copper inventories as estimated by the International Copper Study
Group in January), and thus we struggle with premium valuations for copper
miners. The portfolio's copper weighting remains focused on discounted
developers, such as Solaris in Ecuador, which we believe offer a better risk
reward ratio and which can be brought into production in the future during
periods of expected deficit. Sales of electric vehicles ("EVs") globally
continue to grow rapidly despite the slow down in Europe, with China reporting
a 31% increase in year on year new EV sales for 2024.
Energy
Oil was moderately weaker over the period, as production globally remained
resilient, with limited supply disruptions. Demand concerns continue given
China's currently challenged economic outlook and increasing penetration of
EVs domestically. Fears that Trump's "drill baby drill" rhetoric could lead to
more shale production also added concern, but we are dubious that Trump can
pressurise US domestic shale business to produce more as the decision to
invest in production growth is driven by commodity price expectations. We
reduced our weighting to US land drillers and sold out of Precision Drilling.
Our preference for fossil fuel exposure is through gas focused stocks that may
benefit from US liquefied natural gas ("LNG") facility build out and European
energy policy restricting production, thus requiring more LNG imports. We also
believe that nuclear power will continue to gain more focus, benefiting the
Company's uranium mining exposure, as countries look to extend the lives of
their existing nuclear fleets. Nuclear power offers zero carbon base load
power, with significant energy security benefits, supporting China's continued
build out of 10 new reactors per year.
Positioning
The 'Exposure Trend' chart contained in the Half Year Report shows the dynamic
allocation by sector since March 2020.
The Company further increased its weighting in precious metal miners, due to
their attractive fundamentals: new all-time highs in gold, combined with the
easing cost pressures referred to earlier, lifted margins and cash generation
to record levels for the sector. This has considerably improved prospects for
shareholder returns via higher dividends, buybacks and M&A. Additionally,
within the precious metal allocation the Company is focused on miners with
development assets that are expected to come online in 2025, providing
incremental catalysts over and above the broader positive fundamentals. Such
investments include Ora Banda, West African Resources, and Calibre Mining,
which are all in the portfolio's top 10 holdings.
More recent additions to the precious metal weighting were primarily funded by
a reduction in the energy exposure given the softer near-term demand. Supply
looks sufficient for now, although this could rapidly tighten with a stricter
application of sanctions on Russian and Iranian exports. Shipping names remain
attractive, with continued disruptions in the Red Sea from Houthi attacks,
whilst BW LPG is well placed to capture value from increasing US gas
production and thus propane production as a byproduct.
As stated, base metal positioning remains low on China concerns and richer
valuations especially with copper miners.
Outlook
2025, and probably the rest of Donald Trump's term, will be marked by higher
volatility, which may require more nimble shifts in portfolio allocation. A
trade war will probably be negative for global growth, whilst America's
weaponization of the US dollar is likely to continue to support strong central
bank gold demand.
China's economy continues to struggle, which, with a squeezed global consumer,
continues to drive our low base metal weighting and lightening of the
Company's exposure to crude oil. Chinese housing starts are down over 70% in
four years, with lagging completions following the declining trajectory,
limiting copper demand for final wiring, air conditioning and white goods.
Energy markets remain uncertain and regional. Oil demand growth is lacklustre
with a soft China offset by signs of growth from the likes of India. The big
unknown remains geopolitics. Trump is taking a harder line against Iran which
threatens oil exports from the country. In addition, Trump has stated he would
solve the Russia-Ukrainian war, and with Russian output equivalent to that of
Saudi Arabia, this represents an important supply side consideration. For now,
heavier application of sanctions on Russia looks more likely to disrupt output
rather than add production, but a potential truce could leave risks skewed to
the downside in the shorter term.
One area that does look likely to benefit from Trump's stance, backed up by
Elon Musk and US Energy Secretary, Chris Wright, is nuclear, which has become
increasingly strategic to many nations' energy requirements. In light of this,
the Company maintains a significant allocation to uranium miners, which is
biased to developer, NexGen, whose core asset is located in the established
uranium mining district of the Athabasca Basin in Canada.
