NAV & Share Price
Performance
The Company's NAV
% Total Return for the month of June was -0.76%,
which brings the NAV % Total Return for the quarter to
2.00%.
The NAV % Total Return over the last
twelve months was 3.02% and inception to date (ITD)
45.13%.
The Ordinary Share NAV as at
30th June 2024 was 87.84 pence per share. This monthly
NAV return of -2.314 pence per share arose primarily from (1) the
ex-dividend effect of the 1.625 pence per Ordinary Share dividend
for the period Q1 2024, declared in May and paid in June 2024 and
(2) discount rate movements which negatively affected investment
loans valuations, predominantly driven by investment loans Ref #66
and Ref #67.
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Summary
for June 2024 (pence per share)
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Net interest income
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+0.437p
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Change in portfolio
valuations
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-1.126p
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Payment of Dividend (Q1
2024)
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-1.625p
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Net NAV Movement
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-2.314p
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Portfolio Activity
As at 30th June 2024, the
Company's invested portfolio had an aggregate nominal outstanding
of circa £93 million across 25 investments. The average yield was
11.72%, with a weighted average loan life remaining of circa 1.24
years. Overall, the portfolio is 95% invested in private market
assets and 5% in public bonds.
Q2-2024 was an active and successful
quarter for the Company in terms of portfolio realisation with a
total of 11 repayments / prepayments totalling circa £16m, of which
5 full exits at par as shown below:
· Investment Loan Ref
#60 - c.£4.7m
· Investment Loan Ref
#91 - c.£0.5m
· Investment Loan Ref
#87 - c.£0.8m
· Investment Loan Ref #97a
& 97b - c.£6.3m (post reporting
period event)
· Investment Loan Ref #94a
& 94b - c.£2.8m (post reporting
period event)
In line with the realisation
mandate, there was limited activity in terms of drawdowns, with
only two drawdowns under existing committed facilities:
· Investment Loan Ref
#96 - c.£700k
· Investment Loan Ref
#88 - £75k
At period end, the Company had no
outstanding debt with cash balances standing at circa £18m of which
circa £2m will be retained by the Company largely to fund undrawn
committed facilities and for working capital purposes.
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.
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