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Major Holdings The Fund's major holdings are disclosed in the monthly NAV announcements, which can be found in the News section. Quarter-end NAV announcements also include a commentary on some of the Fund's investments.

The holdings list and comments below were included in the Fund's Annual Report for the 12 months ended 30 June 2019.

01. Hurricane Energy plc ("Hurricane")

Hurricane Energy plc ("Hurricane")
Hurricane is an oil exploration company targeting naturally fractured basement reservoirs in the West of Shetland. It controls 2.6 billion Barrels of Oil Equivalent ("BOE") certified resources and reserves. The Fund's previous annual reports include additional background information on this investment.

This was a year of great achievement for Hurricane. In September, it agreed a farm-in deal with Spirit Energy over 50% of its Greater Warwick acreage. The company's first farm-in deal with an industry partner supports the case for basement reservoirs in the UK continental shelf. The deal also re-started Hurricane's exploration operations with an intensive three-year appraisal campaign. As Warwick had only been drilled once by Hurricane in 2016, it was behind Lancaster in the appraisal and development process. Spirit's commitment of $387 million should accelerate this. As such, we believe that the deal with Spirit is transformational for Hurricane.

The Greater Warwick exploration campaign started in the spring of 2019 with a three-well programme, fully funded by Spirit. The first well was the riskiest due to its depth, and unfortunately results were disappointing. Oil was discovered but it did not flow at commercial rates and so the well was abandoned. The campaign has continued with the Lincoln Crestal well. In parallel, long lead items have been ordered so that in 2020 one of the wells drilled in 2019 will be tied back to the Floating Production and Storage vessel for production appraisal. As with the Lancaster Early Production System ("EPS"), this step will enable collection of additional reservoir data ahead of an initial full field development of 500 million barrels of reserves. This approach is expected to leverage Hurricane's Lancaster infrastructure, and generate incremental revenues to the company at little additional cost.

In June 2019, Hurricane announced first oil from its EPS. This has been delivered on time and on budget albeit with a protracted final hook-up phase. In July 2019, following the period end, the company advised that the EPS was performing above expectations during the first month of operation and increased its production forecast. The two horizontal wells are producing 20k BOE per day under natural flow conditions, that is, without electrical pumps. Whilst it is too early to establish the asset's long-term potential, initial production data supports the company's reservoir model. Hurricane retains 100% ownership of this asset that is expected to generate US$200 million per annum at US$60/BOE. This cash flow underpins Hurricane's options to appraise further its Great Lancaster asset either independently or in partnership.

The Fund is a longstanding supporter of Hurricane, having funded its exploration efforts since 2013 and its production strategy since 2016, when the EPS's long lead items were first purchased. Over the last year, Hurricane has developed in size and complexity and continued to perform well. Over the period, the Fund reduced its opening position by 22% as it took profits of £17.9 million and exercised its warrants over 23.3 million shares. Despite banking total profits of £41.8 million on Hurricane, the year-end carrying value includes an unrealised profit of £28.0 million.

02. Equals Group plc (Formerly FairFX Group plc)

Equals Group Plc (Formerly FairFX Group plc)
Equals is an international payment services provider operating under an e-money licence. It serves retail and business customers mainly in the United Kingdom. Equals provides faster, cheaper and more convenient money management than traditional banking services. In June 2019, the company rebranded from FairFX to Equals to reflect the broader range of services it now offers that go beyond foreign currency. Equals' reliability and excellent customer service have earned it a five-star Trustpilot score.

Equals' strategy to date has been focused on improving scale and operational efficiencies across its platform, which has been driven through R&D investment, acquisition and rationalising its supply chain. Equals' services include international payments, corporate expenses, current accounts, credit facilities, currency cards and travel cash. Through its subsidiary, Spectrum Payment Services Ltd (SPS), Equals has access to real-time settlement accounts with the Bank of England and is a member of the UK faster payments scheme, meaning customers can transfer and receive funds instantly. In 2018, Equals processed more than 1 million transactions, which it is now able to process in real-time and at lower cost. SPS is also approved by the FCA to provide credit facilities, acting as a broker, which is a significant cross-selling opportunity.

During the year, Equals announced a binding term sheet with Metropolitan Commercial Bank for a multi-year contract to provide payment services in the US. The agreement covers both international payments and prepaid card issuance. Equals' is confident that there is strong demand for their corporate expense platform in the US, which could provide an additional growth engine for the business.