Uncertainty deters corporate investment and is negative for global growth
while, in anticipation of Trump's well signalled policy approach, it has also
pulled forward much demand ahead of tariff implementation. In light of this,
the Company's positioning reflects a less sanguine outlook and gearing has
been reined in to provide flexibility for opportunities which may arise from
potential to-and-fro policy shifts and the increased volatility that may
result.
Ian (Franco) Francis, Keith Watson and Robert Crayfourd
Manulife | CQS Investment Management
26 March 2025
Top ten largest holdings
NexGen Energy
A tier 1 uranium development asset in the established Athabasca Basin uranium
mining district in Saskatchewan, Canada, which has the potential to be the
lowest cost uranium mine globally. As a zero-carbon source of energy, civil
nuclear power generation, and hence uranium, may gain further traction in
global energy mix.
Valuation 31.12.24: £10,365,000 (30.06.24: £10,874,000)
(£509,000)
Depreciation
Sales
-
Purchases
-
Emerald Resources
An Australian listed gold producer, with a producing mine in Cambodia and
development asset in Australia. The company has successfully commissioned its
low cost Okvau gold mine in Cambodia on time and budget. This strong
management team has a long history of delivering mines on time and budget and
is self-funded for the future growth profile.
Valuation 31.12.24: £6,354,000 (30.06.24: £7,750,000)
(£1,024,000)
Depreciation
Sales
(£372,000)
Purchases
-
Ora Banda Mining
An Australian gold exploration and development company, with 100% ownership of
the Davyhurst Gold Project in the highly productive eastern goldfields region
of Western Australia.
Valuation 31.12.24: £5,668,000 (30.06.24: £3,948,000)
£3,538,000
Appreciation
Sales
(£1,818,000)
Purchases
-
West African Resources
An Australian listed emerging mid-tier gold producer based in the West African
region. The company acquires, explores and develops resource projects, and
serves customers in West Africa and Australia.
Valuation 31.12.24: £4,972,000 (30.06.24: £5,941,000)
(£934,000)
Depreciation
Sales
(£376,000)
Purchases
£341,000
REA Holdings
A leading contributor to responsible palm oil production globally. REA has a
commitment to produce sustainably and has also received Roundtable on
Sustainable Palm Oil certification. Following substantial cost cutting
measures the group is well placed to benefit from the recent recovery in the
crude palm oil price.
Valuation 31.12.24: £4,445,000 (30.06.24: £4,681,000)
(£91,000)
Depreciation
Sales
(£145,000)
Purchases
-
Tamboran Resources
A US listed natural gas exploration and production company, which specialises
in the transition to cleaner energy and supports the energy transition by
developing commercial production of natural gas and net zero equity scope 1
and 2 emissions. Tamboran Resources conducts its business in Australia.
Valuation 31.12.24: £4,325,000 (30.06.24: £5,171,000)
(£846,000)
Depreciation
Sales
-
Purchases
-
Westgold Resources
An innovative and progressive gold producer located in the Murchison and
Southern Goldfields regions of West Australia. The company has tenure of more
than 3,200 km(2) and operates six underground mines and five processing plants
with an installed processing capacity of approximately 6.6 million tonnes per
annum.
Valuation 31.12.24: £4,322,000 (30.06.24: £438,000)
£1,509,000
Appreciation
Sales
(£1,193,000)
Purchases
£3,568,000
Ur-Energy
An American uranium producer, which is engaged in uranium recovery and
processing operations, as well as the exploration and development of uranium
mineral properties.
Valuation 31.12.24: £4,243,000 (30.06.24: £1,997,000)
(£112,000)
Depreciation
Transocean
A leading international provider of offshore contract drilling services for
oil and gas wells. The group is well placed to benefit from an improvement in
offshore rig day rates. The offshore rig market looks attractive as spending
from global oil and gas increases, whilst the availability of rigs remains
constrained given the large capital requirement and long lead times for new
builds.
Valuation 31.12.24: £3,867,000 (30.06.24: £5,471,000)
(£1,604,000)
Depreciation
Sales
-
Purchases
-
Calibre Mining
A Canadian listed, American focused growing mid-tier gold producer with a
strong pipeline of development and exploration opportunities across
Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and
Nicaragua. The company is focused on delivering sustainable value for
shareholders, local communities and all stakeholders through responsible
operations and a disciplined approach to growth.
