{"success":true,"data":{"pressRelease":{"id":"150410","rtpr_id":"nPRrN3956a-20260923","ticker":"SEC","exchange":"LSE","all_tickers":["SEC"],"title":"REG-Strategic Equity Capital Plc: Final Results","author":"PR Newswire","published_at":"2026-09-23T06:00:27.176Z","article_body":"Strategic Equity Capital plc (‘SEC’)\n\n \n\nAnnual Report and Financial Statements for the year ended 30 June 2026\n\n \n\nChairman’s Statement\n\n \n\nI am pleased to present the Annual Report for Strategic Equity Capital plc for\nthe year ended 30 June 2026. The year combined an important corporate\nmilestone for the Company with significant macroeconomic, geopolitical and\ndomestic political developments, which contributed to volatility in equity\nmarkets and in the Company’s portfolio performance.\n\n \n\nPerformance and market backdrop\n\nFor the year to 30 June 2026, the Company’s net asset value (“NAV”)\ndelivered a total return of -2.2%. The share price total return was +0.6%,\nwhile the FTSE Small Cap (ex Investment Trusts) Total Return Index rose by\n7.6%. More details on the Company’s performance can be found in the\nInvestment Manager’s report on pages 10 and 11 of the Annual Report. This\noutcome is disappointing and the Board recognises the relative\nunderperformance experienced by shareholders. It should, however, be\nconsidered in the context of a year in which performance and market leadership\nchanged materially between periods.\n\n \n\nThe portfolio performed strongly through to January 2026, with a financial\nyear-to-date NAV total return of approximately 11%, before reversing sharply\nby approximately 20% from peak to trough during February and March. Widespread\nconcerns about the disruptive potential of artificial intelligence led to\nindiscriminate selling across entire sectors in the UK and internationally.\nWith a portfolio weighted towards asset-light, intangible-rich businesses,\nincluding technology – software, professional services and wealth management\ncompanies, the Company’s NAV was particularly exposed to this thematic\nde-rating despite overwhelmingly positive operational delivery from the\nunderlying investments. On a macro level, the US Iran War and subsequent\nclosure of the Strait of Hormuz raised concerns about the implications for UK\nenergy prices and inflation, adding to the pressure on financial markets and\nUK smaller-company valuations.\n\n \n\nThe final quarter of the financial year saw a strong, although incomplete,\nrecovery. The Company’s NAV total return was +6.6% in calendar Q2, compared\nwith a 9.6% rise in the comparator index. Over the full year, the share price\nproved more resilient and the discount to NAV narrowed from 7.5% at 30 June\n2025 to 5.0% at 30 June 2026. This is welcome evidence that the Company’s\ndiscount-management measures and capital framework are having an effect,\nalthough the Board remains alert to the risk that weak demand for UK\ninvestment companies could cause the discount to widen again.\n\n \n\nArtificial intelligence\n\nThe Board has considered the competitive implications of artificial\nintelligence carefully with the Investment Manager. The technology will\ninevitably alter products, workflows and cost structures across many\nindustries, and each investment case must be tested accordingly. At the same\ntime, work undertaken with investee management teams and sector specialists\nindicates that the portfolio’s businesses possess durable protections,\nincluding proprietary data, deep market and situational expertise, regulatory\nbarriers, embedded customer workflows and trusted system-of-record status that\nshould be resilient to the potential threats posed by AI. In several cases,\nartificial intelligence should enhance product capability and efficiency\nrather than undermine the business model.\n\n \n\nThe Investment Manager used the period of weakness to add selectively to\nhigh-conviction holdings at depressed valuations. A number of affected share\nprices recovered during the final quarter as operational delivery remained\nsound and the initial concerns became more differentiated. The Board supports\nthis disciplined approach, while recognising that the pace of technological\nchange requires continued scrutiny and that not all companies will be equally\nwell placed.\n\n \n\nCorporate activity\n\nCorporate activity continued to demonstrate the gap between public-market\nvaluations and the prices strategic or private-equity buyers are prepared to\npay. Earlier in the year, the takeovers of Inspired and Ricardo enabled value\nto be realised at substantial premia following periods of active engagement.\nMore broadly, more than £35 billion of takeovers of UK-listed companies were\nannounced in H1 2026. This activity is not a substitute for operational\nprogress, but it provides an additional route through which intrinsic value\nmay be recognised.\n\n \n\nRealisation opportunity\n\nThe 2025 realisation opportunity was the most significant corporate\ndevelopment during the financial year. Following shareholder approval,\n9,510,496 Ordinary shares were validly tendered, representing approximately\n22% of the Company’s issued share capital. The Board was pleased that\nholders of approximately 78% of the issued shares chose to remain invested.\nThis retained a stable capital base for the Company and represented a strong\nendorsement of its differentiated investment proposition.\n\n \n\nThe realisation process was managed in an orderly manner, balancing the pace\nof returns to realising shareholders with the need to protect NAV for\nshareholders as a whole. Two interim payments totalling approximately £29\nmillion had been returned by 24 February 2026, representing approximately 75%\nof the shares validly tendered. The final distribution of £8.8 million will\nbe paid to tendering shareholders on 24 September 2026, ahead of the 31\nOctober 2026 deadline announced in the Circular published last year.\n\n \n\nDiscount management, gearing and dividend\n\nThe Board remains committed to disciplined discount management. In line with\nthe framework approved by shareholders, the Board will continue to make 50% of\nnet gains from profitable realisations available to fund share buybacks where\nthe Company’s shares trade at a discount of 5% or more to NAV. The Board has\nalso reaffirmed its intention to provide a further realisation opportunity in\n2030, aligning the Company’s capital structure with the long-term nature of\nthe investment strategy and shareholders’ liquidity requirements.\n\n \n\nThe Company continued to operate without a banking loan facility and had no\ngearing at 30 June 2026, a policy that remains under regular review by the\nBoard and the Investment Manager.\n\n \n\nThe Board is recommending a final dividend of 4.50 pence per Ordinary Share\nfor the year ended 30 June 2026, subject to shareholder approval at the Annual\nGeneral Meeting. The dividend will be paid on 20 November 2026 to shareholders\non the register at 9 October 2026.\n\n \n\nBoard succession\n\nAs previously announced, Richard Locke and I will retire from the Board at the\nconclusion of the 2026 Annual General Meeting returning the Board to its\nnormal size of five directors. Howard Williams will succeed me as Chair.\nHoward has brought substantial investment management and governance experience\nto the Board, and I am confident that the Company will benefit from his\nleadership.\n\n \n\nI am also pleased to welcome Will Rogers and Guy Walker, whose appointments as\nnon-executive Directors took effect on 1 September 2026. Will brings corporate\nfinance, legal and governance experience, while Guy brings extensive\ninvestment management and investment trust experience. Their complementary\nskills will further strengthen the Board. Please note their bios on pages 30\nand 31 of the Annual Report.\n\n \n\nIt has been a privilege to serve as a Director of the Company since 2016 and\nas Chair since 2022. I would like to thank my fellow Directors, the Investment\nManager and our advisers for their support and commitment, particularly\nthrough the implementation of the realisation opportunity and the periods of\nmarket volatility covered by this report.\n\n \n\nOutlook\n\nThe outlook at the date of this report remains uncertain. A tentative\nceasefire and improved oil flows through the Strait of Hormuz supported\nmarkets in June, but renewed attacks after the year end underline the\nfragility of the position. The portfolio has limited direct exposure to global\ntrade disruption, but no UK company is entirely insulated from the effects of\nenergy costs, inflation, supply chains or weaker confidence.\n\n \n\nThe UK has also experienced a change of political leadership since the year\nend, with Andy Burnham becoming Prime Minister in July 2026. The implications\nfor investment, growth, taxation and capital markets will become clearer as\nthe new Government’s policy priorities are developed and implemented. In the\nnear term, the change may add to uncertainty; over the longer term, consistent\npolicy and measures that encourage investment in productive UK businesses\nwould be welcome.\n\n \n\nDomestic investors withdrew capital from UK-focused equity funds in each of\nthe four quarters of the Company’s financial year1. This persistent selling\nremains a headwind for smaller companies and actively managed UK equity\nstrategies, even as overseas investors and corporate buyers increasingly\nrecognise the value available.\n\n \n\nThat value remains substantial. UK smaller companies continue to trade at\nmarked discounts to larger domestic stocks, international peers and\nprivate-market transaction multiples. The portfolio contains businesses with\nrecurring revenues, defensible positions, strong cash generation and modest\nfinancial leverage which, in the Board’s view, are not adequately reflected\nin current market ratings. However value creation is intended to be driven\nprincipally by company-specific operational progress, strategic change and\nactive engagement.\n\n \n\nThe year has demonstrated both the risks of a concentrated portfolio and the\nimportance of maintaining conviction where operational evidence remains\nsupportive. The Board believes the Company is well positioned to benefit from\na recovery in UK smaller companies and from further corporate recognition of\nthe valuation opportunity. We remain confident in the Investment Manager’s\ndisciplined, high-conviction approach and in the Company’s ability to\ndeliver attractive long-term returns for shareholders.\n\n \n\nThe Board thanks shareholders for their continued support.\n\n \n\n1. Source: Calastone Fund Flow Index, July 2026.\n\n \n\nWilliam Barlow\n\nChairman\n\n22 September 2026\n\n \n\nInvestment Manager’s Report for the year ended 30 June 2026\n\n \n\nOverview – FY 2025/26\n\n \n\nThe year to 30 June 2026 was characterised by sharp changes in market\nleadership and investor sentiment. UK smaller companies remained under\npressure from persistent domestic fund outflows, even as the FTSE 100\nbenefited from a rotation of global capital away from concentrated US equity\nexposures. Against this mixed backdrop, operational delivery across the\nCompany’s portfolio was generally resilient, but portfolio valuations\nexperienced pronounced intra-year volatility.\n\n \n\nDuring the first half of the financial year, smaller companies generally\nlagged their larger peers despite improving underlying UK economic\nfundamentals. The prolonged lead-up to the 2025 Autumn Budget weighed on risk\nappetite and domestic liquidity, with UK-focused equity funds recording £2.6\nbillion of net outflows in calendar Q4 2025 alone1.\n\n \n\nCalendar Q1 2026 then brought a marked reversal. Smaller-company indices fell\nas geopolitical escalation in the Middle East supported energy prices and\nlarge-cap market leadership, while in February a sharp and broad-based\nsell-off hit software, professional services and data-platform businesses\nfollowing a wave of artificial intelligence product launches. The Company’s\nexposure to asset-light, intangible-rich businesses meant that it was\nparticularly affected by this thematic de-rating, despite substantively all\nportfolio company trading updates or results in the quarter being positive or\nin line with expectations. Following extensive engagement with management\nteams and our specialist network to re-test the AI opportunities and threats\nfor each company, we concluded that a number of holdings possess meaningful\nbarriers to AI-led disruption – including proprietary data, deep domain\nexpertise, regulatory knowledge, embedded customer workflows and trusted\nsystem-of-record status – and selectively added to high-conviction positions\nat depressed valuations.\n\n \n\nThe final quarter saw a strong, albeit incomplete, recovery as the initial AI\nconcerns became more differentiated and operational delivery remained sound.\nAgain, substantively all portfolio trading updates and financial results in\ncalendar Q2 were positive or in line with market expectations, while several\nof the holdings most affected by the February sell-off recovered materially.\nSmaller companies also began to outperform their larger peers during the\nquarter. The period nevertheless remained volatile, with conflict in the\nMiddle East, energy-price uncertainty and renewed domestic political\nuncertainty continuing to affect risk appetite.\n\n \n\nCorporate activity remained an important source of value realisation. The\nacquisitions of Inspired and Ricardo crystallised value at substantial premia\nfollowing periods of active engagement, while public-to-private activity\nacross the UK market remained elevated; in the first half of calendar year\n2026 there have been 25 firm offers announced for UK listed companies, with an\naggregate value of £35bn2. This continues to validate our view that the\nvaluation gap between UK public markets and strategic or private-market values\nremains material. Throughout the year, our investment approach remained\nunchanged: bottom-up stock selection, deep fundamental due diligence and\nconstructive engagement focused on company-specific routes to value creation\nrather than reliance on a broad market re-rating.\n\n \n1. Calastone Fund Flow Index, January 2026\n2. Source: LexisNexis Market Standards, Trends in UK Public M&A deals in H1\n2026, July 2026.\n \n\nPerformance – FY 2025/26\n\n \n\nThe Trust’s NAV Total Return decreased by 2.2% over the 12-month period\nended 30 June 2026, versus the FTSE Small Cap Index (excluding Investment\nCompanies), which rose by 7.6%.\n\n \n\nNAV return attribution\n\n \n\n Component                 %      \n Benchmark                 7.6    \n Manager Stock Selection*  (0.5)  \n Sector Effect +           (8.2)  \n Fees: Ongoing             (1.3)  \n Fees: Tender-related      (0.5)  \n Buyback ++                0.7    \n NAV                       (2.2)  \n\n \n\n* Manager Stock Selection is the balancing item, computed as NAV less\nBenchmark, Structurally Excluded Sectors, Fees (Ongoing and Tender-related)\nand Buyback.\n\n+ Sector Effect is the sector allocation effect of the GICS industries\nexposure estimated from Brinson Attribution analysis from Bloomberg PORT.\nSector Effect is heavily influenced by Structurally Excluded Sectors (Energy,\nMaterials, Banks and REITs). As SEC holds no stocks in these industries, their\nentire active contribution is an allocation effect.\n\nStructurally Excluded Sectors contributed -3.0% of total return within this\ncomponent.\n\n++ Buyback reflects the residual change in shares with voting rights from the\npost-tender Continuing Pool base, to 30 June 2026\n\n \n\nTop and bottom contributors to relative return\n\n \n\nPositive contributors\n\n Holding     TSR (%)  CTR 3 (%pt)  \n Costain     43.5     3.7          \n TruFin      52.0     3.6          \n ActiveOps   43.8     1.7          \n Diaceutics  24.3     1.2          \n Tribal      43.8     0.9          \n\n \n\nNegative contributors\n\n Holding           TSR (%)  CTR 3 (%pt)  \n Brooks Macdonald  (23.0)   (2.5)        \n Everplay          (25.4)   (2.4)        \n Iomart            (50.0)   (1.8)        \n Watkin Jones      (26.3)   (1.7)        \n Fintel            (26.2)   (1.3)        \n\n \n\nTotal Shareholder Return (“TSR”) and Contribution to Return (“CTR”).\nSource: Bloomberg PORT\n\n \n\nKey contributors to performance during the year included:\n\n \n* Costain Group, following a series of strategically important contract wins\nand framework appointments, strong cash generation and continued progress\ntowards its medium-term margin targets. Costain also announced a new pension\nscheme agreement supporting enhanced shareholder returns via dividend and\nbuyback. \n* TruFin, following repeated earnings upgrades driven by the continued strong\nperformance of its Playstack division, which was subsequently announced to\nhave been divested at material valuation in the context of the group’s\nmarket capitalisation, along with a material capital return programme to\nshareholders. \n* ActiveOps, following strong results and trading updates demonstrating\ndouble-digit revenue growth, expanding recurring revenue, continued cash\ngeneration and successful integration of the Enlighten acquisition,\nreinforcing confidence in the scalability of its Decision Intelligence\nplatform. \n* Diaceutics, supported by strong revenue momentum, new enterprise-wide\nagreements, improved profitability and a record order book, notwithstanding a\nperiod of share price weakness in calendar Q4 on no specific company news\nflow. \n* Tribal Group, following trading updates that reaffirmed revenue\nexpectations, indicated adjusted EBITDA ahead of consensus and demonstrated a\nsubstantial improvement in the balance sheet to a net cash position.\n \n\n3. Contribution to Return (“CTR”) of an investment is the weighted total\nreturn of that investment instrument, calculated as the daily total return\nmultiplied by the daily weight, compounded over the attribution timeframe.\n\n \n\nThe main detractors over the period were:\n* Brooks Macdonald Group, as the shares de-rated despite operational progress,\nincluding in-line interim results, a return to net positive flows (now\nevidenced for three consecutive quarters) and continued strength in its\nplatform MPS proposition. \n* Everplay Group, reflecting weaker sentiment after full-year results\nindicated a shift in the timing of 2026 revenues from the first half to the\nsecond half and a delay to the Hell Let Loose: Vietnam release, following a\nperiod in which the shares had previously benefited from stronger\nback-catalogue performance. \n* Iomart Group, following continued elevated churn in its legacy self-managed\ninfrastructure segment, which increased leverage and masked success in other\nparts of the group. \n* Watkin Jones, which despite an in-line trading update is exposed to cyclical\nheadwinds in the UK construction sector and flagged a wide range of outcomes\nfor the second half of its financial year. \n* Fintel, as valuation and sentiment weakened despite positive late-2025\ntrading momentum, continued SaaS growth and a strengthened balance sheet and\ncredit facility providing capacity for further organic growth and selective\nacquisitions.\n \n\nThe full-year result masks significant intra-year dispersion. Performance was\nstrong through January 2026 before reversing sharply during February and\nMarch: the Company’s NAV total return fell by 10.3% in calendar Q1, compared\nwith a 4.7% decline in the FTSE Small Cap Index (excluding Investment\nCompanies). This was driven principally by the market-wide de-rating of\nperceived “AI-exposed” sectors rather than deteriorating portfolio\ntrading. The final quarter recovered a meaningful proportion of this decline\nas company results remained resilient and the market began to differentiate\nmore clearly between potential AI beneficiaries and genuinely disrupted\nbusiness models.