Equals' 2018 full year results showed revenue increasing to £26 million (up 69%) and adjusted profit after tax increasing from £1 million to £7 million. Equals has also surpassed the one million customers milestone.

The Fund's position in Equals dates from a 20p per share placing in March 2016. This included warrants that were fully exercised in the period. Following very favourable share price performance over the Fund's 2018 financial year, the stock has been range bound with headwinds from Brexit and UK macro uncertainty.

The Fund has continued to provide strategic advice to Equals throughout the year and advocated the development of a broader platform of services that take advantage of regulatory and technological change. Equals is embarking on a major marketing and product refresh over the latter months of 2019.

03. Northgate plc ("Northgate")

Northgate plc ("Northgate")
Northgate is the leading light commercial vehicle flexible hire business in the UK, Spain and Ireland. The company is expanding its minimum term hire offering to help its customers accelerate their switch away from vehicle ownership. Northgate has a fleet of around 106,000 vehicles and operates from more than 100 sites.

In March 2019, for only the second time in its eleven-year history, the Fund judged it necessary to requisition a shareholder general meeting to effect change at the board of an investee company. This followed extensive attempts to engage with Northgate's executive and non-executive directors since the Fund's investment in April 2016. In response to the meeting requisition, Northgate announced the resignation of its chairman, Andrew Page, with immediate effect.

The Fund's assessment is that Northgate has suffered from inadequate strategic leadership, overseen by a board lacking in direct experience within hire industries. Following the departure of Andrew Page, we expressed our view that the new chair should be someone with relevant industry experience, and who would be focused on delivering the best outcome for Northgate's stakeholders, including being supportive of releasing Northgate's strategic value. The Fund is therefore encouraged by last month's announcement of the appointment of Avril Palmer-Baunack as the new chair of Northgate.

At 347.5p as of 28 June 2019, Northgate's shares traded at a substantial discount to the company's reported net tangible asset value of 412p per share as at 30 April 2019, which is roughly equivalent to the market value of Northgate's fleet.

Northgate's well-managed Spanish business, which generates over half of the group's operating profit, is the clear leader in its market with a strong brand, good geographic coverage and an attractive return on assets. The Fund believes that the considerable value of the Spanish business is not reflected in Northgate's share price and that the company should therefore properly explore all options to realise the value of this asset. For example, if the Spanish business were to be worth 130% of net asset value to an acquirer, then investors in Northgate would be currently paying less than one third of net asset value for the residual UK and Ireland businesses.

Whilst the Fund takes some comfort from the progress made to date in returning UK vehicle-on-hire numbers to growth, it is disappointed that UK margins and returns on capital remain very depressed.

The Fund would have welcomed share purchases by Northgate's directors following the full year results announcement, as a demonstration of their belief in the company's prospects and undervaluation. The Fund expects rental margins, returns on capital and the dividend (5.7% current yield) to grow, driven predominantly by further fleet growth and consequent scale benefits in all geographies.

04. De La Rue plc

De La Rue plc
De La Rue designs and prints banknotes and produces related components, including security features. The company also supplies tax stamps as well as products and software to authenticate and track individual products throughout their supply chains, and it produces components for inclusion within individual identity documents. De La Rue is the incumbent provider of passports to the UK, under a long-term contract due to end in March 2020.

Following its latest full-year results announcement on 30 May 2019, De La Rue's share price fell by 34%, despite management's claims that the company's performance had been "reasonable" and had "broadly met market expectations." These claims did not reflect the reality that the £60 million of management-adjusted operating profits included an unexpected £7 million benefit from an accounting standard change and ignored an £18 million provision charge related to the supply of banknotes to Venezuela. Along with its results, De La Rue also announced that chief executive Martin Sutherland would be leaving the company following the appointment of a successor. To date, the total shareholder return during his five-year tenure has been -45%.

Following the Fund's meeting in June 2019 with De La Rue's chairman Philip Rogerson, the chairman subsequently reneged on an agreement to engage with a leading industry player who had indicated to Crystal Amber that it was open to a dialogue with the company to explore mutually beneficial strategic opportunities. As a result, on 20 June 2019 Crystal Amber wrote to Philip Rogerson stating that "we have concluded that all stakeholders would be better served if you now stand down from the board." On 24 June 2019, De La Rue announced that Philip Rogerson would be leaving the board once a new chief executive had been recruited. On 2 September 2019, De La Rue announced that Philip Rogerson will be leaving the board on 1 October 2019. To date, no chief executive has been recruited.