Valuation 31.12.24: £3,714,000 (30.06.24: £3,004,000)
£349,000
Appreciation
Sales
(£204,000)
Purchases
£565,000
At 31 December 2024, the value of the top ten investments totalled
£52,275,000, 39.8% of the investment portfolio. To see a full breakdown of
our investments see Investment Portfolio as at 31 December 2024.
Portfolio at a glance
as at 31 December
By commodity
As at 31 December 2024 As at 31 December 2023
% of total investments % of total investments
Gold 34.8 19.3
Oil & Gas 19.1 31.1
Uranium 12.9 10.0
Lithium 5.8 4.9
Copper 5.3 5.7
Shipping 4.6 6.6
Palm Oil 3.4 2.9
Coal 2.9 5.8
Base metals* 2.7 5.2
Royalty 2.3 1.3
Silver 1.9 2.1
Rare Earth 1.8 2.1
Platinum 1.4 0.7
Nickel 0.6 1.3
Diversified Minerals 0.4 0.7
* Comprises polymetallic investee companies.
By location of listing
As at 31 December 2024 As at 31 December 2023
% of total investments % of total investments
Canada 32.3 52.0
Australia 27.7 15.0
US 13.1 15.0
UK 12.1 11.0
Unquoted* 10.6 3.0
Europe 4.2 4.2
* The increase in unquoted investments is primarily driven by the
suspension of trading of Leo Lithium on 1 July 2024. Further detail can be
found within Note 9 to the Financial Statements in the Company's Annual Report
for the year ended 30 June 2024.
Investment Portfolio
as at 31 December 2024
Company Sector Valuation % of total
£'000 investments
NexGen Energy Uranium 10,365 7.9
Emerald Resources Gold 6,354 4.8
Ora Banda Mining Gold 5,668 4.3
West African Resources Gold 4,972 3.8
REA Holdings 7 Palm Oil 4,445 3.4
Tamboran Resources Oil & Gas 4,325 3.3
Westgold Resources Gold 4,322 3.3
Ur-Energy Uranium 4,243 3.2
Transocean Oil & Gas 3,867 3.0
Calibre Mining Gold 3,714 2.8
Top ten investments 52,275 39.8
Vermilion Energy Oil & Gas 3,437 2.6
BW LPG Shipping 3,404 2.6
Diamondback Energy Oil & Gas 3,231 2.5
Leo Lithium Lithium 3,085 2.3
Thungela Resources Coal 3,029 2.3
Sigma Lithium Resources Lithium 2,830 2.2
Lynas Corporation Rare Earth 2,378 1.8
Peyto Exploration & Development Oil & Gas 2,278 1.7
Foran Mining Copper 2,273 1.7
Greatland Gold Gold 2,256 1.7
Top twenty investments 80,476 61.2
Wheaton Precious Metals Royalty 2,243 1.7
EOG Resources Oil & Gas 2,056 1.6
Diversified Energy Oil & Gas 2,037 1.5
Equinox Gold 1,936 1.5
Frontline Shipping 1,700 1.3
Solaris Resources Gold 1,695 1.3
Polymetals Resources Gold 1,674 1.3
Robex Resources Gold 1,622 1.2
G Mining Gold 1,495 1.1
Paladin Energy Uranium 1,408 1.1
Top thirty investments 98,342 74.8
Southern Cross Gold Gold 1,274 1.0
Mawson Gold Gold 1,246 1.0
Metals X Base metals 1,234 1.0
True North Copper Copper 1,112 0.8
Integra Resources Gold 1,105 0.8
Afentra Oil & Gas 1,044 0.8
Sylvania Platinum Platinum 1,009 0.8
Newcore Gold Gold 947 0.7
Patriot Battery Metals Lithium 891 0.7
Cleantech Royalty 833 0.6
Top forty investments 109,037 83.0
Coronado Global Resources Coal 818 0.6
Collective Mining Copper 812 0.6
Talon Metals Nickel 802 0.6
Liberty Energy Oil & Gas 794 0.6
ISOEnergy Base metals 771 0.6
Greenheart Gold Gold 758 0.6
Solgold Copper 756 0.6
NorAm Drilling Oil & Gas 719 0.5
Osisko Development Gold 716 0.5
Eldorado Gold Gold 698 0.5
Top fifty investments 116,681 88.7
Coppernico Metals Copper 694 0.5
