NAV Performance

The NAV % Total Return for July 2024 was 1.00%, which takes the NAV % Total Return to 2.36% over the past six months, and 3.46% over the past 12 months.

The NAV as at 31st July 2024 was 88.71 pence per Ordinary Share, which was 0.88 pence higher than at 30th June 2024. This overall gain comprised positive interest income of 0.47 pence per Ordinary Share, net of expenses, and an increase in portfolio valuations of 0.40 pence per Ordinary Share led by discount rate movements.

Portfolio Activity

As at 31st July 2024, the Company's invested portfolio had an aggregate nominal outstanding of circa £90.6 million across 23 investments. The average yield was 11.66%, with a weighted average loan life remaining of circa 1.23 years. Overall, the portfolio is 95% invested in private market assets and 5% in public bonds.

During the month, Investment Loans ref 95a & 95b were repaid in full at par, c.£2.8m, well in advance of their respective legal maturities of June 2027.

Investment Loan ref 76 drew down its remaining committed balance of £255k.

Cash balance at end of July stood at circa £18.25m of which circa £1.5m will be retained by the Company largely to fund committed facilities which have yet to be drawn as well as to retain required working capital. 

The Company confirmed the most appropriate and effective method to return capital to shareholders would be via tender offers. Each tender offer will be subject to shareholder approval at a general meeting, including for the initial tender offer. The Board is currently anticipating the first tender offer to occur during H2-2024.