Core Viewpoint - The Company reported a decline in net asset value (NAV) and total return for the six months ending March 31, 2025, reflecting challenging market conditions and investment performance [3][4][13]. Financial Highlights - NAV per share decreased from 40.55p to 34.48p, representing a total return of -8.19% [4][13]. - Market capitalization fell from £150.60 million to £124.25 million [4]. - Share price also declined from 42.20p to 33.80p, with a share price discount to NAV per share of 1.97% [4]. - Dividends paid per share increased from 1.50p to 2.75p during the period [4][6]. Investment Activity - The Company invested £3.6 million in qualifying companies during the period, maintaining 92.29% of its portfolio in qualifying investments [6][30]. - An offer for subscription launched on October 9, 2024, aimed to raise up to £20 million, with £5.4 million raised by issuing 14 million shares [6][31]. Performance of Qualifying Investments - Positive contributors included Aquis Exchange (+95.8%, +£1.71 million) and Cohort (+26.1%, +£1.12 million) due to increased defense spending [15][16]. - Negative contributors included Kidly (-100.00%, -£1.26 million) which went into administration, and Zoo Digital (-74.3%, -£1.14 million) which issued a disappointing trading update [20][21]. Non-Qualifying Investments - The non-qualifying portfolio saw a decline of £1.27 million, with notable losses in WH Smith and Hollywood Bowl due to a weaker economic outlook [27][28]. - The fixed income portfolio returned +£0.35 million, offsetting some losses from direct equities [29]. Market Outlook - The UK economy is expected to see a modest GDP growth of +1.0% in 2025, supported by increased public spending despite inflation concerns [10][39]. - The AIM index has shown resilience post 'Liberation Day', indicating potential growth opportunities despite ongoing market volatility [12][40]. Portfolio Structure - The Company maintained a strong liquidity position with net cash of £11.7 million and a focus on recurring revenue, which represented 82% of total revenue [26][29]. - The portfolio's weighting to qualifying investments increased to 58.4%, while cash weighting decreased to 7.6% [36].

Core Viewpoint - Arcadis has nominated Robert Swaak for appointment to its Supervisory Board, with a focus on enhancing governance and sustainability within the organization [1][5]. Group 1: Appointment Details - Robert Swaak is nominated for a four-year term on the Supervisory Board, with the extraordinary General Meeting scheduled for 10 July 2025 to finalize the appointment [1][4]. - If appointed, Swaak will succeed Deanna Goodwin as Chair of the Audit and Risk Committee upon her retirement in 2026 [2][4]. Group 2: Candidate Background - Robert Swaak previously served as CEO of ABN AMRO Bank N.V., where he focused on streamlining operations and integrating sustainability into the bank's strategy [3]. - His experience includes senior leadership roles at PwC, where he gained expertise in governance, corporate transformation, and stakeholder engagement [3]. Group 3: Strategic Fit - The Supervisory Board emphasized the need for outstanding financial expertise and a proven track record in financial management and risk management when selecting Swaak [5]. - Swaak's leadership experience and focus on client-centricity and sustainability align with Arcadis' mission to improve quality of life through sustainable solutions [5]. Group 4: Company Overview - Arcadis is a leading global organization specializing in data-driven sustainable design, engineering, and consultancy solutions for natural and built assets, with over 36,000 professionals [6]. - In 2023, Arcadis reported gross revenues of €5.0 billion, operating in more than 30 countries [6].