Rupert Resources Gold 664 0.5
Galena Mining Base metals 662 0.5
Osisko Gold Royalties Gold 608 0.5
MAG Silver Silver 605 0.5
Central Asia Metals Copper 595 0.5
Ero Copper Copper 589 0.4
Spartan Delta Oil & Gas 568 0.4
Richmond Vanadium Diversified Minerals 531 0.4
TDG Gold Gold 505 0.4
Top sixty investments 122,702 93.3
Castile Resources Gold 488 0.4
Euronav Shipping 474 0.4
Ascendant Resources Base metals 462 0.4
Mawson Finland Base metals 458 0.4
Shelf Drilling Oil & Gas 455 0.4
Denison Mines Uranium 451 0.3
Firefinch Lithium 438 0.3
Platinum Group Metals Platinum 436 0.3
Fortuna Silver Mines Silver 434 0.3
Cosa Resources Uranium 431 0.3
Top seventy investments 127,229 96.8
Other investments 4,215 3.2
Total 131,444 100.0
Further details on the Company's top ten largest holdings within its
Investment Portfolio are set out under Top Ten Largest Holdings above.
Financial Statements
Condensed Income Statement
Six months ended Six months ended
31 December 2024 31 December 2023
(unaudited) (unaudited)
Notes Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on investments held at fair value through profit or loss 2 - (9,281) (9,281) - 2,567 2,567
Exchange (losses)/gains on foreign currencies - (30) (30) - 226 226
Income 3 1,358 323 1,681 3,078 341 3,419
Investment management fee (199) (597) (796) (209) (628) (837)
Other expenses (550) - (550) (523) (2) (525)
Net return before finance costs and tax 609 (9,585) (8,976) 2,346 2,504 4,850
Finance costs (136) (407) (543) (126) (367) (493)
Net return before tax 473 (9,992) (9,519) 2,220 2,137 4,357
Tax (69) (25) (94) (174) - (174)
Net return for the period 404 (10,017) (9,613) 2,046 2,137 4,183
Basic and diluted return per ordinary share (pence) 0.63p (15.53)p (14.90)p 3.06p 3.19p 6.25p
The "total" column of this statement is the Income Statement of the Company,
prepared in accordance with Financial Reporting Standard 102 ("FRS 102"). The
supplementary revenue and capital columns are presented in accordance with the
Statement of Recommended Practice issued by the AIC ("AIC SORP").
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the period.
There is no other comprehensive income, and therefore the net return after tax
for the period is also the total comprehensive income.
The accompanying notes are an integral part of the financial statements.
Condensed Balance Sheet
Notes As at As at
31 December 30 June
2024 2024
(unaudited) (audited)
£'000 £'000
Fixed assets
Investments at fair value through profit or loss 131,444 152,627
Current assets
Debtors 421 645
Cash 4,383 2,952
4,804 3,597
Current liabilities
Creditors: amounts falling due within one year (597) (658)
Bank loan 8 (13,000) (17,000)
(13,597) (17,658)
Net current liabilities (8,793) (14,061)
Net assets 122,651 138,566
Capital and reserves
Called-up share capital 16,722 16,722
Share premium 4,851 4,851
Special distributable reserve 23,898 27,127
Treasury shares (682) (182)
Capital reserve 78,269 88,307
Revenue reserve (407) 1,741
Equity shareholders' funds 7 122,651 138,566
Net asset value per ordinary share 7 191.17p 209.44p
The accompanying notes are an integral part of the financial statements.
