Fees, Buybacks and Dividends


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


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.

Fund Size, Buybacks and Dividends

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