TIDMMIGO 
 
MIGO Opportunities Trust plc 
 
Half-Yearly Report for the six months ended 31 October 2023 
 
MIGO Opportunities Trust plc (the "Company" or "MIGO") has today released its 
Half-Yearly Report for the six months ended 31 October 2023. 
 
The Half-Yearly Report and other information will be available via 
www.migoplc.co.uk 
 
A copy of the half-yearly report will also be submitted to the National Storage 
Mechanism and will shortly be available for inspection at 
https://data.fca.org.uk/#/nsm/nationalstoragemechanism 
 
Enquiries: 
 
Frostrow Capital LLP 
 
Company Secretary 
 
DDI: +44 (0)203 709 8732 
 
Email: info@frostrow.com 
 
Financial Highlights 
 
                                       Six months ended  Year ended 
                                       31 October 2023   30 April 2023  % change 
Net asset value ("NAV") per share      319.2p            328.6p         (2.9)% 
Share price                            310.5p            318.5p         (2.5)% 
Share price discount to NAV per share  (2.7)%            (3.1)% 
Total net assets                       £74.0m            £79.8m         (7.4)% 
Net asset value volatility*            4.1%              8.2% 
Gearing*                               -                 - 
Ongoing charges*                       1.6%              1.4% 
 
*Alternative Performance Measure ("APM"), see Glossary. 
 
For commentary in respect of the above figures and Company's performance during 
the year please see the Chairman's Statement and the Manager's Report. 
 
Total Return Performance to 31 October 2023 
 
                                      6 months  1 year  5 years 
                                      %         %       % 
Net asset value (dividend adjusted)*  (1.9)     (1.2)   19.3 
Share price (dividend adjusted)*      (1.6)     (3.6)   15.8 
SONIA plus 2%                         3.5       6.4     17.5 
 
*Alternative Performance Measure, see Glossary. 
 
Source: Morningstar 
 
Investment Objective 
 
The objective of MIGO Opportunities Trust plc (the "Company" or "MIGO") is to 
outperform SONIA plus 2% (the "Benchmark") over the longer term, principally 
through exploiting inefficiencies in the pricing of closed-end funds (SONIA 
being 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). 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. 
 
The Company invests in listed closed-end investment funds that themselves have 
stated investment policies to invest no more than 15% of their gross assets in 
other listed closed-end investment funds. However, the Company may invest up to 
10%, in aggregate, of the value of its gross assets at the time of acquisition 
in closed-end investment funds that do not have such a stated investment policy. 
 
In addition, the Company will not invest more than 25%, in aggregate, of the 
value of its gross assets at the time of acquisition in open-ended funds. 
 
There are no prescriptive limits on allocation of assets in terms of asset class 
or geography. 
 
There are no limits imposed on the size of hedging contracts, save that their 
aggregated value will not exceed 20% of the portfolio's gross assets at the time 
they are entered into. 
 
The Board permits borrowings of up to 20% of the Company's net asset value 
(measured at the time new borrowings are incurred). 
 
The Company's investment objective may lead, on occasions, to a significant 
amount of cash or near cash being held. 
 
Chairman's Statement 
 
Introduction 
 
In the six months to 31 October 2023, financial markets around the world 
continued to be impacted by rising interest rates aimed at squeezing inflation 
back to central bank target levels. These higher rates and the fears they could 
hurt profit growth and lead to credit defaults have weighed heavily on share 
prices across the globe, with the notable exception of a few highly rated US 
stocks deemed to be beneficiaries of emerging AI technologies. 
 
Domestically, UK consumers have struggled with higher interest rates and a cost 
of living crisis made worse by high inflation and energy prices. As these 
consumers are, ultimately, the source of much demand for UK investment products 
of all kinds, we have seen a material reduction in demand for investment trusts 
over the period. Coupled with other demand effects such as the consolidation of 
the wealth management sector and increasing moves to global benchmarks, 
discounts to net asset value across the sector have been pushed to levels not 
seen since the global financial crisis. 
 
Despite these trends and a slightly weaker share price, MIGO has continued to 
trade at a tight discount as supportive regular buybacks and our Investment 
Manager's cash balance and value approach of buying at wide discounts has 
retained investor confidence. 
 
Investment Manager, Registered Office, Depositary and Custodian 
 
Aside from market events, 2023 has been dominated by the search for a new AIFM 
and Investment Manager for MIGO following the news early in the year, that our 
portfolio manager, Nick Greenwood, had decided to leave Premier Miton Investors 
("PMI"). 
 
Between March and June the Board of MIGO - after consultation with our lawyers 
and brokers - performed a full manager review including detailed shareholder 
engagement. Feedback from shareholders made it clear that MIGO's investors 
wanted MIGO to retain its existing investment objective and policy, ideally with 
the established investment team in place. Close to a dozen possible investment 
management houses, ranging from large multi-national groups to small boutique 
managers, were reviewed in a rigorous selection process. The result of this 
exercise was a unanimous decision by the Board to appoint Asset Value Investors 
Limited ("AVI") as the Company's future AIFM and Investment Manager, subject to 
regulatory approval, which was announced on27July. 
 
Since then, and as announced on 16 October, it has been agreed that Nick 
Greenwood would join AVI to co-manage MIGO along with Charlotte Cuthbertson, 
both of whom are well known to our longer-term investors as the Company's lead 
portfolio managers for a number of years. AVI's appointment commenced from close 
of business on Friday 15 December, concurrent with PMI completing its role as 
investment manager. Nick Greenwood joined AVI the following business day, Monday 
18December. Also, with effect from 18 December 2023, the registered office moved 
to the offices of Frostrow Capital LLP, our Company Secretary, Marketing and 
Administration Manager. The new address can be found at the end of this 
document. 
 
The Board would like to thank Premier Miton for its cooperation in this 
transition and for their hard work and support over the years. 
 
We also look forward to working with AVI, an experienced manager of investment 
trusts and of funds investing in the investment trust sector, and 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 MIGO's portfolio managers. 
Further information can be found at: www.assetvalueinvestors.com. 
 
