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  • MIL-Evening Report: Even as emissions level off, carbon dioxide in the atmosphere is growing faster than ever. Here’s why

    Source: The Conversation (Au and NZ) – By Issy Borley, Research Technician, CSIRO

    Quality Stock Arts/Shutterstock

    Over the last decade, humanity’s emissions of carbon dioxide (CO₂) have stabilised after a period of huge growth. Average growth is now down to just 0.6% per year, compared to 2% per year in the previous decade. But levelling off isn’t the same as declining – and we’ve levelled off at a very high rate of emissions. The Global Carbon Project estimates human activities released a record high of 10.2 gigatonnes of carbon (GtC) in 2024.

    Last year, the atmosphere’s concentration of CO₂ rose at the fastest rate on record. Over the last decade, atmospheric CO₂ increased an average of 2.4 parts per million (ppm) a year. But last year, concentrations jumped by 3.5 ppm, reaching 424 ppm in the atmosphere. These concentrations are more than 50% higher than the pre-industrial period.

    While we’re burning more fossil fuels than ever, recent emissions growth has been offset by falling rates of deforestation and other land use emissions.

    Why are CO₂ concentrations still rapidly increasing? We’re still pumping massive amounts of long-buried CO₂ into our atmosphere. The only way for this carbon to leave the atmosphere is through natural carbon sinks – and they’re struggling to keep up.

    How do we know the amount of CO₂ in the atmosphere?

    Perched on a remote and windy clifftop on Tasmania’s northwest tip lies the Kennaook/Cape Grim Baseline Air Pollution Station. This station has an important job: monitoring baseline changes in atmospheric gases. The location was chosen because air here has travelled hundreds of kilometres over the ocean in an area unaffected by local pollution.

    CSIRO’s Kennaook/Cape Grim monitoring station on Tasmania’s northwestern tip was chosen because of the clean ocean air.
    Issy Borley, CC BY-NC-ND

    For decades, Australian scientists have directly measured the changes to the atmosphere here. Alongside other monitoring stations worldwide, this gives us an accurate and precise record of changes in greenhouse gases and ozone depleting chemicals in the atmosphere.

    Filling the bathtub

    Carbon dioxide is very good at trapping heat. Over the Earth’s 4.5 billion years, pulses of CO₂ have created hothouse worlds, very different to the pleasant climate humans have enjoyed since the last ice age, about 11,000 years ago. The last time CO₂ went past 400 ppm was likely more than two million years ago.

    It’s easy to confuse CO₂ emissions and concentrations of CO₂ in the atmosphere. Emissions influence atmospheric concentrations, but they are not the same.

    Releasing long-buried carbon back into the atmosphere by burning fossil fuels and producing CO₂ emissions is like turning on the tap in a bathtub and the amount of water in the tub is the atmospheric concentration.

    The Earth has natural ways of dealing with carbon dioxide. Plants, soils and oceans are carbon “sinks” – they all draw down carbon from the atmosphere and store it. Think of them as the bath’s plughole.

    If we think of the atmosphere as a bathtub, our emissions are the tap turned on, natural carbon sinks are the plughole and the water in the bath are the atmospheric CO₂ levels.
    Issy Borley, CC BY-NC-ND

    The problem is, we’re filling up the tub with CO₂ much faster than the Earth’s carbon sinks can pull them out. As a result, CO₂ concentration in the atmosphere rises. Atmospheric CO₂ matters because it is what actually influences climate.

    If we apply current global emissions and scenarios where emissions decrease either steadily or rapidly to the CSIRO Simple Carbon-Climate Model, we can estimate how much our bathtub is likely to fill. These graphs show emissions must be significantly cut before we can start to see a fall in atmospheric concentration.

    Why did CO₂ concentration jump last year?

    The single largest influence in last year’s spike in CO₂ concentration is likely to be changes to carbon sinks.

    Every year, oceans, forests and soils absorb about half the emissions humans produce. But this figure isn’t set – it changes as the Earth’s systems change.

    For instance, plants grow more in wetter years and store more carbon in their structures through photosynthesis and growth.

    But climate change is making fires more intense and more frequent. As trees burn, they release stored carbon back to the atmosphere. Emissions from enormous wildfires in Canada in 2023 and South America in 2024 likely contributed to the atmospheric CO₂ jump.

    Recent research suggests a weakened biosphere has strongly contributed. Severe droughts across the northern hemisphere in 2024 cut the ability of the planet’s soils and plant life to soak up and store CO₂.

    The speed at which carbon sinks soak up CO₂ depends on environmental conditions, which are largely out of our control. As climate change worsens, the capacity of natural carbon sinks to draw down our emissions will likely reduce.

    In the bathtub analogy, water leaves the tub through the plughole. If the plughole narrows, less water can escape and our tub will fill up even faster.

    The main lever we can control is the tap on the bathtub – the emissions we produce. Many nations are now cutting their emissions, but not enough to begin the sharp decline in concentration we need.

    In the 1980s, the Earth’s thin, protective layer of ozone – just 10 parts per million – was being eaten away by chlorofluorocarbons (CFCs) and other chemicals in fridges, air conditioners and aerosol cans. Nations replaced these chemicals and the ozone hole began to close. Fossil fuels are far more important to our current way of life than CFCs were. But we now have good options to replace them across many industries.

    This is a crucial moment. Our current rate of emissions will only cause CO₂ concentrations and global temperatures to rise. Natural carbon sinks will not pull out enough carbon to stabilise our climate on a time frame meaningful to humans. The earlier the action and decrease in emissions, the better our future.

    Issy Borley receives funding from the Australian Bureau of Meteorology.

    Cathy Trudinger does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    Ray Langenfelds receives funding from the Australian Bureau of Meteorology.

    – ref. Even as emissions level off, carbon dioxide in the atmosphere is growing faster than ever. Here’s why – https://theconversation.com/even-as-emissions-level-off-carbon-dioxide-in-the-atmosphere-is-growing-faster-than-ever-heres-why-254072

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Scientific Regiment: MIEi Graduate Arkady Pashenin Witnesses Signing of the Act of Surrender of Germany

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    Exactly 80 years ago, the Great Patriotic War ended. This fact was confirmed by the Act of Unconditional Surrender of the German Armed Forces. And today, on Victory Day, we will tell the story of how an engineering diploma from the Moscow Engineering and Economics Institute (now the State University of Management) allowed its graduate Arkady Pashenin to witness the signing of this historic document.

    Arkady Pashenin was born on March 19, 1918, entered the construction department of the Moscow Institute of Power Engineering in 1935, and defended his diploma five days after the start of the war – on June 27, 1941. According to him, Soviet youth was mentally prepared for war. In companies, they did not discuss ways to evade, but what was better to take to the front in addition to the recommended list. And the state took care of the physical condition of the youth – in addition to standard military training, the Moscow Institute of Power Engineering had a strong ski section of the Rot Front sports society, of which Arkady Pashenin was a member. Team “Ski Patrol Races” were especially popular with students.

    On July 8, the day after receiving diploma #025980, graduate Pasheshin reported to the recruiting station, where the duty officer, having familiarized himself with the documents, sent him to the military commissar. The latter looked at the diploma and sent the conscript to the Military Academy of Logistics and Supply, where he completed a three-month training course. In September 1942, Arkady Pashenin served at the headquarters of the 276th Ski Regiment when he was summoned to Moscow, to the People’s Commissariat of Defense, where he was thoroughly discussed with him about the diploma and sent to Stalingrad, to the headquarters of the 5th Shock Army, which was being formed at that time. He served there until the army was disbanded after the war.

    The most dramatic turn of fate connected with the MIE diploma happened to our hero at the end of the war, near Warsaw. One winter day at the turn of 1944/45, he was summoned by the head of the personnel department of the army headquarters and again asked about the specialty of an engineer-economist. It turned out that a member of the Military Council of the army, Lieutenant General Fyodor Bokov, was looking for three personal assistants of different specialties. Officers from the operational and political departments were selected immediately, but there was no suitable candidate for an economist who could “distinguish a bakery from a sawmill.” After a ten-minute conversation with Bokov, Pashenin was accepted into the team.

    As a result of the Berlin Offensive Operation, the German troops were finally defeated. It remained to formalize the situation legally. Marshal of the Soviet Union Georgy Zhukov chose the headquarters of the 5th Shock Army as the place for signing the Act of Unconditional Surrender, so on May 8, 1945, Fyodor Bokov and his assistants, including Arkady Pashenin, were among those meeting the Allied delegation at the Tempelhof airfield. The diplomatic service was late with instructions on the protocol of the meeting, so the staff officers decided to run for the flags of the nations themselves half an hour before the arrival of the first plane. They were unable to find the French flag right away, fortunately the plane of the Commander-in-Chief of the French Army, General Jean de Latre de Tassigny, was late, and he was met later, separately from the British and Americans. Major of the Quartermaster Service Pashenin had the honor of holding the flag of the USSR, which he remembered for the rest of his life:

    “So we, three Russian officers, stood in the center of Europe with the flags of nations. The famous generals and marshals of the allied armies walked past us. Eisenhower, Montgomery, Tedder and others saluted the flags, including the flag of the USSR, which by the will of fate I, a graduate of the Moscow Institute of Economics and Law in 1941, was entrusted to hold.”

    Let’s forgive Arkady Mikhailovich for the historical inaccuracy. As is well known, the Instrument of Surrender on the part of Great Britain was signed not by Field Marshal Bernard Montgomery, but by the Supreme Commander of the Royal Air Force Arthur Tedder. The Americans were represented not by the future President Dwight Eisenhower, but by the Chief of Staff of the US Air Force Carl Spaatz. But just imagine how exciting this moment was for what was essentially a very young officer, and sometimes even the young are deceived by memory.

    The headquarters of the 5th Shock Army was located in the building of the Military Engineering School in Karlshorst, one of the eastern suburbs of Berlin, where everyone headed from the airfield. The hall of the officers’ mess was prepared for the ceremony, the furniture was brought from the Reich Chancellery building. As a staff officer, Arkady Pashenin had free access to all the rooms of the headquarters and did not miss the opportunity to be present at the signing of the Act of Surrender. The extra chairs were taken out of the hall, so everyone except the signatories watched the ceremony standing. Pashenin took a place by the wall near a small table, at which the Chief of the Supreme Command of the Armed Forces of Nazi Germany Wilhelm Keitel then sat.

    The ceremony began at exactly midnight Moscow time. Hence the disagreement about the date of Victory Day celebrations in Russia and the West. When it came to Keitel, he was about to sign the Act at his desk, but Georgy Zhukov demanded that he come over and sign the Act on a side table. Jawohl (German for “Yes sir”), the blushing Field Marshal complied. This was the German word the Nazis used more often than any other at the ceremony.

    The procedure ended at 00:43 Moscow time, after which the banquet began. Suddenly the question arose: what to feed the German delegation – not red caviar? Even the diplomats could not resolve it. Then they turned to Zhukov for advice, and he said: “Let’s not be petty – feed them everything that has been prepared for the banquet. And be sure to serve it on plates with the monograms of the Imperial Chancellery. And give them unlimited drinks. Let them wash down their defeat… But I think it will not do them any good!”

    And so it happened: Wilhelm Keitel was executed by decision of the International Military Tribunal in Nuremberg on October 16, 1946. Another representative of the German government who signed the Act of Surrender, General Admiral Hans von Friedeburg, poisoned himself with cyanide the day before his arrest.

    And MIEI graduate Arkady Mikhailovich Pashenin served in the Soviet Army until 1978 and retired with the rank of colonel of the quartermaster service. He was awarded five orders and five medals, including, of course, “For the capture of Berlin” and “For the victory over Germany in the Great Patriotic War of 1941-1945.”

    #Scientific regiment

    Arkady Pashenin Arkady Pashenin Wilhelm Keitel signs the Act of Surrender From left to right: Arthur Tedder, Georgy Zhukov and Carl Spaatz at the banquet after the signing of the Act of Surrender

    Subscribe to the TG channel “Our GUU” Date of publication: 05/08/2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹32,000 crore on May 09, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on May 09, 2025 (Friday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    6.92% GS 2039 16,000 381 381
    6.90% GS 2065 16,000 381 381

    The underwriting auction will be conducted through multiple price-based method on May 09, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/281

    MIL OSI Economics –

  • MIL-OSI Australia: Criminal ‘largest buyers’ of gold bullion stripped of $8.7 million

    Source: New places to play in Gungahlin

    Two Sydney-based leaders of an Australian criminal syndicate have been stripped of more than $8.7 million in assets for their roles in an elaborate gold bullion GST fraud. 

    Orders made by the Supreme Court of New South Wales resulted in those assets being forfeited to the Commonwealth.

    It followed a complex, decade-long AFP-led Criminal Assets Confiscation Taskforce (CACT) investigation, codenamed Operation Nosean. The CACT brings together the resources and expertise of the AFP, Australian Border Force (ABF), Australian Taxation Office (ATO), Australian Criminal Intelligence Commission (ACIC) and AUSTRAC.

    The CACT investigation began in 2012 after intelligence highlighted the apparent purchase of notably high quantities of pure gold bullion – known as PAMP gold – from a broker in Sydney. This intelligence suggested the gold was being used for large-scale GST fraud.

    At the same time, the ATO advised the CACT they had identified an unusual pattern of large GST refunds being paid to several gold refiners in Sydney and Melbourne.

    Both the CACT and ATO continued their investigations in parallel. 

    What subsequently emerged was the picture of an incredibly complex criminal operation that fit the definition of ‘missing trader fraud’. This involves the fictitious transaction of traded goods between companies within a chain to evade tax obligations.

    In this case, the backdrop for the offending was Australia’s then gold bullion arrangements, which provided an exemption on the payment of GST for ‘investment-grade’ gold bullion – as distinct from ‘scrap’ gold, which was subject to GST.

    Here’s a simplified description of how it worked:

    1. The criminal syndicate used the identities of foreign students and associates as mules to buy gold bullion from a broker, GST-free. In reality, the syndicate was making the purchases. 
    2. Each time the gold was purchased, it was melted down or defaced by the syndicate and refashioned into ‘scrap gold’. 
    3. Shell companies controlled by the syndicate then ‘purchased’ the ‘scrap’ gold, masquerading as legitimate buyers that supposedly paid tax on the gold.
    4. Those shell companies then on-sold the gold to a gold dealer, adding 10 per cent GST, with the syndicate claiming GST input credits. 
    5. Once this cycle was complete, it restarted.

    In total, the criminal syndicate was found to have fraudulently claimed tax refunds between 2012-2013, before the CACT investigation led to the restraint of their assets.

    In February 2025, after forensically piecing together the full story of the fraud’s operation and financials as well as the outcome of the ATO’s investigation, the AFP-led CACT obtained court orders which resulted in the assets of the two Sydney-based syndicate members being forfeited to the Commonwealth.

    The items included:

    • Four luxury Sydney homes worth almost $7 million
    • Four bank accounts containing more than $2 million
    • Five ounces of gold worth about $23,000, and 
    • Almost $250,000 in cash. 

    This followed the jailing in December, 2023, of the two Sydney-based syndicate members – a Neutral Bay man, 49, and an Ashfield man, 57. They were both sentenced to eight years’ imprisonment, with a non-parole period of four years and six months, after being found guilty of two counts each of conspiring to dishonestly cause a loss to the Commonwealth, contrary to section 135.4(3) of the Criminal Code (Cth) (Tax Fraud Offending).

    Speaking to the forfeiture of the assets, head of the CACT, National Manager Criminal Assets Confiscation Stefan Jerga said it was a direct result of law enforcement cooperation and the tenacity of investigators.

    “The nature of this crime was extremely intricate and took a significant amount of effort, time and commitment to untangle the web and identify the complex ownership structures set up to hide the true beneficiaries and wealth of these criminals,” National Manager Jerga said.

    “With the persistent work of all involved including the ATO, all partner agencies and the CACT’s forensic accountants, lawyers, financial experts and investigators, we were able to deconstruct and dismantle this illegal operation.

    “Our message to criminals is clear – no matter how complex or elaborate your systems or network, the AFP and its law enforcement partners will work to no end and no set time limit to find you, bring you before the courts and confiscate any proceeds of crime.”

    ATO Deputy Commissioner John Ford welcomed the result from the CACT investigation.

    “This result shows that the consequences do not end at the conviction and should serve as a strong deterrent to those in the community considering similar behaviour,” Mr Ford said.

    “The ATO will continue to work with, and support, our partner agencies by sharing resources and capabilities to ensure those who break the law are held to account.”

    In 2017, an amendment was introduced to the Goods and Services Tax Act 1999 (Cth), which shut down the loophole on the ability to claim GST input tax credits on second-hand precious metals.*

    The AFP-led CACT, which brings together the resources and expertise of the AFP, Australian Border Force, Australian Taxation Office, Australian Criminal Intelligence Commission and AUSTRAC, was permanently established in 2012 as a proactive and innovative approach to trace, restrain and ultimately confiscate criminal assets.

    The highly skilled members of CACT are located Australia-wide and comprise police, financial investigators, forensic accountants, litigation lawyers and partner agency specialists.

    The Commonwealth’s proceeds of crime laws provide tools for the restraint and forfeiture of proceeds and instruments of crime, as well as financial penalty and unexplained wealth orders. While the CACT litigates matters in the courts, restrained assets are managed on behalf of the Commonwealth by the Australian Financial Security Authority (AFSA). 

    At the conclusion of successful legal proceedings, confiscated assets are then liquidated by AFSA, with the proceeds placed in the Commonwealth Confiscated Assets Account (CAA). These funds can then be distributed by the Attorney-General to benefit the community through crime prevention, intervention or diversion programs relating to the illegal use of drugs or other law enforcement initiatives across Australia.

    Since July 2019, CACT has restrained more than $1.2 billion in criminal assets, including houses, cars, yachts, cryptocurrency, fine art and luxury goods. 

    *Background

    When the New Tax System (Goods and Services Tax) Act 1999 was enacted, it provided an exemption on the payment of Goods and Services Tax (GST) applicable to ‘investment-grade’ gold bullion (gold that had been stamped into bars and coins) on the basis it was considered a form of currency.

    Investment-grade gold bullion was made distinct from ‘scrap’ gold or gold that had changed its form by either being damaged, melted down or because it came in the form of jewellery, which was subject to GST.

    This distinction created a loophole which was exploited by criminals who would purchase GST-free bullion and change its form into scrap gold. They would then sell it to precious metals dealers and jewellers, adding 10 per cent GST. Instead of remitting the GST owed to the ATO from the sale of the scrap gold, offenders would claim input tax credit (ITC) exemptions applicable to the sale of second-hand goods and keep the profit.

    In 2017, an amendment to the Goods and Services Tax Act 1999 (Cth) was introduced to ensure entities engaged in transforming the form of a precious metal they acquire, can no longer exploit the special GST treatment on second-hand goods by claiming net input tax credits.

    CDPP case report *External Link

    Images

    Images available via HightailExternal Link 

    MIL OSI News –

  • MIL-OSI Australia: Starting a small business and getting it right with the ATO

    Source: New places to play in Gungahlin

    Starting a small business is an exciting journey, but it comes with important tax and super obligations. The ATO is here to help you get ready for business and stay on the right track. 

    Are you in business?

    A business involves continuous and repeated activities aimed at making a profit. Even a one-off transaction can be considered a business if it’s intended to be repeated or is the first step in starting a business. 

    When you’re not in business

    Not all money-making activities qualify as a business. Activities done as an employee, hobbies, or simple investments like holding shares or renting out property through an agent, are not considered businesses. 

    Ready for business: a focus area of the Getting it right campaign

    Will Day, the Deputy Commissioner of Small Business, supports small businesses in meeting their tax obligations. Small businesses are vital to the Australian economy. They drive innovation, creating jobs and fostering community spirit. 

    The Getting it right campaign supports small businesses in getting their tax obligations right. Ready for business is a key focus area within this campaign. It provides small businesses with resources and guidance to start their journey on the right foot, including: 

    • talking to people with similar businesses or a trusted business adviser  
    • consulting with a registered tax professional 
    • using digital tools to assist with cash flow management 
    • deciding on the right business structure, as this affects your tax obligations 
    • knowing what accurate records you need to keep and what registrations are required. 

    For more information, visit Ready for business.

    MIL OSI News –

  • MIL-OSI: Temenos community comes together in Madrid to lead the way in banking innovation

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, May 08, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN), a global leader in banking technology, today announced that over a thousand global banking industry representatives will come together at the Temenos Community Forum (TCF) in Madrid, May 20-22, to explore transformative technologies shaping the future of banking. Registration for the event is open and an invitation can be requested here.

     “Leading the Way” is the theme of this year’s TCF, which will feature over 60 engaging sessions highlighting bold ideas, product innovations and cutting-edge technology to help banks address operational challenges and stay ahead of the curve.

    With a focus on the transformative potential of Generative AI, the agenda will feature Dr Jonnie Penn, Associate Teaching Professor of AI Ethics and Society at the University of Cambridge, who will share his insights on the technology, as well as best practice and use cases in banking.

    This will be complemented by the real-world experience of banks such as ABN Amro, Banque Internationale à Luxembourg and EQ Bank showcasing how they are unlocking innovation, enhancing efficiency and elevating customer experiences. They will be among over 40 Temenos customers sharing their insights at the event, with leading financial institutions including Commerce Bank, Komerční banka and Credem.

    The event will also feature Temenos’ extensive partner ecosystem, including Platinum sponsors HCLTech and Microsoft, as well as Gold sponsors Capgemini, Cognizant, IBM, NTT Data and Tech Mahindra, and other innovative fintech solution partners.

    Through an engaging and interactive program, attendees will gain insights on Temenos’ product roadmap and the latest advances in core banking, digital and payments through product demos, in-depth breakout sessions and meetings with Temenos experts. They will be able to join roundtables to share knowledge and best practices with their peers on high-impact topics such as migrating core banking systems, moving to SaaS, deploying a Gen AI governance model to better enhance customer experience, and fighting fraud without increasing risk.

    Isabelle Guis, Chief Marketing Officer, Temenos, commented: “The financial industry is at a turning point as banks grapple with the opportunities and challenges of emerging technologies, evolving regulations and shifting customer expectations. Banks collectively spend around $650bn annually on IT, more as a percentage of revenue than any other industry. Top performers invest more of their IT spend on growth and innovation, successfully harnessing technology as a differentiator. At TCF 2025, banks have a unique opportunity to learn from those leading the way, discuss bold ideas and together explore how to unlock the huge potential of GenAI and other game-changing technologies. I look forward to welcoming our customers and partners to Madrid as we work together to shape the future of banking.”

    The MIL Network –

  • MIL-OSI Banking: Decrease in Danish and European exposure to carbon intensive companies

    Source: Danmarks Nationalbank

    Decrease in carbon intensity 

    In 2024, an average of about 10 tonnes of greenhouse gases were emitted for every million kroner of revenue generated in the listed companies that Danish insurance and pension companies had invested in. This represents a halving since 2020 and only one-third of the carbon intensity in 2018. The same applies to Danish investment funds. The large decrease is related to both fewer investments in the most carbon intensive companies and lower emissions relative to turnover in the individual companies.

    The decrease in carbon intensity has also happened in the euro area. Insurance and pension companies, as well as investment funds in Denmark and the euro area, have altogether invested over kr. 50,000 billion in listed companies, which emit greenhouse gases to varying degrees. Some of these companies have high emissions relative to their revenue, making them more carbon intensive than others. This includes companies in sectors such as utilities, energy, and materials manufacturing.

    Lower exposure can mean fewer risks

    On average, the exposure to carbon intensive companies is lower for Denmark’s insurance and pension companies than for those in the euro area. Based on the latest published figures from the ECB, approximately 20 tonnes of greenhouse gases were emitted in 2021 for every million kroner of revenue generated in the listed companies that the euro area’s insurance and pension sectors had invested in. The same figure was 17 tonnes for Denmark. Calculations from Nationalbanken indicate that this level difference continues to apply in 2024.

    A lower exposure to carbon intensive companies can reduce the so-called transition risks associated with the green transition that investors are exposed to. Thus, carbon intensive companies are more exposed in the event of climate regulations and requirements than other types of companies, and this may have led institutional investors to reduce their portfolio share of these stocks, etc.

    Climate-related indicators for the financial sector

    The European Central Bank, ECB, has published climate-related indicators for the financial sectors of euro area countries since January 2023 (link to data and documentation), and Danmarks Nationalbank has published Danish climate-related indicators since March 2023 (link to sources and methodology). The indicators cover comparable aspects of financed greenhouse gas emissions and exposure to carbon intensive companies through equities and corporate bonds in listed, non-financial companies. Carbon intensity in the investment portfolio is one of these aspects.

    The ECB has published climate-related indicators for the period 2018 to 2021, while Nationalbanken has published data from 2018 to 2024. Nationalbanken has calculated the weighted average carbon intensity for the euro area from 2022 to 2024 for the purpose of this statistical news. The calculation is based on investment data from the ECB’s Securities Holdings Statistics by Sector (SHSS, link), and company-reported emission data from ISS and MSCI. There are minor methodological differences between the ECB’s and Nationalbanken’s estimates, including those related to estimating companies’ revenues and emissions in the case of missing data, although this does not significantly affect the reported level of carbon intensity.

    Weighted Average Carbon Intensity, WACI, is calculated to measure the average carbon intensity of an investment portfolio. WACI expresses the average greenhouse gas emissions (scope 1) for each million kroner in revenue from the listed equities and corporate bonds of non-financial companies included in a given investment portfolio.

    MIL OSI Global Banks –

  • MIL-OSI Banking: New BSTDB Vice President Banking Assumes Duties

    Source: Black Sea Trade and Development Bank

    Press Release | 08-May-2025

    Mr. Aliyev to Lead Banking Operations and Lending Strategy

    Following a nomination by the Republic of Azerbaijan, Mr. Ziya Aliyev assumed today his duties as the new Vice President Banking of the Black Sea Trade and Development Bank (BSTDB). In his role, he will oversee the Bank’s banking operations, including the development and execution of its lending strategy and client engagement.

    “I am thrilled to join BSTDB  and serve its vital development mandate. I look forward to working under the leadership of President Köksal and alongside my colleagues in the Management Committee  to advance  the Bank’s mission. I am eager to leverage my previous experience to bear for the sustainable development and economic  growth of  the Black Sea region, particularly as we navigate today’s complex challenges.”, said Mr. Aliyev on assuming his duties.

    Prior to joining BSTDB, Mr. Aliyev served as Advisor to the Governor at the Central Bank of the Republic of Azerbaijan, where he provided strategic advice on monetary and exchange rate policy, banking supervision, and capital market regulation. Having started his career at the Central Bank in 2000, he progressively advanced through senior roles in research, monetary policy, and strategic development.  From 2013 to 2025, he held the position of Executive Director, overseeing critical departments including Insurance Supervision, Financial Consumer Protection, Strategic Management, and Risk Management.

