REG-MIGO Opportunities Trust Plc: Portfolio Manager Resignation

Migo Opportunities TrustAnnouncement

07/03/2023 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.

7 March 2023

MIGO Opportunities Trust plc

Portfolio Manager Resignation

The Board of MIGO Opportunities Trust plc (the “Company” or “MIGO”)
announces that it has served six months’ protective notice((1)) to Premier
Miton Investors (“PMI”) on its investment management agreement with the
Company after being informed that Nick Greenwood, the Company’s lead
portfolio manager, has resigned from PMI.

The Board has been informed by PMI that Nick will continue to be available to
manage the Company’s portfolio at PMI until early 2024 and will continue to
be assisted by Ian Rees, deputy head of PMI’s multi-asset multi-manager
team.

Consequently, the Board has decided to review options for the future
management of MIGO, including a proposal from Premier. The Board does not
expect the investment strategy to change. Were the investment policy or
strategy to change, the proposed change would need to be put to a shareholder
vote.

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

“MIGO has delivered NAV returns of 250% over its two decades since
launch((2)).  There is good demand and a clear place in the market for its
specialist investment strategy, as a one-stop-shop for attractive investment
company opportunities, backed by a rigorous selection process and careful
portfolio construction. MIGO’s strong, long-term performance, its tight
discount to NAV and the low take-up in our most recent September 2021
realisation opportunity, all support the Board’s belief that MIGO will
continue to deliver an investment proposition that investors value.”

“Nick Greenwood’s portfolio management expertise and investor engagement
have been an important and long-standing factor underpinning MIGO’s success.
So given his decision to leave PMI, it’s prudent for us to review MIGO’s
management arrangements. We have served protective notice on Premier so we can
do this most effectively, and look forward to an ongoing constructive
relationship with Nick and PMI in the meantime.  We will consider all
proposals made from interested parties and will update shareholders in due
course.”

ENDS

For further information, please contact:

Frostrow Capital (Company Secretary)

Kerstin
Rucht                                  +44
(0)20 3008 4910

Richard Plaskett

Numis (Corporate Broker)

Nathan Brown                                +44
(0)20 7260 1000

Matt Goss

KL Communications (PR)             MIGO@kl-communications.com

Charles
Gorman                                          
+44 (0)20 3995 6673

Adam Westall

Amy Levingston-Smith

Notes to Editors

The objective of MIGO Opportunities Trust plc is to outperform SONIA((3)) 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 £87m.

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

Notes:

(1) By serving protective notice the Board has reserved the Company’s right
to end the investment management agreement in accordance with the applicable
termination provisions but also to subsequently seek to withdraw the notice
depending on the outcome of its review.

(2) Cumulative NAV total return from 6 April 2004 to 3 March 2023 – source
Refinitiv Eikon.

(3) 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.



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