Rockwood Strat. Regulatory News (RKW)

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Net Asset Value (NAV) Total Return in the period of -5.5% to 1851.59p/share which compares to a decline in the FTSE AIM All Share Index of -10.3% and an increase in the FTSE Small Cap (ex-ITs) Index of 2.9%. Total Shareholder Return in the Period was -2.5%.

 

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NAV Total Return performance in the year to 29th September 2023 of 28% which compares to the FTSE AIM All Share Index of -9.9% and the FTSE Small Cap (ex-ITs) of 8.8%. The Total Shareholder Return in the same one year period was 25.4%.

 

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NAV Total Return performance in the three years to 29th September 2023 of 80.3% which compares to the FTSE AIM All Share return of -24.3% and the FTSE Small Cap (ex-ITs) of 35%. The Total Shareholder Return in the same three-year period was 114%.

 

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No. 1 ranked fund over the last 3 years by Total Shareholder Return and Net Asset Value Total Return in the AIC UK Small Companies sector.

 

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At Period end the Company's shares traded at a discount of 4.1% to NAV/share, narrowing from 7.1% at the beginning of the Period. A total of 146,863 shares were successfully issued at a premium to NAV/share, growing the total number of shares issued by 5.7%.

 

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Net cash of £3.5m at the end of the Period, representing 7% of NAV, having reduced from 21.2% in March 2023 due to 4 new investments and increased investment in existing portfolio holdings.

 

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21 Period end holdings, with the top ten investments cumulatively representing 64.3% of NAV.

 

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Sub-division of Rockwood's shares on a ten for one basis announced separately today, with sub-division effective on 11 October 2023.

 

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Recommended cash offer announced for Finsbury Food Group (unrealised IRR 38.5% at Period end).

 

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Significant management change across a range of recent investments, as pre-identified catalysts for improved operational performance occur, including:

 

o  Mike England appointed CEO of Flowtech Fluidpower

o  Simon Goodwin and Christopher Humphrey respectively appointed CFO and NED of RM Plc

o  Iain Percival and Serena Lang respectively appointed CEO and Chair of Trifast

o  Zyllah Byng-Thorne appointed Executive Chair of M&C Saatchi

o  Charles Skinner appointed CEO of Restore

o  Stephen Welker appointed Chair of Hostmore

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Material special dividends, an enhanced dividend policy and significant contract wins announced by Galliford Try.

 

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Breakthrough contract wins announced by Filtronic Plc with the European Space Agency and a leader global provider of low earth orbit satellites, in addition to prestigious grant funding with the Ministry of Defence's Technology Exploitation Programme.

 

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Large increase in Trifast investment as 'springboard' holding becomes 'core'. Harwood advised funds have cumulatively increased the shareholding to 6.2%. Rockwood portfolio weighting was 8.2% of NAV at Period end.

 

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Bonhill delisted after returning the capital from asset sales via a tender offer.

 

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New 'Springboard/opportunity' holdings established at James Fisher & Sons, Filtronic and Restore.

 

Rockwood Strategic plc

Chairman

 

Noel Lamb

 

020 7264 4444

 

Harwood Capital LLP

Investment Manager

 

 

Christopher Hart

 

020 7640 3200

Singer Capital Markets Advisory LLP

 

 

 

James Maxwell

James Fischer

 

 020 7496 3000