Key themes

Financial Update

• Net Asset Value (“NAV”) at 30 June 2021 of £47.6 million, 59.0p per share, compared
  to £47.9 million (59.4p per share) at 31 December 2020;
• Realised and unrealised portfolio gains, excluding £0.2 million of foreign exchange
  losses, were £1.4 million;
• Running costs were £0.9 million and investment related costs were £0.1 million;
• Cash proceeds of £2.4 million from realisations during the half year;
• Final dividend payment in June 2021 of 0.6 pence per share for the year ended
  31xDecember 2020; and
• Cash at 30 June 2021 was £21.4 million (31 December 2020: £20.6 million), including
  £5.9 million held in subsidiaries and representing approximately 26.5p per share.

Robert Rayne, Chairman, commented

“The first six months of 2021 have shown further progress including profitable realisations from our existing portfolio and continuing to execute our annual dividend policy. The continued regulatory delay to Dacian, the Romanian oil and gas company in which we have committed to invest, is frustrating and we are working hard to conclude the deal. We continue to look actively for the right opportunities to develop our deal pipeline and deploy capital in our chosen areas.”