Final results

Core Viewpoint - The company has faced challenges in the past year but believes that strategic measures, including a merger with Thames Ventures VCT 2 plc, have strengthened its foundations and positioned it for long-term value creation for shareholders [3][4][5]. Financial Highlights - The company reported a net asset value (NAV) per share of 90.1p as of 31 March 2025, a decrease of 16.7% from the previous year [6]. - Total dividends paid during the year amounted to 4.6p per share, equivalent to 4.3% of the opening net assets of the previous financial year [7]. - The company raised £0.9 million through an offer for subscription during the year, with an additional £2.5 million raised post year-end [10]. Investment Performance and Portfolio Activity - The company invested £4.9 million in eight Unquoted Growth companies during the year, with two new investments totaling £1.6 million and six follow-on investments costing £3.3 million [11][39]. - The overall investment portfolio experienced a net valuation loss of £14.3 million, with £7.1 million attributed to Quoted Growth investments and £7.2 million from unquoted investments [12][14]. - Significant losses were noted in Maestro Media Limited (£2.0 million) and Cambridge Touch Technologies Ltd (£1.5 million), while positive performances were seen in Ayar Labs Inc and Rated People Limited, with valuation increases of £2.5 million and £1.6 million respectively [14]. Share Buybacks - The company has adopted a policy of buying back its own shares at a 2.5% discount to NAV, purchasing and cancelling 13,072,899 shares at an average discount of 3.9% during the year [21]. Management Charges and Performance Incentive - The annual management fee for the year ended 31 March 2025 was £1.8 million, equating to 2.0% of net assets [23]. - A new performance incentive scheme was approved as part of the merger, which will motivate the manager to enhance shareholder value [25][26]. Board Composition - The board has undergone changes, with Andrew Mackintosh joining from Thames Ventures VCT 2 plc and Barry Dean set to retire [27][29]. VCT Sunset Clause - New regulations have extended the UK's VCT scheme by ten years to April 2035, providing clarity and support for further investments in early-stage companies [30]. Outlook - The company is cautiously optimistic about 2025, anticipating improved conditions for portfolio companies due to decreasing inflation and interest rates, which may encourage increased deal activity in the UK [32][33].