Together with a new AIFM and Investment Manager, MIGO also has a new Depositary 
and Custodian, JP Morgan Europe Limited and JP Morgan Chase Bank respectively. 
AVI and its client funds have well established working relationships with JP 
Morgan. We thank the team at BNYM for their support over the years and for their 
help in transitioning the Company's business over to JPMorgan. We look forward 
to working with JP Morgan's excellent team who have contributed to making the 
transition an easy one. 
 
In spite of all the uncertainty over the past months, it has been encouraging to 
see that shareholders have been happy to stand by MIGO and await further 
developments. Accordingly, supported in part by the Board's proactive approach 
to buybacks, our share price and discount have held at reasonably steady levels. 
I thank everyone for their patience. 
 
Board Changes 
 
As already noted in the annual report, the appointment of AVI as our new AIFM 
and Investment Manager meant that Katya Thomson could no longer be considered 
independent under the AIC's Code of Corporate Governance, as she also sits on 
the board of another AVI managed investment trust. She had therefore taken the 
decision to step down from her role as non-executive director and Chairman of 
the Audit Committee once a replacement could be found. 
 
Consequently, the Board undertook a search for a new independent, non-executive 
Director with the necessary qualifications to take over from Katya as Chairman 
of the Audit Committee. As already announced on 12 December 2023, I am happy to 
report that the Directors have appointed MsCaroline Gulliver to join the Board 
and as our new Chairman of the Audit Committee with effect from the close of 
business on 29December 2023. Katya will step down from her role on the same day, 
but will continue to be available to support Caroline and the Board of MIGO for 
as long as needed. 
 
Having graduated in Accountancy from the University of Dundee in 1987, Caroline 
joined EY as graduate trainee in Edinburgh where she spent a 25 year career, 
latterly as an Executive Director in London, acting as Senior Statutory Auditor 
for many investment trusts and open-ended investment companies. She also worked 
on a large number of investment trust Stock Exchange transactions including new 
fund launches, both onshore and offshore, and fund reconstructions and mergers. 
Caroline left EY in September 2012 to pursue other interests including non 
-executive directorship positions. She currently has three active closed-end 
fund Board appointments - JP Morgan Global Emerging Markets Income Trust plc, 
International Biotechnology Trust plc and abrdn European Logistics Income plc. 
She is a member of the Institute of Chartered Accountants of Scotland (CA). 
 
The Board warmly welcomes Caroline and looks forward to working with her. At the 
same time, we will miss Katya's insights and wish her well for the future, 
thanking her for many years of support and advocacy of MIGO. 
 
Performance 
 
Over the six months to 31 October 2023 the Company's NAV per share total return 
(dividend adjusted) fell by 1.9% and the share price total return (dividend 
adjusted) fell by 1.6%. In comparison, the Company's Benchmark, sterling SONIA 
+2%, delivered a total return of 3.5%. 
 
A comprehensive review of the factors affecting the Company's performance during 
the period, and developments in the portfolio, can be found in the Investment 
Manager's Review. Wecontinue to believe that the current environment is ideal 
for the value driven style of our Investment Manager to find new attractively 
priced investments over the next year. Net cash at the period-end was £6.9 
million or 9.5% of NAV, which is ready to be deployed when value 
opportunitiesarise. 
 
Dividend 
 
On 5 October 2023, a final dividend of 3.0p per share in relation to the year 
ended 30 April 2023 was paid to shareholders on the register as of 8 September 
2023. 
 
The Company's principal objective remains to provide shareholder returns through 
capital growth in its investments and outperforming SONIA plus 2% over the 
longer term. Therefore, the Board is maintaining its current policy to pay only 
those dividends necessary to maintain UK investment trust status. Subject to the 
investment trust rules, any dividends and distributions will continue to be at 
the discretion of the Board from time to time. 
 
Share Price, Share Issuances and Buybacks 
 
MIGO's share price decreased over the period from 318.5p to 310.5p and the 
shares traded at a small discount to NAV per share of 2.7% at the end of the 
period, up from trading at a 3.1% discount to NAV per share at the last year end 
at 30 April 2023. 
 
From May to October 2023, the Company undertook buybacks of 1,125,000 shares in 
order to manage the share price discount and protect liquidity in the market. 
This support for the shares was particularly important given the ongoing new 
manager search and wait for regulatory approval as well as weakness in the 
investment trust sector at that time. As at 31 October 2023, the Company had 
23,172,797 (30 April 2023: 24,297,797) shares in issue. Since the period-end, a 
further 100,000shares were bought back. 
 
The Board's policy is to be proactive in managing the share price premium or 
discount. Issuing new shares at a premium to NAV per share creates value for 
existing shareholders and any share issuance also improves the liquidity of the 
Company's shares, controls the premium to NAV per share at which the shares 
trade and spreads the operating costs over a larger capital base, reducing the 
ongoing charges ratio. Share buybacks reduce the overhang of shares in the 
market and correct imbalances of supply and demand. The Board, PMI as the 
Investment Manager and the Company's broker were in regular contact in order to 
be able to react swiftly to any disproportionate premiums or discounts the 
Company's shares were trading at. This is expected to continue with AVI as the 
new AIFM and Investment Manager. 
 
At the Annual General Meeting ("AGM") held on 20 September 2023, shareholders 
gave the Board authority to issue shares of up to 10% of issued share capital at 
the time, whilst disapplying pre emption rights, amounting to a total of 
2,354,779 shares in total. At the AGM the Board also received shareholders' 
authority to buy back up to 3,529,814 shares, or 14.99% of issued share capital. 
These authorities will expire at the next AGM when the Board will ask for 
renewed authorities. 
 
Ongoing Charges Issues 
 
Investors will be aware of the ongoing charges figure ("OCF") which is the 
charge paid over a year quoted on the 'Key Investor Information' ("KID") 
document. The Board, our advisers and many investment trust specialists have 
long considered the figure misleading as we believe it double counts the cost of 
investing in other investment trusts. A significant portion of MIGO's OCF (1.29% 
out of a total OCF of 2.81% as per 16 October 2023 KID) is due to costs incurred 
by the underlying investments and is not an additional cost to MIGO - and is 
therefore not represented under Financial Highlights. Whether actual and 
underlying costs are presented in one single figure or in a layered approach, 
many platforms and readers will add them up, and in an industry where low fee 
levels are sometimes misunderstood as the simplest way to evaluate how value is 
delivered, this can become a problem. 
 
