THIRD QUARTER ENDED 30 SEPTEMBER 2023

The Company published its third quarter results for the quarter ended 30 September on 31 October 2023.

Financial Highlights

• The net asset value (“NAV”) at 30 September 2023 was £42.7 million (52.9 pence per share). This compares to £44.6 million (55.2 pence per share) at 30 June 2023, a decrease in the quarter of 3.8% after adjusting for dividends paid;
• Overall portfolio net losses were £1.4 million. These comprise underlying losses of £2.4 million offset by unrealised foreign exchange gains of £1.0 million reflecting the strengthening of the US Dollar compared to sterling in Q3;
• Running costs were £0.4 million, investment related costs were £0.1 million and other net income was £0.2 million;
• Cash proceeds from realisations in Q3 totalled £0.1 million, mainly from the redemption of the Tialis Essential IT plc convertible debt instrument;
• Interim dividend of £0.2 million (0.3p per share) paid in September 2023; and
• Cash at 30 September 2023 was £16.0 million (30 June 2023: £16.5 million), representing approximately 37.5% of the NAV and 19.9 pence per share.