Tekcapital saw a net asset per share reduction of 30% in FY25A to $0.23. This was principally due to the decline in Microsalt share price over the year despite very encouraging news flow on commercial development. A fifth portfolio company has been established through the granting of a 51% stake in Versari. This investment opens a new addressable market in geothermal power efficiencies in AI infrastructure. On current market pricing, stock trades at a 60% discount to NAV.