    Mr. Aliyev has also made notable contributions to Azerbaijan’s national development initiatives. He co-authored the Strategy for National Education Development, approved by the President of the Republic of Azerbaijan in 2013, and played a supportive role in preparing Azerbaijan 2030: National Priorities on Socio-Economic Development, a strategic policy framework adopted in 2021.

    His contributions to the financial sector were acknowledged with the “Progress” Medal, awarded by the President of the Republic of Azerbaijan.

    He has taught business development and strategic management courses at the Center for Banking Education (2019–2020), and previously lectured on development economics and strategic management at the Azerbaijan State Economic University and ADA University.

    His academic background includes a Master of Arts in Policy Economics from the Center for Development Economics at Williams College (USA), and a Master and Bachelor of Science in Finance & Credit from the Azerbaijan State Economic University.

    Mr. Aliyev is fluent in English, Azerbaijani, Russian and Turkish.

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Global Banks –

  • MIL-OSI Asia-Pac: Trip will explore tech opportunities

    Source: Hong Kong Information Services

    Legislative Councillor for the Technology & Innovation Functional Constituency Duncan Chiu believes the Middle East can be a fertile market for Hong Kong tech companies looking to expand overseas.

    Mr Chiu will be part of Chief Executive John Lee’s delegation on a visit to Qatar and Kuwait from Saturday and hopes the trip can provide insights into the two countries’ technology needs. Noting that both countries are reliant on imported technology, he stressed that Hong Kong companies’ strengths in areas such as artificial intelligence, life sciences and chip design mean they have much to offer the Middle Eastern market.

    “I know that some Hong Kong people, especially people I know in the tech sector, they have moved to Qatar and were involved in the operation of the Tech Park (Qatar Science & Technology Park) and other university involvements,” he said. “Qatar is quite keen to have collaboration with Hong Kong and Mainland China in tech collaborations, not just in the purchasing of technology, but also collaboration in research and development.”

    With the Hong Kong Special Administrative Region Government setting up a $10 billion Innovation & Technology Industry-Oriented Fund, Mr Chiu anticipates such funds can open the door to new investment in Hong Kong’s innovation and technology sector from the sizeable sovereign wealth funds in Qatar and Kuwait.

    Mr Chiu also plans to invite stakeholders from Qatar and Kuwait to visit Hong Kong.

    “We have put in a lot of resources and efforts in Hong Kong in building up the tech ecosystem. So, I want to first let them know what has been happening in Hong Kong. And second, I would like to invite them to join our conferences and exhibitions in Hong Kong in August.”

    In the past two years, Mr Chiu has organised return visits to Hong Kong after accompanying the Chief Executive on trips to ASEAN (Association of Southeast Asian Nations) member states.

    He said Hong Kong companies have successfully recruited talent and expanded their operations in Singapore and Indonesia as a result of these exchanges, adding that he hopes to replicate this approach in relation to the Middle East.

    MIL OSI Asia Pacific News –

  • MIL-OSI: PwC and FloQast and PwC Belgium Announce Strategic Partnership to Transform Financial Close

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 08, 2025 (GLOBE NEWSWIRE) — FloQast, an Accounting Transformation Platform created by accountants for accountants, today unveiled a strategic partnership with PwC Belgium focused on revolutionizing accounting close automation solutions. This collaboration seeks to combine FloQast’s AI-powered workflows with PwC Belgium’s expertise in closing processes to boost efficiency, increase accuracy, and provide deeper insights for businesses in various industries.

    “Our partnership with PwC Belgium reinforces our commitment to helping accounting teams across EMEA adapt to the evolving demands of the profession,” said John Phillips, General Manager, FloQast EMEA. “With increasing regulatory complexity and a shrinking talent pool, finance teams need smarter, more efficient ways to work. By combining FloQast’s AI-powered technology with PwC Belgium’s deep industry expertise, we’re enabling organizations to improve accuracy, enhance compliance, and drive greater operational agility.”

    “PwC Belgium is excited to announce a partnership with FloQast,” said Matthias Reyntjens, PwC Partner. “This collaboration combines PwC’s industry expertise with FloQast’s innovative technology to modernize financial close operations and tackle the challenges posed by inefficient processes.”

    FloQast offers solutions designed to streamline financial processes, including, but not limited to: Close Management, Account Reconciliations, and Compliance Management. These solutions empower accounting teams by improving communication and transparency, automating labour-intensive tasks, and ensuring financial accuracy. As a result, teams are empowered to collaborate more effectively, reduce errors, accelerate record-to-report and compliance management processes, and better leverage data and insights to help drive organizational strategy.

    Additionally, integration with existing systems facilitates a smooth transition to technology tailored to organizational needs, minimizing disruption and fostering scalability. FloQast’s cloud-native platform allows for rapid deployment, enabling teams to adopt solutions that fit their workflows with minimal IT involvement. This platform includes FloQast AI Agents, a groundbreaking, auditable AI capability that, for the first time ever, enables accountants to automate complex, recurring workflows across close management, compliance, and reporting functions using natural language, not extensive code.

    The relationship with PwC Belgium builds upon FloQast’s ongoing global collaborations with PwC member firms. Earlier this month, FloQast announced a collaboration with PwC in North America. In 2024, it announced strategic consulting relationships with PwC UK, PwC Germany, and PwC Australia, expanding the company’s ability to support finance transformation initiatives worldwide.

    About FloQast
    FloQast, an Accounting Transformation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 3,000 accounting teams—including Twilio, Los Angeles Lakers, and Zoom—FloQast enhances the way accounting teams work. With FloQast, teams utilize the latest advancements in AI technology to manage aspects of the close, reduce compliance burdens, stay audit-ready, and improve accuracy, visibility, and collaboration. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com.

    About PwC
    At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with over 327,000 people who are committed to delivering quality in assurance, advisory and tax services.

    The term PwC refers to the PwC network and/or one or more of the legally independent network companies. Further details at www.pwc.com/structure.

    Contacts:
    John Siegel
    Senior Content Marketing Manager
    john.siegel@FloQast.com

    Matthias Reyntjens
    Partner, Clients and Industries, PwC Belgium,
    +32 476 44 53 92

    The MIL Network –

  • MIL-OSI: Preliminary Results for the twelve months ended 31 January 2025

    Source: GlobeNewswire (MIL-OSI)

      ICG Enterprise Trust plc
    Preliminary Results for the twelve months ended 31 January 2025
    8 May 2025    		  
         
         
      Highlights

    • Actively-managed Portfolio focused on global mid-market private companies generating resilient growth
    • NAV per Share reaches 2,073p; NAV per Share Total Return* of 10.5% during the year and five-year annualised return of 14.5%
    • Portfolio Return* on a Sterling basis of 10.6%; portfolio companies reporting ~15% LTM earnings growth1
    • 40 Full Exits executed at a weighted-average Uplift to Carrying Value of 19.0%
    • Shareholder-focused capital allocation policy: £59m (5% of opening NAV) returned to shareholders in FY252 (FY24: £35m), of which £36m through buybacks (FY24: £13m) and £23m through dividends of 36p per share (FY24: £22m, 33p per share)
    • Wide range of potential outcomes to market transaction activity; secondaries market could present compelling opportunities
    • Sector positioning, strong origination network and robust balance sheet position us well in current environment
    • Post period-end, announced an additional £107m proceeds from a secondary sale and the realisation of Minimax (largest portfolio company, 3.1% of Portfolio at 31 January 2025)

    1 EBITDA, based on Enlarged Perimeter covering 67% of the Portfolio
    2 Based on dividends declared or proposed for Q1 FY25 – Q4 FY25 inclusive, and buybacks up to and including 31 January 2025

    *This is an Alternative Performance Measure. Please refer to the Glossary for the definition.

    		  
         
      Jane Tufnell   Oliver Gardey    
      Chair of ICG Enterprise Trust   Portfolio Manager for ICG Enterprise Trust    
        Today’s results demonstrate that our investment strategy can deliver long-term value. Our portfolio companies grew earnings by 15% in the year1, and ICGT generated NAV per Share Total Return of 10.5%, ending the year with NAV per Share of 2,073p.

    During the year, the Board and Manager have been careful in allocating our shareholders’ capital. New investments continued, deploying £181m and making commitments of £83m. Alongside this, we returned £59m of cash to shareholders (5% of our opening NAV) through buybacks and dividends.

    As we enter another period of uncertainty, I am confident our long-term approach can generate value for our shareholders, and I thank you for your continued support.

    		     Our portfolio companies are delivering solid operational performance (15% earnings growth LTM1). Our resilient Portfolio and robust balance sheet position us well for the current market environment.

    Our active approach to portfolio management is a differentiator for ICGT. As well as making a number of new commitments and investments during the year, we executed a secondary sale post period-end at a 5.5% discount that generated net cash proceeds of £62m for ICGT.

    The investment trust structure enables shareholders to invest efficiently in privately-owned companies. With our track record and network, ICGT is an attractive proposition for those seeking exposure to mature, profitable, cash-generative businesses.

    		    

    PERFORMANCE OVERVIEW

            Annualised
    Performance to 31 January 2025 3 months 6 months 1 year 3 years 5 years 10 years
    Portfolio Return on a Local Currency Basis 2.9% 6.2% 10.2% 8.9% 15.8% 15.3%
    NAV per Share Total Return 4.3% 7.4% 10.5% 8.9% 14.5% 13.8%
    Share Price Total Return 9.7% 1.5% 12.5% 6.6% 9.6% 11.8%
    FTSE All-Share Index Total Return 6.9% 4.3% 17.1% 7.9% 6.6% 6.5%
    Financial year ended: Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025
    Fund performance Portfolio return (local currency) 24.9% 24.4% 10.5% 5.9% 10.2%
    Portfolio return (sterling) 26.4% 27.6% 17.0% 3.2% 10.6%
    NAV £952m £1,158m £1,301m £1,283m £1,332m
    NAV per Share Total Return (%) 22.5% 24.4% 14.5% 2.1% 10.5%
                 
    Investment activity New Investments £139m £304m £287m £137m £181m
    As % opening Portfolio 17% 32% 24% 10% 13%
    Realisation Proceeds £137m £334m £252m £171m £151m
    As % opening Portfolio 17% 35% 21% 12% 11%
                 
    Shareholder experience Closing share price 966p 1,200p 1,150p 1,226p 1,342p
    Total dividends per share 24p 27p 30p 33p 36p
    Share Price Total Return 2.8% 27.1% (2.3)% 9.6% 12.5%
    Total shareholder distributions £17m £21m £22m £35m £59m
    As % Realisation Proceeds 12% 6% 9% 20% 39%
               
    – o/w distributions dividends (%) 94% 86% 91% 63% 38%
    – o/w distributions buybacks (%) 6% 14% 9% 37% 62%
    Portfolio activity overview for FY25 Primary Direct Secondary Total ICG-managed
    Local Currency return 8.2% 16.3% 6.4% 10.2% 8.4%
    Sterling return 8.2% 17.0% 7.3% 10.6% 8.8%
    New Investments £115m £58m £8m £181m £21m
    Total Proceeds £101m £13m £37m £151m £60m
    New Fund Commitments £64m – £20m £83m £20m
    Closing Portfolio value £789m £507m £228m £1,523m £433m
    % Total Portfolio 52% 33% 15% 100% 28%

    COMPANY TIMETABLE
    A presentation for investors and analysts will be held at 11:00 BST today. A link to the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event.

        FY25 Final Dividend
    Ex-dividend date   3 July 2025
    Record date   4 July 2025
    Dividend payment date   18 July 2025
    Annual General Meeting
    The Annual General Meeting will be held on Tuesday 24 June 2025. The Board will be communicating the format of the meeting separately in the Notice of Meeting. This will include details of how shareholders may register their interest in attending the Annual General Meeting.    		 Shareholder Seminar
    We will be holding a Shareholder Seminar for institutional shareholders and research analysts at 3:30pm BST on Wednesday 18 June 2025, with registration starting at 3:15pm BST.

    Shareholders should contact icg-enterprise@icgam.com should they wish to attend.

    Please note that for regulatory reasons this event is only open to institutional investors and research analysts.

    ENQUIRIES

    Institutional investors and analysts:  
    Martin Li, Shareholder Relations, ICG +44 (0) 20 3545 1816
    Nathan Brown, Deutsche Numis +44 (0) 20 7260 1426
    David Harris, Cadarn Capital +44 (0) 20 7019 9042
       
    Media:  
    Clare Glynn, Corporate Communications, ICG +44 (0) 20 3545 1395

    ABOUT ICG ENTERPRISE TRUST

    ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term growth by delivering consistently strong returns through selectively investing in profitable, cash-generative private companies, primarily in Europe and the US, while offering the added benefit to shareholders of daily liquidity.

    We invest in companies directly as well as through funds managed by ICG plc and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

    NOTES

    Included in this document are Alternative Performance Measures (“APMs”). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results. The Glossary includes further details of APMs and reconciliations to International Financial Reporting Standards (“IFRS”) measures, where appropriate.

    In the Manager’s Review and Supplementary Information, all performance figures are stated on a Total Return basis (i.e. including the effect of re-invested dividends). ICG Alternative Investment Limited, a regulated subsidiary of Intermediate Capital Group plc, acts as the Manager of the Company.

    DISCLAIMER

    The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the “Company”) or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person (“U.S. Person”) as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or to any national, resident or citizen of an Excluded Jurisdiction.

    The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

    CHAIR’S STATEMENT

    Dear fellow shareholders,

    For the 12 months to 31 January 2025 ICG Enterprise Trust delivered a NAV per Share Total Return of 10.5% and a Share Price Total Return of 12.5%. Over the last five years, the annualised returns have been 14.5% and 9.6% respectively.

    The Board has declared dividends for the year of 36p (+9% compared to FY24) and reduced ICGT’s share count by 4.3% during the year by returning £36m to shareholders through share buybacks at a weighted average discount of 36.6%.

    INVESTMENT STRATEGY

    The Company’s Portfolio grew 10.2% on a Local Currency Basis during the year (last five years annualised: 15.8%).

    We invest in resilient private companies and are geographically balanced between North America and Europe. During the year we evolved our target portfolio mix towards having more Direct and Secondary Investments, which will help to optimise Portfolio concentration and liquidity.

    COST BASE

    ICGT’s ongoing charges for FY25 were 1.38% (FY24: 1.37%). As a Board, we are committed to providing value for our shareholders and transparent disclosure around our cost. The change in fees and cost savings instigated by the Board in FY24 continued to enhance the net return of our investment strategy delivering £2.0m savings in FY25. We publish a Statement of Expenses that sets out the impact of ICGT’s expenses on the financial returns to shareholders (available at www.icg-enterprise.co.uk/soe) and which has been updated for our FY25 expenses.

    CAPITAL ALLOCATION

    The Board has continued its proactive approach to capital allocation. We balance the potential long-term compounding returns of investments into new portfolio companies with cash returns to shareholders at par via dividends and the value accretion of buying back shares at a discount to NAV. ICGT was the first in our sector to introduce a long-term share buyback programme in FY23, and in FY25 we supplemented this with an opportunistic buyback that has been renewed for FY26.

    Over the last five years, ICGT’s dividend per share has grown at an annualised rate of 9.4% (including the proposed 10.5p final dividend being declared for FY25). The ICGT ordinary dividend per share has now increased for the twelfth consecutive year.

    Since October 2022 our share buybacks have returned £51m to shareholders and acquired shares at a weighted-average discount of 37.5%, increasing NAV per Share by 54p (2.7%). We believe the share buybacks have also increased the liquidity and reduced the volatility of our shares.

    BALANCE SHEET

    We continue to implement our objective of being fully invested through cycles alongside maintaining a robust balance sheet. This allows us to manage our resources in line with our capital allocation policy.

    Having increased our credit facility during the year from €240m to €300m, at 31 January 2025 ICG Enterprise Trust had total available liquidity of £125m and net gearing of 10%. We have announced two transactions post period-end that in aggregate generated Total Proceeds to ICGT of over £100m.

    SALES AND MARKETING

    In aggregate across the Board and Manager we own in excess of 270,000 shares, and are aligned to the success of an investment in ICG Enterprise Trust shares.

    ICGT’s discount remains at levels that the Board feels do not reflect the fundamental value of the shares. The discount is currently 41%. We continue to be challenged by the share price trading at such a discount to NAV and the Board is active in its pursuit of ways to improve the Company’s rating.

    I had a year of strong shareholder engagement, welcomed several new holders to our register and received valuable feedback that has been shared with the Board and Manager. In conjunction with our Manager, our Corporate Broker and our distribution partner we will continue the programme to help the market understand ICGT’s shareholder proposition and its role within investment portfolios.

    OUTLOOK

    Our focus on investing in private equity-owned companies that have resilient growth characteristics gives shareholders access to investments that they cannot reach through public market strategies. ICGT plays a valuable role in our shareholders’ portfolios.

    I believe there is substantial value in our Portfolio and in the new investments the Manager is making on our shareholders’ behalf. Our Portfolio is performing well, and I thank all shareholders for your continued support.

    Jane Tufnell
    Chair
    7 May 2025

    MANAGER’S REVIEW

    Alternative Performance Measures

    The Board and the Manager monitor the financial performance of the Company on the basis of Alternative Performance Measures (‘APM’), which are non-UK-adopted IAS (‘IAS’) measures. The APM predominantly form the basis of the financial measures discussed in this review, which the Board believes assists shareholders in assessing their investment and the delivery of the investment strategy.

    The Company holds certain investments in subsidiary entities. The substantive difference between APM and IAS is the treatment of the assets and liabilities of these subsidiaries. The APM basis ‘looks through’ these subsidiaries to the underlying assets and liabilities they hold, and it reports the investments as the Portfolio APM, gross of the liability in respect of the Co-investment Incentive Scheme. Under IAS, the Company and its subsidiaries are reported separately. The assets and liabilities of the subsidiaries, which include the liability in respect of the Co-investment Incentive Scheme, are presented on the face of the IAS balance sheet as a single carrying value. The same is true for the IAS and APM basis of the cash flow statement.

    The following table sets out IAS metrics and the APM equivalents:

    IFRS (£m) 31 January 2025 31 January 2024 APM (£m) 31 January 2025 31 January 2024
    Investments 1,470 1,296 Portfolio 1,523 1,349
    NAV 1,332 1,283 Realisation Proceeds 151 171
    Cash flows from the sale of portfolio investments 20 41 Total Proceeds 151 239
    Cash flows related to the purchase of portfolio investments 34 25 Total New Investment 181 137

    The Glossary includes definitions for all APM and, where appropriate, a reconciliation between APM and IAS.

    Why private equity

    Every day the lives of those living and working in the US and Western Europe are touched by companies owned by private equity: retailers, payments processors, home security, pet food, health services – the list is long. What typically unites these businesses is that they are profitable and cash generative. These businesses are actively managed by their shareholders, with management teams heavily incentivised to generate returns. Increasingly companies with these characteristics are choosing to grow under private equity ownership and to stay private for longer. Within that, ICGT focuses on a subset of those companies that we expect will generate resilient growth. As more businesses are owned by private equity, we believe it is a structurally attractive allocation within an investment portfolio, with a track record of attractive returns, and significant opportunity to continue that trajectory.

    A share in ICGT gives you access to a unique portfolio of private companies.

    Our investment strategy

    Within developed markets, we focus on investing in buyouts of profitable, cash-generative businesses that exhibit resilient growth characteristics, which we believe will generate strong long-term compounding returns across economic cycles.

    We take an active approach to Portfolio construction, with a flexible mandate that enables us to deploy capital in Primary, Secondary and Direct Investments. Geographically, we focus on the developed markets of North America and Europe which have deep and mature private equity markets.

      Medium-term target Five-year average 31 January 2025
    1. Target Portfolio composition 1      
    Investment category      
    Primary ~40-50% 57% 52%
    Direct ~30-35% 28% 33%
    Secondary ~25-30% 15% 15%
    Geography2      
    North America ~50% 40% 46%
    Europe (inc. UK) ~50% 52% 48%
    Other — 8% 6%
           
    2. Balance sheet      
    Net cash/(Net Debt)3 ~0% (1)% (10)%
    1. Five-year average is the linear average of FY exposures for FY21-FY25.
    2. As a percentage of Portfolio.
    3. (Net cash)/debt as a percentage of NAV. Post period-end, we announced Total Proceeds of over £100m from a secondary sale and the realisation of Minimax, see page 14

    ICG Enterprise Trust benefits from access to ICG-managed funds and Direct Investments, which represented 28% of the Portfolio value at period end and generated a 8.4% return on a Local Currency Basis.

    Performance overview

    At 31 January 2025, our Portfolio was valued at £1,523m, and the Portfolio Return on a Local Currency Basis for the financial year was 10.2% (FY24: 5.9%).

    Due to the geographic diversification of our Portfolio, the reported value is impacted by changes in foreign exchange rates. During the period, FX movements affected the Portfolio positively by £5.4m, driven by US dollar appreciation. In sterling terms, Portfolio growth during the period was 10.6%.

    The net result for shareholders was that ICG Enterprise Trust generated a NAV per Share Total Return of 10.5% during FY25, ending the period with a NAV per Share of 2,073p.

    Movement in the Portfolio
    £m    		 Twelve months to 31 January 2025 Twelve months to 31 January 2024
    Opening Portfolio1 1,349 1,406
    Total New Investments 181 137
    Total Proceeds (151) (239)
    Portfolio net cashflow 30 (102)
    Valuation movement2 138 83
    Currency movement 6 (39)
    Closing Portfolio 1,523 1,349
    1. Refer to the Glossary. 

    2. 97% of the Portfolio is valued using 31 December 2024 (or later) valuations (FY24: 94%). 

    		    
    NAV per Share Total Return Twelve months to 31 January 2025 Twelve months to 31 January 2024
    % Portfolio growth (local currency) 10.2% 5.9%
    % currency movement 0.4% (2.7%)
    % Portfolio growth (Sterling) 10.6% 3.2%
    Impact of gearing 0.7% (0.3)%
    Finance costs and other expenses (0.6)% (0.2)%
    Management fee (1.3)% (1.2)%
    Co-investment Incentive Scheme Accrual (0.7)% (0.1)%
    Impact of share buybacks 1.8% 0.7%
    NAV per Share Total Return 10.5% 2.1%

    For Q4 the Portfolio Return on a Local Currency Basis was 2.9% and the NAV per Share Total Return was 4.3%

    Executing our investment strategy

    Commitments
    in the financial year    		 Total New Investments
    in the financial year    		 Growth
    in the financial year    		 Total Proceeds
    in the financial year
    Making commitments to funds, which expect to be drawn over 3 to 5 years Cash deployments into portfolio companies, either through funds or directly Driving growth and value creation of our portfolio companies Cash realisations of investments in Portfolio companies, plus Fund Disposals
    £83m
    (FY24: £153m)    		 £181m
    (FY24: £137m)    		 £138m
    (FY24: £83m)    		 £151m
    (FY24: £239m)

    Commitments

    Our evergreen structure and flexible investment mandate enable us to commit through the cycle, maintaining vintage diversification for our Portfolio and sowing the seeds for future growth.

    During the year we made 7 new Fund Commitments totalling £83.4m, including £19.8m to funds managed by ICG plc, as detailed below:

    Fund Manager Commitment during the period
        Local currency £m
    ICG Strategic Equity V ICG $25.0 m £19.8 m
    Leeds VIII Leeds Equity $20.0 m £15.7 m
    Investindustrial VIII Investindustrial €15.0 m £12.9 m
    Oak Hill VI Oak Hill $15.0 m £11.9 m
    Thoma Bravo XVI Thoma Bravo $15.0 m £11.7 m
    Valeas I Valeas $10.0 m £7.5 m
    American Securities IX American Securities $5.0 m £4.0 m

    At 31 January 2025, ICG Enterprise Trust had outstanding Undrawn Commitments of £553.2m

    Movement in outstanding Commitments Year to 31 January 2025
    £m
    Undrawn Commitments as at 1 February 2024 552.0
    New Fund Commitments 83.4
    New Commitments relating to Direct Investments 65.3
    Total New Investments (181.4)
    Currency and other movements 33.9
    Undrawn commitments as at 31 January 2025 553.2

    Total Undrawn Commitments at 31 January 2025 comprised £419.1m of Undrawn Commitments to funds within their Investment Period, and a further £134.1m was to funds outside their Investment Period.

      31 January 2025
    £m    		 31 January 2024
    £m
    Undrawn Commitments – funds in Investment Period 419.1 434.2
    Undrawn Commitments – funds outside Investment Period 134.1 117.7
    Total Undrawn Commitments 553.2 552.0
    Total available liquidity (including debt facility) (124.6) (195.9)
    Overcommitment net of total available liquidity 428.6 356.1
    Overcommitment % of net asset value 31.1% 27.7%

    Commitments are made in the funds’ underlying currencies. The currency split of the Undrawn Commitments at 31 January 2025 was as follows:

      31 January 2025 31 January 2024
    Undrawn Commitments £m % £m %
    US Dollar 310.3 56.1% 290 52.5%
    Euro 213.1 38.5% 236 42.7%
    Sterling 29.8 5.4% 26 4.8%
    Total 553.2 100.0% 552.0 100.0%

    Investments

    Total new investments of £181.4m during the period, of which 12% (£21.1m) were alongside ICG. New investment by category detailed in the table below:

    Investment Category

    Cost (£m)

    		 % of New Investments
    Primary 115.5 63.6%
    Direct 58.4 32.2%
    Secondary 7.6 4.2%
    Total 181.4 100.0%

    The five largest new investments in the period were as follows:

    Investment Description Manager Country Cost £m1
    Datasite Provider of software focused on virtual data rooms ICG United States 18.4
    Visma Provider of business management software and outsourcing services Hg Norway 14.5
    Audiotonix Manufacturer of audio mixing consoles PAI United Kingdom 14.0
    Multiversity Provider of online higher education courses. ICG/CVC Italy 9.4
    Avid Bioservices Provider of biologics development and manufacturing services GHO United States 7.3
    Top 5 largest underlying new investments 63.6

    1 Represents ICG Enterprise Trust’s indirect investment (share of fund cost) plus any Direct Investments in the period.

    Occasionally ICGT simultaneously has both a realisation from and an investment into the same company in the same period. This typically occurs when an underlying fund sells a company that is purchased by another fund within ICGT’s portfolio. During FY25 shareholders will note that Datasite and Visma appear both in the top 5 realisations and top 5 new investments, which is a result of this situation.

    GROWTH

    The Portfolio grew by £138.0m (+10.2%) on a Local Currency Basis in the 12 months to 31 January 2025.

