SECOND QUARTER ENDED 31 JULY 2023

The Company published its second quarter results for the quarter ended 31 July 2023 on 8 August 2023.

Financial Highlights

• The net asset value (“NAV”) at 30 June 2023 was £44.6 million, 55.2 pence per share (31 December 2022: £46.5 million, 57.7 pence per share);
• Overall portfolio net losses were £0.5 million. These comprise underlying gains of £0.6 million offset by unrealised foreign exchange losses of £1.1 million reflecting  the weakening of the US Dollar compared to sterling in H1;
• Running costs were £0.9 million, investment related costs were £0.3 million and other net income was £0.3 million;
• Cash proceeds from realisations in the first half totalled £0.3 million, mainly from the disposal of ICU Eyewear;
• Final dividend payment in June 2023 of 0.6 pence per share for the year ended 31 December 2022, totalling £0.5 million;
• The Board has approved an interim dividend in respect of the Company’s financial year to 31 December 2023 of 0.3 pence per share. The dividend will be paid on 12 September 2023 to shareholders on the share register at close of business on 11 August 2023 (with an ex-dividend date of 10 August 2023); and
• Cash at 30 June 2023 was £16.5 million (31 December 2022: £17.9 million), representing approximately 37.0% of the NAV and 20.4 pence per share.