Declares 2.25p first interim dividend, vs 2.20p YoY

Update on Formal Sale Process

The Strategic Review and Formal Sale Process announced by the Company on 5 November 2025 continues in line with the Board’s expectations. The Company will provide a further update when it issues its interim results in early March 2026 unless there are any material developments in the meantime.

The current discount to NAV is 40%, so when there is corporate action in the sector, hopefully the Snowball will harvest some of the discount, although transactions at NAV are very unlikely in the current climate.