The Board of MIGO, together with many other industry participants, has lobbied 
the Association of Investment Companies and HM Treasury to intervene to confirm 
that costs associated with listed investment companies should be excluded from 
the `single figure' OCF across all retail product and service categories. This, 
together with amended legislation, should show companies like ours as 
competitive as they really are. The first results of this lobbying activity have 
been in the news recently, as responsibility for this issue has been passed to 
the FCA. We await clarity and a common sense solution. 
 
Outlook 
 
2023 has been a year of significant change for MIGO and for the investment trust 
sector. Discounts across the investment trust sector have widened materially, 
presenting numerous attractive investment opportunities for the Company, both 
within sectors we have long followed and invested in, and in sectors which have 
historically traded at tight discounts or, indeed, premiums to net asset value 
where tight ratings have previously precluded our investment. With a new AIFM 
and Investment Manager in place we feel MIGO is ready for what 2024 will bring. 
 
As a result we believe the portfolio is well positioned both for future growth 
in net asset values within portfolio companies and for the tightening of 
discounts across the sector. 
 
The Board is optimistic for the future of MIGO and thanks shareholders for their 
continued support. 
 
Richard Davidson 
 
Chairman 
 
19 December 2023 
 
Investment Manager's Report 
 
for the six months ended 31 October 2023 
 
Performance 
 
During the six months to 31 October 2023, our net asset value fell from 328.25p 
to 319.13p. This represents a fall of 1.86% in capital terms once the payment of 
a 3p dividend is taken into account. Incomparison, the Numis All-Share Index* 
declined 11.7% in capital terms. Our shares also declined 2.51% and ended the 
half year trading on a 2.7% discount 
 
*The full investment companies universe as defined by Numis Securities Research 
including both equities and alternative asset investment companies. 
 
The period under review was one of the toughest in recent years for the 
investment trust sector. Itfaced a perfect storm. This reflected a combination 
of four factors: rising UK interest rate expectations, kneejerk selling in the 
face of weak share prices, the rapid consolidation of the wealth management 
industry and, most importantly, the methodology used to disclose costs which 
makes closed end funds appear expensive when compared to their open ended peers. 
Given these torrid conditions during which the FTSE All Share Closed End Index 
slumped 8.47%, our portfolio held up well. This was partially due to the cash 
balances we held entering the period. 
 
Expectations as to where UK interest rates would peak steadily rose. At one 
point, forecasts approached 6.5%. During the summer it was possible to buy a two 
-year gilt on a redemption yield of 5.4%. Bearing in mind the vast majority of 
this return is effectively tax free for many investors, the ability to get a 
decent income from conventional sources undermined demand for many trusts. These 
were created to find a solution to the lack of income at a time when deposit 
rates were close to zero. In the new environment they needed to yield a premium 
to gilts which meant that share prices needed to fall. The sharp declines 
reflected a lack of demand rather than concerns about the quality of these 
trusts' underlying investments. This provided an arbitrage opportunity given 
that in many cases demand for what the trusts owned remained steady. It was 
simply the structure in which they were held which was out of favour. This is 
certainly true for our existing position in Aquila European Renewables which has 
invested in solar assets in Iberia and wind farms in Scandinavia. It is in the 
alternatives sector where the bulk of our research efforts are currently focused 
seeking portfolios which have the scope to grow both net asset value and 
dividends. 
 
In recent decades the wealth management industry has been a significant owner of 
trusts. Investec's recent merger with Rathbones highlights the extent of the 
last decade's consolidation from hundreds of small independent private client 
stockbrokers into a small number of major national chains. Given the newly 
combined organisation will have assets under management of £100 billion, it is 
difficult to see how these organisations will be able use closed ended funds in 
the longer term. In order to move the needle investors would want potential 
investments to represent at least 1% of their portfolio. In the case of a £100 
billion pound pot this means buying a billion pounds' worth of shares. Even in 
the case of the very largest trusts, this would be challenging. In the shorter 
term any unwinding of exposure is likely to be felt in trusts with market 
capitalisations between £500 million and £1 billion in size which until recently 
were big enough for the mega chains to include within portfolios. 
 
The most serious threat comes from the unintended consequences of regulation 
which threatens the sector's very existence. The methodology behind the 
calculation of underlying costs continues to drive capital from the sector. 
Investment trusts now appear very expensive especially in alternative asset 
classes such as shipping, private equity and second-hand life polices, where 
these calculations throw up some very strange results and, as a result, many 
trusts are uninvestable for some types of investors whose products are marketed 
on grounds of low cost. Whilst there has been some encouragement lately with HM 
Treasury acknowledging the problem and the issue being debated in the Houses of 
Parliament, we may have to wait some time for reform. Furthermore, it is clear 
that advisers have reacted to weak trust share prices associated with widening 
discounts by selling. 
 
These challenges have supressed demand and left the market oversupplied. Given 
that trusts trade wherever the balance of supply and demand lies, it is not 
surprising that discounts across the sector stand close to widest ever levels. 
Previous occasions when share prices fell this far below the value of underlying 
portfolios were times of extreme stress in markets such as the global financial 
crisis. 
 
We have heard the death knell sounded for investment trusts many times before. 
The sector has always evolved and progressed. There are self help measures which 
can be adopted. Oversupply can be dealt with via buy backs. The law of natural 
selection is alive and well in the world of closed end funds and we expect to 
see the recent trend of mergers and wind downs to continue. There are new 
audiences to focus on, such as self-directed investors and newer wealth 
management businesses often staffed by individuals who have departed the vast 
chains. Despite experimental capital structures being mooted, the closed end 
fund is the best structure for accessing illiquid asset classes. The travails of 
open ended property funds sum up the challenges and explain why investment 
trusts will continue to exist. 
 
