Update on Managed Wind-Down: 11 March 2026
The Board is pleased to announce that the Company has completed two further secondary sales of its fund investments and private market assets raising gross consideration of approximately £13.8 million. In addition, the Company has entered into further conditional sale and purchase agreements in respect of an additional Fund Interest for gross consideration of approximately £13.3 million (subject to customary completion adjustments and before transaction costs).
Circular and Notice of General Meeting announcement: 11 March 2026
Please click here to see the Company’s latest announcement regarding the proposals to undertake a members’ voluntary liquidation of the Company. In order to effect the proposals, shareholders are required to approve the liquidation at a general meeting of the Company which will be held at 18 Bishops Square, London E1 6EG on 30 March 2026 at 10.00 a.m.
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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