On 23 July 2019 the UK Serious Fraud Office announced the commencement of an investigation into De La Rue and its associated persons in relation to suspected corruption in the conduct of business in South Sudan. This caused the share price to fall a further 22% over the subsequent two days.

At De La Rue's annual general meeting on 25 July 2019, only 52% of votes were cast in approval of the directors' remuneration report. The Fund had objected strenuously to the payment of bonuses to executive management following a year of poor underlying financial performance (as was recognised by the stock market).

As far back as September 2018, the Fund introduced De La Rue to a director of the Swiss National Bank, with the hope and expectation that the Swiss National Bank would become both a long-standing customer and a shareholder. The Fund subsequently witnessed how this opportunity was squandered. It was equally as baffling as the decision to continue to print banknotes for the Central Bank of Venezuela without requiring payment in advance, despite the political environment and tightening sanctions. De La Rue has since provided in full for the non-payment of £18 million from this customer. Shamefully, the board of De La Rue awarded the CEO of De La Rue a bonus of £197,000 by including the invoice for the Central Bank of Venezuela in calculating his bonus yet excluding the full provision. The destruction of shareholder value at De La Rue is the direct result of an appalling level of mismanagement, arrogance and lack of accountability at this once great British company.

Notwithstanding these recent developments, the Fund continues to believe that De La Rue enjoys a combination of strong competitive positions in high return businesses and attractive growth opportunities backed by a capacity for both significant organic investment and the acquisition of further technological competencies. Regrettably, the mismanaged and opaque communication surrounding the full year results overshadowed some material positive developments, including a 20% increase in the company's total order book (now disclosed, following repeated requests by the Fund) and a 38% increase in its revenue from security features.

De La Rue also has obvious strategic value, as evidenced by the takeover approach from its competitor Oberthur in late 2010, and the acquisition last year of another banknote producer, Crane Currency, for US$800 million. The Fund notes that the shares now trade at below one quarter of the price offered by Oberthur, a cash bid rejected by De La Rue's board at the time.

In the Fund's view, De La Rue has suffered from a lack of strong and knowledgeable leadership, including an insufficient understanding of investor expectations and how to deliver against them. This has resulted in an unacceptable financial performance over many years, evidenced amongst other factors by a drop in earnings per share despite tailwinds from the company's various end-markets.

The Fund believes that the board departures announced recently create an opportunity to build a higher-quality leadership team able to maximise the value of the banknote business and to capitalise on the opportunities presented by De La Rue's high-growth, high-margin authentication activities.

05. Leaf Clean Energy Co ("Leaf")

Leaf Clean Energy Co ("Leaf")
Leaf Clean is an investment company focused on clean energy, largely in North America. It currently owns three assets the largest of which is a claim against Invenergy Renewables ("Invenergy", formerly Invenergy Wind) that accounted for substantially all of Leaf's NAV at 31 December 2018. The Fund's previous Annual Reports contain the background to this investment.

The investment in Leaf Clean has been a key contributor to performance of the Fund this year. The Fund first invested in Leaf Clean in October 2013. Following engagement with the then company board, the Fund took decisive action to change the leadership of the company. An EGM requisition resulted in the replacement of the chairman and executive directors. The Fund supported a new executive chairman with a clear mandate to realise investments in an orderly fashion. An incentive package was agreed based on the cash returned to shareholders. The new board decisively cut additional funding to unsuccessful investments, initiated disposals and reduced running costs.

As a direct result of the Fund's activism, Leaf Clean has been in orderly realisation since July 2014. In 2015, management advised that the realisation of all investments would probably take two years. However, the Fund noted that timings were unpredictable, given the private nature of the investments. Unfortunately, the unwillingness of the company's main investment, Invenergy, to abide by the terms of the investment agreement has extended the process to the present date.

Invenergy is North America's largest independent privately held renewable energy provider. It has developed over 15,000 MW of generation capacity in over 100 projects. Leaf Clean initially invested $40 million in convertible notes in 2008 and 2009. It elected to convert its interest into a 2.3% equity stake in June 2015. In July 2015, TerraForm Power announced the signing of definitive agreements for a proposed purchase from Invenergy of 930 MW of contracted wind power generation facilities. On 16 December 2015, the transaction closed and on 21 December 2015, Leaf Clean filed a complaint against Invenergy for breach of contract. The complaint alleges that Invenergy was required either to obtain Leaf Clean's consent to the sale prior to its consummation or, in the absence of such consent, make a payment to Leaf Clean upon the closing of the sale. Leaf Clean did not consent to the sale and Invenergy made no payment to Leaf Clean.

