Update on Managed Wind-Down: 4th February 2026
The Board is pleased to announce that the Company has completed two further secondary sales of its fund investments and private market assets, and the sale of the remaining 50 per cent. Of one additional Fund Interest, raising gross consideration of £22.4 million. Separately, the Company has entered into conditional sale and purchase agreements in respect of the sale of the remaining 50 per cent. of one additional Fund Interest for gross consideration of £6.5 million (subject to customary completion adjustments and before transaction costs).
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.
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 Company currently expects the remaining sales of its Fund Interests will complete during Q1 2026 and, therefore, expects to put forward proposals in March 2026 to place the Company into members' voluntary liquidation. The Board is also considering proposals to make a return of capital of up to approximately £43.7 million by way of the Company's B share scheme later this quarter in order to accelerate returns to shareholders.
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.
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