\n\n \n\nPortfolio Activity\n\n \n\nNew Investments\n\n \n\nWe made six new investments during the period:\n\n \n* ActiveOps, a leading enterprise software provider specialising in\nback-office management with c.90% recurring revenue, double-digit organic\ngrowth, strong cash generation and a dominant position in a structurally\nexpanding market. \n* Watkin Jones, a specialist property development and management business\nfocused on UK build-to-rent and purpose-built student accommodation, using a\ncapital-light forward-funding model and offering recovery potential as\ndevelopment activity normalises. \n* Spire Healthcare Group, the UK’s largest private hospital group by\nrevenue, where we initially saw structural growth in private healthcare, scope\nfor margin improvement and potential value creation from its property-backed\nasset base. However, the combination of trading uncertainty around the latest\nround of NHS tariff commissioning, and a protracted takeover process with\nmultiple offerors including a major shareholder, led us to exit the position\nafter a short holding period. \n* Elixirr International, a challenger consultancy firm which is well known to\nthe Manager, with a high-quality customer base diversified by both geography\nand sector, which is expected to benefit from continued growth in demand for\ndigital consultancy particularly around AI threats and opportunities. \n* Eagle Eye Solutions, a marketing and loyalty software platform provider with\na scalable, high-margin recurring revenue model and structural exposure to\nincreasing adoption of digital promotions and personalised customer engagement\nby global retailers. \n* Ten Lifestyle Group, a technology-enabled concierge and lifestyle services\nprovider supported by growing demand from global financial institutions and\nluxury brands, new enterprise client wins, double-digit revenue growth and\nimproving profitability.\n \n\nFollow-on investments\n\n \n\nDuring periods of share price weakness that we assessed to be disconnected\nfrom long-term fundamentals, the Manager added selectively to existing\nholdings. Examples included Diaceutics and Next 15 Group in calendar Q3; XPS\nPensions Group and Fintel in Q4; and Netcall and Watkin Jones in Q1 2026.\nAcross the full year, follow-on investment also included Brooks Macdonald\nGroup, Iomart Group and Tribal Group.\n\n \n\nFull exits\n\n \n\nWe also fully exited six positions during the period:\n\n \n* Benchmark Holdings, following the return of proceeds after the disposal of\nits Genetics division, which crystallised value at a 48% premium to the\ncompany’s ex-cash equity value. \n* Inspired, following completion of the all-cash Recommended Takeover by HGGC\nat 81p per share, c.33% above the undisturbed share price and c.103% above the\n40p equity recapitalisation led by the Manager in January 2025. \n* Ricardo, following completion of the agreed all-cash Recommended Takeover by\nWSP Global at approximately a 70% premium to the 90-day volume-weighted\naverage price. \n* The Property Franchise Group, following a period of strong operational\nperformance and share price appreciation after a record year of growth,\nallowing us to crystallise gains and recycle capital into higher-conviction\nopportunities. \n* Spire Healthcare Group, as above, capitalising on ample liquidity during a\nvolatile takeover process. \n* Halfords Group, following a strong trading update, robust like-for-like\nsales growth, gross margin expansion and a move to net cash, which drove a\nsignificant re-rating and provided an attractive opportunity to realise value.\n \n\nOutlook – FY 2026/27\n\n \n\nLooking ahead, the near-term backdrop remains uncertain. Geopolitical tensions\nin the Middle East, changes in UK political leadership and continued domestic\nequity fund outflows may sustain volatility. At the same time, the rotation of\ninternational capital away from highly concentrated US equity exposures has\nimproved the relative backdrop for UK assets. We believe the portfolio is well\npositioned: its holdings typically have high recurring revenues, defensible\nmarket positions, strong cash generation and low or modest financial leverage,\nwith limited direct exposure to global trade disruption.\n\n \n\nThe valuation opportunity in UK smaller companies remains compelling. At 31\nAugust 2026, companies below £500 million market capitalisation traded at a\n25% median price-to-earnings discount to companies above £4 billion.\nCorporate and private equity buyers have continued to demonstrate a\nwillingness to pay substantial premia for high-quality UK assets. If public\nmarkets continue to misprice these businesses, we expect M&A to remain an\nimportant additional route to value realisation. Several potential catalysts\ncould support the asset class over the coming year:\n\n \n* Continued improvement in international sentiment towards UK equities and a\nbroader rotation from large caps into small and mid-cap companies as valuation\ndispersion normalises; \n* Further reopening of the IPO and equity capital markets, improving\nliquidity, price discovery and investor confidence; and\n* Continued corporate activity and public-to-private transactions, providing\nroutes to crystallise intrinsic value where public markets do not recognise\nit.\n \n\nThese catalysts are supportive but are not required for our investment cases\nto work. History suggests that smaller companies can recover rapidly once\nmarket leadership broadens, but we continue to anticipate returns that are\nidiosyncratic and primarily from company-specific earnings growth, cash\ngeneration, strategic change and active engagement. We will also continue to\ntest each investment case rigorously against the opportunities and risks\ncreated by artificial intelligence, distinguishing businesses that can use AI\nto enhance their products and efficiency from those whose competitive\npositions may be more exposed.\n\n \n\nWe remain focused on a high-conviction, bottom-up portfolio of companies where\nwe believe quality, strategic relevance and identifiable routes to value\ncreation are not reflected in current market valuations. After a year that\ndemonstrated both the risks of concentration and the importance of maintaining\nconviction when operational evidence remains supportive, we believe the\nportfolio is well positioned to deliver attractive long-term returns for\nshareholders.\n\n \n\nTop 10 Investee Company Review\n\n(as at 30 June 2026)\n\n Company             % of NAV 1                         Investment Thesis                                                                                                                                                                                                    Developments                                                                                                                                                                                                                                               \n TruFin              12.9%  Technology                  * Following the June 2026 disposal of Playstack, TruFin comprises two technology-enabled fintech platforms: Oxygen Finance (early payment) and Satago (invoice finance), alongside a substantial cash position.      * Completed the sale of Playstack in June 2026, crystallising significant value and leaving Oxygen Finance and Satago alongside a substantial cash balance.                                                                                                \n                                                        * The investment case now rests on disciplined capital allocation, further value creation within the remaining platforms and management’s ability to redeploy capital into scalable, cash-generative businesses.     * The Board announced a substantial return of capital to shareholders, which was approved and completed post period end.                                                                                                                                   \n Netcall             10.1%  Technology                  * Provider of AI-powered process automation and customer engagement software through the Liberty platform, with a high proportion of recurring subscription revenues.                                                * FY26 trading showed 20% revenue growth and 23% adjusted EBITDA growth, with continued strong momentum in Cloud.                                                                                                                                          \n                                                        * Structural demand for automation, digital transformation and AI-enabled workflows supports organic growth, while the scalable software model offers operating leverage and cash generation.                        * AI-related product sales almost tripled, while the Jadu integration progressed well with initial cross-sales secured.                                                                                                                                    \n Diaceutics          8.9%  Healthcare                   * Commercialisation data and technology provider to the global pharmaceutical and biotech industry, built around proprietary diagnostic data and the DXRX platform.                                                  * Post period end H1 update showed 22% revenue growth and 75% ARR growth, reflecting continued adoption of the DXRX platform.                                                                                                                              \n                                                        * Structural growth in precision medicine, increasing recurring revenues and embedded customer relationships provide attractive long-term growth and operating leverage.                                             * Customer retention strengthened further, while AI is being embedded across DXRX and the operating model.                                                                                                                                                 \n Brooks Macdonald    8.6%  Financial Services           * UK-focused wealth management and financial planning group with a scalable platform, strong cash generation and an opportunity to improve margins as growth returns.                                                * FY26 saw a return to positive net flows, with its fiscal Q4 the strongest quarter in three years.                                                                                                                                                        \n                                                        * The sector remains structurally attractive and consolidating, with Brooks Macdonald positioned to benefit from improving net flows, product breadth and adviser relationships.                                     * Platform MPS continued to grow strongly and full-year financial performance was in line with market expectations.                                                                                                                                        \n Costain Group       7.0%  Industrial Goods & Services  * UK infrastructure delivery and consulting partner with strong positions in structurally growing water, energy, defence and transport markets.                                                                      * FY25 results demonstrated further margin progression and a record forward work position, alongside a material share buyback and increased dividend.                                                                                                      \n                                                        * A de-risked contracting model, rising consultancy mix, strong balance sheet and improving margins provide a platform for higher-quality earnings and shareholder returns.                                          * Contract momentum remained strong, including new framework appointments across transport and infrastructure.                                                                                                                                             \n ActiveOps           7.0%  Business Services            * Enterprise Decision Intelligence software provider for service operations, with high recurring revenues, strong gross margins and a growing global customer base.                                                  * FY26 results showed 46% ARR growth and 72% adjusted EBITDA growth, with strong organic momentum and improving customer retention.                                                                                                                        \n                                                        * The platform helps large organisations improve workforce productivity and operational decision-making, with AI adoption increasing the need for trusted operational data and context.                              * The Enlighten integration materially expanded the North American and APAC footprint; early FY27 trading was in line with Board expectations.                                                                                                             \n Everplay Group      6.9%  Technology                   * Leading independent video game developer and publisher with a diversified portfolio across premium games, simulation and children’s edutainment.                                                                   * Post period end H1 update confirmed trading in line with expectations, supported by resilient back-catalogue performance and new releases.                                                                                                               \n                                                        * Earnings are supported by a valuable back catalogue and established franchises, while the pipeline of new releases provides potential for additional growth and IP value creation.                                 * The release schedule is weighted to H2 2026, with encouraging pre-launch indicators.                                                                                                                                                                     \n Tribal Group        6.5%  Technology                   * Global provider of student information systems and related software and services to the education sector.                                                                                                          * Post period end trading update reported strong Core ARR growth, a shift to a net cash position and reiterated market guidance.                                                                                                                           \n                                                        * The transition towards strategic cloud and SaaS products is improving recurring revenue quality, while cost discipline and cash generation reduce balance-sheet risk.                                              * On 11 September 2026 Tribal announced a proposed acquisition of its operating businesses for £189.3m by Main Capital Partners equivalent to c86p per share and the intention to return the capital and wind up the group in the event it is approved by  \n                                                                                                                                                                                                                                                                             shareholders.                                                                                                                                                                                                                                              \n Fintel              5.6%  Business Services            * Leading provider of software, data and support services to the UK retail financial services sector, serving advisers, product providers and intermediaries.                                                        * Post period end H1 update showed 11% organic adjusted EBITDA growth, with continued progress across Software, Data and Distribution.                                                                                                                     \n                                                        * Increasing regulatory complexity and digitisation support recurring demand, while proprietary data assets and software products offer scope for attractive organic growth, margin expansion and selective M&A.     * Product innovation continued through Omnicore, Trust and Matrix360, alongside selective M&A and disposal of non-core activities.                                                                                                                         \n XPS Pensions Group  5.0%  Business Services            * Leading challenger in UK pensions consulting and administration, benefiting from high revenue visibility, regulatory complexity and largely non-discretionary client activity.                                     * FY26 delivered a fourth consecutive year of double-digit revenue growth, with revenue up 13% and adjusted EBITDA up 9%.                                                                                                                                  \n                                                        * Its capital-light model, strong cash generation and growing insurance consulting capability support continued organic growth, market-share gains and selective acquisitions.                                       * Insurance revenues more than tripled, broadening the addressable market, while cash generation remained strong.                                                                                                                                          \n\n \n\nGresham House, as at 30 June 2026\n\n1. Top ten holdings representing 78.8% of NAV\n\n2. Aggregate Gresham House Asset Management equity stake.\n\n \n\n \n\nPortfolio as at 30 June 2026\n\n Company                  Sector Classification        Date of first Investment  Cost £’000     Valuation £’000     % of invested portfolio at 30 June 2026  % of invested portfolio at 30 June 2025  % of net assets  \n TruFin                   Technology                   Jul 2023                  7,805          16,562              13.6%                                    6.5%                                     12.9%            \n Netcall                  Technology                   Mar 2023                  11,284         13,002              10.7%                                    7.3%                                     10.1%            \n Diaceutics               Healthcare                   Sep 2024                  10,482         11,534              9.5%                                     3.6%                                     8.9%             \n Brooks Macdonald         Financial Services           Jun 2016                  16,341         11,050              9.1%                                     10.5%                                    8.6%             \n Costain Group            Industrial Goods & Services  Jun 2024                  4,037          9,065               7.4%                                     11.0%                                    7.0%             \n ActiveOps                Business Services            Jul 2025                  6,274          9,001               7.4%                                     –                                        7.0%             \n Everplay Group           Technology                   Dec 2023                  8,481          8,952               7.3%                                     9.5%                                     6.9%             \n Tribal Group             Technology                   Dec 2014                  9,617          8,361               6.9%                                     2.2%                                     6.5%             \n Fintel                   Business Services            Oct 2020                  7,716          7,157               5.9%                                     4.1%                                     5.6%             \n XPS Pensions Group       Business Services            Jul 2019                  3,030          6,508               5.3%                                     5.6%                                     5.0%             \n Next 15 Group            Business Services            Oct 2024                  8,218          6,284               5.2%                                     4.0%                                     4.9%             \n Watkin Jones             Business Services            Aug 2025                  6,034          3,920               3.2%                                     –                                        3.0%             \n Iomart Group             Technology                   Mar 2022                  26,451         3,509               2.9%                                     3.0%                                     2.7%             \n Elixirr International    Business Services            Apr 2026                  3,528          3,203               