In July 2016 Leaf Clean announced a favourable preliminary decision, which was subsequently reversed. In September 2017, the Fund provided a commitment of up to US$2.5 million to support the company's ongoing litigation with Invenergy. In April 2018, Leaf Clean received the Chancery Court decision which found that Invenergy had breached its contractual obligations but surprisingly held that Leaf Clean was only entitled to nominal damages. The final market value for Leaf Clean's stake in Invenergy was set at US$50.7 million. Leaf Clean lodged an appeal at the Supreme Court against this judgement seeking an additional payment of US$85.8 million.

In May 2019, the Delaware Supreme Court held that Leaf Clean was entitled to damages in the full amount of its contractually defined Target Multiple and, therefore, reversed the Court of Chancery's decision to award only nominal damages. In June 2019, the Chancery Court entered its final order and judgement, ordering Invenergy to pay Leaf Clean US$114.5 million. Consistent with its litigious stance throughout the process, Invenergy notified Leaf Clean of its intention to appeal and filed for a review of the interest payment calculation at the Supreme Court.

Following the year end, in July 2019, Leaf Clean announced a £53.1 million capital return, which was effected in August 2019 by means of pro-rata share cancellation.

The Fund invested £13.0 million in Leaf Clean. By the year end, it had received £7.8 million from the 2015 special dividend and the 2018 capital return. In August 2019, it received £13.4 million from the latest capital return. The value of the Fund's holding at the end of August 2019 was £4.5 million. The Fund is pleased that its intensive engagement with Leaf Clean and subsequent strategic support has delivered an excellent outcome for Leaf Clean's shareholders.

06. STV Group plc ("STV")

STV Group plc ("STV")
STV broadcasts free to air TV in Scotland through the Channel 3 licence. Following ITV plc's ("ITV") acquisition of UTV Ireland in 2016, STV is the only franchise in that channel not owned by the ITV network. 95% of STV's broadcast content is produced by ITV and purchased by STV through long term agreements. These agreements have a revenue share component that distinguishes STV's business model from that of other broadcasters. STV's programming costs fluctuate with its advertising revenues, limiting its operational gearing. The Fund's previous Annual Reports contain additional background on the company.

Over the period, STV initiated the execution of its new strategy, focused on growing digital revenues and the production division. Two new divisional heads were recruited, and substantial operational progress has been made.

On the digital division, the company has focused on optimising the user experience in its Player product and on making this available in additional platforms. Bugs have been ironed out and the user experience improved. For those who prefer to watch advert free, STV launched a subscription service for Apple's iOS, which will be rolled out across other platforms. It also announced deals with two retransmission partners, Virgin TV and Sky, and has already launched on Virgin´s platform. The increased availability of STV's own player product on additional platforms and the improved user experience will give the company more digital video advertising inventory to sell. This inventory has achieved and sustained premium rates relative to other digital channels. In the first quarter of 2019, the digital audience was up 30% year on year.

The Fund has been an investor since 2013. As a result of renewed Brexit concerns, the Fund realised profits on part of this holding during the second half of the year. At 30 June 2019, it was the Fund's sixth largest position.

07. GI Dynamics Inc ("GI Dynamics")

GI Dynamics Inc ("GI Dynamics")
GI Dynamics is the developer of the EndoBarrier, a minimally invasive therapy for the treatment of Type 2 diabetes and obesity. EndoBarrier is a temporary bypass sleeve that is endoscopically delivered to the duodenal intestine. It offers similar effects to the surgical gastric bypass, without the risks of a major surgical procedure. The Fund's previous annual reports contain the background to the company and the Fund's investment.

Over the period, GI Dynamics took its first steps to rebuild its strategy by securing a US FDA pivotal trial, appointing a new CE Mark accreditation body and reaching an agreement with Apollo Sugar for a trial in India.

The company secured permission for its new US clinical trial, the STEP-1 trial, in August 2018. This was obtained without a costly product re-design. During the remainder of the period, GI Dynamics has undertaken the necessary preparations for the trial. It has expanded its team, fulfilled the relevant regulatory steps and finalised agreements with high calibre research centres. For example, the principal trial site will be Brigham and Women's Hospital, a teaching affiliate of Harvard Medical School. Another centre is the Thomas Jefferson University Hospital of Philadelphia, a top 100 facility in America according to Becker's Hospital Review.