    Growth across the Portfolio was split as follows:

    • By investment type: growth was spread across Primary (8.2%), Secondary (6.4%) and Direct (16.3%)
    • By geography: North America and Europe experienced growth of 12.1% and 8.4% respectively

    The growth in the Portfolio is underpinned by the performance of our portfolio companies, which delivered robust financial performance during the period:

      Top 30 Enlarged Perimeter
    Portfolio coverage 41% 67%
    Last Twelve Months (‘LTM’) revenue growth 9.0% 11.2%
    LTM EBITDA growth 15.5% 15.3%
    Net Debt / EBITDA 4.0x 4.4x
    Enterprise Value / EBITDA 15.4x 15.2x
    Note: values are weighted averages for the respective portfolio segment; see Glossary for definition and calculation methodology

    QUOTED COMPANY EXPOSURE

    We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the manager with whom we have invested.

    At 31 January 2025, ICG Enterprise Trust’s exposure to quoted companies was valued at £73.1m, equivalent to 4.8% of the Portfolio value (31 January 2024: 4.8%). Across the Portfolio, quoted positions resulted in a £4.3m increase in Portfolio NAV during the period. The share price of our largest listed exposure, Chewy, increased by 119% in local currency (USD) during the period. This positively impacted the Portfolio Return on a Local Currency Basis by approximately 0.8%.

    At 31 January 2025 Chewy was the only quoted investment that individually accounted for 0.5% or more of the Portfolio value:

    Company Ticker 31 January 2025
    % of Portfolio value
    Chewy CHWY-US 2.0%
    Other companies   2.8%
    Total   4.8%

    REALISATIONS

    During FY25, the ICG Enterprise Trust Portfolio generated Total Proceeds of £150.8m.

    Realisation activity during the period included 40 Full Exits generating proceeds of £73.7m. These were completed at a weighted average Uplift to Carrying Value of 19% and represent a weighted average Multiple to Cost of 2.9x for those investments.

    Realisation Manager Description Country Proceeds £m
    VettaFi ICG Provider of master limited partnerships (“MLP”) indices United States 10.2
    Visma ICG Provider of business management software and outsourcing services Norway 8.2
    Datasite ICG Provider of software focused on virtual data rooms United States 7.8
    Compass Community Graphite Provider of fostering services and children residential care United Kingdom 7.4
    IRIS ICG Provider of software and services for the accountancy and payroll sectors United Kingdom 7.0
    Total of 5 largest underlying realisations   40.7

    Balance sheet and liquidity

    Net assets at 31 January 2025 were £1,332m, equal to 2,073p
    per share.

    The Company had net debt of £128m and at 31 January 2025, the Portfolio represented 114% of net assets (31 January 2024: 105%).

      £m % of net assets
    Portfolio 1,523.1 114.3%
    Cash 3.9 0.3%
    Drawn debt (131.9) (9.9)%
    Co-investment Incentive Scheme Accrual (53.9) (4.0)%
    Other net current liabilities (8.8) (0.7)%
    Net assets 1,332.4 100.0%

    Our objective is to be fully invested through the cycle, while ensuring that we have sufficient financial resources to be able to take advantage of attractive investment opportunities as they arise.

    During the year, our balance sheet flexibility was enhanced through an increase in the credit facility size from €240m to €300m. This change was effective from 20 December 2024.

    At 31 January 2025, ICG Enterprise Trust had a cash balance
    of £3.9m (31 January 2024: £11.2m) and total available liquidity of £124.6m (31 January 2024: £195.9m).

      £m
    Cash at 31 January 2024 11.2
    Total Proceeds 150.8
    New investments (181.4)
    Debt drawn down 111.9
    Shareholder returns (58.2)
    Management fees (16.0)
    FX and other expenses (13.5)
    Cash at 31 January 2025 3.9
    Available undrawn debt facilities 120.7
    Total available liquidity 124.6

    Dividend and share buyback

    ICG Enterprise Trust has a progressive dividend policy alongside two share buyback programmes to return capital to shareholders.

    DIVIDENDS

    The Board has declared a dividend of 10.5p per share in respect of the fourth quarter, taking total dividends for the year to 36p (FY24: 33p). It is the twelfth consecutive year of ordinary dividend per share increases.

    SHARE BUYBACKS

    The following purchases have been made under the Company’s share buyback programmes:

      Long-term Opportunistic Total
      FY253 Since inception1 FY253 Since inception2 FY253 Since
    inception
    Number of shares purchased 1,420,500 2,752,688 1,492,175 1,492,175 2,912,675 4,244,863
    % of opening shares since buyback started         4.3% 6.2%
    Capital returned to shareholders £17.3m £32.6m £18.3m £18.3m £35.6m £50.8m
    Number of days shares have been acquired 87 183 11 11 98 194
    Weighted average discount to last reported NAV 37.0% 38.3% 36.2% 36.2% 36.6% 37.5%
    NAV per Share accretion (p)         36.5 54.1
    NAV per Share accretion (% of NAV)         1.8% 2.7%

    1.Since October 2022 (which was when the long-term share buyback programme was launched) up to and including 31 January 2025.

    2. Since May 2024 (which was when the opportunistic buyback programme was launched) up to and including 31 January 2025.

    3. Based on company-issued announcements / date of purchase, rather than date of settlement.

    Note: aggregate consideration excludes commission, PTM and SDRT.

    The Board believes the long-term buyback programme demonstrates the Manager’s discipline around capital allocation; underlines the Board’s confidence in the long-term prospects of the Company, its cash flows and NAV; will enhance the NAV per Share; and, over time, may positively influence the volatility of the Company’s discount and its trading liquidity.

    During the period, the Board announced an opportunistic share buyback programme for FY25 of up to £25m. This is intended to enable us to take advantage of current trading levels, when the ability to purchase shares in meaningful size at a significant discount presents itself. It was renewed for FY26 for an additional year up to £25m.

    Foreign exchange rates

    The details of relevant foreign exchange rates applied in this report are provided in the table below:

      Average rate for FY25 Average rate for FY24 31 January 2025 year end 31 January 2024 year end
    GBP:EUR 1.18 1.15 1.20 1.17
    GBP:USD 1.28 1.25 1.24 1.27
    EUR:USD 1.08 1.08 1.04 1.08

    Activity since the period end

    Notable activity between 1 February 2025 and 31 March 2025 has included:

    • Four new Fund Commitments for a combined value of £64m
    • New investments of £39m
    • Realisation Proceeds of £26m

    From 1 February 2025 up to and including 30 April 2025, 718,000 shares (£8.9m) were bought back at a weighted-average discount to NAV of 37.9%.

    In addition, during the month of April 2025, we announced that proceeds of £107m were received as a result of two transactions:

    • Secondary sale (£62m net proceeds), executed at a discount of 5.5% to 30 September 2024 valuation and realising a 1.6x return on invested cost (15% IRR)
    • Realisation of Minimax (€53m (£45m) proceeds), ICGT’s largest portfolio company at 31 January 2025 (3.1% of Portfolio value). ICG Enterprise Trust is reinvesting €10m in the next stage of Minimax’s growth alongside Management and other investors including certain ICG funds.

    ICG Private Equity Funds Investment Team

    7 May 2025

    SUPPLEMENTARY INFORMATION

    This section presents supplementary information regarding the Portfolio (see Manager’s Review and the Glossary for further details and definitions).

    Portfolio composition

    Portfolio by calendar year of investment % of value of underlying investments
    31 January 2025    		 % of value of underlying investments
    31 January 2024
    2025 0.5% —%
    2024 10.1% —%
    2023 7.6% 6.9%
    2022 18.5% 18.7%
    2021 25.7% 27.9%
    2020 8.6% 11.4%
    2019 10.3% 12.4%
    2018 7.3% 10.5%
    2017 2.2% 4.2%
    2016 and older 9.2% 8.0%
    Total 100.0% 100.0%
    Portfolio by sector % of value of underlying investments
    31 January 2025    		 % of value of underlying investments
    31 January 2024
    TMT 29.9% 25.3%
    Consumer goods and services 18.1% 17.5%
    Healthcare 11.5% 11.3%
    Business services 12.4% 13.1%
    Industrials 7.8% 7.9%
    Education 5.0% 7.4%
    Financials 7.6% 5.7%
    Leisure 4.0% 7.3%
    Other 3.7% 4.5%
    Total 100.0% 100.0%
    Portfolio by fund currency1 31 January 2025
    £m    		 31 January 2025
    %    		 31 January 2024
    £m    		 31 January 2024
    %
    US Dollar 796 52.3% 674 49.9%
    Euro 584 38.4% 555 41.2%
    Sterling 140 9.2% 120 8.9%
    Total 1,523   1,349 100.0%
    1 Currency exposure by reference to the reporting currency of each fund .

    Portfolio Dashboard

    The tables below provide disclosure on the composition and dispersion of financial and operational performance for the Top 30 and the Enlarged Perimeter. At 31 January 2025, the Top 30 Companies represented 40.2% of the Portfolio by value and the Enlarged Perimeter represented 66.9% of total Portfolio value. This information is prepared on a value-weighted basis, based on contribution to Portfolio value at 31 January 2025. Datasets for Top 30 companies and ‘Enlarged perimeter’ are not distinct and will have some overlap.

      % of value at 31 January 2025
    Sector exposure Top 30 Enlarged Perimeter
    TMT 17.3% 30.2%
    Business services 16.9% 13.9%
    Consumer goods and services 14.0% 17.3%
    Industrials 27.3% 8.7%
    Healthcare 8.4% 10.0%
    Education 6.9% 6.5%
    Leisure 6.8% 5.1%
    Financials 2.4% 5.1%
    Other —% 3.2%
    Total 100.0% 100.0%
      % of value at 31 January 2025
    Geographic exposure1 Top 30 Enlarged Perimeter
    North America 43.6% 45.0%
    Europe 50.3% 50.5%
    Other 6.1% 4.5%
    Total 100.0% 100.0%
    1 Geographic exposure is calculated by reference to the location of the headquarters of the underlying Portfolio companies
        % of value at 31 January 2025
    LTM revenue growth Top 30 Enlarged Perimeter
    <-10% 3.2% 4.0%
    `-10-0% 9.0% 10.2%
    0-10% 59.4% 47.0%
    10-20% 15.2% 20.6%
    20-30% 3.6% 5.6%
    >30% 9.6% 10.0%
    n.a.1 —% 2.7%
    Weighted average 9.0% 11.2%
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.
        % of value at 31 January 2025
    LTM EBITDA growth Top 30 Enlarged Perimeter
    <-10% 5.8% 7.2%
    `-10-0% 9.7% 10.3%
    0-10% 31.4% 27.5%
    10-20% 21.9% 23.0%
    20-30% 7.2% 8.9%
    >30% 24.0% 19.9%
    n.a1 —% 3.2%
    Weighted average 15.5% 15.3%
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.
        % of value at 31 January 2025
    EV/EBITDA multiple Top 30 Enlarged Perimeter
    0-10x 8.5% 10.4%
    10-12x 17.2% 16.4%
    12-13x 8.1% 7.8%
    13-15x 18.6% 18.0%
    15-17x 25.9% 21.7%
    17-20x 6.5% 7.7%
    >20x 15.2% 15.4%
    n.a.1 —% 2.6%
    Weighted average 15.4x 15.2x
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.
        % of value at 31 January 2025
    Net Debt / EBITDA Top 30 Enlarged Perimeter
    <2x 27.2% 17.3%
    2-4x 17.3% 19.9%
    4-5x 14.1% 15.7%
    5-6x 6.7% 13.2%
    6-7x 26.0% 17.8%
    >7x 8.7% 11.2%
    n.a.1 —% 5.1%
    Weighted average 4.0x 4.4x
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.

    Top 30 companies
    The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 31 January 2025. The valuations are gross of underlying managers fees and carried interest.

      Company Manager Year of investment Country Value as a % of Portfolio
    1 Minimax        
      Supplier of fire protection systems and services ICG 2018 Germany 3.1%
    2 Froneri        
      Manufacturer and distributor of ice cream products PAI 2013 / 2019 United Kingdom 2.5%
    3 Chewy        
      Online retailer of premium pet food and products BC Partners 2022 United States 2.0%
    4 Datasite        
      Provider of software focused on virtual data rooms ICG 2024 United States 1.9%
    5 Leaf Home Solutions        
      Provider of home maintenance services Gridiron 2016 United States 1.6%
    6 Visma        
      Provider of business management software and outsourcing services Hg/ICG 2024 Norway 1.6%
    7 Circana        
      Provider of mission-critical data and predictive analytics to consumer goods manufacturers New Mountain 2022 United States 1.6%
    8 European Camping Group        
      Operator of premium campsites and holiday parks PAI 2021 / 2023 France 1.5%
    9 Davies Group        
      Provider of speciality business process outsourcing services BC Partners 2021 United Kingdom 1.5%
    10 Ambassador Theatre Group        
      Operator of theatres and ticketing platforms ICG 2021 United Kingdom 1.4%
    11 Precisely        
      Provider of enterprise software Clearlake/ICG 2021 / 2022 United States 1.3%
    12 Newton        
      Provider of management consulting services ICG 2021 / 2022 United Kingdom 1.3%
    13 David Lloyd Leisure        
      Operator of premium health clubs TDR 2013 / 2020 United Kingdom 1.3%
    14 Curium Pharma        
      Supplier of nuclear medicine diagnostic pharmaceuticals ICG 2020 United Kingdom 1.3%
    15 PSB Academy        
      Provider of private tertiary education ICG 2018 Singapore 1.3%
    16 Crucial Learning        
      Provider of corporate training courses focused on communication skills and leadership development Leeds Equity 2019 United States 1.3%
    17 Class Valuation        
      Provider of residential mortgage appraisal management services Gridiron 2021 United States 1.3%
    18 Domus        
      Operator of retirement homes ICG 2017 / 2021 France 1.2%
    19 Yudo        
      Designer and manufacturer of hot runner systems ICG 2017 / 2018 South Korea 1.2%
    20 ECA Group        
      Provider of autonomous systems for the aerospace and maritime sectors ICG 2022 France 1.1%
    21 Brooks Automation        
      Provider of semiconductor manufacturing solutions THL 2021 / 2022 United States 1.0%
    22 Planet Payment        
      Provider of integrated payments services focused on hospitality and luxury retail Advent/Eurazeo/ICG 2021 Ireland 1.0%
    23 Ivanti        
      Provider of IT management solutions Charlesbank/ICG 2021 United States 1.0%
    24 Vistage        
      Provider of CEO leadership and coaching for small and mid-size businesses in the US Gridiron 2022 United States 1.0%
    25 Audiotonix        
      Manufacturer of audio mixing consoles PAI 2024 United Kingdom 0.9%
    26 DigiCert        
      Provider of enterprise security solutions ICG 2021 United States 0.9%
    27 Ping Identity        
      Provider of intelligent access management solutions Thoma Bravo 2022 / 2023 United States 0.9%
    28 KronosNet        
      Provider of tech-enabled customer engagement and business solutions ICG 2022 Spain 0.8%
    29 Archer Technologies        
      Provider of governance, risk and compliance software Cinven 2023 United States 0.7%
    30 Silvus Technologies        
      Developer of mobile communications datalinks used in law enforcement, unmanned systems and other commercial/industrial applications TJC 2019 United States 0.7%
      Total of the 30 largest underlying investments       40.2%

    The 30 largest fund investments
    The table below presents the 30 largest fund investments by value at 31 January 2025. The valuations are net of underlying managers’ fees and carried interest.

      Fund Year of commitment Value £m Outstanding commitment £m
    1 PAI Strategic Partnerships **      
      Mid-market and large buyouts 2019 34.6 0.2
    2 ICG Strategic Equities Fund IV      
      GP-led secondary transactions 2021 32.9 7.1
    3 ICG Strategic Equities Fund III      
      GP-led secondary transactions 2018 31.0 11.2
    4 ICG Europe VII      
      Mezzanine and equity in mid-market buyouts 2018 30.7 6.1
    5 CVC European Equity Partners VII      
      Large buyouts 2017 25.7 2.9
    6 PAI Europe VII      
      Mid-market and large buyouts 2017 24.6 2.4
    7 ICG Ludgate Hill (Feeder B) SCSp      
      Secondary portfolio 2021 23.8 13.6
    8 ICG Europe VIII      
      Mezzanine and equity in mid-market buy-outs 2021 23.6 14.3
    9 Gridiron Capital Fund III      
      Mid-market buyouts 2016 23.4 1.3
    10 Resolute IV      
      Mid-market buyouts 2018 23.0 0.9
    11 Gridiron Capital Fund IV      
      Mid-market buyouts 2019 21.5 0.5
    12 ICG Augusta Partners Co-Investor **      
      Secondary fund restructurings 2018 20.5 17.8
    13 Oak Hill V      
      Mid-market buyouts 2019 19.9 0.6
    14 Seventh Cinven      
      Large buyouts 2019 19.8 1.8
    15 Graphite Capital Partners VIII *      
      Mid-market buyouts 2013 19.3 4.1
    16 Graphite Capital Partners IX      
      Mid-market buyouts 2018 18.4 2.3
    17 ICG Ludgate Hill III      
      Secondary portfolio 2022 18.0 5.7
    18 Resolute V      
      Mid-market buyouts 2021 17.1 1.4
    19 Advent Global Private Equity IX      
      Large buyouts 2019 16.4 0.5
    20 ICG Ludgate Hill (Feeder) II Boston SCSp      
      Secondary portfolio 2022 16.0 5.4
    21 New Mountain Partners VI      
      Mid-market buy-outs 2020 14.9 0.5
    22 Investindustrial VII      
      Mid-market buyouts 2019 14.0 4.9
    23 ICG Europe Mid-Market Fund      
      Mezzanine and equity in mid-market buyouts 2019 13.5 5.5
    24 CVC Capital Partners VIII      
      Large buyouts 2020 13.4 0.5
    25 Bowmark Capital Partners VI      
      Mid-market buyouts 2018 13.1 3.4
    26 Tailwind Capital Partners III      
      Mid-market buyouts 2018 13.1 2.2
    27 BC European Capital X      
      Large buyouts 2016 13.1 1.4
    28 Thomas H Lee Equity Fund IX      
      Mid-market and large buyouts 2021 12.9 4.0
    29 Permira VII      
      Large buyouts 2019 12.6 1.6
    30 ICG LP Secondaries Fund I LP      
      LP-led secondary transactions 2022 12.2 41.1
      Total of the largest 30 fund investments   593.0 165.3
      Percentage of total investment Portfolio   39.1%  

    *All or part of interest acquired through a secondary sale.

    **Includes the associated Top Up funds.

    HOW WE MANAGE RISK

    Identifying and evaluating the strategic, financial and operational impact of our key risks

    The execution of the Company’s investment strategy is subject to a variety of risks and uncertainties, and the Board and Manager have identified several principal risks to the Company’s business. As part of this process, the Board has put in place an ongoing process to identify, assess and monitor the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

    RISK MANAGEMENT FRAMEWORK

    The Board is responsible for risk management and determining the Company’s overall risk appetite. The Audit Committee assesses and monitors the risk management framework and specifically reviews the controls and assurance programmes in place.

    PRINCIPAL RISKS

    The Company’s principal risks are individual risks, or a combination of risks, that could threaten the Company’s business model, future performance, solvency or liquidity.

    Details of the Company’s principal risks, potential impact, controls and mitigating factors are set out on pages 23 to 27.

    OTHER RISKS

    Other risks, including reputational risk, are potential outcomes of the principal risks materialising. These risks are actively managed and mitigated as part of the wider risk management framework of the Company and the Manager.

    EMERGING RISKS

    Emerging risks are considered by the Board and are regularly assessed to identify any potential impact on the Company and to determine whether any actions are required. Emerging risks often include those related to regulatory/legislative change and macro-economic and political change.

    The Company depends upon the experience, skill and reputation of the employees of the Manager. The Manager’s ability to retain the service of these individuals, who are not obligated to remain employed by the Manager, and recruit successfully, is a significant factor in the success of the Company.

    PRINCIPAL RISKS AND UNCERTAINTIES

    The Company considers its principal risks (as well as several underlying risks comprising each principal risk) in four categories:

    1. Investment risks: the risk to performance resulting from ineffective or inappropriate investment selection, execution or monitoring.
    2. External risks: the risk of failing to deliver the Company’s investment objective and strategic goals due to external factors beyond the Company’s control.
    3. Operational risks: the risk of loss resulting from inadequate or failed internal processes, people or systems and external events, including regulatory risk.
    4. Financial risks: the risk of adverse impact on the Company due to having insufficient resources to meet its obligations or counterparty failure and the impact any material movement in foreign exchange rates may have on underlying valuations.

    RISK ASSESSMENT PROCESS

    A comprehensive risk assessment process is undertaken regularly to re-evaluate the impact and probability of each risk materialising and the strategic, financial and operational impact of the risk. Where the residual risk is determined to be outside appetite, appropriate action is taken. Further information on risk factors is set out within the financial statements.

    Risk appetite and tolerance

    The Board acknowledges and recognises that in the normal course of business, the Company is exposed to risk and it is willing to accept a certain level of risk in managing the business to achieve its targeted returns. The Board’s risk appetite framework provides a basis for the ongoing monitoring of risks and enables dialogue with respect to the Company’s current and evolving risk profile, allowing strategic and financial decisions to be made on an informed basis.

    The Board considers several factors to determine its acceptance for each principal risk and categorises acceptance for each risk as low, moderate and high. Where a risk is approaching or is outside the tolerance set, the Board will consider the appropriateness of actions being taken to manage the risk. In particular, the Board has a lower tolerance for financing risk with the aim to ensure that even under a stress scenario, the Company is likely to meet its funding requirements and financial obligations. Similarly, the Board has a low risk tolerance concerning operational risks including legal, tax and regulatory compliance and business process and continuity risk.

    How we manage and mitigate our key risks

    RISK IMPACT MITIGATION CHANGE IN THE YEAR
    INVESTMENT RISKS      
    INVESTMENT PERFORMANCE

    The Manager selects the fund investments and Direct Investments for the Company’s Portfolio, executing the investment strategy approved by the Board. The underlying managers of those funds in turn select individual investee companies. The origination, investment selection and management capabilities of both the Manager and the third-party managers are key to the performance of the Company.

    		 Poor origination, investment selection and monitoring by the Manager and/or third-party managers which may have a negative impact on Portfolio performance. The Manager has a strong track record of investing in private equity through multiple economic cycles. The Manager has a highly selective investment approach and disciplined process, which is overseen by ICG Enterprise Trust’s Investment Committee within the Manager, which comprises a balance of skills and perspectives.

    Further, the Company’s Portfolio is diversified, reducing the likelihood of a single investment decision impacting Portfolio performance.

    		 Stable

    The Board is responsible for ensuring that the investment policy is met. The day-to-day management of the Company’s assets is delegated to the Manager under investment guidelines determined by the Board. The Board regularly reviews these guidelines to ensure they remain appropriate and monitors compliance with the guidelines through regular reports from the Manager, including performance reporting. The Board also reviews the investment strategy at least annually.

    Following this assessment and other considerations, the Board concluded that investment performance risk has remained stable.
    VALUATION

    In valuing its investments in private equity funds and unquoted companies and publishing its NAV, the Company relies to a significant extent on the accuracy of financial and other information provided by the underlying managers to the Manager. There is the potential for inconsistency in the valuation methods adopted by the managers of these funds and companies and for valuations to be misstated.

    		 Incorrect valuations being provided would lead to an incorrect overall NAV. The Manager carries out a formal valuation process quarterly including a review of third-party valuations.

    This process includes a comparison of unaudited valuations to latest audited reports, as well as a review of any potential adjustments that are required to ensure the valuations of the underlying investments are in accordance with the fair market value principles required under UK-adopted International Accounting Standards (‘IAS’).

    		 Stable

    The Board regularly reviews and discusses the valuation process in detail with the Manager, including the sources of valuation information and methodologies used.

