• Experienced, nimble management team;
  • Excellent investment track record: 21.5% p.a. growth in adjusted net assets, including dividends paid since 2006 (12.8% p.a. since 2011).

Diversified earnings

  • From Group Properties and from fund management fees;
  • From mix of jurisdictions: UK, Poland and Romania = natural hedge.


  • From letting vacant space in Gdynia and in CH8;
  • From investing group cash (>£16m);
  • From new fund management mandates (all fund management clients have had good experiences);
  • Operationally geared – can take on new business without material increases in overheads.


  • Strong balance sheet;
  • Progressive dividend policy, aligned to the free cash generation of the Group, but subject to it being covered by earnings, targeting a ratio in excess of 2.5x.

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