24th Feb 2026 16:21
(Alliance News) - Investment Co PLC on Tuesday highlighted the UK's "macroeconomic and policy uncertainty", which it said was reflected in its half-year results.
The investor in UK small and mid-cap companies reported a net asset value per share of 78.14 pence as at December 31, down 1.9% from 79.62p at June 30.
Shares in Investment Co were flat at 70.50p on Tuesday afternoon in London.
The discount to NAV narrowed to 12.98% as of December 31 from 20.25% six months prior, the firm noted.
The company's total return per ordinary share was minus 1.47p for the six months to December 31, widened from minus 0.24p the previous year.
Investment Co declared no dividends for the period, unchanged on-year.
"In the first half of the financial year to 30 June 2026 the UK continued to experience macroeconomic and policy uncertainty, particularly surrounding the November budget, which impacted on the equity performance of UK small and mid-cap companies. This was reflected in the company's overall performance," commented Chair Ian Dighe.
Investment Co also on Tuesday announced that its investment manager Chelverton Asset Management Ltd would be stepping down, and that it intends to appoint Dowgate as its portfolio manager instead.
The firm said the new investment policy, upon which Dowgate's appointment is conditional, would consist of investing in "a multi-asset portfolio across distinct, scarcity-based pillars" including foundational reserves; "strategic equity participations consisting of a core concentrated portfolio of scarce equities which are resistant to technological disruption"; and inflation-protected instruments.
Investment Co also expects to launch a tender offer, giving existing shareholders "the option of a cash exit" for up to 100% of their shares. This would be at a 5% discount to NAV. The firm noted that other than Non-Executive David Horner, its directors have confirmed that they will not tender their own shares.
The company further said it intended to raise new capital through a lacing, offer for subscription and/or through a matched bargain facility connected with the tender offer.
By Emma Curzon, Alliance News reporter
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