• NAV at the year end of 44.41p per share (2020: 46.35p), after dividend payments totalling 3.00p per share during the year
• Deployment of £6.91 million during the year, including new investments in 20 private and AIM quoted companies
The financial year to 28 February 2021 has been a period of significant challenge and uncertainty dominated by the COVID-19 pandemic. This public health crisis has had a wide-reaching impact across our society, and the Directors' thoughts are with all of those who have been affected.
Despite the economic disruption experienced during the year, it is encouraging to report that your Company has continued to make positive progress, with NAV total return increasing to 144.32p per share. This reflects the strength and resilience of the investee portfolio, where most companies successfully adjusted their business models to enable them to continue to operate under the lockdown restrictions. Further progress was made in the construction of the portfolio, with the addition of 20 new private and AIM quoted company holdings, whilst follow-on funding was provided to several existing investee companies where commercial progress merited additional support. During the year, your Company achieved its first material exit from the early stage portfolio with the realisation of Symphonic Software, which generated a total return of 2.92 times cost over a holding period of less than two years. The Directors recognise the importance of tax free distributions to Shareholders and are pleased to propose a final dividend of 1.00p per share.