Fees, Buybacks and Dividends

Fees

We do not charge arrangement fees, exit fees or directorship fees; to either the fund or to the portfolio companies.
We charge the portfolio companies a support fee on investments of £1m or more. This is capped at £30,000/year for three years.
A 20% performance fee is based on realised gains from exits and not on our valuations during the investment hold period. This means a performance fee can only be paid if there is a profitable exit. This directly aligns the investment manager with the shareholders’ interests.

Buybacks

Our buyback policy is at a 5% discount to NAV.
The Board reviews buybacks on a half-yearly basis.

Dividends

Tax-free dividends
We target an annual 5p per share dividend (increased in 2022 from 3p per share)
Special dividends are paid on exits
7.0p per share paid in FY22 & 5.0p per share paid in FY23
2.5p per share paid in May 2023 and a further 2.5p annouced in August 2023
The flexible dividend reinvestment scheme allows shareholders to choose cash or to re-invest; for each dividend.

Get in touch

We strive to provide the best possible support. If you have any questions, concerns, or feedback, please don't hesitate to reach out to us.

Contact us