Literacy Capital PLC Fund Data

Despite several strong exits in the 12 months to 30 June, BOOK's NAV performance has been much weaker than historical periods. This reflects that it has been a difficult period for smaller businesses in the UK. However, it is encouraging that the two portfolio companies, RCI and Grayce, that were the largest detractors (in £ terms) to NAV over the last year, are both showing more positive signs and contributing positively to NAV in Q2. Various portfolio companies are gaining momentum and showing encouraging promise, which we expect to be reflected in their carrying valuations as growth and increased earnings are delivered. We are conscious that stronger NAV performance will provide positive news flow and share price momentum. Alongside our continuous efforts to support our existing portfolio companies to enhance their value and NAV performance, we are working hard to promote BOOK and awareness of it, to remove existing impediments that prevent investors from buying the stock, and thereby closing the frustrating discount to NAV.

Despite several strong exits in the 12 months to 30 June, BOOK's NAV performance has been much weaker than historical periods. This reflects that it has been a difficult period for smaller businesses in the UK. However, it is encouraging that the two portfolio companies, RCI and Grayce, that were the largest detractors (in £ terms) to NAV over the last year, are both showing more positive signs and contributing positively to NAV in Q2. Various portfolio companies are gaining momentum and showing encouraging promise, which we expect to be reflected in their carrying valuations as growth and increased earnings are delivered. We are conscious that stronger NAV performance will provide positive news flow and share price momentum. Alongside our continuous efforts to support our existing portfolio companies to enhance their value and NAV performance, we are working hard to promote BOOK and awareness of it, to remove existing impediments that prevent investors from buying the stock, and thereby closing the frustrating discount to NAV.