Contributors 
 
Within our portfolio, uranium proved to be our greatest contributor as the 
metal's spot price crept up steadily. A severe shortfall in supply is 
developing. This has been exacerbated by energy security concerns given Russia 
and Kazakhstan's roles in the supply chain. Turmoil in Niger is disrupting 
supplies of Uranium to the French power industry. The decision to extend the 
lives of many power stations in an effort to achieve net zero is leading to 
demand being much greater than expected in the short term. Longer term demand 
will be driven by the build out of the nuclear industry in the Middle East and 
Asia. Whilst uranium is not a rare metal, it will be impossible to boost supply 
meaningfully given the long lead times , often a decade, in turning a promising 
deposit into a working mine. 
 
Shares in Georgia Capital have continued their steady appreciation yet still 
trade at an extreme discount. The country stands at the traditional economic 
sweet spot where wealth has just reached the point where the population can 
afford to visit pharmacies, get their cars serviced and insured and pay to get 
their children educated. In the short term the local economy has been boosted by 
the arrival of much of Russia's IT Industry who prefer Tbilisi to the risk of 
being called up at home. Despite recent successes we doubt whether the trust has 
a long-term future. In current conditions It is difficult enough for any 
investment trust to generate a following, let alone an eastern European single 
country fund. At some point this will be recognised and an alternative structure 
sought. Should the team who are significant shareholders seek an exit, they will 
achieve this by handing back assets to shareholders at market value. Georgia 
Capital is exactly the sort of situation we seek. It offers returns from an 
attractive macro view as well as a special situation element. 
 
We have benefitted from the three-way merger between Nippon Active Value, 
Atlantis Japan and Aberdeen Japan. We were able to exit from some of our 
Atlantis shares at a modest discount. This transaction has removed what has 
proved to be one of our more disappointing holdings and move the focus towards 
activist investing in Japan, one of our current themes. We already owned shares 
in Nippon Active Value which has become one of our largest holdings post-merger. 
 
Other useful contributions came from exposure to India and Vietnam. Both 
countries have benefited from multinationals seeking to diversify their supply 
chains and manufacturing operations away from China, given the deterioration in 
relations with the United States. 
 
Detractors 
 
Disappointments include Baker Steel Resources, Phoenix Spree Deutschland and 
Macau Property Opportunities. In the case of Baker Steel there is currently 
little interest in lending to develop new mines and many of the trust's projects 
have been delayed in the absence of financing. It is noticeable that the 
carrying value of these assets are now only a fraction of what they would be 
worth as an operational mine. Baker Steel shares trade at a significant discount 
to the already depressed carrying value. It would only need a couple of 
successes to drive the share price significantly higher. It is a bit of a 
mystery as to why Phoenix Spree is so depressed given that locally listed peer 
Vonovia has been moving steadily higher in recent months. There remains a 
shortage of residential property available to rent in Berlin. The most likely 
reason is a lack of interest and knowledge about the asset class amongst UK 
Investors. After a burst of excitement about the reopening of China post-Covid, 
recent newsflow has been depressing and taken its toll on the Macau 
Opportunities share price. 
 
Despite solid progress within its portfolio, Oakley Capital's share price 
struggled during the period. Private equity trusts have been particularly hard 
-hit by the cost disclosure issues discussed earlier. 
 
Additions 
 
We have added to the unloved biotechnology sector by introducing a holding in 
RTW Biotech Opportunities. The biotech sector is suffering from a hangover as 
the result of the excesses of 2021. The sector tends to be categorised as early 
stage and its share prices move inversely to Treasuries. Therefore, Biotechs 
have been punished as interest rate expectations have increased and the sector 
now trades at a twenty year low, leaving market prices out of synch with 
fundamentals. Retail investors and investment tourists have long departed share 
registers. The inverse correlation with Treasuries explains why 
counterintuitively the sector acts defensively heading into a recession. 
Increased innovation has led to significantly more drugs reaching the market 
with a record number of approvals expected in 2023. Fifty per cent of new 
products are developed by smaller companies so the long term winners are 
unlikely to be the big index stocks. A significant number of blockbuster drugs 
are coming off patent so big pharma has an urgent need and the necessary cash to 
buy Biotechs in order to restock product lines. The Inflation Reduction Act 
ensures that drug pricing is off the agenda in the run up to the forthcoming US 
election. We have adopted a package approach owning Biotech Growth and 
International Biotechnology in addition to RTW Biotech. Discount controls mean 
that the value lies in underlying portfolios rather than these trusts trading 
below stated NAV. 
 
We bought a position in Ecofin US Renewables after its Texan wind farm was 
damaged by a tornado. The utility substation which connects the site to the grid 
was destroyed. A new connection is being made via another substation. In the 
meantime, the trust will pay a reduced dividend. We believe that the reaction in 
the share price was out of proportion to the challenges. 
 
Departures 
 
Industrials REIT was acquired by Blackstone at the beginning of the period and 
Atlantis Japan was taken over by Nippon Active Value as noted earlier. Vietnam 
Enterprise was sold into strength leaving our Vietnam exposure focussed on 
VinaCapital Vietnam Opportunities. 
 
Outlook 
 
In recent weeks the outlook has brightened as expectations of further interest 
rate rises have petered out. Investors will now anticipate their eventual 
decline. Many investment trust share prices are languishing at levels which 
generate attractive yields for investors buying today. Should interest rates 
actually fall, this attraction will grow further. In the medium term such wide 
discounts are unsustainable as, if the market fails to properly value closed 
ended funds for structural reasons, then the real world will claim the 
underlying assets on the cheap albeit at higher levels than today. Furthermore, 
should there prove to be a sensible reform of the cost disclosure regime, we 
should expect trust share prices to rally sharply as investors who have been 
forced onto the sidelines are allowed to return to the market. Generally 
speaking, when discounts have become very wide trust investors have then 
benefitted from the powerful combination of rising net asset values and 
narrowing discounts. Given the widespread opportunities to exploit mispricings, 
our cash position steadily declined during the period under review and has 
continued to decline since. 
 