Condensed Statement of Changes in Equity
Share Share Special Treasury Capital Revenue Total
capital premium
distributable shares reserve reserve £'000
£'000 account
reserve £'000 £'000 £'000
£'000 £'000
For the six months ended 31 December 2024 (unaudited)
Balance at 30 June 2024 16,722 4,851 27,127 (182) 88,307 1,741 138,566
Net return after tax for the period - - - - (10,017) 404 (9,613)
Shares bought back into treasury - - (3,114) (500) (21) - (3,635)
Dividends paid - - (115) - - (2,552) (2,667)
Balance at 31 December 2024 16,722 4,851 23,898 (682) 78,269 (407) 122,651
For the six months ended 31 December 2023 (unaudited)
Balance at 30 June 2023 16,722 4,851 28,571 - 83,454 2,962 136,560
Net return after tax for the period - - - - 2,137 2,046 4,183
Dividends paid - - (262) - - (3,805) (4,067)
Balance at 31 December 2023 16,722 4,851 28,309 - 85,591 1,203 136,676
The special distributable reserve and the revenue reserve represent the amount
of the Company's reserves distributable by way of dividend.
The accompanying notes are an integral part of the financial statements.
Condensed Cash Flow Statement
Six months Six months
ended ended
31 December 31 December
2024 2023
(unaudited) (unaudited)
£'000 £'000
Operating activities
Investment income received 1,490 2,767
Deposit interest received 44 46
Investment management fees paid (814) (702)
Other expenses (650) (562)
Net cash inflow from operating activities 70 1,549
Investing activities
Purchases of investments (14,118) (10,569)
Disposals of investments 26,315 15,724
Net cash inflow from investing activities 12,197 5,155
Financing activities
Equity dividends paid (2,667) (4,067)
Shares bought back into treasury (3,635) -
Repayment of credit facility (4,000) (2,000)
Loan interest paid (504) (486)
Net cash outflow from financing activities (10,806) (6,553)
Increase in net cash 1,461 151
Foreign exchange (losses)/gains (30) 226
Opening net cash at 1 July 2,952 3,857
Closing net cash at 31 December 4,383 4,234
The accompanying notes are an integral part of the financial statements.
Notes to the Condensed Financial Statements
for the Half Year ended 31 December 2024
1 Accounting Policies - Basis of Preparation
The condensed interim financial statements have been prepared in accordance
with Financial Reporting Standard 104 (Interim Financial Reporting) and with
the Statement of Recommended Practice for 'Financial Statements of Investment
Trust Companies and Venture Capital Trusts'. They have also been prepared on a
going concern basis and on the assumption that approval as an investment trust
will continue to be granted.
The condensed interim financial statements have been prepared using the same
accounting policies as the preceding annual financial statements, which were
prepared under Financial Reporting Standard 102.
2 (Losses)/gains on Investments
Included within (losses)/gains on investments in the Condensed Income
Statement for the period ended 31 December 2024 are realised gains of
£7,675,000 (31 December 2023: gains of £1,993,000) and unrealised losses of
£16,956,000 (31 December 2023: gains of £574,000).
3 Income
The breakdown of income for the six months to 31 December 2024 and 31 December
2023 is as follows:
Six months Six months
ended ended
31 December 31 December
2024 2023
(unaudited) (unaudited)
£'000 £'000
Income from investments:
UK dividend income 197 39
Preference share dividend income 233 -
Overseas dividend income 830 2,890
Overseas fixed interest 54 103
1,314 3,032
Other income
Bank interest 44 46
Total Income 1,358 3,078
4 Return per Ordinary Share
Return per share attributable to shareholders reflects the overall performance
of the Company in the period. Net revenue recognised in the first six months
is not necessarily indicative of the total likely to be received in the full
accounting year.
Six months Six months
Ended ended
31 December 31 December
2024 2023
(unaudited) (unaudited)
£'000 £'000
Revenue return 404 2,046
Capital return (10,017) 2,137
Total return (9,613) 4,183
Six months Six months
ended ended
31 December 31 December
2024 2023
(unaudited) (unaudited)
p/share p/share
Revenue return per share (pence) 0.63 3.06
Capital return per share (pence) (15.53) 3.19
Total return per share (pence) (14.90) 6.25
The weighted average number of shares in issue during the six months ended 31
December 2024 was 64,516,804 (six months ended 31 December 2023: 66,888,509).
There are no dilutive instruments issued by the Company.
