Tamsin Jordan
Director of Fund Management

Good morning, and thank you for joining us. I'm Tamsin, and I'm here with my colleagues, Jonathan Maxwell, Eugene Kinghorn, Ben Griffiths. Today, we're presenting the results for the year ended 31st of March 2026, alongside an update on the strategic direction of the company. As you will have seen from the announcement last week, the Board has proposed a portfolio sale or managed wind-down of the company with a clear focus on realizing value and returning cash to our shareholders. Today's session is intended to do 3 things: First, to summarize the highlights for the year; second, to provide some context on the proposed sale or wind down; and third, to update on the progress since the end of the year.

I'll hand over now to Jonathan, who's going to take you through the strategic update and key messages.

Jonathan Maxwell
CEO & Founder

Thank you, Tamsin. Before we turn to the detailed results, I'd like to put the presentation into context and be very clear about our priorities. The portfolio continues to perform operationally. Our objectives are clear and the exit process by means of a sale or wind down is underway. We're focused on execution and discipline, protecting value, reducing debt and converting the value of the portfolio into cash for shareholders as efficiently and promptly as practicable. The past year has been difficult and disappointing for shareholders. We're looking to provide a decisive response to challenges such as the persistent discount to share price, the constraints on distributions, the lack of access to equity capital and the consequent level of gearing.