Nick Greenwood 
 
Asset Value Investors Limited 
 
19 December 2023 
 
Average underlying discount* 
 
Top 12 stocks                         Weight (%)  Discount (%) 
VinaCapital Vietnam Opportunity Fund  6.4%        (19.6) 
Georgia Capital                       5.4%        (59.2) 
Yellow Cake                           4.9%        (16.6) 
Geiger Counter                        4.8%        (26.0) 
Oakley Capital Investments            4.2%        (38.3) 
Nippon Active Value Fund              4.0%        (8.9) 
JPMorgan Indian Investment Trust      3.8%        (19.8) 
Baker Steel Resources Trust           3.2%        (48.7) 
NB Private Equity Partners            3.2%        (30.1) 
Aquila European Renewables            3.1%        (26.4) 
Phoenix Spree Deutschland             2.7%        (61.4) 
New Star Investment Trust             2.7%        (38.0) 
Average discount                      48.4%       (32.8)1 
 
Source: Bloomberg, 31.10.2023. 
 
1Please note that the average discount figure only takes into account the top 12 
holdings in the portfolio. 
 
Portfolio Valuation 
 
as at 31 October 2023 
 
Security                Investment    Region     Valuation £'000  % 
 
                        Sector                                    of NAV 
VinaCapital Vietnam     Private       Asia       4,730            6.4% 
Opportunity Fund        Equity        Pacific - 
                                      Vietnam 
Georgia Capital         Equity        Europe     3,965            5.4% 
Yellow Cake*            Mining -      Global     3,588            4.9% 
                        Uranium 
Geiger Counter#         Mining -      Global     3,515            4.8% 
                        Uranium 
Oakley Capital          Private       Global     3,135            4.2% 
Investments             Equity 
Nippon Active Value     Equity -      Japan      2,988            4.0% 
Fund                    Small Cap 
JPMorgan Indian         Equity        India      2,815            3.8% 
Investment Trust 
Baker Steel Resources   Mining        Global     2,397            3.2% 
Trust 
NB Private Equity       Private       North      2,382            3.2% 
Partners                Equity        America 
Aquila European         Other -       Europe     2,295            3.1% 
Renewables              Renewables 
                                                 31,809           43.0% 
Phoenix Spree           Real Estate   Europe     2,028            2.7% 
Deutschland 
New Star Investment     Equity        Global     2,026            2.7% 
Trust 
Real Estate Investors*  Real Estate   UK         1,994            2.7% 
Duke Royalty*           Other -       Global     1,985            2.7% 
                        Alternative 
                        Lender 
EPE Special             Private       UK         1,899            2.6% 
Opportunities*          Equity 
International           Equity        UK         1,540            2.1% 
Biotechnology Trust 
River & Mercantile UK   Equity -      UK         1,502            2.0% 
Micro Cap Investment    Small Cap 
Co 
CQS Natural Resources   Mining        Global     1,499            2.0% 
Growth AndIncome 
Hansa Investment Co     Equity        Global     1,373            1.9% 
Biotech Growth Trust    Equity        UK         1,364            1.8% 
                                                 49,016           66.3% 
Downing Strategic       Equity -      UK         1,328            1.8% 
Micro-Cap Investment    Small Cap 
Trust 
Dunedin Enterprise      Private       Global     1,269            1.7% 
Investment Trust?       Equity 
Ground Rents Income     Real Estate   UK         1,240            1.7% 
Fund 
Life Settlement Assets  Other - Life  North      1,183            1.6% 
                        Policies      America 
Macau Property          Real Estate   Asia       1,120            1.5% 
Opportunities Fund?                   Pacific - 
                                      China 
India Capital Growth    Equity        India      1,029            1.4% 
Fund* 
Amedeo Air Four Plus    Other -       UK         1,013            1.4% 
                        Specialist 
                        Fund 
Ecofin US Renewables    Private       North      995              1.3% 
Infrastructure Trust    Equity        America 
Schroder Capital        Equity        Global     961              1.3% 
Global Innovation 
Trust 
Rockwood Strategic*     Equity -      UK         889              1.2% 
                        Small Cap 
                                                 60,042           81.2% 
Rights & Issues         Equity -      UK         817              1.1% 
Investment Trust        Small Cap 
VPC Speciality Lending  Other -       Global     787              1.1% 
Investments             Alternative 
                        Lender 
Henderson               Equity        UK         735              1.0% 
Opportunities Trust 
AVI Japan Opportunity   Equity        Japan      733              1.0% 
Trust 
Schroder British        Equity        UK         701              0.9% 
Opportunities Trust 
Chrysalis Investments   Private       Europe     685              0.9% 
                        Equity 
RTW Biotech             Equity        Global     675              0.9% 
Opportunities 
Marwyn Value Investors  Equity        UK         647              0.9% 
EJF Investments         Other -       Global     432              0.6% 
                        Specialist 
                        Fund 
Grit Real Estate        Real Estate   Africa     385              0.5% 
Income 
                                                 66,639           90.1% 
Chelverton Growth       Equity        UK         177              0.2% 
Trust 
Aseana Properties?      Real Estate   Asia       110              0.1% 
                                      Pacific 
Reconstruction Capital  Equity        Europe     67               0.1% 
II*? 
Better Capital PCC?^    Private       UK         62               0.1% 
                        Equity 
RENN Universal?^        Equity        North      50               0.1% 
                                      America 
Cambrium Global         Other -       Global     33               0.0% 
Timberland*?            Forestry 
Crystal Amber Fund*     Equity -      UK         30               0.0% 
                        Small Cap 
Total investments                                67,166           90.8% 
Other current assets                             6,790            9.2% 
(including net cash) 
Net asset value                                  73,956           100.0% 
 
*AIM/NEX Listed 
 
?In liquidation, in a process of realisation or has a fixed life. 
 
#Includes both Ordinary and Convertible Preference share holdings. 
 
^Unlisted or trading of shares currently suspended. 
 
Capital Structure 
 
As at the date of this report, the Company's share capital comprises 23,072,797 
Ordinary shares of 1p each with one vote per share. The Company's Articles of 
Association contain provisions enabling shareholders to elect at three-year 
intervals for the realisation of all or part of their shareholding (the 
"Realisation Opportunity"). At the discretion of the Company, shareholders may 
request that all or part of the Ordinary shares they hold be placed, 
repurchased, or purchased out of the proceeds of an issue of new Ordinary 
shares, or purchased under a tender offer or by a market maker. If realisation 
elections cannot be satisfied in their entirety through the placing and/or 
repurchase mechanism, all remaining Elected shares shall be converted into 
Realisation shares. 
 