5 Dividends
During the six months to 31 December 2024, the Company paid a fourth interim
dividend of 1.82 pence per share and a special interim dividend of 1.00 penny
per share in relation to the financial year ended 30 June 2024, and a first
interim dividend of 1.26 pence per share in relation to the six months ended
31 December 2024.
A second interim dividend 2025 of 1.26 pence per share was declared after 31
December 2024 and paid on 28 February 2025. In accordance with FRS 102, this
interim dividend has not been included as a liability in this Half Year Report
and instead will be recognised in the period in which they are paid.
6 Share Capital
At 31 December 2024 there were 64,157,838 ordinary shares in issue, excluding
2,730,671 shares held in treasury (30 June 2024: 66,159,952, excluding 728,557
shares held in treasury).
During the six months ended 31 December 2024 the Company repurchased 2,002,114
shares to hold in treasury (six months ended 31 December 2023: none).
7 Net Asset Value per Ordinary Share
As at As at
31 December 30 June
2024 2024
(unaudited) (audited)
Net asset value per share 191.17p 209.44p
Net assets £122.7m £138.6m
Ordinary shares of 25p each in issue (excluding shares held in treasury) 64,157,838 66,159,952
There are no dilutive instruments issued by the Company.
8 Bank Loan
As at As at
31 December 30 June
2024 2024
(unaudited) (audited)
£'000 £'000
Bank loan 13,000 17,000
The Company previously had an unsecured loan facility with Scotiabank Europe
Plc ("Scotiabank"), on which drawdowns attracted an interest rate of Sterling
Overnight Index Average ("SONIA") plus 1.10%. As at 30 June 2024, £17 million
was drawn down at an indicative rate of 6.3% fixed until 13 September 2024.
The credit facility with Scotiabank had a floating charge covering all the
property or undertaking of the Company.
The facility with Scotiabank expired on 13 September 2024 and a new secured
facility with a two-year tenure was agreed with BNP Paribas ("BNP") with
effect from the same date until September 2026. Drawdowns from the new
facility attract an interest rate of SONIA plus 1.35% and a commitment fee of
0.45%. The previous floating charge was satisfied upon repayment and
expiration of the facility with Scotiabank, and replaced by a floating charge,
with the same coverage of assets, under the new facility agreement with BNP
Paribas.
As at the date this Report was approved, £13 million was drawn down under
this facility at an indicative rate of 6.05% fixed until 13 June 2025.
The covenants of the loan facility with Scotiabank for the period to 13
September 2024 and of the facility with BNP since 13 September 2024 have been
met. Covenant conditions for the facility with BNP are as follows:
· the borrower shall not permit the net asset value to be less
than £45 million;
· maximum loan to value ratio of 30%; and
· minimum coverage ratio (total adjusted total assets value
over debt) of 1.
9 Going Concern
After making enquiries and having considered the Company's investment
objective, nature of the investment portfolio, bank facility and expenditure
projections, the Directors consider that the Company has adequate resources to
continue in operation for the foreseeable future. For this reason, the
Directors are satisfied that it is appropriate to adopt the going concern
basis in preparing this report.
10 Comparative Information
The condensed financial statements contained in this Half Year Report do not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The financial information for the six months to 31 December 2024 and 31
December 2023 has not been audited or reviewed by the Company's external
Auditor.
The information for the year ended 30 June 2024 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 Auditor, which was unqualified and did not contain a statement
under Sections 498(2) or (3) of the Companies Act 2006.
Earnings for the first six months should not be taken as a guide to the
results for the full year.
11 Related Parties
The following are considered related parties: the Board of Directors (the
"Board") and CQS (UK) LLP (trading as Manulife | CQS Investment Management)
(the "Investment Manager").
All transactions with related parties are carried out on an arm's length
basis.
There are no other transactions with the Board other than aggregated
remuneration and reimbursement of expenses for services as Directors. There
were no amounts payable to Directors outstanding at the end of the period (31
December 2023: £17,000).
The Investment Manager's management fee is:
· 1.2 per cent on net assets up to £150m;
· 1.1 per cent on net assets above £150m and up to £200m;
· 1.0 per cent on net assets above £200m and up to £250m; and
· 0.9 per cent on net assets above £250m.