2.6%                                     –                                        2.5%             \n Eagle Eye Solutions      Technology                   Apr 2026                  2,297          2,486               2.0%                                     –                                        1.9%             \n Ten Lifestyle Group      Business Services            May 2026                  1,292          1,270               1.0%                                     –                                        1.0%             \n Total investments                                                                              121,864                                                                                               94.5%            \n Cash                                                                                           7,283                                                                                                 5.6%             \n Net current liabilities                                                                        (206)                                                                                                 (0.1%)           \n Total shareholders’ funds                                                                      128,941                                                                                               100.0%           \n\n \n\n \n\n Sector exposure by value                    Value by market cap band                   \n Technology                   41.0%          Micro Cap (<£250m)          68.1%          \n Business Services            29.0%          Small Cap (£250m-£1.5bn)    26.4%          \n Healthcare                   8.9%           Net cash                    5.5%           \n Financial Services           8.6%                                                      \n Industrial Goods & Services  7.0%                                                      \n Net cash                     5.5%                                                      \n\n \n\nKen Wotton\n\nGresham House Asset Management\n\n22 September 2026\n\n \n\nFinancial Summary\n\n \n\n Capital Return                                                  As at 30 June 2026  As at 30 June 2025  % change  \n Net asset value (“NAV”) per Ordinary share +                    380.08p             392.47p             (3.2)%    \n Ordinary share price                                            361.00p             363.00p             (0.6)%    \n Comparative index ++                                            6,427.32            6,175.33            +4.1%     \n Discount of Ordinary share price to NAV 1                       (5.0)%              (7.5)%                        \n Average discount of Ordinary share price to NAV for the year 1  (7.3)%              (8.4)%                        \n Total assets (£’000)                                            129,188             174,399             (25.9)%   \n Equity shareholders’ funds (£’000)                              128,941             174,153             (26.0)%   \n Ordinary shares in issue with voting rights                     33,924,903          44,373,800                    \n\n \n\n \n\n Performance                                     Year ended 30 June 2026  Year ended 30 June 2025  \n NAV total return for the year 1                 (2.2)%                   (0.1)%                   \n Share price total return for the year 1         0.6%                     0.4%                     \n Comparative index ++ total return for the year  7.6%                     13.1%                    \n Ongoing charges 1                               1.3%                     1.3%                     \n Ongoing charges (including performance fee) 1   1.3%                     1.3%                     \n Revenue return per Ordinary share               0.73p                    5.03p                    \n Dividend yield 1                                1.2%                     1.2%                     \n Proposed final dividend for the year            4.50p                    4.25p                    \n\n \n\n \n\n Year’s Highs/Lows       High     Low      \n NAV per Ordinary share  436.87p  348.90p  \n Ordinary share price    406.00p  334.50p  \n\n \n\n+Net asset value or NAV, the value of total assets less current liabilities.\nThe net asset value divided by the number of shares in issue produces the net\nasset value per share.\n\n++ FTSE Small Cap (ex Investment Trusts) Index.\n\n1 Alternative Performance Measures. Please refer to pages 75 and 76 of the\nAnnual Report for definitions and reconciliations of the Alternative\nPerformance Measures to the year-end results.\n\nA breakdown of the relevant financial information for the Company’s two\npools, the Continuation Pool and the Realisation Pool, is noted on page 76 of\nthe Annual Report.\n\n \n\nAnnual General Meeting\n\n \n\nThe Notice of the Annual General Meeting to be held on Thursday 12 November\n2026 is set out on pages 78 to 80 of the Annual Report. The Annual General\nMeeting will be held at the offices of Panmure Liberum Limited, Ropemaker\nPlace, 25 Ropemaker Street, London EC2Y 9LY.\n\n \n\nFurther Information and Contact Details\n\n \n\nThe full Annual Report and Financial Statements can be accessed via the\nCompany’s website at: www.strategicequitycapital.com or by contacting the\nCompany Secretary as below.\n\n \n\nCopies of the announcement, annual reports, quarterly update presentations and\nother corporate information can be found on the Company’s website at:\nwww.strategicequitycapital.com. \n\n \n\nFor further information, please contact:\n\n \n\n Strategic Equity Capital plc William Barlow (Chairman)                         (via Juniper Partners) +44 (0)131 378 0500    \n Panmure Liberum Limited (Corporate Broker) Chris Clarke        Darren Vickers  +44 (0)20 3100 2000                           \n Juniper Partners Limited (Company Secretary)  Steven Davidson                  +44 (0)131 378 0500                           \n KL Communications (PR Adviser)                                                 gh@kl-communications.com +44 (0)203 882 6644  \n  Charles Gorman                                                                                                              \n  Adam Westall Charlotte Francis                                                                                              \n\n \n\n \n\nFinancial Statements\n\n \n\nStatement of Comprehensive Income\n\n                                                                  Year ended 30 June 2026       Year ended 30 June 2025       \n                                                                  Revenue   Capital             Revenue   Capital             \n                                                                  return    return    Total     Total     return    Total     \n                                                                  £'000     £'000     £'000     £'000     £'000     £'000     \n Investments                                                                                                                  \n Losses on investments held at fair value through profit or loss  -         (2,067)   (2,067)   -         (4,998)   (4,998)   \n                                                                  -         (2,067)   (2,067)   -         (4,998)   (4,998)   \n Income                                                                                                                       \n Income from investments                                          3,115     -         3,115     4,405     -         4,405     \n Interest                                                         39        -         39        51        -         51        \n Total income                                                     3,154     -         3,154     4,456     -         4,456     \n                                                                                                                              \n Expenses Investment Manager’s base fee                           (1,173)   -         (1,173)   (1,256)   -         (1,256)   \n Investment Manager’s performance fee                             -         -         -         -         -         -         \n Other expenses                                                   (1,698)   -         (1,698)   (870)     -         (870)     \n Total expenses                                                   (2,871)   -         (2,871)   (2,126)   -         (2,126)   \n Net return before taxation                                       283       (2,067)   (1,784)   2,330     (4,998)   (2,668)   \n Taxation                                                         -         -         -         -         -         -         \n Net return and total comprehensive income for the year           283       (2,067)   (1,784)   2,330     (4,998)   (2,668)   \n                                                                  pence     pence     pence     pence     pence     pence     \n Return per Ordinary share                                        0.73      (5.31)    (4.58)    5.03      (10.78)   (5.75)    \n\n \n\nThe total column of this statement represents the Statement of Comprehensive\nIncome prepared in accordance with UK-adopted international accounting\nstandards. The supplementary revenue and capital return columns are both\nprepared under guidance published by the AIC. All items in the above statement\nderive from continuing operations. No operations were acquired or discontinued\nduring the year.\n\n \n\nStatement of Changes in Equity\n\n For the year ended 30 June 2026                         Share capital  Share premium account  Capital reserve  Capital redemption reserve  Revenue reserve  Total     \n                                                         £’000          £’000                  £’000            £’000                       £’000            £’000     \n                                                                                                                                                                       \n 1 July 2025                                             6,353          11,300                 148,996          2,897                       4,607            174,153   \n Net return and total comprehensive income for the year  -              -                      (2,067)          -                           283              (1,784)   \n Dividends paid                                          -              -                      -                -                           (1,831)          (1,831)   \n Share buybacks                                          (720)          -                      (41,597)         720                         -                (41,597)  \n 30 June 2026                                            5,633          11,300                 105,332          3,617                       3,059            128,941   \n                                                                                                                                                                       \n For the year ended 30 June 2025                         Share capital  Share premium account  Capital reserve  Capital redemption reserve  Revenue reserve  Total     \n                                                         £’000          £’000                  £’000            £’000                       £’000            £’000     \n                                                                                                                                                                       \n 1 July 2024                                             6,353          11,300                 165,489          2,897                       3,926            189,965   \n Net return and total comprehensive income for the year  -              -                      (4,998)          -                           2,330            (2,668)   \n Dividends paid                                          -              -                      -                -                           (1,649)          (1,649)   \n Share buybacks                                          -              -                      (11,495)         -                           -                (11,495)  \n 30 June 2025                                            6,353          11,300                 148,996          2,897                       4,607            174,153   \n\n \n\nAll profits are attributable to the equity owners of the Company and there are\nno minority interests.\n\n \n\nBalance Sheet\n\n \n\n                                                        As at 30 June 2026  As at 30 June 2025  \n                                                        £'000               £'000               \n Non-current assets                                                                             \n Investments held at fair value through profit or loss  121,864             164,677             \n                                                                                                \n Current assets                                                                                 \n Trade and other receivables                            41                  203                 \n Cash and cash equivalents                              7,283               9,519               \n                                                        7,324               9,722               \n Total assets                                           129,188             174,399             \n Current liabilities                                                                            \n Trade and other payables                               (247)               (246)               \n Net assets                                             128,941             174,153             \n Capital and reserves                                                                           \n Share capital                                          5,633               6,353               \n Share premium account                                  11,300              11,300              \n Capital reserve                                        105,332             148,996             \n Capital redemption reserve                             3,617               2,897               \n Revenue reserve                                        3,059               4,607               \n Total shareholders’ equity                             128,941             174,153             \n                                                        pence               pence               \n Net asset value per share                              380.08              392.47              \n                                                        number              number              \n Ordinary shares in issue                               33,924,903          44,373,800          \n\n \n\nThe financial statements were approved by the Board of Directors of Strategic\nEquity Capital on 22 September 2026.\n\n \n\nThey were signed on its behalf by\n\n \n\nWilliam Barlow\n\nChairman\n\n \n\n22 September 2026\n\n \n\nCompany Number: 05448627\n\n \n\nStatement of Cash Flows\n\n \n\n                                                                Year Ended 30 June  Year Ended 30 June  \n                                                                2026                2025                \n                                                                £’000               £’000               \n Operating activities                                                                                   \n Net return before taxation                                     (1,784)             (2,668)             \n Adjustment for losses on investments                           2,067               4,998               \n Operating cash flows before movements in working capital       283                 2,330               \n Decrease/(increase) in receivables                             162                 (37)                \n Increase/(decrease) in payables                                1                   (1,416)             \n Purchases of portfolio investments                             (42,728)            (55,361)            \n Sales of portfolio investments                                 83,474              67,994              \n Net cash flow from operating activities                        41,192              13,510              \n Financing activities                                                                                   \n Equity dividend paid                                           (1,831)             (1,649)             \n Shares bought back in the year                                 (41,597)            (11,495)            \n Net cash flow from financing activities                        (43,428)            (13,144)            \n (Decrease)/increase in cash and cash equivalents for the year  (2,236)             366                 \n Cash and cash equivalents at the start of year                 9,519               9,153               \n Cash and cash equivalents at 30 June                           7,283               9,519               \n\n \n\n \n\nEmerging and Principal Risks\n\n \n\nThe Board believes that the overriding risks to shareholders are events and\ndevelopments which can affect the general level of share prices, including,\nfor instance, inflation or deflation, economic recessions and movements in\ninterest rates and currencies which are outside of the control of the Board.\n\n \n\nEmerging Risks\n\n \n\nThe Board believes that geopolitical developments, including ongoing conflicts\nin Iran, Ukraine and the Middle East continue to pose risks to global economic\ngrowth and investors’ risk appetites and consequently can impact the\nvaluation of companies in the portfolio. There is also an increasing awareness\nof the challenges and emerging risks posed by climate change as well as the\nimpact and pace of technological developments, including Artificial\nIntelligence (“AI”), on the companies in the investment universe.\n\n \n\nThe principal ongoing risks and uncertainties currently faced by the Company,\nwhich may vary in significance from time to time, are set out on pages 20 to\n22 of the 2026 Annual Report, together with the controls and actions taken to\nmitigate those risks.\n\n \n\nThe Directors continue to work with the agents and advisers to the Company to\ntry and manage the risks, including emerging risks. The central aims remain to\npreserve value in the Company’s portfolio and liquidity in the Company’s\nshares. The Directors aim to ensure that the Company maintains its investment\nstrategy, has operational resilience, meets its regulatory requirements as an\ninvestment trust (and in particular in the provision of regular information to\nthe market) and tries to navigate the financial and economic circumstances in\nthese very uncertain times.\n\n \n\nResponsibility statement of the Directors in respect of the Annual Financial\nReport\n\n \n\nWe confirm that to the best of our knowledge:\n\n \n* the financial statements, prepared in accordance with the applicable set of\naccounting standards, give a true and fair view of the assets, liabilities,\nfinancial position and profit or loss of the Company; and \n* the Strategic Report includes a fair review of the development and\nperformance of the business and the position of the issuer, together with a\ndescription of the principal risks and uncertainties that it faces.\n \n\nWe consider the Report and Financial Statements, taken as a whole, is fair,\nbalanced and understandable and provides the information necessary for\nshareholders to assess the Company’s position and performance, business\nmodel and strategy.\n\n \n\nGoing Concern\n\n \n\nIn assessing the Company’s ability to continue as a going concern the\nDirectors have also considered the Company’s investment objective, detailed\non the inside front cover, risk management policies, detailed on pages 20 to\n22 of the 2026 Annual Report, capital management (see note 17 to the financial\nstatements in the 2026 Annual Report), the nature of its portfolio and\nexpenditure projections and believe that the Company has adequate resources,\nan appropriate financial structure and suitable management arrangements in\nplace to continue in operational existence for the foreseeable future and for\nat least 12 months from the date of this Report. In addition, the Board has\nhad regard to the Company’s investment performance (see page 3 of the 2026\nAnnual Report) and the price at which the Company’s shares trade relative to\ntheir NAV (see page 3 of the 2026 Annual Report).