REG-MIGO Opportunities Trust Plc: AVI appoints Nick Greenwood to continue managing MIGO

Migo Opportunities TrustAnnouncement

16/10/2023 07:15

This Announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation EU 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018.

16 October 2023

MIGO Opportunities Trust Plc

("MIGO" or the "Company")

AVI appoints Nick Greenwood to continue managing MIGO
* Nick Greenwood and Charlotte Cuthbertson to co-manage MIGO following
transition to Asset Value Investors in December
* No change to investment objective and policy or discount management policy
The Board of MIGO is delighted to announce that, following its 27 July
announcement appointing Asset Value Investors Limited (“AVI”) as AIFM and
investment manager of MIGO, Nick Greenwood will join AVI to co-manage MIGO
along with Charlotte Cuthbertson, whose appointment was announced in July.
This follows the relevant regulatory approvals.

Nick will remain at PMI managing the MIGO portfolio, until MIGO transitions to
AVI. AVI’s appointment will commence from close of business on Friday 15
December, concurrent with PMI completing its role as investment manager. Nick
Greenwood will join AVI the following business day, Monday 18 December.

As previously announced, there will be no change to MIGO’s fee structure or
its robust discount management policy.

Richard Davidson, Chairman of MIGO Opportunities Trust plc, said:

“Nick has been instrumental to MIGO’s portfolio management and investor
engagement ever since MIGO launched in 2004. Our shareholders’ feedback has
made clear that investors see him as a clear driver of MIGO’s success, so
we’re very pleased that he has agreed with AVI to maintain this longstanding
role. We’re also very happy that Charlotte can continue to work with Nick as
MIGO builds on its success and takes its investment case to new
shareholders”.

Joe Bauernfreund, Chief Executive Officer and Chief Investment Officer of
Asset Value Investors, said:

“As an experienced and well-known investment company specialist, Nick is a
perfect addition to the AVI team, and we’re delighted to be able to make
this announcement. As MIGO approaches its 20-year anniversary, keeping
Nick’s and Charlotte’s roles with MIGO was important to us. We’re all
excited about Nick coming across in December. We look forward to working with
him and Charlotte as MIGO continues to deliver for investors.”

Nick Greenwood, co-manager of MIGO, said:

“Joining AVI to manage MIGO with Charlotte is the best of all worlds and
I’m excited about what this means for MIGO’s future. The widening of
investment company discounts this year has been a golden opportunity for our
investment process. While the volatile conditions of the summer have calmed a
little, there are some outstanding trusts for sale at once-in-a-generation
discounts, and we have ensured MIGO’s portfolio is well positioned to
benefit from the market conditions.

“At AVI, Charlotte and I will do what we’ve always done for MIGO –
finding trusts which trade at a discount, where wider sector sentiment is
improving, and there are clear catalysts to deliver value.”

Charlotte Cuthbertson, portfolio manager at AVI, and MIGO co-manager
designate, said:

“Having joined AVI in July, I know that it will be a good fit for Nick and
MIGO.  While preparing to co-manage MIGO with Nick again I’ve been
researching and testing the investment case for some new ideas, as well as
re-examining existing holdings. I can’t wait to debate these new ideas with
Nick as soon as he joins, and I look forward to re-engaging with our investor
base.”

ENDS

For further information, please contact:

 MIGO Opportunities Trust plc                                                                
 Richard Davidson, Chairman                      Via KL Communications or Deutsche Numis     
                                                                                             
 Deutsche Numis – Corporate Broker                                                           
 Nathan Brown                                    +44 (0)20 7260 1426 / +44 (0)7795 964 870   
 Matt Goss                                       +44 (0)20 7260 1643 / +44 (0)7801 544 557   
 KL Communications – Financial PR                MIGO@kl-communications.com                  
 Charles GormanAdam WestallAmy Levingston Smith  +44 (0)20 3995 6673 / +44 (0) 7795 977 967  
 Frostrow Capital – Company Secretary                                                        
 Richard PlaskettKerstin Rucht                   +44 (0)20 3709 2407+44 (0)20 3709 8732      

Background

On 7 March 2023, MIGO announced that it had served six months’ protective
notice to PMI on its investment management agreement with the Company after
being informed that Nick Greenwood, the Company’s lead portfolio manager,
had resigned from PMI.

Consequently, the board decided to review options for the future management of
MIGO. The board conducted a thorough process, including a major shareholder
consultation exercise, and proposals from over a dozen investment management
firms. Following this process, on 27 July 2023, the board announced the
appointment of Asset Value Investors to manage MIGO.

The board expects MIGO to benefit from AVI’s deep sector expertise and
supportive analyst resource as well as its distribution and marketing
channels. Over the past five years, AVI has added significant resource to its
investment research team; this depth of knowledge will be available to support
Nick Greenwood and Charlotte Cuthbertson as MIGO’s portfolio managers.

About MIGO

The objective of MIGO Opportunities Trust plc is to outperform SONIA(1) 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.

MIGO was launched on 6 April 2004, with Nick Greenwood as its lead investment
manager. MIGO’s net asset value is currently £76m.

Further information on MIGO can be found at: https://www.migoplc.co.uk/

About AVI

AVI is an investment management company established in London, United Kingdom,
in 1985. AVI manages AVI Global Trust (£1.2bn), and AVI Japan Opportunities
Trust (£168m), both public companies whose shares are listed and traded on
the main market of the London Stock Exchange.

Website: https://www.assetvalueinvestors.com/

LinkedIn:
https://www.linkedin.com/company/asset-value-investors-limited/about/

Notes:

(1) SONIA is the Sterling Overnight Index Average, the Sterling Risk-Free
Reference Rate preferred by the Bank of England for use in Sterling
derivatives and relevant financial contracts.

LEI: 21380075RRMI7D4NQS20



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