Also in the event that the Company does not make available to members an 
opportunity to effect such a realisation at the appointed time, shareholders may 
serve a realisation election requesting that all or part of their Ordinary 
shares be converted into Realisation shares. 
 
The portfolio would then be split into two separate and distinct pools pro rata 
as between the Continuing Ordinary shares (the "Continuation Pool") and the 
Realisation shares (the "Realisation Pool"). The Continuation Pool would be 
managed in accordance with the Company's investment objective and policy, while 
the assets comprising the Realisation Pool would 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 would depend 
on the relevant factors prevailing at the time and would be at the discretion of 
the Board. If the net asset value of the Company's Continuing Ordinary shares is 
more than £30 million, then the Company would continue in operation. 
 
In September 2021, the Company offered a Realisation Opportunity, giving 
shareholders the option either to retain or to realise their investment in the 
Company. Realisation elections were received in respect of 0.55% of shares in 
issue at the time, and these shares were subsequently repurchased by the 
Company. There are currently no Realisation shares in issue. The next 
Realisation Opportunity will be offered to shareholders in 2024. The Board 
intends to put forward tailored proposals in relation to each Realisation 
Opportunity to ensure it can be delivered efficiently and in accordance with the 
best interests of the Company, at the relevant point in time. 
 
Interim Management Report 
 
Principal Risks and Uncertainties 
 
A review of the half year and the outlook for the Company can be found in the 
Chairman's Statement and in the Investment Manager's Review. The principal risks 
and uncertainties facing the Company fall into the following broad categories: 
investment risks (including market and discount risk; liquidity, cash and 
foreign exchange risk and interest rate risk), strategic risks (including 
shareholder relations and share price performance risk; key person risk and 
company duration risk), operational risks (in particular service provider risk) 
and macro risks (including global risk, ESG and climate change risk, UK 
regulatory risk, UK legal risk and governance risk). These risks were explained 
in detail on pages 17 to 22 in the Annual Report for the year ended 30 April 
2023. 
 
In addition, a deterioration in economic environment is recognised as a 
principal risk and uncertainty, which may impact portfolio investments and, 
potentially, the Company's service providers. 
 
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-Yearly 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 Board of Directors confirms that, to the best of its knowledge: 
 
(i)             the condensed set of financial statements contained within the 
Half-Yearly Report has been prepared in accordance with Financial Reporting 
Standard 104 (Interim Financial Reporting); 
 
(ii)            The Half-Yearly Report and condensed financial statements give a 
true and fair view of the assets, liabilities, financial position and return of 
the Company; and 
 
(iii)          The Interim Management Report includes a 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-Yearly Report has not been reviewed or audited by the Company's 
auditor. 
 
This Half-Yearly 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. 
 
For and on behalf of the Board 
 
Richard Davidson 
 
Chairman 
 
19 December 2023 
 
Condensed Income Statement 
 
                    Six months                 Six months 
                    to                         to 
 
                    31 October                 31 October 
                    2023                       2022 
 
                    (unaudited)                (unaudited) 
                    Revenue  Capital  Total    Revenue  Capital  Total 
              Note  £'000    £'000    £'000    £'000    £'000    £'000 
Losses on           -        (1,697)  (1,697)  -        (9,492)  (9,492) 
investments 
Income        4     936      -        936      754      -        754 
Investment          (250)    -        (250)    (273)    -        (273) 
management 
fee 
Other               (525)    -        (525)    (286)    -        (286) 
expenses 
Return/(loss        161      (1,697)  (1,536)  195      (9,492)  (9,297) 
) before 
finance 
costs 
andtaxation 
Finance             (52)     -        (52)     (53)     -        (53) 
costs 
Return/(loss        109      (1,697)  (1,588)  142      (9,492)  (9,350) 
) before 
taxation 
Taxation            -        -        -        -        -        - 
Return/(loss        109      (1,697)  (1,588)  142      (9,492)  (9,350) 
) after 
taxation 
Return/(loss        0.5      (7.1)    (6.7)    0.6      (37.8)   (37.2) 
) per 
ordinary 
share 
(pence) 
 
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 
 
                        Capital     Share 
               Share    redemption  premium  Special  Capital  Revenue 
               capital  reserve     account  reserve  reserve  reserve  Total 
               £'000    £'000       £'000    £'000    £'000    £'000    £'000 
Six months to 
31 
October 2023 
(Unaudited) 
Balance at 30  243      111         29,088   -        49,175   1,231    79,848 
April 
2023 
Buyback of     (11)     11          -        -        (3,597)  -        (3,597) 
shares 
for 
cancellation 
Dividends      -        -           -        -        -        (707)    (707) 
paid 
Loss for the   -        -           -        -        (1,697)  109      (1,588) 
period 
Balance at 31  232      122         29,088   -        43,881   633      73,956 
October 2023 
Six months to 
31October2022 
(Unaudited) 
Balance at 30  261      89          27,729   1,222    65,034   349      94,684 
April 
2022 
Buyback of     (12)     12          -        (1,222)  (2,787)  -        (4,009) 
shares 
for 
cancellation 
Share          2        -           675      -        -        -        677 
issuance 
Dividends      -        -           -        -        -        (100)    (100) 
paid 
Return for     -        -           -        -        (9,492)  142      (9,350) 
the 
period 
Balance at 31  251      101         28,404   -        52,755   391      81,902 
October 2022 
 
The notes form an integral part of these financial statements. 
 