The amount incurred in respect of investment management fees during the period
was £796,000 (six months to 31 December 2023: £837,000), of which £123,000
(2023: £273,000) was outstanding as at 31 December 2024.
12 Post Balance Sheet Events
The second interim dividend of 1.26 pence per share in relation to the six
months ended 31 December 2024 was announced on 21 January 2025 and paid on 28
February 2025 to shareholders on the register on 31 January 2025, with an
ex-dividend date of 30 January 2025.
On 12 February 2025, the Company announced the receipt of a requisition served
on behalf of Saba for a second general meeting of shareholders. Since then,
the Board has engaged in a series of constructive discussions with Saba, who
have agreed to withdraw the requisition to enable the Board and its advisers
to complete the strategic review that was outlined in the Circular to
shareholders. The Board will expedite this review and announce the outcome
during April 2025.
Interim Management Report and Responsibility Statement
The Chairman's Statement and the Investment Manager's Review above give
details of the important events which have occurred during the period and
their impact on the financial statements.
Principal Risks and Uncertainties
The Company's assets consist principally of listed equities and fixed interest
securities and its principal risks are therefore primarily market related. The
Company is also exposed to currency risk in respect of the markets in which it
invests. Key risks faced by the Company fall into the following broad
categories: market, sector and geopolitical, demand for the Company's shares,
key person, regulatory and operational.
These risks, and the way in which they are managed, are described in more
detail under the heading 'Principal Risks, Uncertainties and Mitigations'
within the Strategic Report contained within the Company's Annual Report for
the year ended 30 June 2024. The Company's principal risks and uncertainties
have not changed materially since the date of the report and are not expected
to change materially for the rest of the Company's financial year.
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, having considered the Company's investment objective, the
nature and liquidity of the portfolio and the income and expenditure
projections, consider 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 is financially sound.
For these reasons, they consider there is reasonable evidence to continue to
adopt the going concern basis in preparing the financial statements.
Statement of Directors' Responsibilities in Respect of the Interim Report
The Board of Directors confirms that, to the best of its knowledge:
· the condensed set of financial statements has been prepared
in accordance with IAS 34 "Interim Financial Reporting" and gives a true and
fair view of the assets, liabilities, financial position and profit or loss of
the Company;
· the interim management report includes a true and fair review
of the information required by:
a. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules,
being an indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed set of
financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules,
being related party transactions that have taken place in the first six months
of the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
The Half Year Report has not been audited by the Company's Auditor.
This Half Year Report contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the information
available to them up to the date of this report and such statements should be
treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward-looking
information.
On behalf of the Board
Christopher Casey
Chairman
26 March 2025
- ENDS -
For further information please contact:
Administrator and Company Secretary
Frostrow Capital LLP
Eleanor Cranmer
Email: cosec@frostrow.com (mailto:cosec@frostrow.com)
Tel: 0203 008 4613
Investment Manager
Manulife | CQS Investment Management
Craig Cleland
Email: contactncim@cqsm.com (mailto:contactncim@cqsm.com)
Tel: 0207 201 5368
1 Alternative Performance Measure ("APM"). A glossary of the terms used,
including alternative performance measures, can be found within the Half Year
Report.
2 Based on an annualised dividend of 6.60 pence per share (2023: annualised
dividend of 8.60 pence per share).
3 Used by the Company as a comparator, not a benchmark. As at 31 December
2024, 19.1% of the portfolio was attributable to the MSCI World Energy Index
and 67.6% of the portfolio to the MSCI World Metals and Mining Index. Please
refer to the 'by commodity' illustration within the Half Year Report for
further detail.
4 Capitalised terms not otherwise defined in this Report have the meaning
given to them in the Circular published by the Company on 7 January 2025.
5 Based on an Ordinary share price (mid market) of 185.75 pence as at 31
December 2024.
6 Unaudited unless otherwise stated.
7 Includes REA Holdings 9% preference shares valued at £3,985,000 (31
December 2023: £4,064,000), REA Finance 8.75% 31/08/2025 valued at £460,000
(31 December 2023: £460,000), REA Holdings warrants valued at £4,000 (2023:
£4,000) and no holding in the ordinary shares of REA Holdings (31 December
2023: £153,000).
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