\n\n \n\nThe Directors performed an assessment of the Company’s ability to meet its\nliabilities as they fall due. In performing this assessment, the Directors\ntook into consideration:\n\n \n* cash and cash equivalents balances and, from a liquidity perspective, the\nportfolio of readily realisable securities which can be used to meet\nshort-term funding commitments; \n* the ability of the Company to meet all of its liabilities and ongoing\nexpenses from its assets; \n* revenue and operating cost forecasts for the forthcoming year; \n* the ability of third-party service providers to continue to provide\nservices; \n* potential downside scenarios including stress testing the Company’s\nportfolio for a 25% fall in the value of the investment portfolio; a 50% fall\nin dividend income and a buyback of 5% of the Company’s ordinary share\ncapital, the impact of which would leave sufficient liquid assets to remain a\ngoing concern; and \n* The outcome of the Tender Offer announced on 15 October 2025.\n \n\nBased on this assessment, the Directors are confident that the Company will\nhave sufficient funds to continue to meet its liabilities as they fall due for\nat least 12 months from the date of approval of the financial statements, and\ntherefore have prepared the financial statements on a going concern basis.\n\n \n\nRelated party transactions and transactions with the Investment Manager\n\n \n\nFees paid to Directors are disclosed in the Directors‘ Remuneration Report\non page 44 of the 2026 Annual Report. Full details of Directors‘ interests\nare set out on page 45 of the 2026 Annual Report.\n\n \n\nThe amounts payable to the Investment Manager, which is not considered to be a\nrelated party, are disclosed in notes 3 and 4 on pages 61 and 62 of the 2026\nAnnual Report. The amount due to the Investment Manager for management fees at\n30 June 2026 was £80,000 (2025: £105,000). The amount due to the Investment\nManager for performance fees at 30 June 2026 was £nil (2025: £nil).\n\n \n\nThe Investment Manager, directly and indirectly through its in-house funds,\nhas continued to purchase shares in the Company.\n\n \n\nNotes\n\n \n\n1.1   Corporate information\n\n \n\nStrategic Equity Capital plc is a public limited company incorporated and\ndomiciled in the United Kingdom and registered in England and Wales under the\nCompanies Act 2006 whose shares are publicly traded. The Company is an\ninvestment company as defined by Section 833 of the Companies Act 2006.\n\n \n\nThe Company carries on business as an investment trust within the meaning of\nSections 1158/1159 of the UK Corporation Tax Act 2010.\n\n \n\nThe financial statements of Strategic Equity Capital plc for the year ended 30\nJune 2026 were authorised for issue in accordance with a resolution of the\nDirectors on 22 September 2026.\n\n \n\n1.2 Basis of preparation and statement of compliance\n\n \n\nThe financial statements of the Company have been prepared in accordance with\nUK-adopted international accounting standards and with the requirements of the\nCompanies Act 2006, as applicable to companies reporting under those\nstandards. Where presentational guidance set out in the Statement of\nRecommended Practice (“SORP”) for investment trusts issued by the AIC in\nJuly 2022 is consistent with the requirements of IFRS, the Directors have\nsought to prepare financial statements on a basis compliant with the\nrecommendations of the SORP.  \n\n \n\nThe financial statements of the Company have been prepared on a going concern\nbasis under the historical cost convention, except for investments which are\ncarried at fair value through profit or loss.\n\n \n\n2. Income\n\n                           Year ended 30 June 2026       Year ended 30 June 2025       \n                           Revenue   Capital             Revenue   Capital             \n                           return    return    Total     return    return    Total     \n                           £'000     £'000     £'000     £'000     £'000     £'000     \n Income from investments                                                               \n UK dividend income        2,988     -         2,988     4,405     -         4,405     \n UK fixed interest income  127       -         127       -         -         -         \n                           3,115     -         3,115     4,405     -         4,405     \n Other operating income                                                                \n Liquidity interest        39        -         39        51        -         51        \n                           3,154     -         3,154     4,456     -         4,456     \n\n \n\n3. Investment Manager’s base fee\n\n                 Year ended 30 June 2026       Year ended 30 June 2025       \n                 Revenue   Capital             Revenue   Capital             \n                 return    return    Total     return    return    Total     \n                 £'000     £'000     £'000     £'000     £'000     £'000     \n Management fee  1,173     -         1,173     1,256     -         1,256     \n                 1,173     -         1,173     1,256     -         1,256     \n\n \n\nA basic management fee was payable to the Investment Manager at an annual rate\nof 0.75% of the NAV of the Company. The basic management fee accrues daily and\nis payable quarterly in arrears. The Investment Manager is also entitled to a\nperformance fee, details of which are given in the Report of the Directors on\npage 33 of the 2026 Annual Report.\n\n \n\n4. Investment Manager’s performance fee\n\n                  Year ended 30 June 2026       Year ended 30 June 2025       \n                  Revenue   Capital             Revenue   Capital             \n                  return    return    Total     return    return    Total     \n                  £'000     £'000     £'000     £'000     £'000     £'000     \n Performance fee  -         -         -         -         -         -         \n                  -         -         -         -         -         -         \n\n \n\nDetails of the Performance fee calculation are noted in the Report of the\nDirectors on page 33 of the 2026 Annual Report.\n\n \n\n5. Other expenses\n\n                                Year ended 30 June 2026       Year ended 30 June 2025       \n                                Revenue   Capital             Revenue   Capital             \n                                return    return    Total     return    return    Total     \n                                £'000     £'000     £'000     £'000     £'000     £'000     \n Secretarial services           189       -         189       183       -         183       \n Auditor’s remuneration for:                                                                \n Audit services*                44        -         44        42        -         42        \n Directors’ remuneration        171       -         171       171       -         171       \n Other expenses +               1,294     -         1,294     474       -         474       \n                                1,698     -         1,698     870       -         870       \n\n \n\nAll expenses include VAT where applicable, apart from audit services which is\nshown net.\n\n*No non-audit fees were incurred during the year.\n\n+ Other expenses include £834,000 of costs in relation to the Company’s\nGeneral Meeting and Circular in relation to the Tender exercise announced to\nthe market on 15 September 2025. These costs were borne by both the Continuing\nPool and Tender Pool.\n\n \n\n6. Taxation\n\n                                           Year ended 30 June 2026       Year ended 30 June 2025       \n                                           Revenue   Capital             Revenue   Capital             \n                                           return    return    Total     return    return    Total     \n                                           £'000     £'000     £'000     £'000     £'000     £'000     \n Corporation tax at 25.00% (2025: 25.00%)  -         -         -         -         -         -         \n                                           -         -         -         -         -         -         \n\n \n\nAs at 30 June 2026 the total taxation charge in the Company’s revenue\naccount is lower than the standard rate of corporation tax in the UK. The\ndifferences are explained below:\n\n \n\n                                                                      Year ended 30 June 2026       Year ended 30 June 2025       \n                                                                      Revenue   Capital             Revenue   Capital             \n                                                                      return    return    Total     return    return    Total     \n                                                                      £'000     £'000     £'000     £'000     £'000     £'000     \n Net return on ordinary activities before taxation                    283       (2,067)   (1,784)   2,330     (4,998)   (2,668)   \n Theoretical tax at UK corporation tax rate of 25.00% (2025: 25.00%)  71        (517)     (446)     583       (1,250)   (667)     \n Effects of:                                                                                                                      \n - UK income from investments that are not taxable                    (779)     -         (779)     (1,100)   -         (1,100)   \n - Unrelieved expenses                                                708       -         708       517       -         517       \n - Non-taxable investment losses                                      -         517       517       -         1,250     1,250     \n                                                                      -         -         -         -         -         -         \n\n \n\nFactors that may affect future tax charges\n\n \n\nAt 30 June 2026, the Company had no unprovided deferred tax liabilities (2025:\n£nil). At that date, based on current estimates and including the\naccumulation of net allowable losses, the Company had unrelieved losses of\n£38,845,000 (2025: £36,013,000) that are available to offset future taxable\nrevenue. A deferred tax asset of £9,711,000 (2025: £9,003,000) has not been\nrecognised because the Company is not expected to generate sufficient taxable\nincome in future periods in excess of the available deductible expenses and\naccordingly, the Company is unlikely to be able to reduce future tax\nliabilities through the use of existing surplus losses. The potential deferred\ntax asset has been calculated using a corporation tax rate of 25% (2025: 25%).\n\n \n\n7. Dividends\n\n \n\nUnder the requirements of Sections 1158/1159 of the Corporation Tax Act 2010\nno more than 15% of total income may be retained by the Company. These\nrequirements are considered on the basis of dividends declared in respect of\nthe financial year as shown below.\n\n \n\n                                                                             \n                                                           30 June  30 June  \n                                                           2026     2025     \n                                                           £'000    £'000    \n Final dividend proposed of 4.50p (2025: 4.25p) per share  1,501    1,831    \n                                                                             \n\n \n\nThe following dividends were declared and paid by the Company in the financial\nyear:\n\n \n\n                                                30 June  30 June  \n                                                2026     2025     \n                                                £'000    £'000    \n Final dividend: 4.25p per share (2025: 3.50p)  1,831    1,649    \n\n \n\nDividends have been solely paid out of the Revenue reserve.\n\n \n\n8. Return per Ordinary share\n\n                   Year ended 30 June 2026               Year ended 30 June 2025               \n                   Net       Weighted average  Per       Net       Weighted average  Per       \n                   return    number of         share     return    number of         share     \n                   £’000     Ordinary shares   pence     £’000     Ordinary shares   pence     \n Total                                                                                         \n Return per share  (1,784)   38,908,011        (4.58)    (2,668)   46,346,499        (5.75)    \n Revenue                                                                                       \n Return per share  283       38,908,011        0.73      2,330     46,346,499        5.03      \n Capital                                                                                       \n Return per share  (2,067)   38,908,011        (5.31)    (4,998)   46,346,499        (10.78)   \n\n \n\n9. Investments\n\n \n\n                                                          30 June 2026 £’000     30 June 2025 £’000     \n Investment portfolio summary                                                                           \n Quoted investments at fair value through profit or loss  121,864                164,677                \n                                                          121,864                164,677                \n\n \n\nUnder IFRS 13, the Company is required to classify fair value measurements\nusing a fair value hierarchy that reflects the subjectivity of the inputs used\nin measuring the fair value of each asset. The fair value hierarchy has the\nfollowing levels:\n\n \n\nInvestments whose values are based on quoted market prices in active markets\nare classified within level 1 and include active quoted equities.\n\n \n\nThe definition of level 1 inputs refers to ‘active markets’, which is a\nmarket in which transactions take place with sufficient frequency and volume\nfor pricing information to be provided on an ongoing basis. Due to the\nliquidity levels of the markets in which the Company trades, whether\ntransactions take place with sufficient frequency and volume is a matter of\njudgement, and depends on the specific facts and circumstances. The Investment\nManager has analysed trading volumes and frequency of the Company’s\nportfolio and has determined these investments as level 1 of the hierarchy.\n\n \n\nFinancial instruments that trade in markets that are not considered to be\nactive but are valued based on quoted market prices, dealer quotations or\nalternative pricing sources supported by observable inputs are classified\nwithin level 2. As level 2 investments include positions that are not traded\nin active markets and/or are subject to transfer restrictions, valuations may\nbe adjusted to reflect illiquidity and/or non-transferability, which are\ngenerally based on available market information.\n\n \n\nLevel 3 instruments include private equity, as observable prices are not\navailable for these securities the Company has used valuation techniques to\nderive the fair value. In respect of unquoted instruments, or where the market\nfor a financial instrument is not active, fair value is established by using\nrecognised valuation methodologies, in accordance with IPEV Valuation\nGuidelines.\n\n \n\nThe level in the fair value hierarchy within which the fair value measurement\nis categorised is determined on the basis of the lowest level input that is\nsignificant to the fair value of the investment.\n\n \n\nThe following table analyses within the fair value hierarchy the Company’s\nfinancial assets and liabilities (by class) measured at fair value at 30 June\n2026.\n\n \n\nFinancial instruments at fair value through profit or loss\n\n \n\n                     Level 1 £’000     Level 2 £’000     Level 3 £’000     Total  £’000     \n 30 June 2026                                                                               \n Equity investments  121,864           -                 -                 121,864          \n Liquidity funds     -                 1                 -                 1                \n Total               121,864           1                 -                 121,865          \n 30 June 2025                                                                               \n Equity investments  162,972           1,705             -                 164,677          \n Liquidity funds     -                 1                 -                 1                \n Total               162,972           1,706             -                 164,678          \n\n \n\nListed investments included in Level 2 are deemed to be less liquid than Level\n1. An investment is categorised as illiquid when historic trading data\nindicates it would take more than 250 days to liquidate. The fair value of\nthese investments has been determined by reference to their quoted prices at\nthe reporting date.\n\n \n\n10. Nominal Share capital\n\n                                                                  Number        £’000     \n Allotted, called up and fully paid Ordinary shares of 10p each:                          \n Ordinary shares in circulation at 30 June 2025                   63,529,206    6,353     \n Shares held in Treasury at 30 June 2025                          (19,155,406)  (1,915)   \n Ordinary shares in issue per Balance Sheet at 30 June 2025       44,373,800    4,438     \n Shares bought back and cancelled                                 (7,199,397)   (720)     \n Shares bought back to be held in Treasury                        (3,249,500)   (325)     \n Ordinary shares in issue per Balance Sheet at 30 June 2026       33,924,903    3,393     \n Shares held in Treasury at 30 June 2026                          22,404,906    2,240     \n Ordinary shares in circulation at 30 June 2026                   56,329,809    5,633     \n\n \n\nOther Information\n\n \n\nThese are not statutory accounts in terms of Section 434 of the Companies Act\n2006.  Full audited accounts for the year to 30 June 2026 will be sent to\nshareholders in October 2026 and will be available for inspection at 1\nFinsbury Circus, London EC2M 7SH, the registered office of the Company.\n\n \n\nThe full annual report and accounts will be available on the Company’s\nwebsite www.strategicequitycapital.com and have been submitted to the National\nStorage Mechanism (\"NSM\") and will shortly be available for inspection\nat: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.\n\n \n\nThe audited accounts for the year ended 30 June 2026 will be lodged with the\nRegistrar of Companies.\n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPRrN3956a-20260923","title":"REG-Strategic Equity Capital Plc: Final Results","author":"PR Newswire","ticker":"SEC","created":"2026-09-23T06:00:27.176Z","tickers":["SEC"],"exchange":"LSE","article_body":"Strategic Equity Capital plc (‘SEC’)\n\n \n\nAnnual Report and Financial Statements for the year ended 30 June 2026\n\n \n\nChairman’s Statement\n\n \n\nI am pleased to present the Annual Report for Strategic Equity Capital plc for\nthe year ended 30 June 2026. The year combined an important corporate\nmilestone for the Company with significant macroeconomic, geopolitical and\ndomestic political developments, which contributed to volatility in equity\nmarkets and in the Company’s portfolio performance.\n\n \n\nPerformance and market backdrop\n\nFor the year to 30 June 2026, the Company’s net asset value (“NAV”)\ndelivered a total return of -2.2%. The share price total return was +0.6%,\nwhile the FTSE Small Cap (ex Investment Trusts) Total Return Index rose by\n7.6%. More details on the Company’s performance can be found in the\nInvestment Manager’s report on pages 10 and 11 of the Annual Report. This\noutcome is disappointing and the Board recognises the relative\nunderperformance experienced by shareholders. It should, however, be\nconsidered in the context of a year in which performance and market leadership\nchanged materially between periods.\n\n \n\nThe portfolio performed strongly through to January 2026, with a financial\nyear-to-date NAV total return of approximately 11%, before reversing sharply\nby approximately 20% from peak to trough during February and March. Widespread\nconcerns about the disruptive potential of artificial intelligence led to\nindiscriminate selling across entire sectors in the UK and internationally.