Investors should note that the investment objective and policy under the shareholder-approved managed wind-down impacts the future of the Company and its dividend paying ability.
On 12 November 2025, the Company’s Ordinary shares were marked ex-dividend for the announced B Share distribution of the equivalent of 19.0 pence per Ordinary share consequently reducing the share price. Cash held by the Company for this purpose is however included in the last reported NAV.
The Board resolved to return approximately £57.2 million in aggregate to shareholders via the B Share Scheme. B Shares will be issued to shareholders whose names appear on the Register at 6.00 p.m. on 13 November 2025, the Record Date. The ex-date is 12 November 2025. The B Shares will be issued on 14 November 2025 and will be redeemed at one penny per B Share immediately after their issue. The Redemption Date in respect of this return of capital is therefore 14 November 2025. Following the redemption and cancellation of the B Shares, the proceeds from the redemption of the B Shares, which is equivalent to 19.0 pence per Ordinary share, will be sent to uncertificated shareholders through CREST or to certificated shareholders via cheque or electronic payment (if there is an electronic payment mandate on file) by 21 November 2025.
As the Company's Secondary Sales Process progresses, the Board will be exploring putting forward proposals in Q1 2026 to place the Company into members' voluntary liquidation if substantially all of its investments have been realised by such time.
With income reduced significantly by the sales process further dividend distributions will only be made to maintain investment trust status.
On 1st October 2025, the Company announced that it had ceased to publish a daily NAV for the Company and will publish a month-end NAV only going forward.
Update on Managed Wind-Down: 18 Dec 2025
The Company confirms that it has completed, or shortly expects to complete, the sales of a further four of its fund investments and private market assets raising approximately £3.4 million of gross consideration and unlocking approximately £0.7 million of cash being retained in respect of the Company's undrawn commitments, pursuant to the Company's managed wind-down.
B Share Scheme Distribution Update: 29 Oct 2025
On 3 July 2024, Shareholders approved the adoption of the B Share Scheme to allow for the return of capital to Shareholders. To date, the Company has returned approximately £115 million to Shareholders pursuant to the B Share Scheme. The Board continues to believe that the B Share Scheme is the fairest and most efficient way of returning substantial amounts of cash to Shareholders. After careful consideration of, amongst other things, the Company's current and future liabilities (including future costs of implementing the Company's managed wind-down), the Board has resolved to return approximately £57.2 million in aggregate to Shareholders via the B Share Scheme pursuant to the Shareholder authorities granted at the general meeting held on 3 July 2024.
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