The trial will begin enrolling patients who have type 2 diabetes and obesity during the second half of 2019. The primary endpoint of STEP-1 is reduction in average blood sugar levels (HbA1c) at 12 months of treatment. The pivotal trial will consist of randomized EndoBarrier implant and control groups; patients in both groups will receive identical lifestyle therapy that complies with the most current American Diabetes Association guidelines.

In November 2018, GI Dynamics announced an agreement with Apollo Sugar to study the safety and efficacy of EndoBarrier in India. Apollo Sugar is a division of Apollo Hospitals Group ("Apollo") in partnership with Sanofi. It is focused on the treatment of metabolic disorders and operates a network of centres of excellence for diabetes, obesity and endocrinology. Apollo is the largest hospital system in India. The agreement provides for the commencement of a clinical trial with 100 patients which would enable the commercialisation of the EndoBarrier in India.

The Fund participated in an equity placing in November 2018 worth $2.4m and purchased two convertible loan notes worth a combined $4 million in March and May 2019. The Fund converted its three outstanding unsecured loan notes to equity at the end of June 2019, with an aggregate principal of $5.75 million. The maturity of the Fund's $5 million secured loan note was extended. The Fund retained the warrants issued in conjunction with the loan notes.

The agreement with Apollo Sugar is an excellent endorsement of the attractiveness of GI Dynamics' EndoBarrier. It creates an additional path to create value in parallel to the FDA and the CE Mark certifications. Despite the company's limited resources, the company continues to make progress toward regulatory approval for the EndoBarrier.

08. Allied Minds plc

Allied Minds plc
Allied Minds describes itself as an early-stage investor in technology and life science companies. In 2014, it listed on the London Stock Exchange at 190p per share, valuing the company at £398m. In December 2016, it raised £64m at 367p per share. Since its formation, Allied Minds has invested in over 40 companies. In 2017, it discontinued funding of several portfolio companies in order to focus primarily on its six largest remaining portfolio companies. From 2014 to 2018, Allied Minds reported total operating losses of US$464 million.

The net asset value of Allied Minds now comprises four significant technology and space-related investments, two life-sciences investments that have been substantially written-down, four small new investments made since 2017, and a cash balance of around US$25-30 million after two recently announced follow-on investments. Based on the disclosure regarding individual investee company holding values, we estimate that Allied Minds' net asset value currently stands at between 95p and 105p per share.

The Fund initiated an investment in Allied Minds during autumn 2018 and currently owns 6.9% of its issued share capital at an average cost of 60.6p per share.

Following the Fund's investment, concerns were expressed to the company regarding its excessive parent company running costs and the urgent need to realign its cost base. The Fund also objected to elements of the management's compensation, specifically the long-term incentive shares that had cost around US$3.9 million during the first half of 2018, and also the unprecedented practice of paying out 10% of gains arising from any successful individual investment independent of the scale of losses incurred on other investments in the portfolio (the "Phantom Plan").

On 7 February 2019, Allied Minds announced that its annualised HQ cash operating expenses would fall by over 40%, extending its cash runway into 2021. However, this left total HQ expenses at a still-unacceptable level of around US$13m per annum. Following a meeting with then-chief executive Jill Smith, the manager wrote to the company reiterating the Fund's concerns.

On 26 April 2019, along with its 2018 results, Allied Minds announced that it would henceforth focus on maximising returns from its ten portfolio companies and related shareholder distributions, rather than continuing to invest in new businesses. It also stated that annualised HQ cash operating expenses would be cut by a further US$2-3 million compared to the implied target from February, extending its cash runway from around two years to three or four years. Furthermore, the company ceased disclosing a proxy for net asset value, which enabled it to avoid specifying the scale of markdown to its two largest life sciences investments, SciFluor and Precision Biopsy.

On 10 June 2019, Allied Minds announced that Jill Smith had resigned as Chief Executive, to be replaced as co-CEOs by the chief financial officer and the General Counsel. The remuneration terms for the co-CEOs have not yet been disclosed, but the Fund questions why a portfolio of only ten holdings and with a stated aim of reducing HQ costs is better served by having two CEOs rather than one. Allied Minds also disclosed its decision not to make any further grants under its long-term incentive plan, including cancelling the issuance that had been planned for May following the 2018 results.

On 20 June 2019, Allied Minds announced that its chairman and senior independent director would no longer seek re-election to the board at the AGM scheduled for 28 June. This leaves a board composed of three non-executive directors (appointed in April 2014, November 2017 and May 2018) plus the co-CEOs.