\nWith a portfolio weighted towards asset-light, intangible-rich businesses,\nincluding technology – software, professional services and wealth management\ncompanies, the Company’s NAV was particularly exposed to this thematic\nde-rating despite overwhelmingly positive operational delivery from the\nunderlying investments. On a macro level, the US Iran War and subsequent\nclosure of the Strait of Hormuz raised concerns about the implications for UK\nenergy prices and inflation, adding to the pressure on financial markets and\nUK smaller-company valuations.\n\n \n\nThe final quarter of the financial year saw a strong, although incomplete,\nrecovery. The Company’s NAV total return was +6.6% in calendar Q2, compared\nwith a 9.6% rise in the comparator index. Over the full year, the share price\nproved more resilient and the discount to NAV narrowed from 7.5% at 30 June\n2025 to 5.0% at 30 June 2026. This is welcome evidence that the Company’s\ndiscount-management measures and capital framework are having an effect,\nalthough the Board remains alert to the risk that weak demand for UK\ninvestment companies could cause the discount to widen again.\n\n \n\nArtificial intelligence\n\nThe Board has considered the competitive implications of artificial\nintelligence carefully with the Investment Manager. The technology will\ninevitably alter products, workflows and cost structures across many\nindustries, and each investment case must be tested accordingly. At the same\ntime, work undertaken with investee management teams and sector specialists\nindicates that the portfolio’s businesses possess durable protections,\nincluding proprietary data, deep market and situational expertise, regulatory\nbarriers, embedded customer workflows and trusted system-of-record status that\nshould be resilient to the potential threats posed by AI. In several cases,\nartificial intelligence should enhance product capability and efficiency\nrather than undermine the business model.\n\n \n\nThe Investment Manager used the period of weakness to add selectively to\nhigh-conviction holdings at depressed valuations. A number of affected share\nprices recovered during the final quarter as operational delivery remained\nsound and the initial concerns became more differentiated. The Board supports\nthis disciplined approach, while recognising that the pace of technological\nchange requires continued scrutiny and that not all companies will be equally\nwell placed.\n\n \n\nCorporate activity\n\nCorporate activity continued to demonstrate the gap between public-market\nvaluations and the prices strategic or private-equity buyers are prepared to\npay. Earlier in the year, the takeovers of Inspired and Ricardo enabled value\nto be realised at substantial premia following periods of active engagement.\nMore broadly, more than £35 billion of takeovers of UK-listed companies were\nannounced in H1 2026. This activity is not a substitute for operational\nprogress, but it provides an additional route through which intrinsic value\nmay be recognised.\n\n \n\nRealisation opportunity\n\nThe 2025 realisation opportunity was the most significant corporate\ndevelopment during the financial year. Following shareholder approval,\n9,510,496 Ordinary shares were validly tendered, representing approximately\n22% of the Company’s issued share capital. The Board was pleased that\nholders of approximately 78% of the issued shares chose to remain invested.\nThis retained a stable capital base for the Company and represented a strong\nendorsement of its differentiated investment proposition.\n\n \n\nThe realisation process was managed in an orderly manner, balancing the pace\nof returns to realising shareholders with the need to protect NAV for\nshareholders as a whole. Two interim payments totalling approximately £29\nmillion had been returned by 24 February 2026, representing approximately 75%\nof the shares validly tendered. The final distribution of £8.8 million will\nbe paid to tendering shareholders on 24 September 2026, ahead of the 31\nOctober 2026 deadline announced in the Circular published last year.\n\n \n\nDiscount management, gearing and dividend\n\nThe Board remains committed to disciplined discount management. In line with\nthe framework approved by shareholders, the Board will continue to make 50% of\nnet gains from profitable realisations available to fund share buybacks where\nthe Company’s shares trade at a discount of 5% or more to NAV. The Board has\nalso reaffirmed its intention to provide a further realisation opportunity in\n2030, aligning the Company’s capital structure with the long-term nature of\nthe investment strategy and shareholders’ liquidity requirements.\n\n \n\nThe Company continued to operate without a banking loan facility and had no\ngearing at 30 June 2026, a policy that remains under regular review by the\nBoard and the Investment Manager.\n\n \n\nThe Board is recommending a final dividend of 4.50 pence per Ordinary Share\nfor the year ended 30 June 2026, subject to shareholder approval at the Annual\nGeneral Meeting. The dividend will be paid on 20 November 2026 to shareholders\non the register at 9 October 2026.\n\n \n\nBoard succession\n\nAs previously announced, Richard Locke and I will retire from the Board at the\nconclusion of the 2026 Annual General Meeting returning the Board to its\nnormal size of five directors. Howard Williams will succeed me as Chair.\nHoward has brought substantial investment management and governance experience\nto the Board, and I am confident that the Company will benefit from his\nleadership.\n\n \n\nI am also pleased to welcome Will Rogers and Guy Walker, whose appointments as\nnon-executive Directors took effect on 1 September 2026. Will brings corporate\nfinance, legal and governance experience, while Guy brings extensive\ninvestment management and investment trust experience. Their complementary\nskills will further strengthen the Board. Please note their bios on pages 30\nand 31 of the Annual Report.\n\n \n\nIt has been a privilege to serve as a Director of the Company since 2016 and\nas Chair since 2022. I would like to thank my fellow Directors, the Investment\nManager and our advisers for their support and commitment, particularly\nthrough the implementation of the realisation opportunity and the periods of\nmarket volatility covered by this report.\n\n \n\nOutlook\n\nThe outlook at the date of this report remains uncertain. A tentative\nceasefire and improved oil flows through the Strait of Hormuz supported\nmarkets in June, but renewed attacks after the year end underline the\nfragility of the position. The portfolio has limited direct exposure to global\ntrade disruption, but no UK company is entirely insulated from the effects of\nenergy costs, inflation, supply chains or weaker confidence.\n\n \n\nThe UK has also experienced a change of political leadership since the year\nend, with Andy Burnham becoming Prime Minister in July 2026. The implications\nfor investment, growth, taxation and capital markets will become clearer as\nthe new Government’s policy priorities are developed and implemented. In the\nnear term, the change may add to uncertainty; over the longer term, consistent\npolicy and measures that encourage investment in productive UK businesses\nwould be welcome.\n\n \n\nDomestic investors withdrew capital from UK-focused equity funds in each of\nthe four quarters of the Company’s financial year1. This persistent selling\nremains a headwind for smaller companies and actively managed UK equity\nstrategies, even as overseas investors and corporate buyers increasingly\nrecognise the value available.\n\n \n\nThat value remains substantial. UK smaller companies continue to trade at\nmarked discounts to larger domestic stocks, international peers and\nprivate-market transaction multiples. The portfolio contains businesses with\nrecurring revenues, defensible positions, strong cash generation and modest\nfinancial leverage which, in the Board’s view, are not adequately reflected\nin current market ratings. However value creation is intended to be driven\nprincipally by company-specific operational progress, strategic change and\nactive engagement.\n\n \n\nThe year has demonstrated both the risks of a concentrated portfolio and the\nimportance of maintaining conviction where operational evidence remains\nsupportive. The Board believes the Company is well positioned to benefit from\na recovery in UK smaller companies and from further corporate recognition of\nthe valuation opportunity. We remain confident in the Investment Manager’s\ndisciplined, high-conviction approach and in the Company’s ability to\ndeliver attractive long-term returns for shareholders.\n\n \n\nThe Board thanks shareholders for their continued support.\n\n \n\n1. Source: Calastone Fund Flow Index, July 2026.\n\n \n\nWilliam Barlow\n\nChairman\n\n22 September 2026\n\n \n\nInvestment Manager’s Report for the year ended 30 June 2026\n\n \n\nOverview – FY 2025/26\n\n \n\nThe year to 30 June 2026 was characterised by sharp changes in market\nleadership and investor sentiment. UK smaller companies remained under\npressure from persistent domestic fund outflows, even as the FTSE 100\nbenefited from a rotation of global capital away from concentrated US equity\nexposures. Against this mixed backdrop, operational delivery across the\nCompany’s portfolio was generally resilient, but portfolio valuations\nexperienced pronounced intra-year volatility.\n\n \n\nDuring the first half of the financial year, smaller companies generally\nlagged their larger peers despite improving underlying UK economic\nfundamentals. The prolonged lead-up to the 2025 Autumn Budget weighed on risk\nappetite and domestic liquidity, with UK-focused equity funds recording £2.6\nbillion of net outflows in calendar Q4 2025 alone1.\n\n \n\nCalendar Q1 2026 then brought a marked reversal. Smaller-company indices fell\nas geopolitical escalation in the Middle East supported energy prices and\nlarge-cap market leadership, while in February a sharp and broad-based\nsell-off hit software, professional services and data-platform businesses\nfollowing a wave of artificial intelligence product launches. The Company’s\nexposure to asset-light, intangible-rich businesses meant that it was\nparticularly affected by this thematic de-rating, despite substantively all\nportfolio company trading updates or results in the quarter being positive or\nin line with expectations. Following extensive engagement with management\nteams and our specialist network to re-test the AI opportunities and threats\nfor each company, we concluded that a number of holdings possess meaningful\nbarriers to AI-led disruption – including proprietary data, deep domain\nexpertise, regulatory knowledge, embedded customer workflows and trusted\nsystem-of-record status – and selectively added to high-conviction positions\nat depressed valuations.\n\n \n\nThe final quarter saw a strong, albeit incomplete, recovery as the initial AI\nconcerns became more differentiated and operational delivery remained sound.\nAgain, substantively all portfolio trading updates and financial results in\ncalendar Q2 were positive or in line with market expectations, while several\nof the holdings most affected by the February sell-off recovered materially.\nSmaller companies also began to outperform their larger peers during the\nquarter. The period nevertheless remained volatile, with conflict in the\nMiddle East, energy-price uncertainty and renewed domestic political\nuncertainty continuing to affect risk appetite.\n\n \n\nCorporate activity remained an important source of value realisation. The\nacquisitions of Inspired and Ricardo crystallised value at substantial premia\nfollowing periods of active engagement, while public-to-private activity\nacross the UK market remained elevated; in the first half of calendar year\n2026 there have been 25 firm offers announced for UK listed companies, with an\naggregate value of £35bn2. This continues to validate our view that the\nvaluation gap between UK public markets and strategic or private-market values\nremains material. Throughout the year, our investment approach remained\nunchanged: bottom-up stock selection, deep fundamental due diligence and\nconstructive engagement focused on company-specific routes to value creation\nrather than reliance on a broad market re-rating.\n\n \n1. Calastone Fund Flow Index, January 2026\n2. Source: LexisNexis Market Standards, Trends in UK Public M&A deals in H1\n2026, July 2026.\n \n\nPerformance – FY 2025/26\n\n \n\nThe Trust’s NAV Total Return decreased by 2.2% over the 12-month period\nended 30 June 2026, versus the FTSE Small Cap Index (excluding Investment\nCompanies), which rose by 7.6%.\n\n \n\nNAV return attribution\n\n \n\n Component                 %      \n Benchmark                 7.6    \n Manager Stock Selection*  (0.5)  \n Sector Effect +           (8.2)  \n Fees: Ongoing             (1.3)  \n Fees: Tender-related      (0.5)  \n Buyback ++                0.7    \n NAV                       (2.2)  \n\n \n\n* Manager Stock Selection is the balancing item, computed as NAV less\nBenchmark, Structurally Excluded Sectors, Fees (Ongoing and Tender-related)\nand Buyback.\n\n+ Sector Effect is the sector allocation effect of the GICS industries\nexposure estimated from Brinson Attribution analysis from Bloomberg PORT.\nSector Effect is heavily influenced by Structurally Excluded Sectors (Energy,\nMaterials, Banks and REITs). As SEC holds no stocks in these industries, their\nentire active contribution is an allocation effect.\n\nStructurally Excluded Sectors contributed -3.0% of total return within this\ncomponent.\n\n++ Buyback reflects the residual change in shares with voting rights from the\npost-tender Continuing Pool base, to 30 June 2026\n\n \n\nTop and bottom contributors to relative return\n\n \n\nPositive contributors\n\n Holding     TSR (%)  CTR 3 (%pt)  \n Costain     43.5     3.7          \n TruFin      52.0     3.6          \n ActiveOps   43.8     1.7          \n Diaceutics  24.3     1.2          \n Tribal      43.8     0.9          \n\n \n\nNegative contributors\n\n Holding           TSR (%)  CTR 3 (%pt)  \n Brooks Macdonald  (23.0)   (2.5)        \n Everplay          (25.4)   (2.4)        \n Iomart            (50.0)   (1.8)        \n Watkin Jones      (26.3)   (1.7)        \n Fintel            (26.2)   (1.3)        \n\n \n\nTotal Shareholder Return (“TSR”) and Contribution to Return (“CTR”).\nSource: Bloomberg PORT\n\n \n\nKey contributors to performance during the year included:\n\n \n* Costain Group, following a series of strategically important contract wins\nand framework appointments, strong cash generation and continued progress\ntowards its medium-term margin targets. Costain also announced a new pension\nscheme agreement supporting enhanced shareholder returns via dividend and\nbuyback. \n* TruFin, following repeated earnings upgrades driven by the continued strong\nperformance of its Playstack division, which was subsequently announced to\nhave been divested at material valuation in the context of the group’s\nmarket capitalisation, along with a material capital return programme to\nshareholders. \n* ActiveOps, following strong results and trading updates demonstrating\ndouble-digit revenue growth, expanding recurring revenue, continued cash\ngeneration and successful integration of the Enlighten acquisition,\nreinforcing confidence in the scalability of its Decision Intelligence\nplatform. \n* Diaceutics, supported by strong revenue momentum, new enterprise-wide\nagreements, improved profitability and a record order book, notwithstanding a\nperiod of share price weakness in calendar Q4 on no specific company news\nflow. \n* Tribal Group, following trading updates that reaffirmed revenue\nexpectations, indicated adjusted EBITDA ahead of consensus and demonstrated a\nsubstantial improvement in the balance sheet to a net cash position.\n \n\n3. Contribution to Return (“CTR”) of an investment is the weighted total\nreturn of that investment instrument, calculated as the daily total return\nmultiplied by the daily weight, compounded over the attribution timeframe.\n\n \n\nThe main detractors over the period were:\n* Brooks Macdonald Group, as the shares de-rated despite operational progress,\nincluding in-line interim results, a return to net positive flows (now\nevidenced for three consecutive quarters) and continued strength in its\nplatform MPS proposition. \n* Everplay Group, reflecting weaker sentiment after full-year results\nindicated a shift in the timing of 2026 revenues from the first half to the\nsecond half and a delay to the Hell Let Loose: Vietnam release, following a\nperiod in which the shares had previously benefited from stronger\nback-catalogue performance. \n* Iomart Group, following continued elevated churn in its legacy self-managed\ninfrastructure segment, which increased leverage and masked success in other\nparts of the group. \n* Watkin Jones, which despite an in-line trading update is exposed to cyclical\nheadwinds in the UK construction sector and flagged a wide range of outcomes\nfor the second half of its financial year. \n* Fintel, as valuation and sentiment weakened despite positive late-2025\ntrading momentum, continued SaaS growth and a strengthened balance sheet and\ncredit facility providing capacity for further organic growth and selective\nacquisitions.\n \n\nThe full-year result masks significant intra-year dispersion. Performance was\nstrong through January 2026 before reversing sharply during February and\nMarch: the Company’s NAV total return fell by 10.3% in calendar Q1, compared\nwith a 4.7% decline in the FTSE Small Cap Index (excluding Investment\nCompanies). This was driven principally by the market-wide de-rating of\nperceived “AI-exposed” sectors rather than deteriorating portfolio\ntrading. The final quarter recovered a meaningful proportion of this decline\nas company results remained resilient and the market began to differentiate\nmore clearly between potential AI beneficiaries and genuinely disrupted\nbusiness models.\n\n \n\nPortfolio Activity\n\n \n\nNew Investments\n\n \n\nWe made six new investments during the period:\n\n \n* ActiveOps, a leading enterprise software provider specialising in\nback-office management with c.90% recurring revenue, double-digit organic\ngrowth, strong cash generation and a dominant position in a structurally\nexpanding market. \n* Watkin Jones, a specialist property development and management business\nfocused on UK build-to-rent and purpose-built student accommodation, using a\ncapital-light forward-funding model and offering recovery potential as\ndevelopment activity normalises. \n* Spire Healthcare Group, the UK’s largest private hospital group by\nrevenue, where we initially saw structural growth in private healthcare, scope\nfor margin improvement and potential value creation from its property-backed\nasset base. However, the combination of trading uncertainty around the latest\nround of NHS tariff commissioning, and a protracted takeover process with\nmultiple offerors including a major shareholder, led us to exit the position\nafter a short holding period. \n* Elixirr International, a challenger consultancy firm which is well known to\nthe Manager, with a high-quality customer base diversified by both geography\nand sector, which is expected to benefit from continued growth in demand for\ndigital consultancy particularly around AI threats and opportunities. \n* Eagle Eye Solutions, a marketing and loyalty software platform provider with\na scalable, high-margin recurring revenue model and structural exposure to\nincreasing adoption of digital promotions and personalised customer engagement\nby global retailers. \n* Ten Lifestyle Group, a technology-enabled concierge and lifestyle services\nprovider supported by growing demand from global financial institutions and\nluxury brands, new enterprise client wins, double-digit revenue growth and\nimproving profitability.\n \n\nFollow-on investments\n\n \n\nDuring periods of share price weakness that we assessed to be disconnected\nfrom long-term fundamentals, the Manager added selectively to existing\nholdings. Examples included Diaceutics and Next 15 Group in calendar Q3; XPS\nPensions Group and Fintel in Q4; and Netcall and Watkin Jones in Q1 2026.\nAcross the full year, follow-on investment also included Brooks Macdonald\nGroup, Iomart Group and Tribal Group.