NAV Performance

The NAV % Total Return for October 2023 was +0.71%, which takes the NAV % Total Return to +2.46% over the past six months, and +4.97% over the past 12 months.

The NAV as at 31^st October 2023 was 91.17 pence per Ordinary Share, which was 0.64 pence higher than at 30^th September 2023. This overall gain comprised positive interest income of 0.50 pence per Ordinary Share, net of expenses, and an increase in portfolio valuations of 0.15 pence per Ordinary Share.

Portfolio Activity

As at 31^st October 2023, the Company's invested portfolio had an aggregate valuation of £106 million across 32 investments. The average yield was 10.56%, with a weighted average loan life remaining of circa 1.71 years¹⁰. Overall, the portfolio is 95% invested in private market assets and 5% in public bonds.

During the reporting period, investment loans refs #82 and #83 were fully prepaid at par. Further, the Company claimed against its CBILS guarantee for investment loans refs #78 and #89, successfully recovering £4.4m, in line with expectations. Proceeds of said prepayments and guarantee payments receipts have been utilised in repayment of the Company's leverage.

At period end, the Company's RCF remains fully undrawn with the term loan B only having a small outstanding balance of c.£0.8m.

Post period end, the Company successfully completed on the prepayment of investment loan ref #84. Funds are expected to be partly used to pay down the remaining drawn balance on the term loan B.

Update on Managed Wind-Down

The Board intends to publish a shareholder circular by the end of November 2023 to convene a general meeting at which it will seek approval from shareholders to the managed wind-down and any related matters required to facilitate an orderly realisation.