The financial year to 30 November 2020 has been a period of significant challenge and uncertainty, following the emergence of the COVID-19 pandemic and the subsequent imposition of protective measures and restrictions that have had a wide reaching impact on the economy and our society. This public health crisis has touched the lives of many people and our thoughts are with everyone who has been affected.
Notwithstanding the disruption caused by the pandemic, your Board is pleased to announce a slight uplift in NAV total return at the year end to 79.83p per share. Under the circumstances, the Directors consider that this is a creditable performance, which reflects the strength and diversity of the underlying portfolio and the ability of most investee companies to adjust to the current market conditions. Notably, the AIM quoted portfolio performed strongly during the year, with the majority of holdings reporting positive trading updates and share price appreciation. In terms of portfolio construction, your Company maintained a healthy rate of investment during the year with the addition of eleven new private company and six new AIM quoted holdings, whilst follow-on funding was provided to a number of existing investee companies where continuing commercial progress merited further investment. Pleasingly, three profitable private company realisations were completed, including the exit from Symphonic Software, which generated a total return of 2.9 times cost over a holding period of less than two years, and is the first material realisation from the early stage portfolio. The Directors are committed to making distributions whenever possible and have proposed a final dividend of 1.10p per share.