\n\n \n\nFull exits\n\n \n\nWe also fully exited six positions during the period:\n\n \n* Benchmark Holdings, following the return of proceeds after the disposal of\nits Genetics division, which crystallised value at a 48% premium to the\ncompany’s ex-cash equity value. \n* Inspired, following completion of the all-cash Recommended Takeover by HGGC\nat 81p per share, c.33% above the undisturbed share price and c.103% above the\n40p equity recapitalisation led by the Manager in January 2025. \n* Ricardo, following completion of the agreed all-cash Recommended Takeover by\nWSP Global at approximately a 70% premium to the 90-day volume-weighted\naverage price. \n* The Property Franchise Group, following a period of strong operational\nperformance and share price appreciation after a record year of growth,\nallowing us to crystallise gains and recycle capital into higher-conviction\nopportunities. \n* Spire Healthcare Group, as above, capitalising on ample liquidity during a\nvolatile takeover process. \n* Halfords Group, following a strong trading update, robust like-for-like\nsales growth, gross margin expansion and a move to net cash, which drove a\nsignificant re-rating and provided an attractive opportunity to realise value.\n \n\nOutlook – FY 2026/27\n\n \n\nLooking ahead, the near-term backdrop remains uncertain. Geopolitical tensions\nin the Middle East, changes in UK political leadership and continued domestic\nequity fund outflows may sustain volatility. At the same time, the rotation of\ninternational capital away from highly concentrated US equity exposures has\nimproved the relative backdrop for UK assets. We believe the portfolio is well\npositioned: its holdings typically have high recurring revenues, defensible\nmarket positions, strong cash generation and low or modest financial leverage,\nwith limited direct exposure to global trade disruption.\n\n \n\nThe valuation opportunity in UK smaller companies remains compelling. At 31\nAugust 2026, companies below £500 million market capitalisation traded at a\n25% median price-to-earnings discount to companies above £4 billion.\nCorporate and private equity buyers have continued to demonstrate a\nwillingness to pay substantial premia for high-quality UK assets. If public\nmarkets continue to misprice these businesses, we expect M&A to remain an\nimportant additional route to value realisation. Several potential catalysts\ncould support the asset class over the coming year:\n\n \n* Continued improvement in international sentiment towards UK equities and a\nbroader rotation from large caps into small and mid-cap companies as valuation\ndispersion normalises; \n* Further reopening of the IPO and equity capital markets, improving\nliquidity, price discovery and investor confidence; and\n* Continued corporate activity and public-to-private transactions, providing\nroutes to crystallise intrinsic value where public markets do not recognise\nit.\n \n\nThese catalysts are supportive but are not required for our investment cases\nto work. History suggests that smaller companies can recover rapidly once\nmarket leadership broadens, but we continue to anticipate returns that are\nidiosyncratic and primarily from company-specific earnings growth, cash\ngeneration, strategic change and active engagement. We will also continue to\ntest each investment case rigorously against the opportunities and risks\ncreated by artificial intelligence, distinguishing businesses that can use AI\nto enhance their products and efficiency from those whose competitive\npositions may be more exposed.\n\n \n\nWe remain focused on a high-conviction, bottom-up portfolio of companies where\nwe believe quality, strategic relevance and identifiable routes to value\ncreation are not reflected in current market valuations. After a year that\ndemonstrated both the risks of concentration and the importance of maintaining\nconviction when operational evidence remains supportive, we believe the\nportfolio is well positioned to deliver attractive long-term returns for\nshareholders.\n\n \n\nTop 10 Investee Company Review\n\n(as at 30 June 2026)\n\n Company             % of NAV 1                         Investment Thesis                                                                                                                                                                                                    Developments                                                                                                                                                                                                                                               \n TruFin              12.9%  Technology                  * Following the June 2026 disposal of Playstack, TruFin comprises two technology-enabled fintech platforms: Oxygen Finance (early payment) and Satago (invoice finance), alongside a substantial cash position.      * Completed the sale of Playstack in June 2026, crystallising significant value and leaving Oxygen Finance and Satago alongside a substantial cash balance.                                                                                                \n                                                        * The investment case now rests on disciplined capital allocation, further value creation within the remaining platforms and management’s ability to redeploy capital into scalable, cash-generative businesses.     * The Board announced a substantial return of capital to shareholders, which was approved and completed post period end.                                                                                                                                   \n Netcall             10.1%  Technology                  * Provider of AI-powered process automation and customer engagement software through the Liberty platform, with a high proportion of recurring subscription revenues.                                                * FY26 trading showed 20% revenue growth and 23% adjusted EBITDA growth, with continued strong momentum in Cloud.                                                                                                                                          \n                                                        * Structural demand for automation, digital transformation and AI-enabled workflows supports organic growth, while the scalable software model offers operating leverage and cash generation.                        * AI-related product sales almost tripled, while the Jadu integration progressed well with initial cross-sales secured.                                                                                                                                    \n Diaceutics          8.9%  Healthcare                   * Commercialisation data and technology provider to the global pharmaceutical and biotech industry, built around proprietary diagnostic data and the DXRX platform.                                                  * Post period end H1 update showed 22% revenue growth and 75% ARR growth, reflecting continued adoption of the DXRX platform.                                                                                                                              \n                                                        * Structural growth in precision medicine, increasing recurring revenues and embedded customer relationships provide attractive long-term growth and operating leverage.                                             * Customer retention strengthened further, while AI is being embedded across DXRX and the operating model.                                                                                                                                                 \n Brooks Macdonald    8.6%  Financial Services           * UK-focused wealth management and financial planning group with a scalable platform, strong cash generation and an opportunity to improve margins as growth returns.                                                * FY26 saw a return to positive net flows, with its fiscal Q4 the strongest quarter in three years.                                                                                                                                                        \n                                                        * The sector remains structurally attractive and consolidating, with Brooks Macdonald positioned to benefit from improving net flows, product breadth and adviser relationships.                                     * Platform MPS continued to grow strongly and full-year financial performance was in line with market expectations.                                                                                                                                        \n Costain Group       7.0%  Industrial Goods & Services  * UK infrastructure delivery and consulting partner with strong positions in structurally growing water, energy, defence and transport markets.                                                                      * FY25 results demonstrated further margin progression and a record forward work position, alongside a material share buyback and increased dividend.                                                                                                      \n                                                        * A de-risked contracting model, rising consultancy mix, strong balance sheet and improving margins provide a platform for higher-quality earnings and shareholder returns.                                          * Contract momentum remained strong, including new framework appointments across transport and infrastructure.                                                                                                                                             \n ActiveOps           7.0%  Business Services            * Enterprise Decision Intelligence software provider for service operations, with high recurring revenues, strong gross margins and a growing global customer base.                                                  * FY26 results showed 46% ARR growth and 72% adjusted EBITDA growth, with strong organic momentum and improving customer retention.                                                                                                                        \n                                                        * The platform helps large organisations improve workforce productivity and operational decision-making, with AI adoption increasing the need for trusted operational data and context.                              * The Enlighten integration materially expanded the North American and APAC footprint; early FY27 trading was in line with Board expectations.                                                                                                             \n Everplay Group      6.9%  Technology                   * Leading independent video game developer and publisher with a diversified portfolio across premium games, simulation and children’s edutainment.                                                                   * Post period end H1 update confirmed trading in line with expectations, supported by resilient back-catalogue performance and new releases.                                                                                                               \n                                                        * Earnings are supported by a valuable back catalogue and established franchises, while the pipeline of new releases provides potential for additional growth and IP value creation.                                 * The release schedule is weighted to H2 2026, with encouraging pre-launch indicators.                                                                                                                                                                     \n Tribal Group        6.5%  Technology                   * Global provider of student information systems and related software and services to the education sector.                                                                                                          * Post period end trading update reported strong Core ARR growth, a shift to a net cash position and reiterated market guidance.                                                                                                                           \n                                                        * The transition towards strategic cloud and SaaS products is improving recurring revenue quality, while cost discipline and cash generation reduce balance-sheet risk.                                              * On 11 September 2026 Tribal announced a proposed acquisition of its operating businesses for £189.3m by Main Capital Partners equivalent to c86p per share and the intention to return the capital and wind up the group in the event it is approved by  \n                                                                                                                                                                                                                                                                             shareholders.                                                                                                                                                                                                                                              \n Fintel              5.6%  Business Services            * Leading provider of software, data and support services to the UK retail financial services sector, serving advisers, product providers and intermediaries.                                                        * Post period end H1 update showed 11% organic adjusted EBITDA growth, with continued progress across Software, Data and Distribution.                                                                                                                     \n                                                        * Increasing regulatory complexity and digitisation support recurring demand, while proprietary data assets and software products offer scope for attractive organic growth, margin expansion and selective M&A.     * Product innovation continued through Omnicore, Trust and Matrix360, alongside selective M&A and disposal of non-core activities.                                                                                                                         \n XPS Pensions Group  5.0%  Business Services            * Leading challenger in UK pensions consulting and administration, benefiting from high revenue visibility, regulatory complexity and largely non-discretionary client activity.                                     * FY26 delivered a fourth consecutive year of double-digit revenue growth, with revenue up 13% and adjusted EBITDA up 9%.                                                                                                                                  \n                                                        * Its capital-light model, strong cash generation and growing insurance consulting capability support continued organic growth, market-share gains and selective acquisitions.                                       * Insurance revenues more than tripled, broadening the addressable market, while cash generation remained strong.                                                                                                                                          \n\n \n\nGresham House, as at 30 June 2026\n\n1. Top ten holdings representing 78.8% of NAV\n\n2. Aggregate Gresham House Asset Management equity stake.\n\n \n\n \n\nPortfolio as at 30 June 2026\n\n Company                  Sector Classification        Date of first Investment  Cost £’000     Valuation £’000     % of invested portfolio at 30 June 2026  % of invested portfolio at 30 June 2025  % of net assets  \n TruFin                   Technology                   Jul 2023                  7,805          16,562              13.6%                                    6.5%                                     12.9%            \n Netcall                  Technology                   Mar 2023                  11,284         13,002              10.7%                                    7.3%                                     10.1%            \n Diaceutics               Healthcare                   Sep 2024                  10,482         11,534              9.5%                                     3.6%                                     8.9%             \n Brooks Macdonald         Financial Services           Jun 2016                  16,341         11,050              9.1%                                     10.5%                                    8.6%             \n Costain Group            Industrial Goods & Services  Jun 2024                  4,037          9,065               7.4%                                     11.0%                                    7.0%             \n ActiveOps                Business Services            Jul 2025                  6,274          9,001               7.4%                                     –                                        7.0%             \n Everplay Group           Technology                   Dec 2023                  8,481          8,952               7.3%                                     9.5%                                     6.9%             \n Tribal Group             Technology                   Dec 2014                  9,617          8,361               6.9%                                     2.2%                                     6.5%             \n Fintel                   Business Services            Oct 2020                  7,716          7,157               5.9%                                     4.1%                                     5.6%             \n XPS Pensions Group       Business Services            Jul 2019                  3,030          6,508               5.3%                                     5.6%                                     5.0%             \n Next 15 Group            Business Services            Oct 2024                  8,218          6,284               5.2%                                     4.0%                                     4.9%             \n Watkin Jones             Business Services            Aug 2025                  6,034          3,920               3.2%                                     –                                        3.0%             \n Iomart Group             Technology                   Mar 2022                  26,451         3,509               2.9%                                     3.0%                                     2.7%             \n Elixirr International    Business Services            Apr 2026                  3,528          3,203               2.6%                                     –                                        2.5%             \n Eagle Eye Solutions      Technology                   Apr 2026                  2,297          2,486               2.0%                                     –                                        1.9%             \n Ten Lifestyle Group      Business Services            May 2026                  1,292          1,270               1.0%                                     –                                        1.0%             \n Total investments                                                                              121,864                                                                                               94.5%            \n Cash                                                                                           7,283                                                                                                 5.6%             \n Net current liabilities                                                                        (206)                                                                                                 (0.1%)           \n Total shareholders’ funds                                                                      128,941                                                                                               100.0%           \n\n \n\n \n\n Sector exposure by value                    Value by market cap band                   \n Technology                   41.0%          Micro Cap (<£250m)          68.1%          \n Business Services            29.0%          Small Cap (£250m-£1.5bn)    26.4%          \n Healthcare                   8.9%           Net cash                    5.5%           \n Financial Services           8.6%                                                      \n Industrial Goods & Services  7.0%                                                      \n Net cash                     5.5%                                                      \n\n \n\nKen Wotton\n\nGresham House Asset Management\n\n22 September 2026\n\n \n\nFinancial Summary\n\n \n\n Capital Return                                                  As at 30 June 2026  As at 30 June 2025  % change  \n Net asset value (“NAV”) per Ordinary share +                    380.08p             392.47p             (3.2)%    \n Ordinary share price                                            361.00p             363.00p             (0.6)%    \n Comparative index ++                                            6,427.32            6,175.33            +4.1%     \n Discount of Ordinary share price to NAV 1                       (5.0)%              (7.5)%                        \n Average discount of Ordinary share price to NAV for the year 1  (7.3)%              (8.4)%                        \n Total assets (£’000)                                            129,188             174,399             (25.9)%   \n Equity shareholders’ funds (£’000)                              128,941             174,153             (26.0)%   \n Ordinary shares in issue with voting rights                     33,924,903          44,373,800                    \n\n \n\n \n\n Performance                                     Year ended 30 June 2026  Year ended 30 June 2025  \n NAV total return for the year 1                 (2.2)%                   (0.1)%                   \n Share price total return for the year 1         0.6%                     0.4%                     \n Comparative index ++ total return for the year  7.6%                     13.1%                    \n Ongoing charges 1                               1.3%                     1.3%                     \n Ongoing charges (including performance fee) 1   1.3%                     1.3%                     \n Revenue return per Ordinary share               0.73p                    5.03p                    \n Dividend yield 1                                1.2%                     1.2%                     \n Proposed final dividend for the year            4.50p                    4.25p                    \n\n \n\n \n\n Year’s Highs/Lows       High     Low      \n NAV per Ordinary share  436.87p  348.90p  \n Ordinary share price    406.00p  334.50p  \n\n \n\n+Net asset value or NAV, the value of total assets less current liabilities.