    Following this assessment and other considerations, the Board concluded that there was no material change in valuation risk.
    EXTERNAL RISKS      
    POLITICAL AND MACRO-ECONOMIC UNCERTAINTY
    Political and macro-economic uncertainty and other global events, such as pandemics, that are outside the Company’s control could adversely impact the environment in which the Company and its investment portfolio companies operate.    		 Changes in the political or macro-economic environment could significantly affect the performance of existing investments (and valuations) and prospects for realisations. In addition, they could impact the number of credible investment opportunities the Company can originate. The Manager uses a range of complementary approaches to inform strategic planning and risk mitigation, including active investment management, profitability and balance sheet scenario planning and stress testing to ensure resilience across a range of outcomes.
    The process is supported by a dedicated in-house economist and professional advisers where appropriate.    		 Increasing
    The Board monitors and reviews the potential impact on the Company from political and economic developments on an ongoing basis, including input and discussions with the Manager.
    Incorporating these views and other considerations, the Board concluded that this risk had increased.
    CLIMATE CHANGE
    The underlying managers of the fund investments and Direct Investments in the Company’s Portfolio fail to ensure that their portfolio companies respond to the emerging threats from climate change.    		 Climate-related transition risks, driven in particular by abrupt shifts in the political and technological landscape, impact the value of the Company’s Portfolio. The Manager has a well-defined, firm-wide Responsible Investing Policy and sustainable investing framework in place.
    A tailored sustainable investing framework applies across all stages of the Company’s investment process.    		 Stable

    The Board monitors and reviews the potential impact to the Company from failures by underlying managers to mitigate the impact of climate change on portfolio company valuation.
    THE LISTED PRIVATE
    EQUITY SECTOR
    The listed private equity sector could fall out of favour with investors leading to a reduction in demand for the Company’s shares.    		 A change in sentiment to the sector has the potential to damage the Company’s reputation and impact the performance of the Company’s share price and widen the discount the shares trade at relative to NAV per Share, causing shareholder dissatisfaction. Private equity continues to outperform public markets over the long term and has proved to be an attractive asset class through various cycles. The Manager is active in marketing the Company’s shares to a wide variety of investors to ensure the market is informed about the Company’s performance and investment proposition.
    In setting the capital allocation policy, including the allocations to dividends and share buybacks, the Board monitors the discount to NAV and considers appropriate solutions to address any ongoing or substantial discount to NAV.    		 Increasing
    The persistence of the discount to NAV, together with other sector uncertainties, indicates an increase in risk.
    The Board receives regular updates from the Company’s broker and is kept informed of all material discussions with investors and analysts.
    FOREIGN EXCHANGE
    The Company has continued to expand its geographic diversity by making investments in different countries. Accordingly, most investments are denominated in US dollars and euros.    		 The Company does not hedge its foreign exchange exposure. Therefore, movements in exchange rates between these currencies may have a material effect on the underlying sterling valuations of the investments and performance of the Company. The Board regularly reviews the Company’s exposure to currency risk and reconsiders possible hedging strategies on at least an annual basis.
    Furthermore, the Company’s multicurrency bank facility permits the borrowings to be drawn in euros and US dollars, if required.    		 Stable
    The Board reviewed the Company’s exposure to currency risk and possible hedging strategies and concluded that there was no material change in foreign exchange risk during the year and that it remains appropriate for the Company not to hedge its foreign exchange exposure.
    OPERATIONAL RISKS      
    REGULATORY, LEGAL
    AND TAX COMPLIANCE
    Failure by the Manager to comply with relevant regulation and legislation could have an adverse impact on the Company. Additionally, adherence to changes in the legal, regulatory and tax framework applicable to the Manager could become onerous, lessening competitive or market opportunities.    		 The failure of the Manager and the Company to comply with the rules of professional conduct and relevant laws and regulations could expose the Company to regulatory sanction and penalties as well as significant damage to its reputation. The Board is responsible for ensuring the Company’s compliance with all applicable regulatory, legal and tax requirements. Monitoring of this compliance has been delegated to the Manager, of which the in-house Legal, Compliance and Risk functions provide regular updates to the Board covering relevant changes to regulation and legislation.
    The Board and the Manager continually monitor regulatory, legislative and tax developments to ensure early engagement in any areas of potential change.    		 Stable
    The Company remains responsive to a wide range of developing regulatory areas; and will continue to enhance its processes and controls in order to remain compliant with current and expected legislation.
    KEY PROFESSIONALS
    Loss of key professionals at the Manager could impair the Company’s ability to deliver its investment strategy and meet its external obligations if replacements are not found in a timely manner.    		 If the Manager’s team is not able to deliver its objectives, investment opportunities could be missed or misevaluated, while existing investment performance may suffer. The Manager regularly updates the Board on team developments and succession planning. The Manager places significant focus on:
    Developing key individuals to ensure that there is a pipeline of potential succession candidates internally. External appointments are considered if that best satisfies the business needs.
    A team-based approach to investment decision-making, i.e. no one investment professional has sole responsibility for an investment or fund manager relationship.
    Sharing insights and knowledge widely across the investment team, including discussing all potential new investments and the overall performance of the Portfolio.
    Designing and implementing a compensation policy that helps to minimise turnover of key people.    		 Stable
    The Board reviewed the Company’s exposure to people risk and concluded that the Manager continues to operate sustainable succession, competitive remuneration and retention plans.
    The Board believes that the risk in respect of people remains stable.
    THE MANAGER AND THIRD-PARTY PROVIDERS (INCLUDING BUSINESS PROCESSES, BUSINESS CONTINUITY AND CYBER)
    The Company is dependent on third parties for the provision of services and systems, especially those of the Manager, the Administrator and the Depositary.    		 Failure by a third-party provider to deliver services in accordance with its contractual obligations could disrupt or compromise the functioning of the Company. A material loss of service could result in, among other things, an inability to perform business critical functions, financial loss, legal liability, regulatory censure and reputational damage.
    The failure of the Manager and Administrator to deliver an appropriate cyber security platform for critical technology systems could result in unauthorised access by malicious third parties, breaching the confidentiality, integrity and availability of Company data, negatively impacting the Company’s reputation.    		 The performance of the Manager, the Administrator, the Depositary and other third-party providers is subject to regular review and reported to the Board.
    The Manager, the Administrator and the Depositary produce internal control reports to provide assurance regarding the effective operation of internal controls. These reports are provided to the Audit Committee for review. The Committee would seek further representations from service providers if not satisfied with the effectiveness of their control environment.
    The Audit Committee formally assesses the internal controls of the Manager, the Administrator and Depositary on an annual basis to ensure adequate controls are in place.
    The assessment in respect of the current year is discussed in the Report of the Audit Committee.
    The Management Agreement and agreements with other third-party service providers are subject to notice periods that are designed to provide the Board with adequate time to put in place alternative arrangements.    		 Stable
    The Board carries out a formal annual assessment (supported by the Manager’s internal audit function) of the Manager’s internal controls and risk management systems.
    The Board also received regular reporting from the Manager and other third parties.
    Following this review and other considerations, the Board concluded that there was no material change in the Manager and other third-party suppliers risk.
    FINANCIAL RISKS      
    FINANCING
    The Company has outstanding commitments to private equity funds in excess of total liquidity that may be drawn down at any time. The ability to fund this difference is dependent on receiving cash proceeds from investments (the timing of which are unpredictable) and the availability of financing facilities.    		 If the Company encountered difficulties in meeting its outstanding commitments, there would be significant reputational damage as well as risk of damages being claimed from managers and other counterparties. The Manager monitors the Company’s liquidity, overcommitment ratio and covenants on a frequent basis, and undertakes cash flow monitoring, and provides regular updates on these activities to the Board. Stable
    The Board reviewed the Company’s exposure to financing risk, noting the Net Debt position, the increase in available facility and the short-term realisation forecast and concluded that this risk was stable.

    Audited Financial Statements for the year ended 31 January 2025

    INCOME STATEMENT

    Year to 31 January 2025 Year to 31 January 2024
      Notes Revenue
    return
    £’000    		 Capital return
    £’000    		 Total
    £’000    		 Revenue
    return
    £’000    		 Capital return
    £’000    		 Total
    £’000
    Investment returns              
    Income, gains and losses on investments 2,10 1,060 134,156 135,216 2,365 39,369 41,734
    Deposit interest 2 48 — 48 405 — 405
    Other income 2 5 — 5 104 — 104
    Foreign exchange gains and losses   — (729) (729) — 1,193 1,193
        1,113 133,427 134,540 2,874 40,562 43,436
    Expenses              
    Investment management charges 3 (1,618) (14,558) (16,175) (1,615) (14,533) (16,148)
    Other expenses including finance costs 4 (2,439) (8,417) (10,855) (2,520) (7,402) (9,922)
        (4,057) (22,974) (27,031) (4,135) (21,935) (26,070)
                   
    Profit/(loss) before tax   (2,943) 110,453 107,510 (1,261) 18,627 17,366
    Taxation 6     — — — —
    Profit/(loss) for the period   (2,943) 110,453 107,510 (1,261) 18,627 17,366
    Attributable to:              
    Equity shareholders   (2,943) 110,453 107,510 (1,261) 18,627 17,366
    Basic and diluted earnings per share 7     163.95p     25.63p
                   

    The columns headed ‘Total’ represent the income statement for the relevant financial years and the columns headed ‘Revenue return’ and ‘Capital return’ are supplementary information in line with guidance published by the AIC. There is no Other Comprehensive Income.

    All profits are from continuing operations.

    The notes on pages 34 to 59 form an integral part of the financial statements.

    BALANCE SHEET

     

    Notes

    31 January
    2025
    £’000

    31 January
    2024
    £’000
    Non-current assets      
    Investments held at fair value 9,10,17 1,469,549 1,296,382
           
    Current assets      
    Cash and cash equivalents 11 3,927 9,722
    Prepayments and receivables 12 2,018 2,258
        5,945 11,980
    Current liabilities      
    Borrowings   (131,931) (20,000)
    Payables 13 (11,171) (5,139)
           
    Net current assets / (liabilities)   (137,157) (13,159)
    Total assets less current liabilities   1,332,392 1,283,223
           
    Capital and reserves      
    Share capital 14 7,292 7,292
    Capital redemption reserve   2,112 2,112
    Share premium   12,936 12,936
    Capital reserve   1,315,727 1,279,751
    Revenue reserve   (5,675) (2,733)
    Total equity   1,332,392 1,283,223
           
    Net Asset Value per Share (basic and diluted) 15 2072.9p 1909.4p

    The notes on pages 34 to 59 form an integral part of the financial statements.

    The financial statements on pages 30 to 59 were approved by the Board of Directors on 7 May 2025 and signed on its behalf by:

    Jane Tufnell        Alastair Bruce
    Director                Director

    CASH FLOW STATEMENT

      Notes Year to 31 January 2025
    £’000    		 Year to 31st January 2024
    £’000
    Operating activities      
    Sale of portfolio investments   19,966 40,611
    Purchase of portfolio investments   (34,144) (25,162)
    Cash flow to subsidiaries’ investments   (152,174) (116,084)
    Cash flow from subsidiaries’ investments   125,769 195,300
    Interest income received from portfolio investments   494 1,695
    Dividend income received from portfolio investments   547 779
    Other income received   53 509
    Investment management charges paid   (16,021) (15,647)
    Other expenses paid   (1,881) (2,596)
    Net cash inflow/(outflow) from operating activities   (57,391) 79,405
           
    Financing activities      
    Bank facility fee paid   (2,011) (3,970)
    Interest paid   (545) (5,571)
    Credit Facility utilised   139,762 128,109
    Credit Facility repaid   (27,831) (174,954)
    Purchase of shares into treasury   (35,851) (13,068)
    Equity dividends paid 8 (22,308) (21,694)
    Net cash (outflow)/inflow from financing activities   51,215 (91,148)
    Net decrease in cash and cash equivalents   (6,176) (11,743)
           
    Cash and cash equivalents at beginning of year 11 9,722 20,694
    Net decrease in cash and cash equivalents   (6,176) (11,743)
    Effect of changes in foreign exchange rates   381 771
    Cash and cash equivalents at end of period 11 3,927 9,722
    1. Includes settlement of unbilled management fees relating to the prior year (see note 13).

    The notes on pages 34 to 59 form an integral part of the financial statements.

    STATEMENT OF CHANGES IN EQUITY

     

    Share capital
    £’000

    		 Capital
    redemption
    reserve
    £’000

    Share premium
    £’000

    		 Realised
    capital
    reserve1
    £’000    		 Unrealised
    capital
    reserve
    £’000    		 Revenue
    reserve1
    £’000    		 Total
    shareholders’
    equity
    £’000
           
    Opening balance at 1 February 2024 7,292 2,112 12,936 473,015 790,602 (2,733) 1,283,223
    Profit for the period and total comprehensive income — — — (6,033) 116,485 (2,942) 107,510
    Capital distribution by subsidiary2 — — — — — — —
    Dividends paid — — — (22,308) — — (22,308)
    Purchase of shares into treasury — — — (36,033) — — (36,033)
    Closing balance at 31 January 2025 7,292 2,112 12,936 408,641 907,087 (5,675) 1,332,392
                   
     

    Share capital
    £’000

    		 Capital redemption
    reserve
    £’000

    Share premium
    £’000

    		 Realised
    capital
    reserve1
    £’000    		 Unrealised
    capital
    reserve
    £’000    		 Revenue
    reserve1
    £’000    		 Total
    shareholders’
    equity
    £’000
           
    Opening balance at 1 February 2023 7,292 2,112 12,936 468,054 811,698 (1,473) 1,300,619
    Profit for the period and total comprehensive income — — — 31,032 (12,405) (1,261) 17,366
    Capital distribution by subsidiary2 — — — 8,691 (8,691) — —
    Dividends paid — — — (21,694) — — (21,694)
    Purchase of shares into treasury — — — (13,068) — — (13,068)
    Closing balance at 31 January 24 7,292 2,112 12,936 473,015 790,602 (2,734) 1,283,223
    1. Distributable reserves.
    2. During the prior reporting period ICG Enterprise Trust Limited Partnership made a distribution of realised profits totalling £8.6m to the Company.

    The notes on pages 34 to 59 form an integral part of the financial statements.

    NOTES TO THE FINANCIAL STATEMENTS

    1 ACCOUNTING POLICIES

    General information

    These financial statements relate to ICG Enterprise Trust Plc (‘the Company’). ICG Enterprise Trust Plc is registered in England and Wales and is incorporated in the United Kingdom. The Company is domiciled in the United Kingdom and its registered office is Procession House, 55 Ludgate Hill, London EC4M 7JW. The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.

    (a) Basis of preparation

    The financial information for the year ended 31 January 2025 has been prepared in accordance with UK-adopted International Accounting Standards (‘UK-IAS’) and the Statement of Recommended Practice (‘SORP’) for investment trusts issued by the Association of Investment Companies in July 2022.

    UK-IAS comprises standards and interpretations approved by the International Accounting Standards Board (‘IASB’) and the IFRS Interpretations Committee.

    These financial statements have been prepared on a going concern basis and on the historical cost basis of accounting, modified for the revaluation of certain assets at fair value. The directors have concluded that the preparation of the financial statements on a going concern basis continues to be appropriate.

    Going concern

    In assessing the appropriateness of continuing to adopt the going concern basis of accounting, the Board has assessed the financial position and prospects of the Company. The Company’s business activities, together with factors likely to affect its future development, performance, position and cash flows, are set out in the Chair’s statement on page 5, and the Manager’s review on page 7.

    As part of this review, the Board assessed the potential impact of principal risks on the Company’s business activities, the Company’s cash position, the availability of the Company’s credit facility and compliance with its covenants, and the Company’s cash flow projections.

    Based on this assessment, the Board expects that the Company will be able to continue in operation and meet its liabilities as they fall due until, at least, 31 May 2026, a period of more than 12 months from the signing of the financial statements. Therefore it is appropriate to continue to adopt the going concern basis of preparation of the Company’s financial statements.

    Climate change

    In preparing the financial statements, the directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Principal risks and uncertainties section of this Report, and the impact of climate change risk on the valuation of investments.

    These considerations did not have a material impact on the financial reporting judgements and estimates in the current year, nor were they expected to have a significant impact on the Company’s going concern or viability.

    Accounting policies

    The principal accounting policies adopted are set out below. These policies have been applied consistently throughout the current and prior year. In order to reflect the activities of an investment trust company, supplementary information which analyses the income statement between items of revenue and capital nature has been presented alongside the income statement. In analysing total income between capital and revenue returns, the directors have followed the guidance contained in the SORP as follows:

    Capital gains and losses on investments sold and on investments held arising on the revaluation or disposal of investments classified as held at fair value through profit or loss should be shown in the capital column of the income statement.

    Returns on any share or debt security for a fixed amount (whether in respect of dividends, interest or otherwise) should be shown in the revenue column of the income statement.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    The Board should determine whether the indirect costs of generating capital gains should also be shown in the capital column of the income statement. If the Board decides that this should be so, the management fee should be allocated between revenue and capital in accordance with the Board’s expected long-term split of returns, and other expenses should be charged to capital only to the extent that a clear connection with the maintenance or enhancement of the value of investments can be demonstrated.

    The accounting policy regarding the allocation of expenses is set out in note 1(i).

    In accordance with IFRS 10 (amended), the Company is deemed to be an investment entity on the basis that:

    (a) it obtains funds from one or more investors for the purpose of providing investors with investment management services;

    (b) it commits to its investors that its business purpose is to invest funds for both returns from capital appreciation and investment income; and

    (c) it measures and evaluates the performance of substantially all of its investments on a fair value basis.

    As a result, the Company’s controlled structured entities (‘subsidiaries’) are deemed to be investments and are classified as held at fair value through profit and loss.

    (b) Financial assets

    The Company classifies its financial assets in the following categories: at fair value through profit or loss; and at amortised cost. The classification depends on the purpose for which the financial assets were acquired. The classification of financial assets is determined at initial recognition.

    Financial assets at fair value through profit or loss

    The Company classifies its quoted and unquoted investments as financial assets at fair value through profit or loss. These assets are measured at subsequent reporting dates at fair value and further details of the accounting policy are disclosed in note 1(c).

    Financial assets at amortised cost

    Financial assets at amortised cost are non-derivative financial assets which pass the contractual cash flow test and are held to receive contractual cash flows. These are classified as current assets and measured at amortised cost using the effective interest rate method. The Company’s financial assets at amortised cost comprise cash and cash equivalents and trade and other receivables in the balance sheet.

    (c) Investments

    Investments comprise fund investments and portfolio company investments held by the Company directly, together with the fair value of the Company’s interest in controlled structured entities (see note 9) which themselves invest in fund investments and portfolio company investments.

    All investments are classified upon initial recognition as held at fair value through profit or loss (described in these financial statements as investments held at fair value) and are measured at subsequent reporting dates at fair value. All investments are fair valued in line with IFRS 13 ‘Fair Value Measurement’, using industry standard valuation guidelines such as the International Private Equity and Venture Capital (‘IPEV’) valuation guidelines. Changes in the value of all investments held at fair value, which include returns on those investments such as dividends and interest, are recognised in the income statement and are allocated to the revenue column or the capital column in accordance with the SORP (see note 1(a)). More detail on certain categories of investment is set out below. Given that the subsidiaries and associates are held at fair value and are exposed to materially similar risks as the Company, we do not expect the risks to materially differ from those disclosed in note 17.

    Unquoted Investments

    Fund investments and Co-investments (collectively ‘unquoted investments’) are fair valued using the net asset value of those unquoted investments as determined by the third-party investment manager of those funds. The third-party investment manager performs periodic valuations of the underlying investments in their funds, typically using earnings multiple or discounted cash flow methodologies to determine enterprise value in line with IPEV Guidelines. In the absence of contrary information, these net asset valuations received from the third-party investment managers are deemed to be

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    appropriate by the Manager, for the purposes of the Manager’s determination of the fair values of the unquoted investments. A robust assessment is performed by the Manager’s experienced Investment Committee to determine the capability and track record of the investment manager. All investment managers are scrutinised by the Investment Committee and an approval process is recorded before any new investment manager is approved and an investment made. This level of scrutiny provides reasonable comfort that the investment manager’s valuation will be consistent with the requirement to use fair value.

    Adjustments may be made to the net asset values provided or an alternative valuation method may be adopted if deemed to be more appropriate. The most common reason for adjustments to the value provided by an underlying manager is to take account of events occurring between the date of the manager’s valuation and the reporting date, for example, subsequent cash flows or notification of an agreed sale.

    Subsidiary undertakings

    The investments in the controlled structured entities (‘subsidiaries’) are recognised at fair value through profit and loss.

    The valuation of the subsidiaries takes into account an accrual for the estimated value of interests in the Co-investment Incentive Scheme. Under these arrangements, ICG (the ‘Manager’) and certain of its executives and, in respect of certain historic investments, the executives and connected parties of Graphite Capital Management LLP (the ‘Former Manager’) (together ‘the Co-investors’), are required to co-invest alongside the Company, for which they are entitled to a share of investment profits if certain performance hurdles are met. At 31 January 2024, the accrual was estimated as the theoretical value of the interests if the Portfolio had been sold at the carrying value at that date.

    Associates

    The Company holds an interest (including indirectly through its subsidiaries) of more than 20% in a small number of investments that may normally be classified as subsidiaries or associates. These investments are not considered subsidiaries or associates as the Company does not exert control or significant influence over the activities of these companies/structured entities as they are managed by other third parties.

    (d) Prepayments and receivables

    Receivables include unamortised fees which were incurred directly in relation to the agreement of a financing facility. These fees will be amortised over the life of the facility on a straight-line basis.

    (e) Payables

    Other payables are non-interest bearing and are stated at their amortised cost, which is not materially different from fair value.

    (f) Cash and cash equivalents

    Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less.

    (g) Dividend distributions

    Dividend distributions to shareholders are recognised in the period in which they are paid.

    (h) Income

    When it is probable that economic benefits will flow to the Company and the amount can be measured reliably, interest is recognised on a time apportionment basis.

    Dividends receivable on quoted equity shares are brought into account on the ex-dividend date. Dividends receivable on equity shares where no ex-dividend date is applicable are brought into account when the Company’s right to receive payment is established.

    UK dividend income is recorded at the amount receivable. Overseas dividend income is shown net of withholding tax. Income distributions from funds are recognised when the right to distributions is established.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    (i) Expenses

    All expenses are accounted for on an accruals basis. Expenses are allocated to the revenue column in the income statement, consistent with the SORP, with the following exceptions:

    • Expenses which are incidental to the acquisition or disposal of investments (transaction costs) are allocated to the capital column
    • The Board expects the majority of long-term returns from the Portfolio to be generated from capital gains. Expenses are allocated 90% to the capital column and 10% to the revenue column, reflecting the Company’s current and future return profile. Other expenses are allocated to the capital column where a clear connection with the maintenance or enhancement of the value of investments can be demonstrated.
    • All expenses allocated to the capital column are treated as realised capital losses (see note 1(l)).

    (j) Taxation

    Investment trusts which have approval as such under Section 1158 of the Corporation Tax Act 2010 are not liable for taxation on capital gains.
    Tax recognised in the income statement represents the sum of current tax and deferred tax charged or credited in the year. The tax effect of different items of expenditure is allocated between capital and revenue on the same basis as the particular item to which it relates.

    Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method.

    Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets are not recognised in respect of tax losses carried forward to future periods.

    Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets are realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

    (k) Foreign currency translation

    The functional and presentation currency of the Company is sterling, reflecting the primary economic environment in which the Company operates.

    Transactions in currencies other than sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, financial assets and liabilities denominated in foreign currencies are translated at the rates prevailing on the balance sheet date.

    Gains and losses arising on the translation of investments held at fair value are included within gains and losses on investments held at fair value in the income statement. Gains and losses arising on the translation of other financial assets and liabilities are included within foreign exchange gains and losses in the income statement.

    (l) Revenue and capital reserves

    The revenue return component of total income is taken to the revenue reserve within the statement of changes in equity. The capital return component of total income is taken to the capital reserve within the statement of changes in equity.

    Gains and losses on the realisation of investments including realised exchange gains and losses and expenses of a capital nature are taken to the realised capital reserve (see note 1(i)). Changes in the valuations of investments which are held at the year end and unrealised exchange differences are accounted for in the unrealised capital reserve.

    Net gains on the realisation of investments in the controlled structured entities (see note 9) are transferred to the Company by way of profit distributions.

    The revenue reserve is distributable by way of dividends to shareholders. The realised capital reserve is distributable by way of dividends and share buybacks. The capital redemption reserve is not distributable and represents the nominal value of shares bought back for cancellation.

    (m) Treasury shares

    Shares that have been repurchased into treasury remain included in the share capital balance, unless they are cancelled.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    (n) Critical estimates and assumptions

    Estimates and judgements used in preparing the financial information are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The resulting estimates will, by definition, seldom equal the related actual results.

    In preparing the financial statements, the directors have considered the impact of climate change on the key estimates within the financial statements.

    The only estimates and assumptions that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities in the next financial year relate to the valuation of unquoted investments. Unquoted investments are primarily the Company’s investments in unlisted funds, managed by third-party investment fund managers and ICG. As such there is significant estimation in the valuation of the unlisted fund at a point in time. Note 1(c) sets out the accounting policy for unquoted investments. The carrying amount of unquoted investments at the year end is disclosed within note 10.

    (o) Segmental reporting

    Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker who is responsible for allocating resources and assessing performance of the segments has been identified as the Board. It is considered that the Company’s operations comprise a single operating segment.

    2 INVESTMENT RETURNS

      Year ended Year ended  
      31 January 2025 31 January 2024  
      £’000 £’000  
    Income from investments      
    Overseas interest and dividends 1,060 2,365  
      1,060 2,365  
    Deposit interest on cash 48 405  
    Other 5 104  
      53 509  
    Total income 1,113 2,874  
    Analysis of income from investments      
    Unquoted 1,060 2,365  
      1,060 2,365  

    3 INVESTMENT MANAGEMENT CHARGES

    Management fees paid to ICG for managing ICG Enterprise Trust amounted to 1.25% (2024: 1.25%) of the average net assets in the year. The reduction in the fee is due to the application of the cap.

    From 1 February 2023 the management fee is subject to a cap of 1.25% of net asset value.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    3 INVESTMENT MANAGEMENT CHARGES CONTINUED

    The amounts charged during the year are set out below:

      Year ended 31 January 2025 Year ended 31 January 2024
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Investment management charge 1,617 14,558 16,175 1,615 14,533 16,148

    The Company and its subsidiaries also incur management fees in respect of its investment in funds managed by members of ICG on an arms-length basis.

      Year ended Year ended
      31 January 2025 31 January 2024
      £’000 £’000
    ICG Europe VIII 434 467
    ICG Strategic Equity V 353 131
    ICG Strategic Equity IV 340 593
    ICG LP Secondaries Fund I LP 325 55
    ICG Europe VII 238 257
    ICG Strategic Equity III 238 183
    ICG Europe Mid-Market II 95 87
    ICG Augusta Partners Co-Investor II 89 91
    ICG Europe Mid-Market 87 120
    ICG North American Private Debt II 68 74
    ICG Strategic Secondaries II 36 74
    ICG Europe VI 23 41
    ICG Asia Pacific III 15 30
    ICG Recovery Fund 2008B 3 31
    ICG Europe V 2 1
      2,346 2,235

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    4 OTHER EXPENSES

    The Company did not employ any staff in the year to 31 January 2025 (2024: none).

      Year ended Year ended
      31 January 2025 31 January 2024
      £’000 £’000 £’000 £’000
    Directors’ fees (see note 5)   340   316
    Fees payable to the Company’s auditor for the audit of the Company’s annual accounts 170   239  
    Fees payable to the Company’s auditor and its associates for other services:        
    – Audit of the accounts of the subsidiaries 108   139  
    – Audit-related assurance services 71   53  
    Total auditors’ remuneration   349   431
    Administrative expenses   811   1,021
        1,500   1,768
    Bank facility costs allocated to revenue   277   258
    Interest costs allocated to revenue   661   493
    Expenses allocated to revenue   2,438   2,519
    Bank facility costs allocated to capital   8,417   7,403
    Total other expenses   10,855   9,922
             

    1. The auditors of the Company have additionally provided £16k (2024: £14k) of non-audit related services permitted under the Financial Reporting Council’s (‘FRC’) Revised Ethical Standards. The service related to agreed upon procedures over the Company’s carried interest scheme. These expenses have been charged to the Manager of the Company.

    Included within Total other expenses above are £9.4m (2024: £8.2m) of costs related to financing and £(0.2)m (credit) (2024: £0.1m) of other expenses which are non-recurring and are excluded from the Ongoing Charges as detailed in the glossary on page 58.

    Professional fees of £0.2m (2024: £0.2m) incidental to the acquisition or disposal of investments are included within gains/(losses) on investments held at fair value.

    5 DIRECTORS’ REMUNERATION AND INTERESTS

    No income was received or receivable by the directors from any other subsidiary of the Company.

    6 TAXATION

    In both the current and prior years the tax charge was lower than the standard rate of corporation tax of 19%, principally due to the Company’s status as an investment trust, which means that capital gains are not subject to corporation tax. The effect of this and other items affecting the tax charge are shown in note 6(b) below.

