Dividends

In relation to the year ended 30 September 2024, interim dividends of 1.42p per share were paid to shareholders in October 2023 and January 2024 while a special dividend of 1.65 pence per share was paid to shareholders in December 2023. A further interim dividend of 1.42p per share was paid to shareholders in March 2024.

Following Court approval on 7 June 2024 and in the absence of unforeseen circumstances, it is the current intention of the Board to declare another interim dividend, for the year ended 30 September 2024, to be paid around mid-October 2024. Thereafter, it is likely that dividends will be paid in smaller, less regular amounts principally for the purpose of maintaining the Company’s investment trust status while capital will be returned progressively to shareholders in larger, infrequent amounts by the most tax-efficient mechanism available.

The Board intends to continue to pay a sufficient level of dividend to ensure that the Company will not retain more than 15 per cent. of its income in an accounting period so as to maintain the Company’s investment trust status during the Managed Wind-Down. The Directors will declare certain dividends based on the Company’s net income but the quantum and timing of any dividends in future will be at the sole discretion of the Board.

There can be no guarantee as to the payment, quantum or timing of dividends during the Managed Wind-Down of the Company.