\nThe net asset value divided by the number of shares in issue produces the net\nasset value per share.\n\n++ FTSE Small Cap (ex Investment Trusts) Index.\n\n1 Alternative Performance Measures. Please refer to pages 75 and 76 of the\nAnnual Report for definitions and reconciliations of the Alternative\nPerformance Measures to the year-end results.\n\nA breakdown of the relevant financial information for the Company’s two\npools, the Continuation Pool and the Realisation Pool, is noted on page 76 of\nthe Annual Report.\n\n \n\nAnnual General Meeting\n\n \n\nThe Notice of the Annual General Meeting to be held on Thursday 12 November\n2026 is set out on pages 78 to 80 of the Annual Report. The Annual General\nMeeting will be held at the offices of Panmure Liberum Limited, Ropemaker\nPlace, 25 Ropemaker Street, London EC2Y 9LY.\n\n \n\nFurther Information and Contact Details\n\n \n\nThe full Annual Report and Financial Statements can be accessed via the\nCompany’s website at: www.strategicequitycapital.com or by contacting the\nCompany Secretary as below.\n\n \n\nCopies of the announcement, annual reports, quarterly update presentations and\nother corporate information can be found on the Company’s website at:\nwww.strategicequitycapital.com. \n\n \n\nFor further information, please contact:\n\n \n\n Strategic Equity Capital plc William Barlow (Chairman)                         (via Juniper Partners) +44 (0)131 378 0500    \n Panmure Liberum Limited (Corporate Broker) Chris Clarke        Darren Vickers  +44 (0)20 3100 2000                           \n Juniper Partners Limited (Company Secretary)  Steven Davidson                  +44 (0)131 378 0500                           \n KL Communications (PR Adviser)                                                 gh@kl-communications.com +44 (0)203 882 6644  \n  Charles Gorman                                                                                                              \n  Adam Westall Charlotte Francis                                                                                              \n\n \n\n \n\nFinancial Statements\n\n \n\nStatement of Comprehensive Income\n\n                                                                  Year ended 30 June 2026       Year ended 30 June 2025       \n                                                                  Revenue   Capital             Revenue   Capital             \n                                                                  return    return    Total     Total     return    Total     \n                                                                  £'000     £'000     £'000     £'000     £'000     £'000     \n Investments                                                                                                                  \n Losses on investments held at fair value through profit or loss  -         (2,067)   (2,067)   -         (4,998)   (4,998)   \n                                                                  -         (2,067)   (2,067)   -         (4,998)   (4,998)   \n Income                                                                                                                       \n Income from investments                                          3,115     -         3,115     4,405     -         4,405     \n Interest                                                         39        -         39        51        -         51        \n Total income                                                     3,154     -         3,154     4,456     -         4,456     \n                                                                                                                              \n Expenses Investment Manager’s base fee                           (1,173)   -         (1,173)   (1,256)   -         (1,256)   \n Investment Manager’s performance fee                             -         -         -         -         -         -         \n Other expenses                                                   (1,698)   -         (1,698)   (870)     -         (870)     \n Total expenses                                                   (2,871)   -         (2,871)   (2,126)   -         (2,126)   \n Net return before taxation                                       283       (2,067)   (1,784)   2,330     (4,998)   (2,668)   \n Taxation                                                         -         -         -         -         -         -         \n Net return and total comprehensive income for the year           283       (2,067)   (1,784)   2,330     (4,998)   (2,668)   \n                                                                  pence     pence     pence     pence     pence     pence     \n Return per Ordinary share                                        0.73      (5.31)    (4.58)    5.03      (10.78)   (5.75)    \n\n \n\nThe total column of this statement represents the Statement of Comprehensive\nIncome prepared in accordance with UK-adopted international accounting\nstandards. The supplementary revenue and capital return columns are both\nprepared under guidance published by the AIC. All items in the above statement\nderive from continuing operations. No operations were acquired or discontinued\nduring the year.\n\n \n\nStatement of Changes in Equity\n\n For the year ended 30 June 2026                         Share capital  Share premium account  Capital reserve  Capital redemption reserve  Revenue reserve  Total     \n                                                         £’000          £’000                  £’000            £’000                       £’000            £’000     \n                                                                                                                                                                       \n 1 July 2025                                             6,353          11,300                 148,996          2,897                       4,607            174,153   \n Net return and total comprehensive income for the year  -              -                      (2,067)          -                           283              (1,784)   \n Dividends paid                                          -              -                      -                -                           (1,831)          (1,831)   \n Share buybacks                                          (720)          -                      (41,597)         720                         -                (41,597)  \n 30 June 2026                                            5,633          11,300                 105,332          3,617                       3,059            128,941   \n                                                                                                                                                                       \n For the year ended 30 June 2025                         Share capital  Share premium account  Capital reserve  Capital redemption reserve  Revenue reserve  Total     \n                                                         £’000          £’000                  £’000            £’000                       £’000            £’000     \n                                                                                                                                                                       \n 1 July 2024                                             6,353          11,300                 165,489          2,897                       3,926            189,965   \n Net return and total comprehensive income for the year  -              -                      (4,998)          -                           2,330            (2,668)   \n Dividends paid                                          -              -                      -                -                           (1,649)          (1,649)   \n Share buybacks                                          -              -                      (11,495)         -                           -                (11,495)  \n 30 June 2025                                            6,353          11,300                 148,996          2,897                       4,607            174,153   \n\n \n\nAll profits are attributable to the equity owners of the Company and there are\nno minority interests.\n\n \n\nBalance Sheet\n\n \n\n                                                        As at 30 June 2026  As at 30 June 2025  \n                                                        £'000               £'000               \n Non-current assets                                                                             \n Investments held at fair value through profit or loss  121,864             164,677             \n                                                                                                \n Current assets                                                                                 \n Trade and other receivables                            41                  203                 \n Cash and cash equivalents                              7,283               9,519               \n                                                        7,324               9,722               \n Total assets                                           129,188             174,399             \n Current liabilities                                                                            \n Trade and other payables                               (247)               (246)               \n Net assets                                             128,941             174,153             \n Capital and reserves                                                                           \n Share capital                                          5,633               6,353               \n Share premium account                                  11,300              11,300              \n Capital reserve                                        105,332             148,996             \n Capital redemption reserve                             3,617               2,897               \n Revenue reserve                                        3,059               4,607               \n Total shareholders’ equity                             128,941             174,153             \n                                                        pence               pence               \n Net asset value per share                              380.08              392.47              \n                                                        number              number              \n Ordinary shares in issue                               33,924,903          44,373,800          \n\n \n\nThe financial statements were approved by the Board of Directors of Strategic\nEquity Capital on 22 September 2026.\n\n \n\nThey were signed on its behalf by\n\n \n\nWilliam Barlow\n\nChairman\n\n \n\n22 September 2026\n\n \n\nCompany Number: 05448627\n\n \n\nStatement of Cash Flows\n\n \n\n                                                                Year Ended 30 June  Year Ended 30 June  \n                                                                2026                2025                \n                                                                £’000               £’000               \n Operating activities                                                                                   \n Net return before taxation                                     (1,784)             (2,668)             \n Adjustment for losses on investments                           2,067               4,998               \n Operating cash flows before movements in working capital       283                 2,330               \n Decrease/(increase) in receivables                             162                 (37)                \n Increase/(decrease) in payables                                1                   (1,416)             \n Purchases of portfolio investments                             (42,728)            (55,361)            \n Sales of portfolio investments                                 83,474              67,994              \n Net cash flow from operating activities                        41,192              13,510              \n Financing activities                                                                                   \n Equity dividend paid                                           (1,831)             (1,649)             \n Shares bought back in the year                                 (41,597)            (11,495)            \n Net cash flow from financing activities                        (43,428)            (13,144)            \n (Decrease)/increase in cash and cash equivalents for the year  (2,236)             366                 \n Cash and cash equivalents at the start of year                 9,519               9,153               \n Cash and cash equivalents at 30 June                           7,283               9,519               \n\n \n\n \n\nEmerging and Principal Risks\n\n \n\nThe Board believes that the overriding risks to shareholders are events and\ndevelopments which can affect the general level of share prices, including,\nfor instance, inflation or deflation, economic recessions and movements in\ninterest rates and currencies which are outside of the control of the Board.\n\n \n\nEmerging Risks\n\n \n\nThe Board believes that geopolitical developments, including ongoing conflicts\nin Iran, Ukraine and the Middle East continue to pose risks to global economic\ngrowth and investors’ risk appetites and consequently can impact the\nvaluation of companies in the portfolio. There is also an increasing awareness\nof the challenges and emerging risks posed by climate change as well as the\nimpact and pace of technological developments, including Artificial\nIntelligence (“AI”), on the companies in the investment universe.\n\n \n\nThe principal ongoing risks and uncertainties currently faced by the Company,\nwhich may vary in significance from time to time, are set out on pages 20 to\n22 of the 2026 Annual Report, together with the controls and actions taken to\nmitigate those risks.\n\n \n\nThe Directors continue to work with the agents and advisers to the Company to\ntry and manage the risks, including emerging risks. The central aims remain to\npreserve value in the Company’s portfolio and liquidity in the Company’s\nshares. The Directors aim to ensure that the Company maintains its investment\nstrategy, has operational resilience, meets its regulatory requirements as an\ninvestment trust (and in particular in the provision of regular information to\nthe market) and tries to navigate the financial and economic circumstances in\nthese very uncertain times.\n\n \n\nResponsibility statement of the Directors in respect of the Annual Financial\nReport\n\n \n\nWe confirm that to the best of our knowledge:\n\n \n* the financial statements, prepared in accordance with the applicable set of\naccounting standards, give a true and fair view of the assets, liabilities,\nfinancial position and profit or loss of the Company; and \n* the Strategic Report includes a fair review of the development and\nperformance of the business and the position of the issuer, together with a\ndescription of the principal risks and uncertainties that it faces.\n \n\nWe consider the Report and Financial Statements, taken as a whole, is fair,\nbalanced and understandable and provides the information necessary for\nshareholders to assess the Company’s position and performance, business\nmodel and strategy.\n\n \n\nGoing Concern\n\n \n\nIn assessing the Company’s ability to continue as a going concern the\nDirectors have also considered the Company’s investment objective, detailed\non the inside front cover, risk management policies, detailed on pages 20 to\n22 of the 2026 Annual Report, capital management (see note 17 to the financial\nstatements in the 2026 Annual Report), the nature of its portfolio and\nexpenditure projections and believe that the Company has adequate resources,\nan appropriate financial structure and suitable management arrangements in\nplace to continue in operational existence for the foreseeable future and for\nat least 12 months from the date of this Report. In addition, the Board has\nhad regard to the Company’s investment performance (see page 3 of the 2026\nAnnual Report) and the price at which the Company’s shares trade relative to\ntheir NAV (see page 3 of the 2026 Annual Report).\n\n \n\nThe Directors performed an assessment of the Company’s ability to meet its\nliabilities as they fall due. In performing this assessment, the Directors\ntook into consideration:\n\n \n* cash and cash equivalents balances and, from a liquidity perspective, the\nportfolio of readily realisable securities which can be used to meet\nshort-term funding commitments; \n* the ability of the Company to meet all of its liabilities and ongoing\nexpenses from its assets; \n* revenue and operating cost forecasts for the forthcoming year; \n* the ability of third-party service providers to continue to provide\nservices; \n* potential downside scenarios including stress testing the Company’s\nportfolio for a 25% fall in the value of the investment portfolio; a 50% fall\nin dividend income and a buyback of 5% of the Company’s ordinary share\ncapital, the impact of which would leave sufficient liquid assets to remain a\ngoing concern; and \n* The outcome of the Tender Offer announced on 15 October 2025.\n \n\nBased on this assessment, the Directors are confident that the Company will\nhave sufficient funds to continue to meet its liabilities as they fall due for\nat least 12 months from the date of approval of the financial statements, and\ntherefore have prepared the financial statements on a going concern basis.\n\n \n\nRelated party transactions and transactions with the Investment Manager\n\n \n\nFees paid to Directors are disclosed in the Directors‘ Remuneration Report\non page 44 of the 2026 Annual Report. Full details of Directors‘ interests\nare set out on page 45 of the 2026 Annual Report.