Key themes

Financial Update

• Net Asset Value (“NAV”) at 30 June 2022 of £47.0 million, 58.2p per share, compared to £49.1 million (60.8p per share) at 31 December 2021;
• net realised and unrealised portfolio losses, including £2.6 million of foreign exchange gains, were £1.3 million;
• running costs were £0.9 million and investment related costs were £0.2 million;
• cash proceeds of £0.4 million from realisations during the half year;
• final dividend payment in May 2022 of 0.625 pence per share for the year ended 31 December 2021; and
• cash at 30 June 2022 was £18.9 million (31 December 2021: £20.1 million), including £3.2 million held in subsidiaries.

Robert Rayne, Chairman, commented

“The first six months of 2022 have been challenging due to the overall market conditions and the consequential impact on capital markets and valuations. The team running our most recent investment, Dacian Petroleum, are making good progress and the business has been cash generative since day one. We continue to focus on identifying opportunities in our three main investment themes, energy, real estate and late stage private equity.”