    The UK’s main rate of corporation tax increased from 19% to 25% with effect from 1 April 2023. A blended rate of 24% was applied for the year ended 31 January 2024, calculated by the number of days within the accounting period spanning the rate change. A corporation tax rate of 25% was applied for the year ended 31 January 2025.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      Year ended Year ended  
      31 January 2025 31 January 2024  
      £’000 £’000  
    a) Analysis of charge in the year      
    Tax credit on items allocated to revenue — —  
    Tax charge on items relating to prior years — —  
    Corporation tax — —  
    b) Factors affecting tax charge for the year      
    Profit on ordinary activities before tax 107,510 17,367  
    Profit before tax multiplied by rate of corporation tax in the UK of 25% (2024: 24%) 26,790 4,168  
    Effect of:      
    – net investment returns not subject to corporation tax (33,357) (9,735)  
    – dividends not subject to corporation tax (52) (187)  
    – expenses not deductible for tax purposes 1,353 —  
    – current year management expenses not utilised/(utilised) 489 5,754  
    – other deductions 4,777 —  
    Total tax charge — —  

    The Company has £70.0m excess management expenses carried forward (2024: £53.5m). No deferred tax assets or liabilities (2024: nil) have been recognised in respect of the carried forward management expenses due to the uncertainty that future taxable profit will be generated that these losses can be offset against. For all investments the tax base is equal to the carrying amount. There was no deferred tax expense relating to the origination and reversal of timing differences in the year (2024: nil).

    7 EARNINGS PER SHARE

      Year ended Year ended  
      31 January 2025 31 January 2024  
    Revenue return per ordinary share (4.49p) (1.86p)  
    Capital return per ordinary share 168.38p 27.49p  
    Earnings per ordinary share (basic and diluted) 163.95p 25.63p  

    Revenue return per ordinary share is calculated by dividing the revenue return attributable to equity shareholders of £(2.9)m (2024: £(1.3)m) by the weighted average number of ordinary shares outstanding during the year.

    Capital return per ordinary share is calculated by dividing the capital return attributable to equity shareholders of £102.4m (2024: £18.6m) by the weighted average number of ordinary shares outstanding during the year.

    Basic and diluted earnings per ordinary share are calculated by dividing the earnings attributable to equity shareholders of £99.5m (2024: £17.4m) by the weighted average number of ordinary shares outstanding during the year.

    The weighted average number of ordinary shares outstanding (excluding those held in treasury) during the year was 65,569,285 (2024: 67,761,359). There were no potentially dilutive shares, such as options or warrants, in either year.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    8 DIVIDENDS

      Year ended Year ended
      31 January 2025 31 January 2024
      £’000 £’000
    Third quarterly dividend in respect of year ended 31 January 2024: 8p per share (2023: 6.0p) 5,345 4,781
    Final dividend in respect of year ended 31 January 2024: 9p per share (2023: 9.0p) 5,894 6,105
    First quarterly dividend in respect of year ended 31 January 2025: 8.5p per share (2024: 8.0p) 5,557 5,415
    Second quarterly dividend in respect of year ended 31 January 2025: 8.5p per share (2024: 8.0p) 5,512 5,393
    Total 22,308 21,694

    The Company paid a third quarterly dividend of 8.5p per share in February 2025. The Board has proposed a final dividend of 10.5p per share (estimated cost £6.7m) in respect of the year ended 31 January 2025 which, if approved by shareholders, will be paid on 18 July 2025 to shareholders on the Register of Members at the close of business on 04 July 2025.

    9 SUBSIDIARY UNDERTAKINGS AND UNCONSOLIDATED STRUCTURED ENTITIES
    Subsidiary undertakings (controlled structured entities)

    Subsidiaries of the Company as at 31 January 2025 comprise the following controlled structured entities, which are registered in England and Wales. Subsidiaries of the Company’s direct subsidiaries are reported as indirect subsidiaries.

    Direct subsidiaries   Ownership interest 2025 Ownership interest 2024
    ICG Enterprise Trust Limited Partnership   97.5% 97.5%
    ICG Enterprise Trust (2) Limited Partnership   97.5% 97.5%
    ICG Enterprise Trust Co-investment Limited Partnership   99.0% 99.0%
    Indirect subsidiaries   Ownership interest 2025 Ownership interest 2024
    ICG Enterprise Holdings LP   99.5% 99.5%
    ICG Morse Partnership LP   99.5% 99.5%
    ICG Lewis Partnership LP   99.5% 99.5%

    In accordance with IFRS 10 (amended), the subsidiaries are not consolidated and are instead included in unquoted investments at fair value.

    The value of the subsidiaries is shown net of an accrual for the interests of the Co-investors (ICG and certain of its executives and in respect of certain historical investments, the executives and connected parties of Graphite Capital, the Former Manager) in the Co-investment Incentive Scheme. As at 31 January 2025 a total of £53.9m (2024: £54.4m) was accrued in respect of these interests. During the year the Co-investors invested £1.0m (2024: £0.7m) into ICG Enterprise Trust Co-investment Limited Partnership. Payments received by the Co-investors amounted to £10.8m or 7.1% of £150.8m of Total Proceeds received in the year (2024: £5.4m or 2.3% of £238.6m proceeds received).

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Unconsolidated structured entities

    The Company’s principal activity is investing in private equity funds and directly into private companies. Such investments may be made and held via a subsidiary. The majority of these investments are unconsolidated structured entities as defined in IFRS 12.
    The Company holds interests in closed-ended limited partnerships which invest in underlying companies for the purposes of capital appreciation. The Company and the other limited partners make commitments to finance the investment programme of the relevant manager, who will typically draw down the amount committed by the limited partners over a period of four to six years (see note 16).

    The table below disaggregates the Company’s interests in unconsolidated structured entities. The table presents for each category the related balances and the maximum exposure to loss.

      Unquoted investments
    £’000    		 Co-investment Incentive Scheme accrual
    £’000    		 Maximum loss exposure
    £’000
    As at 31 January 2025 1,523,459 (53,910) 1,469,549
    As at 31 January 2024 1,350,821 (54,439) 1,296,382

    Further details of the Company’s investment Portfolio are included in the Portfolio dashboard on page 16.

    10 INVESTMENTS

    The tables below analyse the movement in the carrying value of the Company’s investment assets in the year. In accordance with accounting standards, subsidiary undertakings of the Company are reported at fair value rather than on a ‘look-through’ basis.

    An investee fund is considered to generate realised gains or losses if it is more than 85% drawn and has returned at least the amount invested by the Company. All gains and losses arising from the underlying investments of such funds are presented as realised. All gains and losses in respect of fund investments that have not satisfied the above criteria are presented as unrealised.

    Direct Investments are considered to generate realised gains or losses when they are sold.

    Investments are held by both the Company and through its subsidiaries.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      Quoted Unquoted Subsidiary undertakings Total
      £’000 £’000 £’000 £’000
    Cost at 1 February 2024 — 179,528 300,114 479,642
    Unrealised appreciation at 1 February 2024 — 80,768 735,972 816,740
    Valuation at 1 February 2024 — 260,296 1,036,086 1,296,382
    Movements in the year:        
    Purchases — 34,144 151,292 185,436
    Sales        
    – capital proceeds   (20,214) (125,769) (145,983)
    – realised gains/(losses) based on carrying value at previous balance sheet date   1,530   1,530
    Movement in unrealised appreciation   29,473 102,711 132,184
    Valuation at 31 January 2025 — 305,229 1,164,320 1,469,549
    Cost at 31 January 2025 — 193,458 325,637 519,095
    Unrealised appreciation/ (depreciation) at 31 January 2025 — 111,771 838,683 950,454
    Valuation at 31 January 2025 — 305,229 1,164,320 1,469,549
     
      Quoted Unquoted Subsidiary undertakings Total
      £’000 £’000 £’000 £’000
    Cost at 1 February 2023 — 195,104 378,426 573,530
    Unrealised appreciation at 1 February 2023 — 74,074 701,471 775,545
    Valuation at 1 February 2023 — 269,178 1,079,897 1,349,075
    Movements in the year:        
    Purchases — 25,181 116,988 142,169
    Sales        
    – capital proceeds   (40,757) (195,300) (236,057)
    – realised gains/(losses) based on carrying value at previous balance sheet date   (1,044)   (1,044)
    Movement in unrealised appreciation   7,739 34,500 42,239
    Valuation at 31 January 2023 — 260,296 1,036,086 1,296,382
    Cost at 31 January 2024 — 179,528 300,114 479,642
    Unrealised appreciation/ (depreciation) at 31 January 2024 — 80,768 735,972 816,740
    Valuation at 31 January 2024 — 260,296 1,036,086 1,296,382

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      31 January 2025 31 January 2024
      £’000 £’000
    Realised gains/loss based on cost 1,530 (1,044)
    Amounts recognised as unrealised in previous years — —
    Realised gains based on carrying values at previous balance sheet date 1,530 (1,044)
    Increase in unrealised appreciation 132,184 42,239
    Gains on investments 133,714 41,195

    ‘Realised gains based on cost’ represents the total increase in value, compared to cost, of those funds which meet the criteria set out in page 42. These gains are adjusted for amounts previously reported as unrealised (and included within the fair value at the previous balance sheet date) to determine the ‘Realised gains based on carrying values at previous balance sheet date’.

    Gains on investments includes the ‘Realised gains based on carrying values at previous balance sheet date’ together with the net fair value movement on the balance of the investee funds.

    Related undertakings

    At 31 January 2025, the Company held direct and indirect interests in six limited partnership subsidiaries. These interests, net of the incentive accrual as described in note 9, were:

    Investment 31 January 2025
    %    		 31 January 2024
    %
    ICG Enterprise Trust Limited Partnership 99.9% 99.9%
    ICG Enterprise Trust (2) Limited Partnership 66.5% 66.5%
    ICG Enterprise Trust Co-investment Limited Partnership 66.0% 66.0%
    ICG Enterprise Holdings LP 99.5% 99.5%
    ICG Morse Partnership LP 99.5% 99.5%
    ICG Lewis Partnership LP 99.5% 99.5%

    The registered address and principal place of business of the subsidiary partnerships is Procession House, 55 Ludgate Hill, London EC4M 7JW.

    In addition the Company held an interest (including indirectly through its subsidiaries) of more than 20% in the following entities. These investments are not considered subsidiaries or associates as the Company does not exert control or have significant influence over the activities of these companies/partnerships.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    As at 31 January 2025        
    Investment Instrument % interest1    
    Graphite Capital Partners VII Top Up Plus Limited partnership interests 20.0%    
    Graphite Capital Partners VIII Top Up Limited partnership interests 41.1%    
    ICG Velocity3 Limited partnership interests 32.5%    
             
    As at 31 January 2024        
    Investment Instrument % interest1    
    Graphite Capital Partners VII Top Up Plus2 Limited partnership interests 20.0%    
    Graphite Capital Partners VIII Top Up2 Limited partnership interests 41.1%    
    ICG Velocity3 Limited partnership interests 32.5%    
    1. The percentage shown for limited partnership interests represents the proportion of total commitments to the relevant fund. The percentage shown for shares represents the proportion of total shares in issue.
    2. Address of principal place of business is 7 Air Street, Soho, London W1B 5AD.
    3. Address of principal place of business is Procession House, 55 Ludgate Hill, London, EC4M 7JW.

    11 CASH AND CASH EQUIVALENTS

      31 January 2025 31 January 2024
      £’000 £’000
    Cash at bank and in hand 3,927 9,722

    12 PREPAYMENTS AND RECEIVABLES

      31 January 2025 31 January 2024
      £’000 £’000
    Prepayments and accrued income 2,018 2,258

    As at 31 January 2025, prepayments and accrued income included £2.0m (2024: £2.3m) of unamortised costs in relation to the bank facility. Of this amount £0.8m (2024: £0.5m) is expected to be amortised in less than one year.

    13 PAYABLES – CURRENT

      31 January 2025 31 January 2024
      £’000 £’000
    Accruals, including facility interest 11,171 5,139
    Bank facility drawn 131,931 20,000
    Payables 143,102 25,139

    Bank facility details are shown in the liquidity section of note 17 on page 52.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    14 SHARE CAPITAL

      Authorised Issued and fully paid
        Nominal   Nominal
    Equity share capital Number £’000 Number £’000
    Balance at 31 January 2025 120,000,000 12,000 72,913,000 7,292
    Balance at 31 January 2024 120,000,000 12,000 72,913,000 7,292

    All ordinary shares have a nominal value of 10.0p. At 31 January 2025 and 31 January 2024, 72,913,000 shares had been allocated, called up and fully paid. During the year 2,932,675 shares were bought back in the market and held in treasury (2024: 1,130,708 shares). At 31 January 2025, the Company held 8,640,808 shares in treasury (2024: 5,708,133) and had 64,272,192 (2024: 67,204,867) shares outstanding, all of which have equal voting rights.

      31 January 2025 31 January 2024
    Shares held in treasury 8,640,808 5,708,133
    Shares not held in treasury 64,272,192 67,204,867
    Total 72,913,000 72,913,000

    15 NET ASSET VALUE PER SHARE

    The net asset value per share is calculated on equity attributable to equity holders of £1,332.4m (2024: £1,283.2m) and on 67,272,192 (2024: 67,204,867) ordinary shares in issue at the year end. There were no potentially dilutive shares, such as options or warrants, at either year end. Calculated on both the basic and diluted basis the net asset value per share was 2,072.9p (2024: 1,909.4p).

    16 CAPITAL COMMITMENTS AND CONTINGENCIES

    The Company and its subsidiaries had uncalled commitments in relation to the following Portfolio investments:

      31 January
    2025
    £’000    		 31 January
    2024
    £’000
    ICG LP Secondaries Fund I LP 41,146 34,811
    ICG Strategic Equity V2 36,868 19,704
    ICG Europe Mid-Market Fund II1 19,245 21,316
    ICG Augusta Partners Co-Investor2 17,775 17,365
    ICG Strategic Secondaries Fund II2 16,938 16,547
    ICG Europe VIII1 14,339 25,901
    ICG Ludgate Hill (Feeder B) SCSp1 13,591 13,860
    ICG Strategic Equity Fund III2 11,201 10,942
    ICG MXV Co-Investment 8,361 —
    ICG Strategic Equity IV2 7,055 10,385
    ICG Europe VII1 6,082 6,541
    ICG Ludgate Hill (Feeder) IIIA Porsche SCSp2 5,691 4,652
    ICG Europe Mid-Market Fund1 5,524 5,476
    ICG Ludgate Hill (Feeder) II Boston SCSp2 5,392 5,267
    ICG Asia Pacific Fund III2 2,523 2,634
    ICG Europe VI1 4,013 4,311
    ICG North American Private Debt Fund II2 2,097 1,682
    ICG Colombe Co-investment1 1,811 2,378
    ICG Dallas Co-Investment2 1,240 1,280
    Commitments of less than £1,000,000 at 31 January 2025 5,746 5,991
    Total ICG 226,638 211,043
    Graphite Capital Partners IX 2,281 4,525
    Graphite Capital Partners VIII1 4,124 2,194
    Graphite Capital Partners VII1,2 456 456
    Total Graphite funds 6,861 7,175

    1.Includes interest acquired through a secondary fund purchase.

    2.Includes the associated Top Up funds.

      31 January
    2025
    £’000    		 31 January
    2024
    £’000
    Leeds VIII-A 16,135 —
    Bowmark VII 15,000 15,000
    New Mountain VII 14,299 15,763
    PAI Europe VIII 12,356 20,900
    Thoma Bravo XVI-A 12,101 —
    Investindustrial VIII 12,009 —
    Cinven VIII 11,748 12,789
    CVC IX A 10,546 12,789
    Bain VI 9,939 11,319
    CDR XII 8,908 11,822
    The Resolute Fund VI 8,577 11,822
    Hellman Friedman XI (Parallel) 8,067 7,881
    Advent International X-A 8,039 10,849
    Bregal Unternehmerkapital IV-A 7,762 8,526
    Green Equity Investors Side IX 7,618 15,611
    Permira VIII 7,618 9,356
    Genstar Capital Partners XI (EU) 7,455 7,850
    Apax XI EUR 6,860 8,383
    Gridiron V 6,578 9,008
    Oak Hill VI (Offshore) 5,034 —
    Investindustrial VII 4,895 4,219
    Audax Private Equity VII-B 4,546 5,830
    Integrum I 4,052 5,715
    American Securities IX 4,034 —
    Thomas H Lee Equity Fund IX 3,998 6,762
    PAI Mid-Market Fund 3,764 4,963
    BC XI 3,710 4,900
    Bowmark VI 3,357 1,357
    Hg Genesis X 3,326 3,469
    Ivanti 2,979 2,910
    Valeas Capital Partners I A 2,973 —
    CVC VII 2,944 —
    PAI VII 2,430 2,872
    GHO Capital III 2,257 2,617
    Bain XIII 2,247 2,739
    Audiotonix 2,243 —
    Bain Tech Opportunities II 2,239 2,276
    Tailwind III 2,203 1,517
    Ambassador Theatre Group 2,056 2,049
    Thomas H Lee Equity Fund VIII 1,940 2,011
    Thoma Bravo XV 1,901 2,648
    Hg Saturn III 1,840 2,714
    Seventh Cinven Fund 1,812 2,929
    GI Partners VI-A 1,789 2,168
    Charlesbank X 1,685 3,543
    Apax X 1,677 1,442
    Hellman Friedman X 1,631 2,194
    Bregal Unternehmerkapital III 1,575 2,113
    Carlyle Europe Partners V 1,553 2,243
    Resolute V 1,363 855
    FSN VI 1,303 2,946
    Gridiron III 1,289 4,080
    AEA VII 1,243 464
    Resolute 02 Continuation (SEC 1) 1,145 9,893
    CVC European Equity Partners VIII 512 3,402
    New Mountain VI 498 2,276
    European Camping Group 2 399 1,474
    Leeds VII 317 3,581
    Commitments of less than £2,000,000 at 31 January 2025 62,785 36,908
    Total third party 319,687 333,747
    Total commitments 553,186 551,965

    The Company and its subsidiaries had no other unfunded commitments to investment funds. Commitments made by the Company and its subsidiaries are irrevocable.

    As at 31 January 2025, the Company (excluding its subsidiaries) had uncalled commitments in relation to the above Portfolio of £114.3m (2024: £98.1m). The Company did not have any contingent liabilities at 31 January 2025 (2024: None).

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    The Company’s subsidiaries, which are not consolidated, had the balance of uncalled commitments in relation to the above Portfolio of £438.9m (2024: £453.9m). The Company is responsible for financing its pro-rata share of those uncalled commitments (see note 9).

    17 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

    The Company is an investment company as defined by Section 833 of the Companies Act 2006 and conducts its affairs so as to qualify as an investment trust under the provisions of Section 1158 of the Corporation Tax Act 2010 (‘Section 1158’). The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.

    Investments in funds have anticipated lives of approximately 10 years. Direct Investments are made with an anticipated holding period of between three and five years.

    Financial risk management

    The Company’s activities expose it to a variety of financial risks: market risk (comprising currency risk, interest rate risk and price risk), investment risk, credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Board has overall responsibility for managing the risks and the framework for monitoring and coordinating these risks. The Audit Committee regularly reviews, identifies and evaluates the risks taken by the Company to allow them to be appropriately managed. All of the Company’s management functions are delegated to the Manager which has its own internal control and risk monitoring arrangements. The Committee makes a regular assessment of these arrangements, with reference to the Company’s risk matrix. The Company’s financial risk management objectives and processes used to manage these risks have not changed from the previous period and the policies are set out below:

    Market risk
    (i) Currency risk

    The Company’s investments are principally in continental Europe, the US and the UK, and are primarily denominated in euro, US dollars and sterling. There are also smaller amounts in other European currencies. The Company’s investments in controlled structured entities are reported in Sterling. The Company is exposed to currency risk in that movements in the value of sterling against these foreign currencies will affect the net asset value and the cash required to fund undrawn commitments. The Board regularly reviews the level of foreign currency denominated assets and outstanding commitments in the context of current market conditions and may decide to buy or sell currency or put in place currency hedging arrangements. No hedging arrangements were in place during the financial year.

    The composition of the net assets of the Company by reporting currency at the year end is set out below:

      Sterling Euro USD Other Total
    31 January 2025 £’000 £’000 £’000 £’000 £’000
    Investments 1,201,166 81,755 186,623 5 1,469,549
    Cash and cash equivalents and other net current assets (139,168) 1,385 618 8 (137,157)
      1,061,998 83,140 187,241 13 1,332,392
               
      Sterling Euro USD Other Total
    31 January 2024 £’000 £’000 £’000 £’000 £’000
    Investments 1,068,115 81,164 146,881 222 1,296,382
    Cash and cash equivalents and other net current assets (21,553) 4,504 3,878 12 (13,159)
      1,046,562 85,668 150,759 234 1,283,223

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    On a look-through basis to the currency of the portfolio company, the effect of a 25% increase or decrease in the sterling value of the euro would be a fall of £71.3m and a rise of £65.1m in the value of shareholders’equity and on profit after tax at 31 January 2025 respectively (2024: a fall of £74m and a rise of £56.1m based on 25% increase or decrease).The effect of a 25% increase or decrease in the sterling value of the US dollar would be a fall of £158m and a rise of £152.1m in the value of shareholders’ equity and on profit after tax at 31 January 2025 respectively (2024: a fall of £141.9m and a rise of £124.4m based on 25% movement). The percentages applied are based on market volatility in exchange rates observed in prior periods.

    (ii) Interest rate risk

    The Company’s assets primarily comprise non-interest bearing investments in funds and non-interest bearing investments in portfolio companies. The fair values of these investments are not significantly directly affected by changes in interest rates. The Company’s net debt balance is exposed to interest rate risk; the financial impact of this risk is currently immaterial.

    The Company is indirectly exposed to interest rate risk through the impact of interest rates on the performance of investments in funds and portfolio companies as a result of interest rate changes impacting the underlying manager valuation. This performance impact as a result of interest rate risk is recognised through the valuation of those investments, which will be affected by the impact of any change in interest rates on the financial performance of the underlying portfolio companies and also on any valuation of those investments for sale. The Company is not able to quantify how a change in interest rates would impact valuations.

    (iii) Price risk

    The risk that the value of a financial instrument will change as a result of changes to market prices is one that is fundamental to the Company’s objective, which is to provide long-term capital growth through investment in unquoted companies. The investment Portfolio is continually monitored to ensure an appropriate balance of risk and reward in order to achieve the Company’s objective.

    The Company is exposed to the risk of change in value of its private equity investments. For all investments the market variable is deemed to be the price itself. The table below shows the impact of a 30% increase or decrease in the valuation of the investment Portfolio. The percentages applied are reasonable based on the Manager’s view of the potential for volatility in the Portfolio valuations under stressed conditions.

      31 January 2025 31 January 2024
      Increase in variable Decrease in variable Increase in variable Decrease in variable
      £’000 £’000 £’000 £’000
    30% (2024: 30%) movement in the price of investments        
    Impact on profit after tax 423,339 (370,568) 374,044 (320,217)

    A reasonably possible percentage change in relation to the earnings estimates or Enterprise Value/EBITDA multiples used by the underlying managers to value the private equity fund investments and co-investments may result in a significant change in the fair value of unquoted investments.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Investment and credit risk

    (i) Investment risk

    Investment risk is the risk that the financial performance of the companies in which the Company invests either improves or deteriorates, thereby affecting the value of that investment. Investments in unquoted companies whether indirectly or directly are, by their nature, subject to potential investment losses. The investment Portfolio is highly diversified in order to mitigate this risk.

    (ii) Credit risk

    The Company’s exposure to credit risk arises principally from its investment in cash deposits. The Company aims to invest the majority of its liquid portfolio in assets which have low credit risk. The Company’s policy is to limit exposure to any one investment to 15% of gross assets. This is regularly monitored by the Manager as a part of its cash management process.

    Cash is held on deposit with Royal Bank of Scotland (‘RBS’) and totalled £3.9m (2024: £9.7m). RBS currently has a credit rating of A1 from Moody’s. This represented the maximum exposure to credit risk at the balance sheet date. No collateral is held by the Company in respect of these amounts. None of the Company’s cash deposits or money market fund balances were past due or impaired at 31 January 2025 (2024: nil) and as a result of this, no ECL provision has been recorded.

    Liquidity risk

    The Company makes commitments to private equity funds in advance of that capital being invested, typically in illiquid, unquoted companies. These commitments are in excess of the Company’s total liquidity, therefore resulting in an overcommitment. When determining the appropriate level of overcommitment, the Board considers the rate at which commitments might be drawn down, typically over four to six years, versus the rate at which existing investments are sold and cash realised. The Company has an established liquidity management policy, which involves active monitoring and assessment of the Company’s liquidity position and its overcommitment risk. This is regularly reviewed by the Board and incorporated into the Board’s assessment of the viability of the Company. This process incorporates balance sheet and cash flow projections, including scenarios with varying levels of Portfolio gains and losses, fund drawdowns and realisations, availability of the credit facility, exchange rates, and possible remedial action that the Company could undertake if required in the event of significant Portfolio declines.

    At the year end, the Company had cash and cash equivalents totalling £3.9m and had access to committed bank facilities of €300m maturing in May 2028, which is a multi-currency revolving credit facility provided by SMBC and Lloyds. The key terms of the facility are:

    • Upfront cost: 120bps.
    • Non-utilisation fees: 115bps per annum.
    • Margin on drawn amounts: 300bps per annum.

    As at 31 January 2025 the Company’s total financial liabilities amounted to £143.1m (2024: £25.1m) of payables which were due in less than one year, which includes accrued balances payable in respect of the credit facility above.

    Movement in financial liabilities arising from financing activities

    The following tables sets out the movements in total liabilities held at amortised cost arising from financing activities undertaken during the year.

      2025 2024
      £’000 £’000
    At 1 February 2024 22,062 67,700
    Proceeds from borrowings 139,762 128,109
    Repayment of long term borrowings (27,831) (174,954)
    Change in capitalisation of bank facility fees 782 1,206
    At 31 January 2025 134,775 22,061
         

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Capital risk management

    The Company’s capital is represented by its net assets, which are managed to achieve the Company’s investment objective. As at the year end, the Company had net debt of £135.9m (2024: £10.3m).

    The Board can manage the capital structure directly since it has taken the powers, which it is seeking to renew, to issue and buy back shares and it also determines dividend payments. The Company is subject to externally imposed capital requirements with respect to the obligation and ability to pay dividends by Section 1159 of the Corporation Tax Act 2010 and by the Companies Act 2006, respectively. Total equity at 31 January 2025, the composition of which is shown on the balance sheet, was £1,332.4m (2024: £1,283.2m).

    Fair values estimation
    IFRS 13 requires disclosure of fair value measurements of financial instruments categorised according to the following fair value measurement hierarchy:

    • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
    • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
    • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

    The valuation techniques applied to level 3 assets are described in note 1(c) of the financial statements. No investments were categorised as level 1 or level 2.