On 6 August 2019 HawkEye 360, one of the top-four portfolio companies, announced it had raised US$70 million at a valuation more than double its September 2018 round. The Fund believes that this fundraising added at least 8p to Allied Mind's net asset value per share, after accruing for the Phantom Plan. On 4 September 2019 Federated Wireless, another of the top-four portfolio companies, announced it had raised US$51 million at a valuation more than 20% higher than its September 2017 round, adding a further 3 to 4p to Allied Mind's net asset value per share.

Notwithstanding the recent positive news regarding HawkEye 360 and Federated Wireless, the Fund notes that the share price of Allied Minds continues to trade at a very material discount to its estimated net asset value. The Fund attributes this to the continued excessive level of central operating expenses for a company now in run-off where four investments plus parent-level cash account for more than 90% of asset value and the board's failure to cancel the egregious Phantom Plan that ignores all portfolio losses when calculating management bonuses.

The Fund believes that the scale of share price discount has not been addressed by the board of Allied Minds and therefore intends to take appropriate action.

09. Board Intelligence Ltd (Unlisted)

Board Intelligence Ltd (Unlisted)
BI is a privately-owned UK company with a mission to improve the quality of board decision-making. The company offers cloud-based board-pack tools on a Software-as-a-Service (SaaS) basis. The product encompasses workflow management for the drafting of meeting packs, structured communication templates to improve the effectiveness of meetings, and an app-based portal allowing meeting participants to access information securely. The primary audience is corporate boards, but the tools can also be used by other committees.

SaaS products have high contribution margins: platform costs are relatively fixed, so they experience significant operating leverage as volumes increase - profit margins are higher than is evident during the growth phase. BI's customer acquisition cost is low relative to the customer lifetime value, so growth in the customer base is incremental to the company's enterprise value. Price is a secondary consideration relative to the high value attributed to any improvement in board meeting productivity and data security. Furthermore, once a solution is adopted by a company there are switching costs to change to another provider, which results in low organic churn.

BI has a very impressive client list, including UK large-caps and government departments, and has emphatic public testimonials from leading companies such as Rolls Royce and National Grid. The Fund does not invest in unquoted companies save in exceptional circumstances but was attracted by the economics of the business and the many growth opportunities amongst the 9,350 UK organisations employing over 250 people that could make use of this product. BI also has options to expand the product internationally.

The Fund invested in BI in 2018 at a significant discount to the valuation multiples of listed cloud/SaaS companies. The company's Annual Recurring Revenue (ARR) has subsequently continued to grow at an impressive rate without the cash burn shown by many high growth companies. BI has a dynamic entrepreneurial management team who have used our investment to strengthen the organisation and enhance the product. The Fund continues to engage with management on how to maximise long-term value.

10. Sutton Harbour Holdings plc ("Sutton Harbour")

Sutton Harbour Holdings plc ("Sutton Harbour")
Sutton Harbour owns and operates Sutton Harbour in the Barbican, Plymouth's historic old port, and holds the lease to Plymouth's 113-acre former airport site. Sutton Harbour includes a leisure marina, the second largest fresh fish market in England and an estate of investment properties around the harbour. The marina is a 5 Gold Anchor rated facility and considered to be one of the best deep water harbours in the South West. The Fund's previous annual reports provide further background to this investment.

From the beginning of 2018, FB Investors LLP have been the majority shareholders in the company and have been shaping Sutton Harbour's new strategy. In July 2018, the new management submitted a planning application for the redevelopment of Sugar Quay and Harbour Arch Quay. This was approved in November 2018 and the company launched a £3 million open offer to fund post planning pre-construction phase project costs, capital maintenance project costs and to provide cash headroom. The Fund took its full entitlement and has continued to grow this position.

In March 2019, the government inspectors' report concerning the local authority's new planning framework was issued. It affirmed the safeguarding of the former airport site for possible general aviation use for a period not to exceed five years.

Final results to the end of March 2019 reported NAV of 39.4 pence per share versus a then share price of 26.8 pence.

The Fund maintains an open dialogue with the company and remains supportive of its new management strategy.

Previous profitable exits include Dart Group plc, Pinewood Group plc, 4imprint Group plc, Aer Lingus Group plc, Thorntons plc, Norcros plc, 3i Quoted Limited Private Equity, Delta plc, Kentz Corporation Limited, Tate & Lyle, Chloride Group plc, NCC, Ocado and Boku.