Dividend Policy

Dividends will be financed through a combination of available net income in each financial year and other reserves. It is currently expected that most of the total annual dividend will be financed from other reserves. In order to increase the distributable reserves available to facilitate the payment of dividends, the Company cancelled the amount of GBP 146,412,136 standing to the credit of its share premium account immediately following completion of the First Issue in order to create a special distributable reserve. The Company may, at the discretion of the Board, pay all or part of any future dividends out of this special distributable reserve, taking into account the Company’s investment objective.

The Company intends to pay dividends on a semi-annual basis, by way of two equal dividends, with dividends declared in July and February/March and paid in August and March/April in each year.

In accordance with regulation 19 of the Investment Trust (Approved Company) (Tax) Regulations 2011, the Company will not (except to the extent permitted by those regulations) retain more than 15 percent. of its income (as calculated for UK tax purposes) in respect of an accounting period.

The directors recommend the payment of an interim dividend for the period of 2.52p per share. The dividend will have an ex‑dividend date of 1 August 2024 and will be paid on 29 August 2024 to shareholders on the register at 2 August 2024. The dividend will be funded from the Company's distributable reserves.