    The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting year when they are deemed to occur.

    The sensitivity of the Company’s investments to a change in value is discussed on page 51.

    The following table presents the assets that are measured at fair value at 31 January 2025 and 31 January 2024:

    31 January 2025        
    Level 1 Level 2 Level 3 Total
    £’000 £’000 £’000 £’000
    Investments held at fair value        
    Unquoted investments – indirect — — 150,987 150,987
    Unquoted investments – direct — — 154,242 154,242
    Quoted investments – direct — — — —
    Subsidiary undertakings — — 1,164,320 1,164,320
    Total investments held at fair value — — 1,469,549 1,469,549
    31 January 2024        
    Level 1 Level 2 Level 3 Total
    £’000 £’000 £’000 £’000
    Investments held at fair value        
    Unquoted investments – indirect — — 136,473 136,473
    Unquoted investments – direct — — 123,823 123,823
    Quoted investments – direct — — — —
    Subsidiary undertakings — — 1,036,085 1,036,085
    Total investments held at fair value — — 1,296,381 1,296,381

    All unquoted and quoted investments are valued at fair value in accordance with IFRS 13. The Company has no quoted investments as at 31 January 2025; quoted investments held by subsidiary undertakings are reported within Level 3.

    Investments in Level 3 securities are in respect of private equity fund investments and co-investments. These are held at fair value and are calculated using valuations provided by the underlying manager of the investment, with adjustments made to the statements to take account of cash flow events occurring after the date of the manager’s valuation, such as realisations or liquidity adjustments.

    The following tables present the changes in Level 3 instruments for the year to 31 January 2025 and 31 January 2024.

    31 January 2025 Unquoted investments (indirect) at fair value through profit or loss
    £’000    		 Unquoted investments (direct) at fair value through profit or loss
    £’000    		 Subsidiary undertakings
    £’000    		 Total
    £’000
    Opening balances 136,473 123,823 1,036,086 1,296,382
    Additions 18,124 16,020 151,292 185,436
    Disposals (16,076) (4,138) (125,769) (145,983)
    Gains and losses recognised in profit or loss 14,524 16,479 102,711 133,714
    Closing balance 153,045 152,184 1,164,320 1,469,549
    31 January 2024 Unquoted investments (indirect) at fair value through profit or loss
    £’000    		 Unquoted investments (direct) at fair value through profit or loss
    £’000    		 Subsidiary undertakings
    £’000    		 Total
    £’000
    Opening balances 158,896 110,282 1,079,897 1,349,075
    Additions 14,933 10,248 116,988 142,169
    Disposals (37,167) (3,590) (195,300) (236,057)
    Gains and losses recognised in profit or loss (188) 6,883 34,500 41,194
    Closing balance 136,474 123,823 1,036,085 1,296,381

    18 RELATED PARTY TRANSACTIONS

    Significant transactions between the Company and its subsidiaries are shown below:

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Subsidiary Nature of transaction Year ended
    31 January
    2025
    £’000    		 Year ended
    31 January
    2024
    £’000
    ICG Enterprise Trust Limited Partnership Increase in amounts owed to subsidiaries — —
      (Decrease) in amounts owed by subsidiaries (8,689) (102)
      Income allocated — —
    ICG Enterprise Trust (2) Limited Partnership Increase in amounts owed to subsidiaries (2,956) 11,420
      (Decrease) in amounts owed by subsidiaries — —
      Income allocated (169) 151
    ICG Enterprise Trust Co-investment LP Increase in amounts owed by subsidiaries 33,229 (10,416)
      Income allocated 2,127 6,681
    ICG Enterprise Holdings LP Increase in amounts owed to subsidiaries — (45,725)
      Income allocated 4,224 6,819
    ICG Morse Partnership LP Increase in amounts owed by subsidiaries — (14,513)
      Decrease in amounts owed to subsidiaries — —
      Income allocated — —
    ICG Lewis Partnership LP (Decrease) in amounts owed by subsidiaries 687 1,820
      Increase in amounts owed by subsidiaries — —
      Income allocated — —

    ICG Enterprise Trust Limited Partnership transferred its remaining assets to ICG Enterprise Trust PLC during the year ended 31 January 2025. It will be dissolved during the year ended 31 January 2026 and will cease to be a subsidiary at that time.

    For the purpose of IAS 24 Related Party Disclosures, key management personnel comprised the Board of Directors.

    Remuneration in the year (audited) Fees Expenses Total
    Name 2025
    £’000    		 2024
    £’000    		 2025
    £’000    		 2024
    £’000    		 2025
    £’000    		 2024
    £’000
    Jane Tufnell 74 71   — 74 71
    Alastair Bruce 60 58 — — 60 58
    David Warnock 59 46   — 59 46
    Gerhard Fusenig 48 46 3 2 51 49
    Adiba Ighodaro 48 46 — — 48 46
    Janine Nicholls 48 46 — — 48 46
    Total 337 313 3 2 340 316

    Amounts owed by/to subsidiaries represent the Company’s loan account balances with those entities, to which the Company’s share of drawdowns and distributions in respect of those entities are credited and debited respectively.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      Amounts owed by subsidiaries Amounts owed to subsidiaries
    Subsidiary 31 January 2025 £’000 31 January 2024 £’000 31 January 2025 £’000 31 January 2024 £’000
    ICG Enterprise Trust Limited Partnership — — (492) 8,197
    ICG Enterprise Trust (2) Limited Partnership — — 31,372 34,328
    ICG Enterprise Trust Co-Investment LP 273,555 240,326 — —
    ICG Enterprise Holdings LP — — — —
    ICG Morse Partnership LP — — — —
    ICG Lewis Partnership LP 8,569 7,881 — —

    The Company and its subsidiaries’ total shares in funds and co-investments managed by the Company’s Manager are:

      Year ended 31 January 2025 Year ended 31 January 2024
    Fund/Co-investment Remaining
    commitment
    £’000    		 Fair value investment
    £’000    		 Remaining
    commitment
    £’000    		 Fair value investment
    £’000
    ICG MXV Co-Investment 8,361 32,728 217 31,658
    ICG Strategic Equity Fund III 10,727 31,043 10,942 39,374
    ICG Europe VII 6,082 30,721 6,541 35,021
    ICG Ludgate Hill (Feeder B) SCSp 13,591 23,814 13,860 24,366
    ICG Europe VIII 14,339 23,640 25,901 10,746
    ICG Augusta Partners Co-Investor 17,775 20,469 17,365 15,533
    ICG Ludgate Hill (Feeder) III A Porsche SCSp 5,691 17,995 4,652 21,104
    ICG Newton Co-Investment 393 17,808 393 17,909
    ICG Progress Co-Investment 421 17,265 577 15,156
    ICG Vanadium Co-Investment 246 16,180 251 14,209
    ICG Ludgate Hill (Feeder) II Boston SCSp 5,392 16,030 5,267 14,721
    ICG Match Co-Investment 132 15,253 129 15,403
    ICG Colombe Co-investment 1,810 13,795 1,678 12,221
    ICG Europe Mid-Market Fund 5,524 13,494 5,476 13,819
    ICG LP Secondaries Fund I LP 41,146 12,175 34,811 21,980
    ICG Cheetah Co-Investment 635 11,123 669 11,570
    CX VIII Co-Investment 167 9,076 171 8,996
    ICG Asia Pacific Fund III 2,523 8,706 2,634 8,436
    ICG Dallas Co-Investment 1,240 8,172 1,280 8,245
    ICG Strategic Equity V 36,868 7,101 19,704 895
    ICG Strategic Equity IV 7,055 32,851 10,385 28,029
    ICG Sunrise Co-Investment 75 5,840 76 5,402
    ICG Crown Co-Investment 96 5,492 122 4,817
    ICG Recovery Fund 2008 B1 846 4,954 862 4,545
    ICG Strategic Secondaries Fund II 16,938 4,853 16,547 10,052
    ICG Holiday Co-Investor I 286 3,748 285 2,655
    ICG North American Private Debt Fund II 2,097 3,061 1,682 5,467
    ICG Europe VI 4,013 2,814 4,311 5,719
    ICG Holiday Co-Investor II 199 2,775 197 1,966
    ICG Europe Mid-Market II 19,245 1,534 21,316 (263)
    ICG Europe V 545 757 555 808
    ICG Cross Border 182 273 178 5,555
    ICG Diocle Co-Investment 145 81 148 98
    ICG Velocity Partners Co-Investor 650 18 635 —
    ICG European Fund 2006 B1 480 15 489 28
    ICG Topvita Co-Investment 687 — 700 —
    ICG Trio Co-Investment 36 — 37 7,988
    Ambassador Theatre Group — — — 14,177
    Total 226,638 415,652 211,043 438,410

    At the balance sheet date the Company has fully funded its share of capital calls due to ICG-managed funds in which it is invested.

    19 Post balance sheet events

    On 2 April 2025, the Company announced the completion of a secondary sale of primary fund interests generating £62m net proceeds and releasing undrawn commitments of £10m. On 30 April 2025 the Company cancelled its Treasury shares (see note 14). 9,358,808 shares were cancelled.

    GLOSSARY

    Term Short form Definition
    Alternative Performance Measures APMs Alternative Performance Measures are a term defined by the European Securities and Markets Authority as “financial measures of historical or future performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework”.

    APMs are used in this report if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company and for comparing the performance of the Company to its peers, taking into account industry practice.

    Definitions and reconciliations to IFRS measures are provided in the main body of the report or in this Glossary, where appropriate.
    Buyback impact on NAV per Share   Buyback impact on NAV per Share is calculated by comparing the NAV per Share with an adjusted NAV per Share as follows:
      Year ended
    31 January 2025    		 Since inception (Oct. 22)  
    Opening number of shares 67,190,867 68,523,055 A
    Number of shares bought back in period 2,912,675 4,244,863  
    Closing number of shares 64,278,192 64,278,192 B
    31 January 2025 NAV £1,332m £1,332m C
    Add back cash invested in buybacks £36m £51m  
    31 January 2025 NAV + cash invested in buybacks £1,368m £1,383m D
    31 January 2025 NAV per Share 2,072.9p 2,072.9p E (C/B)
    Pro forma NAV per share excluding buybacks 2,036.4p 2,018.8p F (D/A)
    Impact of buybacks 36.5p 54.1p G (E-F)
    NAV per Share accretion
    from buybacks    		 1.8% 2.7% G/F
    Note: scenario excluding buyback does not include any cash impact of dividends that would have been paid to holders of those shares had the buyback not been undertaken
    Carried Interest   Carried interest is equivalent to a performance fee. This represents a share of the profits that will accrue to the underlying private equity managers, after achievement of an agreed Preferred Return.
    Cash drag   Cash drag is the negative impact on performance arising as a result of the allocation of a portion of the entity’s assets to cash.
    Co-investment   Co-investment is a Direct Investment in a company alongside a private equity fund.
    Co-investment Incentive Scheme Accrual   Co-investment Incentive Scheme Accrual represents the estimated value of interests in the Co-investment Incentive Scheme operated by the subsidiary partnerships of the Company.
    Commitment   Commitment represents the amount of capital that each investor agrees to contribute to a fund or a specific investment.
    Compound Annual Growth Rate CAGR The rate of return that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits were reinvested at the end of each period of the investment’s life span.
    Deployment   Please see ‘Total new investment’.
    Direct Investment   An investment in a portfolio company held directly, not through a private equity fund. Direct Investments are typically co-investments with a private equity fund.
    Discount   Discount arises when the Company’s shares trade at a price below the Company’s NAV per Share. In this circumstance, the price that an investor pays or receives for a share would be less than the value attributable to it by reference to the underlying assets. The Discount is the difference between the share price and the NAV, expressed as a percentage of the NAV. For example, if the NAV was 100p and the share price was 90p, the Discount would be 10%.
    Drawdowns   Drawdowns are amounts invested by the Company when called by underlying managers in respect of an existing Commitment.
    EBITDA   Stands for earnings before interest, tax, depreciation and amortisation, which is a widely used profitability measure in the private equity industry.
    Enlarged Perimeter   The aggregate Portfolio value of the Top 30 Companies and as many of the managers from within the Top 30 funds as practicable.
    Enterprise Value EV Enterprise Value is the aggregate value of a company’s entire issued share capital and Net Debt.
    Exclusion List   The Exclusion List defines the business activities which are excluded from investment.
    FTSE All-Share Index Total Return   The change in the level of the FTSE All-Share Index, assuming that dividends are re-invested on the day that they are paid.
    Full Exits   Full Exits are exit events (e.g., trade sale, sale by public offering, or sale to a financial buyer) following which the residual exposure to an underlying company is zero or immaterial; this does not include Fund Disposals. See ‘Fund Disposals’.
    Fund Disposals   Fund Disposals are where the Company receives sales proceeds from the full or partial sale of a fund position within the secondary market.
    General Partner GP The General Partner is the entity managing a private equity fund. This is commonly referred to as the manager.
    Hedging   Hedging is an investment technique designed to offset a potential loss on one investment by purchasing a second investment that is expected to perform in the opposite way.
    Initial Public Offering IPO An Initial Public Offering is an offering by a company of its share capital to the public with a view to seeking an admission of its shares to a recognised stock exchange.
    Internal Rate of Return IRR Internal Rate of Return is a measure of the rate of return received by an investor in a fund. It is calculated from cash drawn from and returned to the investor, together with the residual value of the investment.
    Investment Period   Investment Period is the period in which funds are able to make new investments under the terms of their fund agreements, typically up to five years after the initial Commitment.
    Last Twelve Months LTM Last Twelve Months refers to the timeframe of the immediately preceding 12 months in reference to financial metrics used to evaluate the Company’s performance.
    Limited Partner LP The Limited Partner is an institution or individual who commits capital to a private equity fund established as a Limited Partnership. These funds are generally protected from legal actions and any losses beyond the original investment.
    Limited Partnership   A Limited Partnership includes one or more General Partners, who have responsibility for managing the business of the partnership and have unlimited liability, and one or more Limited Partners, who do not participate in the operation of the partnership and whose liability is ordinarily capped at their capital and loan contribution to the partnership. In typical fund structures, the General Partner receives a priority share ahead of distributions to Limited Partners.
    Net Asset Value per Share NAV per Share Net Asset Value per Share is the value of the Company’s net assets attributable to one Ordinary share. It is calculated by dividing ‘shareholders’ funds’ by the total number of ordinary shares in issue. Shareholders’ funds are calculated by deducting current and long-term liabilities, and any provision for liabilities and charges, from the Company’s total assets.
    Net Debt   Net Debt is calculated as the total short-term and long-term debt in a business, less cash and cash equivalents.
    Ongoing charges   Ongoing Charges are calculated in line with guidance issued by the Association of Investment Companies (‘AIC’) and capture management fees and expenses, excluding finance costs, incurred at the Company level only. The calculation does not include the expenses and management fees incurred by any underlying funds.
        31 January 2025 Total per income statement
    £’000    		 Amount excluded from AIC Ongoing Charges
    £’000    		 Included Ongoing Charges
    £000
        Management fees 16,175 — 16,175
        General expenses 1,500 165 1,665
        Finance costs 9,354 (9,354) —
        Total 27,029 (9,189) 17,840
        Total Ongoing Charges 17,840
        Average NAV 1,294,186
        Ongoing Charges as % of NAV 1.38%
               
        31 January 2024 Total per income statement
    £’000    		 Amount excluded from AIC Ongoing Charges
    £’000    		 Included Ongoing Charges
    £000
        Management fees 16,148 — 16,148
        General expenses 1,773 (209) 1,564
        Finance costs 8,152 (8,152) —
        Total 26,073 (8,362) 17,712
        Total Ongoing Charges 17,712
        Average NAV 1,291,759
        Ongoing Charges as % of NAV 1.37%
        Included within General expenses above are £(0.2)m (credit) (2024: £0.2m) of other expenses which are non-recurring and are excluded from the Ongoing Charges.
    Other Net Liabilities   Other Net Liabilities at the aggregated Company level represent net other liabilities per the Company’s balance sheet. Net other liabilities per the balance sheet of the subsidiaries include amounts payable under the Co-investment Incentive Scheme Accrual.
    Overcommitment   Overcommitment refers to where private equity fund investors make Commitments exceeding the amount of liquidity immediately available for investment. When determining the appropriate level of Overcommitment, careful consideration needs to be given to the rate at which Commitments might be drawn down, and the rate at which realisations will generate cash from the existing Portfolio to fund new investment.
    Portfolio   Portfolio represents the aggregate of the investment Portfolios of the Company and of its subsidiary Limited Partnerships. This APM is consistent with the commentary in previous annual and interim reports. The Board and the Manager consider that disclosing our Portfolio assists shareholders in understanding the value and performance of the underlying investments selected by the Manager. It is shown before the Co-investment Incentive Scheme Accrual to avoid being distorted by certain funds and Direct Investments on which ICG Enterprise Trust Plc does not incur these costs (for example, on funds managed by ICG plc). Portfolio is related to the NAV, which is the value attributed to our shareholders, and which also incorporates the Co-investment Incentive Scheme Accrual as well as the value of cash and debt retained on our balance sheet.

    The value of the Portfolio at 31 January 2025 is £1,523.1m (31 January 2024: £1,349.0m).
        31 January 2025 £m IFRS Balance sheet fair value Net assets of subsidiary limited partnerships Co-investment Incentive Scheme Accrual Total Company and subsidiary Limited Partnership
        Investments1 1,469.5 (0.3) 53.9 1,523.1
        Cash 3.9 — — 3.9
        Other Net Liabilities (141.0) 0.3 (53.9) (194.6)
        Net assets 1,332.4 — — 1,332.4
                 
        31 January 2024 £m IFRS Balance sheet fair value Balances receivable from subsidiary Limited Partnerships Co-investment Incentive Scheme Accrual Total Company and subsidiary Limited Partnership
        Investments1 1,296.4 (1.9) 54.4 1,349.0
        Cash 9.7 — — 9.7
        Other Net Liabilities (22.9) 1.9 (54.4) (75.5)
        Net assets 1,283.2 — — 1,283.2
        1Investments as reported on the IFRS balance sheet at fair value comprise the total of assets held by the Company and the net asset value of the Company’s investments in the subsidiary Limited Partnerships.
    Portfolio Return on a Local Currency Basis   Portfolio Return on a Local Currency Basis represents the change in the valuation of the Company’s Portfolio before the impact of currency movements and Co-investment Incentive Scheme Accrual. The Portfolio return of 10.2% is calculated as follows:
          £m 31 January 2025 31 January 2024
        Income, gains and losses on Investments   142.0 125.3
        Foreign exchange gains and losses included in gains and losses on investments   5.4 (38.6)
        Incentive accrual valuation movement   (9.3) (3.7)
        Total gains on Portfolio investments excluding impact of foreign exchange   138.1 83.1
        Opening Portfolio valuation   1,349.0 1,406.4
        Portfolio Return on a Local Currency Basis   10.2% 5.9%
                 
    Term Short form Definition
    Portfolio Company   Portfolio Company refers to an individual company in an investment portfolio.
    Primary   A Primary Investment is a Commitment to a private equity fund.
    Quoted Company   A Quoted Company is any company whose shares are listed or traded on a recognised stock exchange.
    Realisation Proceeds   Realisation Proceeds are amounts received in respect of underlying realisation activity from the Portfolio and exclude any inflows from the sale of fund positions via the secondary market.
    Realisations – Multiple to Cost   Realisations – Multiple to Cost is the average return from Full Exits from the Portfolio in the period on a primary investment basis, weighted by cost.
        £m   31 January 2025 31 January 2024
        Realisation Proceeds from Full Exits in the year-to-date   73.7 100.8
        Cost   35.9 28.8
        Average return Multiple to Cost   2.9x 3.5x
    Realisations – Uplift To Carrying Value   Realisations – Uplift To Carrying Value is the aggregate uplift on Full exits from the Portfolio in the period excluding publicly listed companies that were exited via sell downs of their shares.
        £m   31 January 2025 31 January 2024
        Realisation Proceeds from Full Exits in the year-to-date   73.7 100.8
        Prior Carrying Value (at previous quarterly valuation prior to exit)   62.0 89.2
        Realisations – Uplift To Carrying Value   19.0% 29.5%
    Secondary Investments   Secondary Investments occur when existing private equity fund interests and Commitments are purchased from an investor seeking liquidity.
    Share Price Total Return   Share Price Total Return is the change in the Company’s share price, assuming that dividends are re-invested on the day that they are paid.
    Total New Investment   Total New Investment is the total of direct Co-investment and fund investment Drawdowns in respect of the Portfolio. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements.

    Movements in the cash flow statement within the financial statements reconcile to the movement in the Portfolio as follows:
          £m 31 January 2025 31 January 2024
        Purchase of Portfolio investments per cash flow statement   34.1 25.2
        Purchase of Portfolio investments within subsidiary investments   152.2 111.6
        Return of cost/expenses   (4.9) 0.0
        Total New Investment   181.4 136.7
    Term Short form Definition        
    Total Proceeds   Total Proceeds are amounts received by the Company in respect of the Portfolio, which may be in the form of capital proceeds or income such as interest or dividends. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements.
        £m     31 January 2025 31 January 2024
        Sale of Portfolio investments per cash flow statement     20.0 40.6
        Sale of Portfolio investments, interest received, and dividends received within subsidiary investments     125.8 195.3
        Interest income per cash flow statement     0.5 1.7
        Dividend income per cash flow statement     0.5 0.8
        Other income per cash flow statement     0.1 —
        Return of invested cost     4.0 0.0
        Total Proceeds     150.8 238.6
        Fund Disposals     — (67.6)
        Realisation Proceeds     150.8 171.0
    Total Return   The change in the Company’s Net Asset Value per Share, assuming that dividends are re-invested at the end of the quarter in which the dividend was paid.
    Undrawn Commitments   Undrawn Commitments are Commitments that have not yet been drawn down (please see ‘Drawdowns’).
    Unquoted Company   An Unquoted Company is any company whose shares are not listed or traded on a recognised stock exchange.
    Valuation Date   The date of the valuation report issued by the underlying manager.

    The MIL Network –

  • MIL-OSI: VAALCO Energy, Inc. Declares Second Quarter 2025 Dividend

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) — Vaalco Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2025 ($0.25 annualized), which is payable on June 27, 2025, to stockholders of record at the close of business on May 23, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

    George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are pleased to announce our second quarter 2025 dividend, marking our 14th consecutive quarterly dividend. We have an active investment program underway and we are seeing volatility in commodity prices, but we remain committed to paying a sustainable, meaningful dividend to our shareholders.”

    About Vaalco

    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Cote d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

       
    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer VAALCO@buchanan.uk.com
       

    Forward Looking Statements

    This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and may also include “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to expectations of future dividends to stockholders. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the Floating Production Storage and Offloading vessel servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2024 Annual Report on Form 10-K filed with the SEC on March 17, 2025 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

    Dividends beyond the second quarter of 2025 have not yet been approved or declared by the Board of Directors. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Vaalco’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board of Directors. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on Vaalco’s common stock, the Board of Directors may revise or terminate the payment level at any time without prior notice.

    Inside Information

    This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of Vaalco is Matthew Powers, Corporate Secretary of Vaalco.

    The MIL Network –

  • MIL-OSI: Aegon publishes agenda for 2025 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    The Hague, May 8, 2025 – Aegon has today published the agenda for its Annual General Meeting of Shareholders (AGM), scheduled for Thursday, June 12, 2025. The related meeting materials, including the agenda, are now available on our website.

    At the AGM, the Board of Directors will present the 2024 Annual Accounts and propose a final dividend of EUR 0.19 per common share. This brings the total dividend for 2024 to EUR 0.35 per common share. The agenda further includes several proposals concerning the composition of Aegon Ltd.’s Board of Directors, as announced on March 31, 2025. 

    The AGM will take place in Bermuda, in a hybrid manner. Shareholders can attend in person and virtually. The meeting will provide opportunities to ask questions in person, via live chat or video connection. Those not attending in person or virtually, can vote in advance.

    Aegon’s policy on hybrid shareholder meetings will apply. Full details on how to attend, participate, and vote are available here.

    Contacts


    About Aegon
    Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

    Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.

    Forward-looking statements
    The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

    • Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the United Kingdom and in relation to Aegon’s shareholding in ASR Nederland N.V. and asset management business, the Netherlands;
    • Civil unrest, (geo-) political tensions, military action or other instability in a countries or geographic regions that affect our operations or that affect global markets;
    • Changes in the performance of financial markets, including emerging markets, such as with regard to:         
      • The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
      • The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
      • The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
      • The impact from volatility in credit, equity, and interest rates;
    • Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
    • The effect of tariffs and potential trade wars on trading markets and on economic growth, globally and in the markets where Aegon operates.
    • Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
    • Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
    • The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain and our ability to pay dividends;
    • Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
    • Changes affecting interest rate levels and low or rapidly changing interest rate levels;
    • Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
    • The effects of global inflation, or inflation in the markets where Aegon operates;
    • Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
    • Increasing levels of competition, particularly in the United States, the United Kingdom, emerging markets and in relation to Aegon’s shareholding in ASR Nederland N.V. and asset management business, the Netherlands;
    • Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
    • The frequency and severity of insured loss events;
    • Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
    • Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
    • Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
    • Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
    • Customer responsiveness to both new products and distribution channels;
    • Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
    • As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows;
    • Aegon’s failure to swiftly, effectively, and securely adapt and integrate emerging technologies;
    • The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results from such transactions, and its ability to separate businesses as part of divestitures;
    • Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
    • Changes in the policies of central banks and/or governments;
    • Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
    • Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
    • Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
    • Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
    • Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
    • Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national (such as Bermuda) or US federal or state level financial regulation or the application thereof to Aegon;
    • Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
    • The rapidly changing landscape for ESG responsibilities, leading to potential challenges by private parties and governmental authorities, and/or changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management;
    • Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, or other ESG targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws; and
    • Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future.

    Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2024 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    Attachment

    The MIL Network –

  • MIL-OSI Asia-Pac: Algernon Yau heads to Beijing

    Source: Hong Kong Information Services

    Secretary for Commerce & Economic Development Algernon Yau will depart for a visit to Beijing today in the late afternoon to call on central ministries and meet representatives of Hong Kong enterprises there.

    Mr Yau will then proceed to Qatar on Saturday. Under Secretary for Commerce & Economic Development Bernard Chan will be the Acting Secretary during Mr Yau’s absence.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Flexi-view Lending Closes $14.25 Million Commercial Loan for Acquisition and Construction Project in Fresno, CA

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, May 08, 2025 (GLOBE NEWSWIRE) — Flexi-view Lending is pleased to announce the successful closing of a $14,250,000 commercial loan to support the acquisition and construction of a major development project located in Fresno, California. This latest financing reflects the company’s continued commitment to providing flexible capital solutions for value-add and ground-up development opportunities.

