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The Directors do not intend to make use of the authority to buy the Company’s shares except to do so would result in an increase in the internet asset value per share for the remaining shareholders and would generally be within the pursuits of all shareholders. The authority, if given, will lapse on the AGM to be held in 2021 or 15 months from the passing of this Resolution, whichever is earlier. An Ordinary Resolution was passed at the last AGM held on 5 September 2019 giving Directors authority, pursuant to Section 551 of the Companies Act 2006, to allot Ordinary shares as much as an mixture nominal value equal to £1,737,500 (which figure represented one-third of the issued share capital of the Company). The Directors are looking for authorisation, pursuant to Section 551 of the Companies Act 2006, to allot up to an aggregate nominal value equal …

