·      FY23 unaudited Net Asset Value (NAV) Total Return of +11.3% to 106.5p/share over the period from 30 March 2023 to 31 December 2023

·      Encouraging first financial year ahead of target returns in difficult market conditions, delivering investment outperformance (NAV growth) relative to:

o  Indices - Outperformed UK AIM All Share by 16.6%; +11.3% Company NAV increase versus decline of 5.3% for UK AIM All Share

o  Peers - Top decile performance in AIC UK Smaller Companies sector since inception; and

o  The Company's target returns of >15% IRR stated at the time of IPO - The portfolio delivered an aggregated IRR of 22.6% and the invested portfolio as at year-end had generated an unrealised IRR of 40.2%

·      In March 2023, the Company completed its IPO notwithstanding challenging market conditions. The Company successfully completed a further capital raise in September 2023, increasing the Company's capital base by 25% and welcoming a number of new shareholders to the Company.

Portfolio Update

·      Significant early contributions from both the core stable and nursery holdings; top five contributors to unrealised return were Angling Direct, MPAC Group, EKF Diagnostics, Windward and Springfield Properties

·      This early IRR performance is indicative of further upside within the existing portfolio, as well as the attractive pipeline of portfolio investments the manager is identifying in current markets over the medium to long term

·      DX Group was the first takeover of an investee company, generating an IRR of 197%

·      Portfolio has captured an income stream, that at FY24 dividend levels, is expected to offset the majority of the total expense ratio of the Company in the forthcoming year

·      Intense period of investment activity capitalising on the value opportunity in UK smaller companies; the Company was over 90% invested by year-end. The top 10 holdings represent 60% of NAV