    The 38-month term loan, originated by James McDonough, features a competitive 11.55% interest rate with interest-only payments for the life of the loan. The non-recourse structure and absence of a prepayment penalty provide the borrower with significant flexibility and reduced risk as they bring the project to fruition.

    “This deal exemplifies our ability to execute quickly and creatively for experienced sponsors seeking tailored capital for complex projects,” said James McDonough. “Fresno is experiencing strong demand, and we’re proud to play a role in supporting its growth through smart, strategic financing.”

    With interest only amortization and no prepayment penalty, the loan structure allows the borrower to focus on executing their business plan efficiently without cash flow constraints or exit limitations.

    Flexi-view Lending continues to be a trusted partner for commercial real estate investors and developers, offering speed, certainty, and customizable solutions that align with each project’s unique needs.

    Media Contact:
    James McDonough
    Managing Director
    info@flexi-viewlending.com
    www.flexi-viewlending.com

    The MIL Network –

  • MIL-OSI: Interim Reports Q1 2025 – Nykredit Realkredit Group

    Source: GlobeNewswire (MIL-OSI)

     
    To        Nasdaq Copenhagen A/S
    and the press
    8 May 2025

    Nykredit today announces its Q1 Interim Reports 2025 of:

    Nykredit A/S, CVR no 12 71 92 48
    Nykredit Realkredit A/S, CVR no 12 71 92 80

    Michael Rasmussen, Group Chief Executive, comments on the Q1 Interim Report 2025:

    • Today, we are pleased to present a highly satisfactory interim profit after tax of DKK 3,000 million. At the same time, we are raising our full-year guidance to a profit after tax of DKK 9.25-10.0 billion as a result of growth in all core business areas in the first three months of the year, including rising net interest and fee income. We continue to welcome new customers and have seen an increase in mortgage and bank lending to both personal and business customers. This has resulted in expanded market positions across the board.
    • The upgraded full-year profit guidance is also driven by a positive trend in investment portfolio income despite market turbulence. The strong performance also reflects the financial robustness of our customers, and impairment charges consequently remain low.
    • Totalkredit has concluded an agreement with the 41 Totalkredit partner banks to adjust the partnership agreement. We have future-proofed Totalkredit and our joint competitiveness, ensuring that we, with the KundeKroner discount programme, can continue offering Danish homeowners the best and cheapest home loans in most loan scenarios. Early in the year, we raised the KundeKroner discount to 0.25% from 0.20% for new as well as existing customers, making it cheaper once again for more than 900,000 homeowners to have a Totalkredit loan. We will do our utmost to continue investing in Totalkredit and our other important partnerships, collectively presenting the strongest possible front to customers and competing effectively in financial markets.
    • At the beginning of 2025, we launched a public tender offer to buy Spar Nord Bank. By combining our two banks, we aim to build a strong, customer-owned alternative to the largest listed banks in Denmark. Together, we will be firmly positioned for joint growth, prioritising decentralised decision-making and trusting relationships with our customers. We look forward to demonstrating to even more customers all the advantages of banking with a financial provider owned by its customers. Pending the Danish Competition and Consumer Authority’s approval of the combination, Nykredit and Spar Nord Bank will continue as two competing companies. We expect the acquisition to be completed in the first six months of 2025, after which we can proceed with the integration.
    • While we generally anticipate growth in our core business in 2025, we do not expect financial results to match our performance in 2024 that was our strongest ever. Results for the year are expected to be affected by increased geopolitical and trade policy tensions coupled with higher volatility in the financial markets. This creates uncertainty about the economic development and the potential impact on Nykredit’s operating conditions. We also anticipate falling interest rates, which will lower return on equity.

    Highlights from the Q1 Interim Report 2025:

    • Net interest and fee income increased by DKK 54 million in Q1 2025 compared to Q1 2024.
    • Totalkredit’s mortgage lending increased to DKK 921.8 billion at the end of March 2025 from DKK 879.7 billion at the end of March 2024.
    • Nykredit Bank’s lending after impairments went up to DKK 108.8 billion at the end of March 2025 from DKK 94.5 billion at the end of March 2024.
    • Income from Wealth Management grew to DKK 713 million in Q1 2025 from DKK 668 million in Q1 2024.
    • Nykredit maintained a very strong capital position with a Common Equity Tier 1 (CET1) capital ratio of 20.7%.
    • Nykredit’s cost/income ratio remained relatively low at 30.8% in Q1 2025.
    Nykredit Group Q1 Q1 Change
    DKK million 2025 2024  
    Net interest income 3,039 3,011 28
    Net fee income 754 728 26
    Wealth management income 713 668 45
    Net interest from capitalisation 345 597 -252
    Net income relating to customer benefits programmes (161) (135) -26
    Trading, investment portfolio and other income 744 1,143 -399
    Income 5,434 6,012 -578
    Costs 1,671 1,647 24
    Profit before impairment charges and legacy derivatives 3,763 4,365 -602
    Impairment charges for loans and advances 34 (53) 87
    Legacy derivatives 46 52 -6
    Profit before tax for the period 3,775 4,470 -695
    Tax 775 926 -151
    Profit for the period 3,000 3,544 -544

    Contact: For further comments, please contact Orhan Gökcen, Head of Press Relations, tel +45 31 21 06 39.

    Attachment

    The MIL Network –

  • MIL-OSI: CLIQ Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CLIQ Reports First Quarter 2025 Results

    • Tough market conditions persist: €50m sales (-32%) and €4m EBITDA before special items (-31%)
    • €0.16 EPS resulting from €1m net profit
    • €14m net cash position (cf. €12m at year-end 2024)
    • Expected average lifetime value of a customer (LTV) down 14% year-on-year to €70 (1Q 2024: €81)
    • Number of paying customers declined to 0.8m per 31 March 2025 (31/03/2024: 1.1m)
    • Delisting still under consideration

    DÜSSELDORF, 8 May 2025 – The CLIQ Group publishes today its first quarter 2025 unaudited financial report, which is available on the Group’s website at https://cliqdigital.com/investors/financialreporting.

    Performance

    in millions of € 1Q
    2025    		 1Q
    2024    		 Δ
    North America 37 48 -24%
    Europe 9 18 -50%
    Latin America 4 4 4%
    ROW 1 3 -74%
    Sales 50 73 -32%
    Expected average lifetime value (LTV, in €) 70 81 -14%
    Total customer acquisition costs -15 -29 -49%
    EBITDA before special items 4 5 -31%
    EBITDA margin (before special items) 7% 7%  
    Profit for the period 1 0 n/a
    EPS (basic, in €) 0.16 0.02 n/a
    • Sales: In 1Q 2025, Group sales decreased by 32% against the prior year’s quarter to €50 million (1Q 2024: €73 million) mainly due to challenging market conditions. Year-on-year, sales in the first quarter in North America declined by 24% and in Europe by 50%; conversely, sales in Latin America increased by 4%. Quarter-on-quarter, Group sales increased by 4% as a result of the Group’s transformation programme “Fit For Future”.
    • Total customer acquisition costs: The total customer acquisition costs in 1Q 2025 amounted to €15 million (1Q 2024: €29 million) and were 49% lower against prior year’s first quarter. The lower total customer acquisition costs reflected the Group’s decision to strategically increase its focus on profitability and the subsequent lowering of the target cost per acquisition (CPA).
    • EBITDA: EBITDA before special items in 1Q 2025 decreased by 31% year-on-year to €4 million (1Q 2024: €5 million). However, the corresponding EBITDA margin stabilised at 7% (1Q 2024: 7%) as a result of (1) a reduction in customer acquisition costs paid for acquiring new subscribers and (2) lower operating expenses executed in line with the Group’s focus on profitability. During 1Q 2025, special items came in at €0.5 million and were related also to costs incurred from the “Fit For Future” transformation programme to restructure and optimise the Group’s operational and organisational structures (1Q 2024: €3.5 million).
    • Earnings per share: Basic EPS in 1Q 2025 increased year-on-year to €0.16 (1Q 2024: €0.02) on the back of a profit for the period of €1 million (1Q 2024: €0.1 million).
    • Cash flow & liquidity: As at 31 March 2025, the Group’s net cash position amounted to €14 million (31/12/2024: €12 million). Cash flow from financing activities in the first quarter amounted to €0.4 million and included €22 thousand for the repurchase of 4,625 shares to complete the Group’s share buyback programme. Operating free cash flow improved in 1Q 2025 and totalled €2 million (1Q 2024: -€4 million). The cash inflow from operating activities during 1Q 2025 amounted to €2 million (1Q 2024: -€1 million) and the increase was mainly due to a positive change in working capital in the period, which over-compensated a significantly higher corporate tax payment. The 1Q 2025 cash outflow from investing activities decreased from €2 million in 1Q 2024 to €0.4 million due largely to reduced payments for licensed content as well as for investments in platform and technical developments.

    Operational indicators

    • Lifetime value of a customer: In 1Q 2025, the expected average lifetime value of a customer (LTV) was down 14% year-on-year to €70 (1Q 2024: €81). The year-on-year decrease was due to the persistently higher churn rates resulting from new customer care tools in place at the card scheme companies, which consequently resulted in shorter average customer loyalty durations.
    • Customers: The number of unique paying customers for the Group’s bundled- and single-content streaming services decreased to 0.8 million per 31 March 2025 (31/03/2024: 1.1 million). The decrease resulted from the Group’s stronger focus on profitability than on sales growth. Whereby the CPA was brought more in line with the lower expected average lifetime value (LTV) of the customers, which led to less new customer acquisitions.
    • Lifetime value of Customer Base: As at 31 March 2025, the lifetime value of the customer base (LTVCB) declined by €35 million to €101 million compared to prior year’s first quarter-end (31/03/2024: €136 million). The lower LTVCB was the result of the decrease in the number of customers as well as the lower expected average lifetime value of a customer. The LTVCB represents the expected sales to be generated from paying customers as at reporting date over their estimated individual remaining lifetime.
    • “Fit For Future”: The initiated Group-wide transformation programme (“Fit For Future”) to improve both its cost efficiencies and productivity gains was essentially concluded during the first quarter 2025. However, the Group expects to continue optimising and streamlining its personnel structure and IT landscape in the next quarter(s). The main objective of the programme was to fundamentally transform the Group to become more focused, streamlined, and goal-driven.

    Delisting

    On 6 March 2025, CLIQ announced that it is considering applying for a delisting of its shares from all stock exchanges on which its shares are currently traded mainly due to low investor demand. Should the delisting take place, the rights of CLIQ’s minority shareholders will generally remain unchanged, except that CLIQ will no longer be subject to capital market reporting requirements, and shareholders will lose the ability to sell their shares via the stock exchange.

    The Management Board and Supervisory Board have, however, not yet taken any decision with respect to the delisting.

    Annual General Meeting 2025

    CLIQ’s Annual General Meeting, originally scheduled for 11 April 2025, has been postponed to an as yet undetermined date no later than 31 August 2025.

    Outlook

    In 2025, CLIQ expects to generate an EBITDA of between €10 and 15 million on the back of Group sales expected to range between €180 and 220 million and after €50 to 75 million total customer acquisition costs forecast.

    Management Board statement

    “While market conditions remain challenging, we are pleased to start 2025 with an increased cash position, complemented by some baby steps in our sequential sales development. The transformation of our Group, which is still not yet finished, is now hard-wired in our operational framework and DNA and is foreseen to deliver the first tangible positive signs,” said CEO Luc Voncken.

    Earnings call

    A live audio webcast conducted in English will be held today at 2.00 p.m. CEST with presentations from Luc Voncken, CEO, and Ben Bos, member of the Management Board.

    Questions submitted before 12.00 p.m. CEST via email to investors@cliqdigital.com will be answered after the presentations.

    Please click on the link below to register for this webcast:

    https://cliqdigital.zoom.us/webinar/register/WN_HLObw8qZSw6QvktGjKh7_Q

    ZOOM details will be sent to you via email post registration and a replay of the webcast will be available shortly after the call at: https://cliqdigital.com/investors/financials/financial-reporting.

    Contacts

    Investor Relations:
    Sebastian McCoskrie, s.mccoskrie@cliqdigital.com, +49 151 52043659

    Media Relations:
    Daniela Münster, daniela.muenster@h-advisors.global, +49 174 3358111

    Financial calendar

    Annual General Meeting 2025 To be determined
    Half-year financial report 2025 & earnings call Thursday 7 August 2025
    Financial report 3Q/9M 2025 and earnings call Thursday 6 November 2025

    About CLIQ

    The CLIQ Group is a data-driven online performance marketing company that sells bundled subscription-based digital products to consumers worldwide. The Group licenses content from partners, bundles it to digital products, and sells them via performance marketing. CLIQ is expert in turning consumer interest into sales by monetising online traffic using an omnichannel approach.

    The Group operated in 40 countries and employed 132 staff from 33 different nationalities as at 31 December 2024. The company is headquartered in Düsseldorf and has offices in Amsterdam and Paris. CLIQ Digital is listed in the Scale segment of the Frankfurt Stock Exchange (ISIN: DE000A35JS40, GSIN/WKN: A35JS4) and is a constituent of the MSCI World Micro Cap Index.

    Visit our website https://cliqdigital.com/investors. Here you will find all publications and further information about CLIQ. You can also follow us on LinkedIn.

    The MIL Network –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on May 08, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 8,074
    Amount allotted (in ₹ crore) 8,074
    Cut off Rate (%) 6.01
    Weighted Average Rate (%) 6.01
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/280

    MIL OSI Economics –

  • MIL-Evening Report: In the age of the influencer, does the political backing of News Corp matter anymore?

    Source: The Conversation (Au and NZ) – By Edward Hurcombe, Senior Lecturer in Media and Communication, RMIT University

    This year’s federal election demonstrated that Australia’s media landscape has changed. Big players are no longer “kingmakers” in politics.

    Influencers on TikTok and Instagram have seemingly become journalists. Politicians are going on podcasts, and campaign advertising has become memes.

    Australia’s news media has historically been concentrated in the hands of a few large companies. Now there are fresh new voices.

    But who are these new players? Are they even “journalists”? And to what extent are older media, such as News Corp, still influential?

    Too much attention?

    Labor’s stunning victory on Saturday night defied even the most optimistic predictions. But it was also evidence of the apparently declining influence of the largest commercial media company operating in Australia, News Corp.

    In the recent past, News Corp and its owner Rupert Murdoch were regarded by politicians as a major factor in deciding elections. Getting on Murdoch’s good side was an important goal for budding prime ministers.

    But despite its major papers supporting the Coalition at every state and federal election since 2010, the Labor Party still wins elections.

    In the aftermath of the Coalition’s smashing defeat, commentators were even openly considering whether the Liberal and National parties were providing Murdoch and its Sky News channel with too much attention.

    Analysts have suggested the Coalition’s fixation on “culture wars”, promoted by Sky News television hosts, left them out of touch with the issues ordinary Australians care about. The Coalition’s focus on Welcome to Country ceremonies in the final weeks of the campaign is an example of this tone-deaf misstep.



    Read more:
    In its soul-searching, the Coalition should examine its relationship with the media

    Shifts of influence

    The other major feature of this election was the rise of influencers. This started in December last year, when Peter Dutton appeared on Sam Fricker’s podcast. Fricker is a former diver with 168,000 Instagram followers.

    Anthony Albanese followed suit in early 2025, when he appeared on Abbie Chatfield’s podcast. Chatfield is a politically progressive Instagram star with more than 560,000 followers.

    Influencers weren’t just interviewing politicians, however. They were also reporting the news. In March, a dozen influencers were invited by the Labor Party to participate in the annual budget lock-up.

    The privilege of reading the budget ahead of its official launch is usually reserved for journalists, but financial and feminist influencers, among others, were also included.

    Some news outlets raised eyebrows at this development, while others expressed concern at reports the Labor Party had funded the travel costs for these influencers.

    But what was clear was the government felt it could no longer rely on traditional media to get the message out. Instead, it recognised that influencers are now a major source of news for many people – especially young people.



    Read more:
    Social media is the new election battleground. Is embracing influencers smart, risky or both?

    How do we make sense of this?

    Does this mean influencers have replaced journalists? Well, it’s more complicated than that.

    Research from the University of Canberra has shown young audiences receive most of their news from social media, and video content is increasingly popular for this demographic. The video platform YouTube has also become a powerhouse for political content, and upstart digital outlets such as The Daily Aus on Instagram have cemented themselves as legitimate news sources.

    But we shouldn’t ignore traditional media. The ABC, along with SBS, is still the most trusted news source in Australia. The ABC’s recent election night coverage broke viewership records.

    Established media has also been experimenting in digital news. This includes Guardian Australia’s influencer-style TikTok content, and the “Politics Explained” videos produced by the ABC’s multiplatform journalism team.

    These developments in Australia reflect what’s been happening in the United States, where legacy outlets such as the LA Times and the Washington Post have become adept at creating fun, accessible and informative news content for digital audiences.

    The recent focus on influencers also neglects how Australian news has been facing digital disruption for decades. In the 2010s, BuzzFeed Australia was also producing accessible and millennial-friendly news, and faced similar controversy when its journalists joined the Canberra Press Gallery.

    Still, influencers present both opportunities and challenges for news. On the one hand, they can reach audiences who would otherwise be avoiding news. They can provide fresh new perspectives on issues, especially on topics relevant to young people, such as housing.

    However, their ambivalent status also can present ethical concerns. Not being bound by newsroom codes of conduct can be freeing, but it can result in the transparency issues we saw in the budget lock-up.

    Influencers’ emphasis on “authenticity” can also lead to partisan news coverage. Some influencers who call themselves “citizen journalists” have even been accused of spreading misinformation.

    Australia’s news landscape is much more diverse than it used to be. But it’s also more complex than simply a story of old versus new media.

    Edward Hurcombe receives funding from the Australian Research Council.

    – ref. In the age of the influencer, does the political backing of News Corp matter anymore? – https://theconversation.com/in-the-age-of-the-influencer-does-the-political-backing-of-news-corp-matter-anymore-255876

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: How to Borrow Money From Cash App in 2025: Payday Ventures

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, May 08, 2025 (GLOBE NEWSWIRE) — Payday Ventures proudly announces the launch of Viva Payday Loans, its latest in-house loan matching platform designed specifically for users who are unable to access Cash App’s limited borrowing feature. While Cash App restricts loan eligibility to select users, Viva Payday Loans owned and operated by Payday Ventures, offers a smarter alternative. The platform connects borrowers with a network of trusted US direct lenders, allowing them to access between $100 and $5,000 in emergency funds with no credit checks, minimal paperwork, and fast same-day approvals.

    Steps to Borrow Money from Cash App: Best Alternative

    Cash App limits borrowing to a small group of users, offering only $20 to $200 based on usage history. If that’s not enough or you’re not eligible, Viva Payday Loans is a smarter alternative for quick access to larger funds.

    • Select Your Loan Amount: Cash App caps at $200. Viva Payday Loans offers between $100 and $5,000 based on your needs.
    • Simple Online Process: No app restrictions. Just fill out a short online form — no paperwork, no waiting.
    • Fast Cash Transfers: Viva Payday Loans ensures approved funds are sent the same day or by the next business day.
    • Flexible Payback Options: While Cash App expects fast repayment, Viva lenders offer a variety of terms to fit your situation.

    Borrow Money Quickly Online Today With Any Credit Type >

    About Viva Payday Loans

    Viva Payday Loans is a trusted online loan platform that connects you with reliable lenders offering fast and flexible loan options. If you need more than what Cash App provides, Viva Payday Loans can help you borrow anywhere from $200 up to $5,000—even with bad credit. The application process is quick, fully online, and often delivers same-day payouts with no lengthy paperwork or hidden fees.

    What is Cash App?

    Cash App is a popular peer-to-peer payment app that lets users send, receive, and manage money directly from their phones. It also offers features like direct deposit, a Cash Card, and limited borrowing for eligible users.

    Borrow Money From Cash App for Bad Credit

    Trying to borrow money from Cash App with bad credit can be difficult. The app favors users with strong deposit history and consistent activity, making it hard for low-credit borrowers to qualify. If you can’t access the option to borrow money from Cash App, lenders like Viva Payday Loans are a better fit offering fast approvals without strict credit checks.

    Borrow Money from Cash App with No Credit Check

    Cash App doesn’t perform credit checks to approve borrowing. If you’re looking to borrow money from Cash App with no credit check and don’t see the option, it’s likely due to account activity, not your credit score.

    Contact:

    Mukesh Bhardwaj
    mukesh@paydayventures.com

    Disclaimer: This content provides general information about Payday Ventures loan services. Loan approval is not guaranteed, and terms may vary by lender. Available to U.S. residents only.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fc758fb9-33bb-48c2-aa94-428e8f979dda

    The MIL Network –

  • MIL-OSI: TGS VESTING UNDER THE 2022 LONG-TERM INCENTIVE PLAN

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway (08 May 2025) – TGS granted the third tranche of Performance Stock Units (PSUs) under the Magseis 2022 Long-term Incentive Plan previously adopted and authorized by the Board of Directors of TGS ASA in 2023. 

    In accordance with the terms of this Plan, the third tranche of PSUs vested on 1 April 2025, resulting in a total of 51 PSU holders having the right to request the issuance of TGS shares.  The company previously determined that the final payout on the PSUs is 58.3% based on achievement of performance metrics set forth in the plan, resulting in a total of 15,721 shares issuable to 51 holders of the vested PSUs.

    Participants had the right to request TGS sell a portion of their vested shares to cover tax withholding obligations and other necessary deductions that arise in connection with the vest.

    Of the 3,605 PSUs vested for Primary Insider Carel Hooijkaas, EVP Operations, he received 2,470 shares in TGS today.  The remaining shares were used to cover withholding obligations and other necessary deductions that arise in connection with the vest.  After this he owns a total of 53,164 shares in TGS.

    The shares have been taken out of TGS’ holding of treasury shares.  After the transaction TGS holds 153,517 own shares.

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com.

    Forward Looking Statement
    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    For more information, visit TGS.com or contact:

    Bård Stenberg
    VP IR & Communication
    investor@tgs.com

    Attachment

    The MIL Network –

  • MIL-OSI Banking: ASEAN and Canada reaffirm commitment to advancing Strategic Partnership

    Source: ASEAN – Association of SouthEast Asian Nations

    The 22nd ASEAN-Canada Dialogue, convened today in Vientiane, discussed progress of ASEAN-Canada relations, including the implementation of Plan of Action to Implement the Joint Declaration on ASEAN-Canada Enhanced Partnership (2021-2025), as well as possible areas of future cooperation to further advance ASEAN-Canada Strategic Partnership.
     
    Deputy Minister of Foreign Affairs of Lao PDR and SOM Leader of Lao PDR, Thongphane Savanphet, and Assistant Deputy Minister for the Indo-Pacific of Global Affairs Canada and SOM Leader of Canada, Weldon Epp, co-chaired the Meeting. Senior officials of ASEAN Member States or their representatives and the Deputy Secretary-General for ASEAN Political-Security Community were also in attendance. Timor-Leste attended the meeting as Observer.

    Photo credit: ASEAN Secretariat
    The post ASEAN and Canada reaffirm commitment to advancing Strategic Partnership appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Secretary-General of ASEAN to conduct a Working Visit to New Zealand

    Source: ASEAN – Association of SouthEast Asian Nations

    At the invitation of the Government of New Zealand, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the ASEAN Secretariat delegation for a Working Visit to New Zealand, on 12 to 14 May 2025, covering Auckland and Wellington. Throughout the entire programme of the visit, SG Dr. Kao is scheduled to meet with key stakeholders, including The Right Honourable Christopher Luxon, Prime Minister of New Zealand, as well as with Ministers of the New Zealand Government, parliamentarians, business community and private sectors, academia, youth and students. During his stay in Auckland, SG Dr. Kao will take the opportunity to give a lecture to a group of students and faculty members at the University of Auckland to convey ASEAN’s narratives as well as to promote ASEAN’s diplomacy and visibility. In addition, SG Dr. Kao will also engage with the ASEAN Committee in Wellington. The Working Visit is an undertaking aimed to further strengthening the ASEAN-New Zealand enduring partnership and cooperation, particularly as ASEAN and New Zealand would commemorate the 50th Anniversary of their Dialogue Relations this year.
    The post Secretary-General of ASEAN to conduct a Working Visit to New Zealand appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI USA: Crapo, Tuberville Introduce Legislation to Level Playing Field for Sporting Equipment Businesses

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senators Mike Crapo (R-Idaho) and Tommy Tuberville (R-Alabama) introduced the Sporting Goods Excise Tax Modernization Act to close a tax loophole that has resulted in lost revenue for state-led wildlife conservation efforts.  Foreign sellers should be held to the same tax regulations as domestic manufacturers, and this bill will ensure that happens.

    “Federal excise taxes on certain recreational outdoor sporting equipment provide funding for conservation programs,” said Crapo.  “This bill closes loopholes on imported fishing and archery equipment that deprive fish and wildlife conservation programs of additional critical funds.  This move will help level the playing field for Idaho and American companies and strengthen existing conservation programs.”

    “Alabama is proud to be home to hundreds of small businesses who make sporting equipment that outdoorsmen and conservationists rely on.  The last thing these business owners need is to be punished for producing goods right here in the U.S.A.” said Tuberville.  “Under President Trump, we are laser-focused on doing everything we can to encourage domestic production.  I’m proud to introduce this legislation with Senator Crapo which closes a loophole allowing foreign sellers to exploit our domestic retailers and rob money from our state conservation programs.”

    Numerous conservation and sporting groups, including the Archery Trade Association, Association of Fish and Wildlife Agencies, American Sportfishing Association and The Conservation Fund have endorsed the legislation. 

    “We thank Senators Tuberville and Crapo for their leadership in helping to make the Sport Fish Restoration and Wildlife Restoration funds whole,” said Jim Fredericks, Director of the Idaho Department of Fish and Game.  “State fisheries programs count on these funds to maintain the good quality fishing opportunities that keep our anglers coming back for more.”

    “The archery industry applauds Senators Crapo and Tuberville for their exceptionally strong leadership and introduction of this high priority legislation,” said Dan Forster, Vice President & Chief Conservation Officer, Archery Trade Association.  “Holding foreign companies accountable for paying the federal excise tax is not only about protecting American businesses but it will help ensure that our conservation funding and outdoor heritage are protected for future generations.”

    “The Sporting Goods Excise Tax Modernization Act will ensure the future viability of the Sport Fish Restoration Fund by closing a loophole and securing millions of dollars in lost excise tax revenue to improve recreational fishing,” said Glenn Hughes, President and CEO of American Sportfishing Association.  “Since 1950, excise taxes on fishing equipment have provided $12 billion for conservation efforts and improved access for anglers across the country–a unique user-pay, public-benefit system that has become a cornerstone of the American conservation model.  We applaud Senators Tuberville and Crapo for introducing this legislation and for their commitment to the sportfishing industry, which contributes $230 billion to the U.S. economy each year.”

