Investment portfolio

On 18 October 2016, SVG Capital signed an asset transfer deed for the sale of 100% of its investment portfolio to HarbourVest Structured Solutions III L.P. for approximately £807 million1. The sale represented a 0.6% premium to the £802 million value of the investment portfolio as at 31 July 2016 and including the Company’s net cash resources, and net of all estimated costs, equated to an approximate aggregate value per share of 715p.

The sale of the investment portfolio and return of value was approved by shareholders in December 2016 and we expect to have returned £1,050 million to shareholders at a share price of 715p by the end of April 2017, crystallising a 45% gain for shareholders since 31 January 2016. The winding up of the Company will complete the return of value to shareholders with liquidation distributions expected to be made from Q3 2017.

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1  As at 31 July 2016 and subject to adjustment for certain calls and distributions from 31 July 2016 to closing. The Board expects the £17m direct investment in a UK software company, which was acquired after 31 July 2016 and announced in the interim results released on 16 September 2016, to be sold separately, with proceeds returned to shareholders through the Tender Offer Series