Condensed Statement of Financial Position 
 
                              As at            As at 
                              31 October 2023  30 April 2023 
                              (unaudited)      (audited) 
                        Note  £'000            £'000 
Non-current assets 
Investments             5     67,166           67,855 
Current assets 
Debtors                       55               361 
Cash                          6,995            13,139 
                              7,050            13,500 
Creditors: amounts 
falling due within one 
year 
Creditors                     (260)            (1,507) 
                              (260)            (1,507) 
Net current assets            6,790            11,993 
Net assets                    73,956           79,848 
Share capital and 
reserves: 
Share capital                 232              243 
Share premium account         29,088           29,088 
Capital redemption            122              111 
reserve 
Capital reserve               43,881           49,175 
Revenue reserve               633              1,231 
Total shareholders'           73,956           79,848 
funds 
Net asset value per           319.2            328.6 
ordinary share (pence) 
 
The net asset value per ordinary share is based on 23,172,797 shares, being the 
shares in issue as at 31 October 2023 (30 April 2023: 24,297,797). 
 
The notes form an integral part of these financial statements. 
 
Condensed Statement of Cash Flow 
 
                           Six months to    Six months to 
                           31 October 2023  31 October 2022 
                           (unaudited)      (unaudited) 
                           £'000            £'000 
Net cash inflow from       441              311 
operating activities 
Investing activities 
Purchases of investments   (11,286)         (5,546) 
Sales of investments       9,043            10,107 
Net cash (outflow)/inflow  (2,243)          4,561 
from investing activities 
Financing activities 
Share issuance             -                677 
Buyback of shares for      (3,597)          (4,009) 
cancellation 
Dividends paid             (706)            (100) 
Finance costs paid         (35)             (35) 
Net cash outflow from      (4,338)          (3,467) 
financing activities 
(Decrease)/increase in     (6,140)          1,405 
cash 
Reconciliation of net 
cash flow movement in 
funds: 
Cash at beginning of       13,139           10,891 
period 
Exchange rate movements    (4)              (4) 
(Decrease)/increase in     (6,140)          1,405 
cash 
(Decrease)/increase in     (6,144)          1,401 
net cash 
Cash at end of period      6,995            12,292 
 
The notes form an integral part of these financial statements. 
 
Notes to the Condensed Interim Financial Statements 
 
1 Accounting policies 
 
These condensed financial statements have been prepared on a going concern basis 
in accordance with the Disclosure Guidance and Transparency Rules of the 
Financial Conduct Authority, FRS 104 `Interim Financial Reporting', the 
Statement of Recommended Practice `Financial Statements of Investment Trust 
Companies and Venture Capital Trusts' updated in July 2022 and using the same 
accounting policies as set out in the Company's Annual Report for the year ended 
30 April 2023. 
 
2 Financial statements 
 
The condensed financial statements contained in this interim financial 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 October 2023 and 31 
October 2022 has not been audited or reviewed by the Company's external 
auditors. 
 
The information for the year ended 30 April 2023 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    Six months to 
                               31 October 2023  31 October 2022 
                               £'000            £'000 
Income from investments: 
UK dividend income             328              175 
Non UK dividend income         373              453 
Property income dividends      -                110 
Total income from investments  701              738 
Bank interest                  235              16 
Total income                   936              754 
 
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  Level 2  Level 3  Total 
                       £'000    £'000    £'000    £'000 
As at 31 October 2023 
Investment - Equities  67,022   -        144      67,166 
Total                  67,022   -        144      67,166 
As at 30 April 2023 
Investment - Equities  67,672   -        183      67,855 
Total                  67,672   -        183      67,855 
 
Glossary of Terms and Alternative Performance Measures ("APMs") 
 
Discount or Premium (APM) 
 
A description of the difference between the share price and the net asset value 
per share. The size of the discount or premium is calculated by subtracting the 
share price from the net asset value per share and is usually expressed as a 
percentage (%) of the net asset value per share. If the share price is higher 
than the net asset value per share, the result is a premium. If the share price 
is lower than the net asset value per share, the shares are trading at a 
discount. 
 
                           As at            As at 
                           31 October 2023  30 April 2023 
Closing NAV per share (p)  319.2            328.6 
Closing share price (p)    310.5            318.5 
(Discount)                 (2.7)%           (3.1)% 
 
Net Asset Value ("NAV") Total Return (APM) 
 
NAV total return is the closing NAV per share including any cumulative dividends 
paid as a percentage over the opening NAV. 
 
NAV total return is an alternative way of measuring investment management 
performance of investment trusts which is not affected by movements in the share 
price. 
 
                       Six months to    One year to      Five years to 
                       31 October 2023  31 October 2023  31 October 2023 
Closing NAV per share  319.2            319.2            319.2 
(p) 
Dividends reinvested   3.0              3.4              3.4 
(p) 
Dividend adjusted      322.2            322.6            322.6 
closing NAV per share 
(p) 
Opening NAV per share  328.6            326.2            270.4 
(p) 
Dividend adjusted NAV  (1.9)%           (1.2)%           19.3% 
per share returns 
 
Ongoing Charges (APM) 
 
Ongoing charges are calculated by taking the Company's annualised revenue and 
capitalised expenses (excluding finance costs and certain non-recurring items) 
expressed as a percentage of the average monthly net assets of the Company 
during the year. 
 
                                     Six months to    Year to 
                                     31 October 2023  30 April 2023 
                                     £'000            £'000 
Total expenses per Income Statement  827              1,199 
Less non-recurring expenses          (198)            - 
Total expenses - annualised          1,258            1,199 
Average net assets                   78,125           83,660 
Ongoing charges                      1.6%             1.4% 
 
The ongoing charges percentage reflects the costs incurred directly by the 
Company which are associated with the management of a static investment 
portfolio. Consistent with AIC Guidance, the ongoing charges percentage excludes 
non-recurring items. In addition, the NAV performance also includes the costs 
incurred directly or indirectly in investments that are managed by external fund 
managers. Many of these managers net these costs off within their valuations, 
and therefore they form part of the Company's investment return, and it is not 
practical to calculate an ongoing charges percentage from the information they 
provide. 
 
Share Price Total Return (APM) 
 
The combined effect of the rise and fall in the share price, together with any 
dividend paid/reinvested. Total return statistics enable the investor to make 
performance comparisons between trusts with different dividend policies. Any 
dividends (after tax) received by a shareholder are assumed to have been 
reinvested in either additional shares of the trust at the time the shares go ex 
-dividend (the share price total return) or in the assets of the trust at its 
NAV per share (the NAV total return). 
 