    Complete text of the bill can be found here.  U.S. Representatives Blake Moore (R-UT-01) and Jimmy Panetta (D-CA-19) introduced companion legislation in the U.S. House of Representatives earlier this year.

    BACKGROUND:

    For decades, the Pittman-Robertson Wildlife Restoration Act and the Dingell-Johnson Sport Fish Restoration Act have provided states and territories with essential funding for wildlife restoration, conservation, hunter education programs and boating access programs.  These programs, funded through excise taxes on sportfishing and archery equipment, have contributed more than $1.3 billion in FY2025 to support conservation efforts across the country.

    However, a loophole in current tax policy allows some online purchases of imported sporting goods to bypass these excise taxes when purchased directly from foreign sellers, leading to a shortfall of tens of millions of dollars from going to conservation funds.  Many consumers are unaware that they may be responsible for these taxes, and even those who are aware often struggle to navigate IRS guidelines on calculating and paying them.  A recent Government Accountability Office (GAO) report recommended that Congress address this issue by ensuring that U.S. online marketplaces, rather than consumers, are responsible for collecting and remitting these excise taxes.

    The Sporting Goods Excise Tax Modernization Act would:

    • Require U.S. online marketplaces to collect and remit federal excise taxes on imported archery and fishing equipment, treating them as the importer of record.
    • Ensure that funding for state-led wildlife conservation efforts is not lost due to tax loopholes.
    • Maintain fairness for domestic retailers who already pay these taxes on sporting goods they sell.
    • Simplify the tax process for consumers, eliminate confusion and ensure that conservation programs receive the full funding they deserve.

    MIL OSI USA News –

  • MIL-Evening Report: ‘Everyone lives in fear’: trapped between two warring nuclear giants, the people of Kashmir continue to suffer

    Source: The Conversation (Au and NZ) – By Leoni Connah, Lecturer in International Relations, Flinders University

    Tensions between India and Pakistan escalated this week after India launched missile strikes on its long-time rival, killing more than 30 people.

    India was retaliating for a terror attack on tourists in Indian-controlled Kashmir on April 22, which killed 26 civilians, most of them Indian. New Delhi has blamed a Pakistan-based militant group for the incident.

    Pakistan has vowed revenge for the airstrikes, calling them an “act of war”.

    If a full-scale war does break out between the two nuclear powers, it wouldn’t be the first time they have fought over the disputed region of Kashmir. In fact, the two sides have been in conflict over Kashmir since 1947.

    The people of Kashmir, meanwhile, are stuck in the middle of this geopolitical rivalry, trapped in a security state with little hope for the future.

    Life before the April 22 terror attack

    Before the attack on the tourists last month, Indian Prime Minister Narendra Modi’s government had made repeated claims that “normalcy” was returning to the region.

    However, Kashmir remains one of the most heavily militarised zones in the world and the people have long suffered human rights abuses the Indian government has justified on the grounds of counter-terrorism.

    In 2019, the Modi government revoked Article 370 of the Indian constitution, which had granted a special status to the state of Jammu and Kashmir, along with a high degree of autonomy.

    The revocation of this article brought Jammu and Kashmir, now a “union territory”, under the full control of the Modi government in New Delhi.

    This decision was made on behalf of Kashmiris, not in consultation with them. Speaking with Kashmiris in 2020 as part of my ongoing research on the region, there was a huge sense of betrayal at the move.

    One of my interview subjects claimed Indian security forces were “instilling fear and psychological warfare” in Kashmir. Another said “it’s no exaggeration to say after every three kilometres, there’s a checkpoint” manned by Indian security forces. The situation worsened during the COVID pandemic, with increased lockdowns and curfews.

    Some hope did return last September when Kashmiris were able to vote in regional assembly elections for the first time in a decade.

    The election meant the new local assembly would have the power to make and amend laws, debate local issues and approve decisions for the territory, particularly in education and culture.

    However, this doesn’t mean “normalcy” had returned, nor was Kashmir peaceful and tranquil.

    In February of this year, there were reports that Indian security forces had conducted operations against suspected militants, resulting in a lockdown and 500 people being detained.

    A young Kashmiri man died by suicide after allegedly being tortured by police in February. The next day, another man was shot dead by the army.

    These are just two incidents that are part of a wider cycle of violence that has become a part of everyday life in Kashmir.

    Life after April 22

    After the April 22 tourist attack, the central government has doubled down on its heavy-handed approach to Kashmir under the guise of counter-terrorism.

    Kashmiris have been subjected to an increased security presence, new lockdowns, “cordon and search operations”, social media surveillance, house demolitions and other draconian measures.

    Police say some 1,900 Kashmiris have been detained and questioned since the attack. This number will no doubt continue to rise.

    It is no wonder Kashmiris were saying “everyone lives in fear”, even before India launched missile strikes on its neighbour.

    Possible retaliation from Pakistan – or a wider war – now looms, with Kashmiris again on the front lines.

    Calls for India to follow Israel’s lead

    There is a very big concern that right-wing Indian media outlets and social media posts are now encouraging the Indian government to respond to the terror attack in the same way Israel has retaliated against Hamas in Gaza.

    Some commentators are portraying the April 22 attack as India’s version of the October 7 Hamas attack on southern Israel, which could become a dangerous precedent for what the future holds for Kashmir.

    Israel also recently announced its support for India’s right to “self-defence”.

    In addition, the rise in right-wing rhetoric increases the likelihood of Islamophobic attacks taking place against Kashmiris, as well as Muslims in India more broadly.

    Pathways to peace?

    Each war fought between India and Pakistan over Kashmir has ended with negotiations and treaties.

    Bilateral relations have been attempted numerous times over the years and would be a preferable option to increased escalation in the current conflict.

    Ultimately, it is the Kashmiris who suffer the most whenever tensions boil over between the two nuclear powers. As one young man recently said:

    My parents don’t allow me to step outside. Every time I get a call, I feel a wave of anxiety, fearing it might be the police.

    Kashmir might be a wonderland, a mini-Switzerland or a paradise for others, but for us, it is an open prison. Everyone lives in fear. What future do we have?

    Leoni Connah does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. ‘Everyone lives in fear’: trapped between two warring nuclear giants, the people of Kashmir continue to suffer – https://theconversation.com/everyone-lives-in-fear-trapped-between-two-warring-nuclear-giants-the-people-of-kashmir-continue-to-suffer-256085

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Greens’ election hubris – how the minor party lost its way and now its leader

    Source: The Conversation (Au and NZ) – By Josh Holloway, Lecturer in Government in the College of Business, Government and Law, Flinders University

    The Greens’ federal election result has been widely condemned as a “disaster”.

    The party has been all but wiped out in the House of Representatives. It has lost three of its four members, including leader Adam Bandt, who has just conceded his once safe seat of Melbourne. This leaves the Brisbane electorate of Ryan as the Greens’ only remaining seat in the lower house.

    Yet the tired explanations being rolled out – the party is too extreme, too obstructionist, too distant from a mythical single-issue environmentalist past – misidentify the party’s dilemmas.

    And they overlook the fact the Greens’ influence will be greater in the new parliament, at least in the Senate.

    Under-delivering

    The Greens share the blame for the tone of these election post-mortems.

    This is a party of campaign hubris, consistently over-promising and under-delivering.

    Bob Brown’s “green government” is yet to emerge. Christine Milne’s aspirations of gains in the bush barely materialised. And the “small-l liberals” chased by Richard Di Natale now prop up independents.

    Bandt’s list of new target seats appears to have stretched resources too thin and underscored the challenges of taking a Senate party into the House.

    The campaign narrative of “keeping Dutton out and getting Labor to act” may have suited a time when either a Labor or Coalition minority government was a possibility. But it did little to distinguish the Greens as Labor gained momentum.

    Many voters may have thought kicking Peter Dutton out was best done by voting for Labor, backed up by supporting the Greens in the Senate to encourage more ambitious Labor action.

    National vote holds up

    And yet – is the election result all that bad?

    Despite a small negative swing, the Greens’ nationwide primary vote was still above 12%. This election sits alongside 2010 and 2022 as among the party’s largest ever share of votes.

    Support ticked up in seats as divergent as Lalor, Fraser, Macarthur, Barton, Newcastle, Page, Spence, and Swan. Even in divisions lost to Labor, such as Griffith and Brisbane, voters did not abandon the party in large numbers.


    aec.gov.au, CC BY

    The Greens will also maintain their Senate numbers. This gives them sole balance of power, making them pivotal to Labor’s legislative success.

    Clearly, if the Greens are too “extreme”, it’s an extremism shared by a significant and relatively stable share of Australians.

    Lower house obstacles

    So, what explains this mix of loss and achievement?

    The Greens routinely highlight the barriers of the lower house electoral system. They have a point. Single member districts tend not to produce a chamber that reflects primary vote share.

    Preferential voting can be a boon to minor parties. But it also makes the outcomes of tight, multiparty electoral contests – the kind the Greens relied on to win in 2022 – susceptible to even slight shifts in voters’ preferences.

    Given the Nationals and a slew of independents held their seats, this may read like a cop out.

    But unlike the Nationals, the Greens lack a clear geographic cleavage that corrals large numbers of electors their way. And contrary to vaguely centrist independents, the Greens occupy ideological space where most voters don’t reside – even if many of the Greens’ “social democratic” policy positions have broad support when considered individually.

    This is hardly new. The party is no more stridently left-wing than in 2022. But even in the country’s most progressive seats, there is always a conservative rump. If the Liberal Party is knocked out of a race, most of their preferences will flow to Labor, which can be decisive.

    Senate obstruction

    Much has been made of the Greens’ legislative obstruction in the Senate. Delaying Labor’s housing agenda is one such example.

    Dabbling in opposition before ultimately capitulating for minor concessions may have dampened Greens support.

    The Greens reaped neither the benefits of opposition nor those of compromise, but instead the costs of both. It’s hard to see crucial segments of voters in lower house seats not being repulsed by this, even as the party finds sufficient support to meet Senate quotas.

    Way forward

    The future requires serious internal reflection on who the party appeals to, and how.

    A new parliamentary strategy is needed to leverage Senate balance of power for progressive outcomes and electoral growth. Greens also need to navigate a relationship with the government that is seemingly hostile to the very existence of the party (has anyone mentioned the Carbon Pollution Reduction Scheme yet?).

    With the loss of Bandt from parliament, the party’s leadership – spilled following an election, regardless of outcome – is now wide open.

    Who will lead the Greens now?

    Bandt’s replacement will need to balance electoral appeal with an ability to contain internal ructions that have diminished, not disappeared.

    Senator Larissa Waters ought to be a frontrunner. She has held leadership positions for 10 years and is popular, both electorally and internally. Crucially, she represents Queensland, a state where the Greens need to regain votes.

    Another option is Senator Nick McKim, who would return the party’s centre of gravity to Tasmania, and offer previous state party leadership experience.

    Another candidate could be Senator Sarah Hanson-Young, who has long held leadership aspirations.

    In a party where members are stridently advocating for greater say in leadership selection, the process could open up and be unpredictable.

    All is not lost

    The Greens do best when voters turn away from Labor.

    As the government advances an unambitious agenda of, at best, “thin labourism”, the number of disappointed and disaffected voters will grow.

    Even a modest swing against Labor at the next election puts several House seats back in play, alongside the Greens’ ongoing presence in the Senate.

    Josh Holloway does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Greens’ election hubris – how the minor party lost its way and now its leader – https://theconversation.com/greens-election-hubris-how-the-minor-party-lost-its-way-and-now-its-leader-255954

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Arrests made in closed facilities case

    Source: Hong Kong Information Services

    Customs today arrested a director and a company secretary over alleged wrongful acceptance of payments, in contravention of the Trade Descriptions Ordinance (TDO).

    The arrests were made after Customs received reports that private healthcare facilities operated by the company concerned had closed and subsequently failed to provide customers with services that had already been paid for.

    Investigations revealed that before their suspected closure the facilities were still accepting payments for prepaid services.

    Under the TDO, it is considered an offence if at the time of accepting payment a trader intends not to supply a product or intends to supply a materially different product, or if there is no reasonable ground for believing that the trader will be able to supply the product within a specified or reasonable period.

    The arrests made were of a 61-year-old male director and a 31-year-old female company secretary.

    As of 5pm on Wednesday, Customs and Police had received 1,686 reports in relation to the matter. They will continue to investigate and will take appropriate enforcement actions.

    Meanwhile, the Consumer Council had received 844 complaints and said it will handle these in accordance with procedures.

    On May 3, the Department of Health set up a dedicated telephone hotline, email address and WhatsApp number to handle public enquiries, free of charge. As of Wednesday, 112 enquiries had been received, including 50 concerning vaccines for children and 56 relating to vaccines for patients in other age groups.

    The Government announced on May 2 that an inter-departmental team had been set up to look into the suspected closure of certain private healthcare facilities.

    MIL OSI Asia Pacific News –

  • MIL-OSI: NOTICE OF CALLING THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS

    Source: GlobeNewswire (MIL-OSI)

    Dear Shareholder of Aktsiaselts Infortar!

    The Management Board of Aktsiaselts Infortar (registry code 10139414, seat and address Liivalaia 9, 10118 Tallinn) hereby calls the Annual General Meeting of Shareholders (hereinafter the General Meeting) to be held on 4 June 2025 at 11:00 (Estonian time) at the conference centre of Tallink SPA & Conference Hotel at Sadama 11a, Tallinn.

    The registration of Shareholders begins at 10:00.

    The list of Shareholders entitled to participate in the General Meeting shall be determined as at seven calendar days before the general meeting is held, i.e. on 28 May 2025, at the end of the business day of the settlement system of the registrar of the Estonian register of securities (Nasdaq CSD) (date of fixation of the list).

    In addition to participation at the General Meeting, the Shareholders shall have the possibility to vote by e mail before the General Meeting. 

    By its resolution of 6 May 2025, the Supervisory Board of Aktsiaselts Infortar has determined the following agenda for the General Meeting of Aktsiaselts Infortar. The proposals of the Management Board and Supervisory Board regarding the agenda items are presented as a draft resolution with each agenda item and the Supervisory Board has made the proposal to vote in favour of all the resolutions presented with each agenda item:

    1.    Approval of the 2024 Annual Report
    Approve the 2024 Annual Report of Aktsiaselts Infortar submitted by the Management Board

    2.    Deciding on the distribution of profit
    Approve the following proposal for the distribution of profit submitted by the Management Board of Aktsiaselts Infortar:
    2.1. Approve the net profit for 2024 in the amount 193,670 thousand euros;
    2.2. Pay the Shareholders dividend 3 euros per share. Dividend shall be paid in two parts as follows:
    2.2.1. 1.5 euros per share shall be paid to the Shareholders who have been entered in the list of Shareholders on 4 July 2025 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 3 July 2025. Dividend shall be paid to the Shareholders on 15 July 2025 by transfer to the bank account of the Shareholder;
    2.2.2. 1.5 euros per share shall be paid to the Shareholders who have been entered in the list of Shareholders on 4 December 2025 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 3 December 2025. Dividend shall be paid to the Shareholders on 15 December 2025 by transfer to the bank account of the Shareholder.

    3.    Appointment of an auditor for the 2025 financial year and determination of the procedure of remuneration of an auditor
    Appoint the company of auditors KPMG Baltics OÜ to conduct the audit of Aktsiaselts Infortar in the financial year 2025 and to remunerate the work according to the audit contract to be concluded with the auditor.

    4.    Deciding on conduction of the Option Plan
    Terminate the share option plan of Aktsiaselts Infortar approved by resolution no. 6 of the Annual General Meeting of the Shareholders held on 15 June 2021 and the conclusion of option agreements under this plan prematurely as of 30 June 2025. To approve the implementation of a new share option plan of Aktsiaselts Infortar and to grant the Supervisory Board the right to establish the new share option plan under the following principles (“Option Plan”):
    4.1. The purpose of the Option Plan is to motivate the management and employees of Aktsiaselts Infortar by involving them as Shareholders, thereby enabling them to benefit from the increase in the value of the shares as a result of their work. The Option Plan applies to Aktsiaselts Infortar and its group entities in Estonia, Latvia, Lithuania, Finland, and Poland. The Supervisory Board of Aktsiaselts Infortar may decide to extend the Option Plan to group entities in other countries.
    4.2. The term of the Option Plan is four (4) years, and options (“Options”) may be granted and option agreements concluded under the Option Plan from 1 July 2025 until 1 July 2029. Should an Entitled Person (as defined below) fail to conclude an option agreement within the aforementioned period, they shall lose the right to acquire the Options made available to them.
    4.3. Under the Option Plan, Aktsiaselts Infortar shall have the right to issue up to 400,000 Options for the acquisition of 400,000 shares, representing up to 1,89% of the share capital of Aktsiaselts Infortar.
    4.4. Entitled Persons under the Option Plan (“Entitled Persons”) shall be:
    (a) Members of the Supervisory Board of Aktsiaselts Infortar, whereby the granting of Options and the number of Options to be granted to specific members of the Supervisory Board shall be determined annually by the General Meeting by a separate resolution, provided that no Supervisory Board member shall acquire more than 4000 Options per year during the term of the Option Plan;
    (b) Members of the Management Board of Aktsiaselts Infortar appointed by the Supervisory Board, whereby the number of Options to be granted to each Management Board member shall be determined annually by the Supervisory Board by a separate resolution, provided that no Management Board member shall acquire more than 4000 Options per year during the term of the Option Plan;
    (c) Employees of Aktsiaselts Infortar and members of management bodies and employees of group companies, as designated by the Supervisory Board, or by the Management Board if so delegated by the Supervisory Board, whereby the number of Options to be granted to each such person shall be determined annually by the Supervisory Board or the Management Board (in case of delegation) by a separate resolution, provided that no such Entitled Person shall acquire more than 4000 Options per year during the term of the Option Plan.
    4.5. Generally, Options issued under the Option Plan cannot be exercised, and the underlying shares cannot be acquired, before the 3-year vesting period has passed from the grant of the Option. A prerequisite for exercising the Option is that the Entitled Person remains a member of a management body or an employee of Aktsiaselts Infortar or any of its subsidiaries at the time of exercising the Option.
    4.6. Each Option granted under the Option Plan entitles the Entitled Person to acquire one (1) share of Aktsiaselts Infortar upon fulfilment of the preconditions for exercising the Option. In the event of a change in the nominal value of shares, the number of shares granted under each Option shall be adjusted accordingly. The price payable for the shares upon exercising the Options shall be determined annually by decision of the Supervisory Board before the issuance of Options and the conclusion of option agreements for the respective year, provided that the price of the share option must be at least 26 euros per share and represent at least 50% of the weighted average stock exchange price of the  share option over the six-month period preceding 1 June of the calendar year in which the option agreement is concluded. In the case of Options being granted to members of the Supervisory Board, the price per share shall be determined by the General Meeting based on the same principles.
    4.7. The implementation and administration of the Option Plan shall be managed by the Supervisory Board of Aktsiaselts Infortar which shall establish the terms and conditions of the Option Plan by its resolution, following the principles approved by this resolution. The Supervisory Board may delegate decision-making and actions related to the implementation of the Option Plan to the Management Board of Aktsiaselts Infortar. 
    4.8. For the fulfilment of the Option Plan and the acquisition of shares to be transferred to Entitled Persons upon exercise of Options:
    (a) New shares may be issued under the authorisation granted to the Supervisory Board by resolution no. 5 of the Annual General Meeting of the Shareholders, which shall be issued to the Entitled Persons; or
    (b) Own shares held by Aktsiaselts Infortar may be used, including own shares acquired by Aktsiaselts Infortar under the authorisation granted by resolution no. 6 of the Annual General Meeting of the Shareholders.

    5.    Amendment of the Articles of Association and exclusion of the pre-emptive subscription right of the Shareholders
    Decide to grant the Supervisory Board the right to increase the share capital for the purpose of issuing new shares necessary to fulfil the conditions of the Option Plan approved by resolution no. 4 of the Annual General Meeting of the Shareholders and to amend the Articles of Association accordingly and to exclude the pre-emptive subscription right of Shareholders upon each increase of the share capital if the Supervisory Board increases the share capital of Aktsiaselts Infortar under the authorisation given by the Articles of Association for the implementation of the Option Plan:
    5.1. Amend clause 2.1.2 of the Articles of Association with the following wording:
    „The supervisory board of the company has the right, within three (3) years from 1 July 2025, to increase the share capital through contributions by up to 500,000 euros in accordance with the procedure set out by law.“
    5.2. Shareholders shall exclude their pre-emptive subscription right in respect of shares issued by the Supervisory Board pursuant to the authorisation granted in clause 5.1 of this resolution, in accordance with § 345 (1) of the Commercial Code, and the right to subscribe for shares shall be granted to the Entitled Persons to the share option under the Option Plan approved by resolution no. 4 of the Annual General Meeting of the Shareholders for the purpose of ensuring the implementation of the Option Plan.

    6.    Deciding on the acquisition of own shares
    Grant Aktsiaselts Infortar the right to acquire its own shares under the following conditions:
    6.1. Aktsiaselts Infortar shall have the right to acquire its own shares within five (5) years from the adoption of this resolution under a buy-back programme as defined in Regulation (EU) No 596/2014 (Market Abuse Regulation) and Commission Delegated Regulation (EU) No 2016/1052, by purchasing the shares through Nasdaq Tallinn Stock Exchange. The acquired shares may be used for fulfilling obligations arising from the Option Plan approved by resolution no. 4 of the Annual General Meeting of the Shareholders;
    6.2. The maximum number of shares to be repurchased shall be 250,000 shares, the total nominal value of which corresponds to 1,18% of the share capital of Aktsiaselts Infortar;
    6.3. The minimum price per share to be paid by Aktsiaselts Infortar shall be no less than 0 euros and the maximum price shall not exceed the average stock exchange price of the share of Aktsiaselts Infortar of the last 30 trading days preceding the relevant buy-back transaction by more than fifty percent (50%); and
    6.4. The acquisition of own shares by Aktsiaselts Infortar must not cause the net assets to become less than the total of share capital and reserves which pursuant to law or the Articles of Association shall not be paid out to shareholders.
    6.5. To authorise the Management Board to decide and execute share buy-backs in accordance with this resolution and applicable laws, to determine the buy-back price, procedure and other conditions, and to carry out all necessary actions.

    Review of the documents of the General Meeting
    The documents related to the Annual General Meeting of Aktsiaselts Infortar, the documents to be presented to the General Meeting, including the drafts of the resolutions, Annual Report of the financial year 2024 of Aktsiaselts Infortar, the sworn auditor’s report, the proposal for the distribution of profit, the Supervisory Board’s report on the 2024 Annual Report and the substantiations presented by the Shareholders regarding items on the agenda (if any are received) may be examined on the website of Aktsiaselts Infortar at the address www.infortar.ee/investorile and as annexed to the stock notice on the website of the Tallinn Stock Exchange at the address www.nasdaqbaltic.com until the date of holding the General Meeting (included).  

    Shareholders may send any questions regarding the items on the agenda to the e-mail address investor@infortar.ee.

    Rights of the Shareholders regarding the agenda of the General Meeting
    A Shareholder has the right to receive information from the Management Board on the activities of Aktsiaselts Infortar at the General Meeting of Aktsiaselts Infortar. The Management Board may refuse to give information or to present documents if there is a basis to presume that this may cause significant damage to the interests of the public limited company. In the event the Management Board refuses to give information, a Shareholder may demand the General Meeting to decide on the legality of his or her request or file, within two weeks after the General Meeting, a petition to a court by way of proceedings on petition in order to obligate the Management Board to give information.

    The Shareholders whose shares represent at least 1/20 of the share capital may demand the inclusion of additional issues on the agenda of the Annual General Meeting if the respective demand has been submitted no later than 15 days before the General Meeting is held. The Shareholders whose shares represent at least 1/20 of the share capital may submit to the company a draft of the resolution in respect to each item on the agenda. This right may not be exercised later than 3 days before the General Meeting is held. The above documents must be submitted to the company in writing to the address: Aktsiaselts Infortar, Liivalaia 9, 10118 Tallinn or sent with digital signature to the e-mail address investor@infortar.ee.

    Pre-voting
    Shareholders who are unable to or do not wish to participate in the General Meeting can vote on the draft resolutions on the agenda of the General Meeting before the General Meeting (hereinafter Pre-Voting) during the period from the publication of the notice of calling the General Meeting as of 8 May 2025 until 2 June 2025 at 16:00. The procedure for Pre-Voting has been published on the website of Aktsiaselts Infortar at www.infortar.ee/investorile and has been added to the stock notice on calling the General Meeting. The Shareholders who have duly voted shall be deemed to have taken part in the General Meeting and the votes represented by their shares shall be accounted as part of the quorum of the General Meeting, unless otherwise provided by law. 

    Instructions for the participants in the Annual General Meeting and appointment of representative
    Before the General Meeting is held, the Shareholders can notify about the appointment of a representative and the revocation of authorisation by the principal by e-mail at investor@infortar.ee, using the templates that have been published on the website of Aktsiaselts Infortar at www.infortar.ee/investorile and added to the stock notice on the calling of the General Meeting. 

    We kindly ask the Shareholders, who are as at the date of fixation of the list, i.e. on 28 May 2025, registered in the share register maintained by Nasdaq CSD SE and who wish to participate in the Annual General Meeting, to present the following documents for registration:
    –  A Shareholder who is a natural person should present an identity document (passport or ID-card). 
    – A representative of a Shareholder who is a natural person should present an identity document (passport or ID-card) and a properly signed written power of attorney or an electronic power of attorney (digitally signed).
    – A legal representative of a legal person should present an extract (or other similar document) from the respective business register in which the legal person is registered, which shows the person’s right to represent the Shareholder (legal persons registered in Estonia should present an extract of the commercial register registry card which is not issued sooner than 15 days before the General Meeting is held).
    – Authorised representative of a legal person whose right of representation is not indicated in the respective business register extract (or other similar document) should, in addition to the aforementioned documents, submit a power of attorney duly issued by the legal representative of the Shareholder in at least a written or digital format (digitally signed). 

    All documents submitted in foreign languages must be in English or translated into English or Estonian by a sworn translator or an official who is equivalent to a sworn translator.

    We kindly ask that electronic documents (digitally signed) are sent by e-mail to the address investor@infortar.ee not later than by the date of the General Meeting.

    Yours sincerely, 
    Management Board of Aktsiaselts Infortar

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,296 people.

    Additional information:

    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor

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