Since the agreement with a majority of shareholders to wind down the portfolio, we have reduced the number of holdings from 80 to just 5 with a value of £243,000. The company’s cash balance now stands at £1.523million. Following the approval at the EGM held today to voluntarily wind up the company, we are in a position to commence distributions to shareholders. We plan to initiate this with a distribution of 19p per share. Following this, we shall be left with net assets of around 3.7p per share. With a share price of 1p bid and 50p offered, we are concerned that a false market could arise. We therefore decided to suspend dealings in the shares and in due course we shall take steps to delist. Liquidators have been appointed and it is our intention to pay what assets remain to shareholders once the trust has been fully liquidated and any outstanding liabilities have been settled.

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