Reviewing a successful year, the FY Pre-Close Update brings into focus eight new investments, follow on support for the portfolio and two disposals. There was £49.5m cash on the balance sheet at the year end. There is explicit visibility on BPMs dividends with £13m already declared for FY27e. Opportunities remain plentiful and nine new investments are under appraisal. The market and industry backdrop remains stable and supportive. This update does not include a NAV update, which will come at the Final results on 27th May. We continue to see upside to the NAV from sustained value creation in the portfolio, noting that c.20% of the market cap is in cash and the shares continue to trade at a 25% discount to the last reported NAV.