                      Six months to    One year to      Five years to 
                      31 October 2023  31 October 2023  31 October 2023 
Closing share price   310.5            310.5            310.5 
(p) 
Dividends reinvested  3.0              3.4              3.4 
(p) 
Dividend adjusted     313.5            313.9            313.9 
closing share price 
(p) 
Opening share price   318.5            325.5            271.0 
(p) 
Dividend adjusted     (1.6)%           (3.6)%           15.8% 
share returns 
 
NAV Volatility (APM) 
 
Volatility is related to the degree to which NAVs or prices differ from their 
mean (the standard deviation). Volatility is calculated by taking the daily NAV 
or closing prices over the relevant year and calculating the standard deviation 
of those prices. The daily standard deviation is then multiplied by an 
annualisation factor being the square root of the number of the trading days in 
the year. 
 
                                               Six months to    Year ended 
                                               31 October 2023  30 April 2023 
Standard deviation of daily NAV (A)            0.4%             0.5% 
Number of trading days                         128              250 
Square root of the number of trading days (B)  11.3             15.8 
Annualised volatility (A*B)                    4.5%             8.2% 
 
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 enquiries 
 
The register for the Company's ordinary shares is maintained by Computershare 
Investor Services PLC. If you would like to notify a change of name or address, 
please contact the registrar in writing to Computershare Investor Services PLC, 
the Pavilions, Bridgwater Road, Bristol BS99 6ZZ. 
 
With queries in respect of your shareholdings, please contact Computershare on 
0370 889 3231 (lines are open from 8.30 am to 5.30 pm, UK time, Monday to 
Friday). Alternatively, you can email WebCorres@computershare.co.uk or contact 
the Registrar via www.investorcentre.co.uk. 
 
Share capital and net asset value information 
 
SEDOL number3436594 
 
ISIN numberGB0034365949 
 
Bloomberg symbolMIGO 
 
The Company releases its net asset value per Ordinary share to the London Stock 
Exchange on a daily basis. 
 
Website: www.migoplc.co.uk 
 
Annual and Half-Yearly Reports 
 
Copies of the Annual Reports are available from the Company Secretary and on the 
Company's website. Copies of the Half-Yearly Reports are only available on the 
Company's website. 
 
AIFM and Investment Manager: Asset Value Investors Limited 
 
The Company's Alternative Investment Fund Manager ("AIFM") and Investment 
Manager is Asset Value Investors Limited ("AVI") which was appointed with effect 
from close of business on 15December 2023. AVI is an experienced manager of 
investment trusts with assets under management of £1.4 billion as at 31 October 
2023, deep sector expertise and supportive analyst resource. 
 
Previously, MIGO's Investment Manager was Premier Fund Managers Limited. 
 
Investor updates in the form of monthly factsheets are available from the 
Company's website, www.migoplc.co.uk 
 
Association of Investment Companies 
 
The Company is a member of the Association of Investment Companies. 
 
Directors and Advisers 
 
Directors (all non-executive) 
 
Richard Davidson (Chairman) 
 
Katya Thomson (Audit Committee Chairman)* 
 
Hugh van Cutsem 
 
Lucy Costa Duarte 
 
Ian Henderson 
 
*Katya Thomson will resign from her role as independent non-executive Director 
and Audit Committee Chairman with effect from the close of business on 29 
December 2023. 
 
Caroline Gulliver has been appointed as independent non-executive Director and 
Audit Committee Chairman with effect from the same day. 
 
Registered Office 
 
25 Southampton Buildings 
 
London WC2A 1AL 
 
Company Secretary, Marketing & Administration 
 
Frostrow Capital LLP 
 
25 Southampton Buildings 
 
London WC2A 1AL 
 
Website: www.frostrow.com 
 
Email: info@frostrow.com 
 
Alternative Investment Fund Manager and Investment Manager 
 
Asset Value Investors Limited 
 
2 Cavendish Square 
 
London W1G 0PU 
 
Website: www.assetvalueinvestors.com 
 
Asset Value Investors Limited was appointed as AIFM and Investment Manager with 
effect from close of business on15December 2023, taking over from Premier 
Portfolio Managers Limited and Premier Fund Managers Limited respectively. 
 
Stockbroker and Financial Adviser 
 
Deutsche Numis 
 
The London Stock Exchange Building 
 
10 Paternoster Square 
 
London EC4M 7LT 
 
Registrar 
 
Computershare Investor Services PLC 
 
The Pavilions 
 
Bridgewater Road 
 
Bristol BS99 6ZZ 
 
United Kingdom 
 
Telephone: (0) 370 889 3231** 
 
Email: WebCorres@computershare.co.uk 
 
Website: www.investorcentre.co.uk 
 
Please contact the Registrars if you have a query about a certificated holding 
in the Company's shares. 
 
**Calls are charged at the standard geographic rate and will vary by provider. 
Calls outside the United Kingdom will be charged at the applicable international 
rate. Lines are open between 8.30am to 5.30pm, Monday to Friday excluding public 
holidays in England and Wales. 
 
Depositary*** 
 
JP Morgan Europe Limited 
 
25 Bank Street 
 
London E14 5JP 
 
Custodian*** 
 
JP Morgan Chase Bank, N.A., London Branch 
 
25 Bank Street 
 
London E14 5JP 
 
***Up until the close of business on 15 December 2023, The Bank of New York 
Mellon (International) Limited served as Depositary and Custodian. 
 
Independent Auditors 
 
PricewaterhouseCoopers LLP 
 
7 More London 
 
Riverside 
 
London SE1 2RT 
 
A member of the Association of Investment Companies 
 
MIGO Opportunities Trust plc 
 
An investment company as defined under Section 833 of the Companies Act 2006 
Registered in England and Wales No. 5020752 
 
END 
 
Neither the contents of the Company's website nor the contents of any website 
accessible from hyperlinks on this announcement (or any other website) is 
incorporated into, or forms part of, this announcement. 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

December 19, 2023 04:43 ET (09:43 GMT)

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