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Boussard & Gavaudan (BGHL) investor relations material
Boussard & Gavaudan H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
NAV per Euro share rose 2.84% and per Sterling share 3.38% for the six months ended 30 June 2024; share prices increased 5.56% (Euro) and 4.88% (Sterling) over the same period.
The company is in a Managed Wind-down phase, with asset realisation targeted for completion by November 2024 following shareholder approval in September 2023.
All investment strategies contributed positively, with trading strategies leading performance; volatility and equity strategies faced headwinds from low market activity.
No changes to the Board during the period; no share buybacks executed in H1 2024.
Financial highlights
Net assets increased to €352.1m as of 30 June 2024 from €342.3m at 31 December 2023, a 2.87% rise.
Net gain and total comprehensive income for the period was €9.8m, compared to a €12.3m loss in H1 2023.
Basic EPS: €0.7829 (Euro shares), £1.3662 (GBP shares) for H1 2024.
Management fees for the period were €2.58m; performance fees were €3.5k.
Expense ratio (excluding performance fees) was 1.67% for H1 2024.
Outlook and guidance
The Board and Investment Manager are focused on orderly asset realisation by November 2024, after which the company will be liquidated.
Shareholders have options for cash exit or rollover as detailed in the June 2024 circular.
The company is no longer a going concern; financial statements prepared on a non-going concern basis.
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