\n\n \n\nThe amounts payable to the Investment Manager, which is not considered to be a\nrelated party, are disclosed in notes 3 and 4 on pages 61 and 62 of the 2026\nAnnual Report. The amount due to the Investment Manager for management fees at\n30 June 2026 was £80,000 (2025: £105,000). The amount due to the Investment\nManager for performance fees at 30 June 2026 was £nil (2025: £nil).\n\n \n\nThe Investment Manager, directly and indirectly through its in-house funds,\nhas continued to purchase shares in the Company.\n\n \n\nNotes\n\n \n\n1.1   Corporate information\n\n \n\nStrategic Equity Capital plc is a public limited company incorporated and\ndomiciled in the United Kingdom and registered in England and Wales under the\nCompanies Act 2006 whose shares are publicly traded. The Company is an\ninvestment company as defined by Section 833 of the Companies Act 2006.\n\n \n\nThe Company carries on business as an investment trust within the meaning of\nSections 1158/1159 of the UK Corporation Tax Act 2010.\n\n \n\nThe financial statements of Strategic Equity Capital plc for the year ended 30\nJune 2026 were authorised for issue in accordance with a resolution of the\nDirectors on 22 September 2026.\n\n \n\n1.2 Basis of preparation and statement of compliance\n\n \n\nThe financial statements of the Company have been prepared in accordance with\nUK-adopted international accounting standards and with the requirements of the\nCompanies Act 2006, as applicable to companies reporting under those\nstandards. Where presentational guidance set out in the Statement of\nRecommended Practice (“SORP”) for investment trusts issued by the AIC in\nJuly 2022 is consistent with the requirements of IFRS, the Directors have\nsought to prepare financial statements on a basis compliant with the\nrecommendations of the SORP.  \n\n \n\nThe financial statements of the Company have been prepared on a going concern\nbasis under the historical cost convention, except for investments which are\ncarried at fair value through profit or loss.\n\n \n\n2. Income\n\n                           Year ended 30 June 2026       Year ended 30 June 2025       \n                           Revenue   Capital             Revenue   Capital             \n                           return    return    Total     return    return    Total     \n                           £'000     £'000     £'000     £'000     £'000     £'000     \n Income from investments                                                               \n UK dividend income        2,988     -         2,988     4,405     -         4,405     \n UK fixed interest income  127       -         127       -         -         -         \n                           3,115     -         3,115     4,405     -         4,405     \n Other operating income                                                                \n Liquidity interest        39        -         39        51        -         51        \n                           3,154     -         3,154     4,456     -         4,456     \n\n \n\n3. Investment Manager’s base fee\n\n                 Year ended 30 June 2026       Year ended 30 June 2025       \n                 Revenue   Capital             Revenue   Capital             \n                 return    return    Total     return    return    Total     \n                 £'000     £'000     £'000     £'000     £'000     £'000     \n Management fee  1,173     -         1,173     1,256     -         1,256     \n                 1,173     -         1,173     1,256     -         1,256     \n\n \n\nA basic management fee was payable to the Investment Manager at an annual rate\nof 0.75% of the NAV of the Company. The basic management fee accrues daily and\nis payable quarterly in arrears. The Investment Manager is also entitled to a\nperformance fee, details of which are given in the Report of the Directors on\npage 33 of the 2026 Annual Report.\n\n \n\n4. Investment Manager’s performance fee\n\n                  Year ended 30 June 2026       Year ended 30 June 2025       \n                  Revenue   Capital             Revenue   Capital             \n                  return    return    Total     return    return    Total     \n                  £'000     £'000     £'000     £'000     £'000     £'000     \n Performance fee  -         -         -         -         -         -         \n                  -         -         -         -         -         -         \n\n \n\nDetails of the Performance fee calculation are noted in the Report of the\nDirectors on page 33 of the 2026 Annual Report.\n\n \n\n5. Other expenses\n\n                                Year ended 30 June 2026       Year ended 30 June 2025       \n                                Revenue   Capital             Revenue   Capital             \n                                return    return    Total     return    return    Total     \n                                £'000     £'000     £'000     £'000     £'000     £'000     \n Secretarial services           189       -         189       183       -         183       \n Auditor’s remuneration for:                                                                \n Audit services*                44        -         44        42        -         42        \n Directors’ remuneration        171       -         171       171       -         171       \n Other expenses +               1,294     -         1,294     474       -         474       \n                                1,698     -         1,698     870       -         870       \n\n \n\nAll expenses include VAT where applicable, apart from audit services which is\nshown net.\n\n*No non-audit fees were incurred during the year.\n\n+ Other expenses include £834,000 of costs in relation to the Company’s\nGeneral Meeting and Circular in relation to the Tender exercise announced to\nthe market on 15 September 2025. These costs were borne by both the Continuing\nPool and Tender Pool.\n\n \n\n6. Taxation\n\n                                           Year ended 30 June 2026       Year ended 30 June 2025       \n                                           Revenue   Capital             Revenue   Capital             \n                                           return    return    Total     return    return    Total     \n                                           £'000     £'000     £'000     £'000     £'000     £'000     \n Corporation tax at 25.00% (2025: 25.00%)  -         -         -         -         -         -         \n                                           -         -         -         -         -         -         \n\n \n\nAs at 30 June 2026 the total taxation charge in the Company’s revenue\naccount is lower than the standard rate of corporation tax in the UK. The\ndifferences are explained below:\n\n \n\n                                                                      Year ended 30 June 2026       Year ended 30 June 2025       \n                                                                      Revenue   Capital             Revenue   Capital             \n                                                                      return    return    Total     return    return    Total     \n                                                                      £'000     £'000     £'000     £'000     £'000     £'000     \n Net return on ordinary activities before taxation                    283       (2,067)   (1,784)   2,330     (4,998)   (2,668)   \n Theoretical tax at UK corporation tax rate of 25.00% (2025: 25.00%)  71        (517)     (446)     583       (1,250)   (667)     \n Effects of:                                                                                                                      \n - UK income from investments that are not taxable                    (779)     -         (779)     (1,100)   -         (1,100)   \n - Unrelieved expenses                                                708       -         708       517       -         517       \n - Non-taxable investment losses                                      -         517       517       -         1,250     1,250     \n                                                                      -         -         -         -         -         -         \n\n \n\nFactors that may affect future tax charges\n\n \n\nAt 30 June 2026, the Company had no unprovided deferred tax liabilities (2025:\n£nil). At that date, based on current estimates and including the\naccumulation of net allowable losses, the Company had unrelieved losses of\n£38,845,000 (2025: £36,013,000) that are available to offset future taxable\nrevenue. A deferred tax asset of £9,711,000 (2025: £9,003,000) has not been\nrecognised because the Company is not expected to generate sufficient taxable\nincome in future periods in excess of the available deductible expenses and\naccordingly, the Company is unlikely to be able to reduce future tax\nliabilities through the use of existing surplus losses. The potential deferred\ntax asset has been calculated using a corporation tax rate of 25% (2025: 25%).\n\n \n\n7. Dividends\n\n \n\nUnder the requirements of Sections 1158/1159 of the Corporation Tax Act 2010\nno more than 15% of total income may be retained by the Company. These\nrequirements are considered on the basis of dividends declared in respect of\nthe financial year as shown below.\n\n \n\n                                                                             \n                                                           30 June  30 June  \n                                                           2026     2025     \n                                                           £'000    £'000    \n Final dividend proposed of 4.50p (2025: 4.25p) per share  1,501    1,831    \n                                                                             \n\n \n\nThe following dividends were declared and paid by the Company in the financial\nyear:\n\n \n\n                                                30 June  30 June  \n                                                2026     2025     \n                                                £'000    £'000    \n Final dividend: 4.25p per share (2025: 3.50p)  1,831    1,649    \n\n \n\nDividends have been solely paid out of the Revenue reserve.\n\n \n\n8. Return per Ordinary share\n\n                   Year ended 30 June 2026               Year ended 30 June 2025               \n                   Net       Weighted average  Per       Net       Weighted average  Per       \n                   return    number of         share     return    number of         share     \n                   £’000     Ordinary shares   pence     £’000     Ordinary shares   pence     \n Total                                                                                         \n Return per share  (1,784)   38,908,011        (4.58)    (2,668)   46,346,499        (5.75)    \n Revenue                                                                                       \n Return per share  283       38,908,011        0.73      2,330     46,346,499        5.03      \n Capital                                                                                       \n Return per share  (2,067)   38,908,011        (5.31)    (4,998)   46,346,499        (10.78)   \n\n \n\n9. Investments\n\n \n\n                                                          30 June 2026 £’000     30 June 2025 £’000     \n Investment portfolio summary                                                                           \n Quoted investments at fair value through profit or loss  121,864                164,677                \n                                                          121,864                164,677                \n\n \n\nUnder IFRS 13, the Company is required to classify fair value measurements\nusing a fair value hierarchy that reflects the subjectivity of the inputs used\nin measuring the fair value of each asset. The fair value hierarchy has the\nfollowing levels:\n\n \n\nInvestments whose values are based on quoted market prices in active markets\nare classified within level 1 and include active quoted equities.\n\n \n\nThe definition of level 1 inputs refers to ‘active markets’, which is a\nmarket in which transactions take place with sufficient frequency and volume\nfor pricing information to be provided on an ongoing basis. Due to the\nliquidity levels of the markets in which the Company trades, whether\ntransactions take place with sufficient frequency and volume is a matter of\njudgement, and depends on the specific facts and circumstances. The Investment\nManager has analysed trading volumes and frequency of the Company’s\nportfolio and has determined these investments as level 1 of the hierarchy.\n\n \n\nFinancial instruments that trade in markets that are not considered to be\nactive but are valued based on quoted market prices, dealer quotations or\nalternative pricing sources supported by observable inputs are classified\nwithin level 2. As level 2 investments include positions that are not traded\nin active markets and/or are subject to transfer restrictions, valuations may\nbe adjusted to reflect illiquidity and/or non-transferability, which are\ngenerally based on available market information.\n\n \n\nLevel 3 instruments include private equity, as observable prices are not\navailable for these securities the Company has used valuation techniques to\nderive the fair value. In respect of unquoted instruments, or where the market\nfor a financial instrument is not active, fair value is established by using\nrecognised valuation methodologies, in accordance with IPEV Valuation\nGuidelines.\n\n \n\nThe level in the fair value hierarchy within which the fair value measurement\nis categorised is determined on the basis of the lowest level input that is\nsignificant to the fair value of the investment.\n\n \n\nThe following table analyses within the fair value hierarchy the Company’s\nfinancial assets and liabilities (by class) measured at fair value at 30 June\n2026.\n\n \n\nFinancial instruments at fair value through profit or loss\n\n \n\n                     Level 1 £’000     Level 2 £’000     Level 3 £’000     Total  £’000     \n 30 June 2026                                                                               \n Equity investments  121,864           -                 -                 121,864          \n Liquidity funds     -                 1                 -                 1                \n Total               121,864           1                 -                 121,865          \n 30 June 2025                                                                               \n Equity investments  162,972           1,705             -                 164,677          \n Liquidity funds     -                 1                 -                 1                \n Total               162,972           1,706             -                 164,678          \n\n \n\nListed investments included in Level 2 are deemed to be less liquid than Level\n1. An investment is categorised as illiquid when historic trading data\nindicates it would take more than 250 days to liquidate. The fair value of\nthese investments has been determined by reference to their quoted prices at\nthe reporting date.\n\n \n\n10. Nominal Share capital\n\n                                                                  Number        £’000     \n Allotted, called up and fully paid Ordinary shares of 10p each:                          \n Ordinary shares in circulation at 30 June 2025                   63,529,206    6,353     \n Shares held in Treasury at 30 June 2025                          (19,155,406)  (1,915)   \n Ordinary shares in issue per Balance Sheet at 30 June 2025       44,373,800    4,438     \n Shares bought back and cancelled                                 (7,199,397)   (720)     \n Shares bought back to be held in Treasury                        (3,249,500)   (325)     \n Ordinary shares in issue per Balance Sheet at 30 June 2026       33,924,903    3,393     \n Shares held in Treasury at 30 June 2026                          22,404,906    2,240     \n Ordinary shares in circulation at 30 June 2026                   56,329,809    5,633     \n\n \n\nOther Information\n\n \n\nThese are not statutory accounts in terms of Section 434 of the Companies Act\n2006.  Full audited accounts for the year to 30 June 2026 will be sent to\nshareholders in October 2026 and will be available for inspection at 1\nFinsbury Circus, London EC2M 7SH, the registered office of the Company.\n\n \n\nThe full annual report and accounts will be available on the Company’s\nwebsite www.strategicequitycapital.com and have been submitted to the National\nStorage Mechanism (\"NSM\") and will shortly be available for inspection\nat: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.\n\n \n\nThe audited accounts for the year ended 30 June 2026 will be lodged with the\nRegistrar of Companies.\n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-09-23T06:00:27.262663646Z","server_sent_at_ms":1790143227262},"received_at":"2026-09-23T06:00:27.539Z","source_url":null},"analysis":{"id":"139212","press_release_id":"150410","analysis_json":{"industry":{"label":"Asset Management","sector":"Financials"},"redFlags":["NAV underperformance of nearly 10 percentage points versus benchmark over the year","Revenue return per share fell sharply to 0.73p from 5.03p","Persistent UK domestic equity fund outflows flagged as an ongoing headwind","Concentrated portfolio (top 10 = 78.8% of NAV) with Iomart down 50% in the year","Board chair and a director retiring; leadership transition at the 2026 AGM"],"eventType":"earnings","narrative":"Strategic Equity Capital's NAV total return for the year to 30 June 2026 was -2.2%, badly lagging the FTSE Small Cap ex-ITs benchmark's +7.6%, with an AI-driven February-March de-rating of software and services holdings driving a 10.3% Q1 NAV fall.\n\nThe share price proved more resilient (+0.6% total return) and the discount to NAV narrowed from 7.5% to 5.0%, which the Board attributes to its discount-management framework; the tender realisation returned ~£29m of interim payments with ~78% of shares choosing to stay invested.\n\nThe Board proposed a raised final dividend of 4.50p (vs 4.25p), continued buybacks (£41.6m of shares bought back in the year), no gearing, and a further realisation opportunity in 2030, while Howard Williams will succeed William Barlow as Chair at the 2026 AGM.","sentiment":"mixed","agentHooks":{"shouldPost":false,"suggestedAngle":"UK small-cap trust underperforms benchmark on AI de-rating but narrows discount and raises dividend ahead of chair transition."},"keyFigures":{"eps":"-4.58p total return per share (revenue return 0.73p, capital return -5.31p)","guidance":"Further realisation opportunity reaffirmed for 2030; 50% of net gains from profitable realisations available for buybacks at 5%+ discount","customDimensions":{"net_assets":"£128,941,000","nav_per_share":"380.08p","discount_to_nav":"(5.0)%","ongoing_charges":"1.3%","nav_total_return":"-2.2%","q1_2026_nav_return":"-10.3%","q2_2026_nav_return":"+6.6%","benchmark_total_return":"+7.6%","final_dividend_proposed":"4.50p","share_price_total_return":"+0.6%","shares_bought_back_in_year":"£41,597,000","tender_shares_validly_tendered":"9,510,496 (~22% of issued capital)"}},"quotedText":"This outcome is disappointing and the Board recognises the relative underperformance experienced by shareholders.","namedEntities":{"people":[{"name":"William Barlow","role":"Chairman (retiring at 2026 AGM)"},{"name":"Richard Locke","role":"Director (retiring at 2026 AGM)"},{"name":"Howard Williams","role":"incoming Chair"},{"name":"Will Rogers","role":"non-executive Director (effective 1 Sep 2026)"},{"name":"Guy Walker","role":"non-executive Director (effective 1 Sep 2026)"},{"name":"Ken Wotton","role":"Investment Manager, Gresham House Asset Management"},{"name":"Andy Burnham","role":"UK Prime Minister (context)"}],"products":["TruFin","Netcall","Diaceutics","Brooks Macdonald","Costain Group","ActiveOps","Everplay Group","Tribal Group","Fintel","XPS Pensions Group","Inspired","Ricardo","Spire Healthcare Group","Benchmark Holdings","The Property Franchise Group","Halfords Group","Iomart Group","Watkin Jones","Elixirr International","Eagle Eye Solutions","Ten Lifestyle Group","Next 15 Group"],"companies":[{"name":"Strategic Equity Capital plc","ticker":"SEC","relationship":"filer"},{"name":"Gresham House Asset Management","relationship":"investment manager"},{"name":"Panmure Liberum Limited","relationship":"corporate broker"},{"name":"Juniper Partners Limited","relationship":"company secretary"},{"name":"HGGC","relationship":"acquirer of holding Inspired"},{"name":"WSP Global","relationship":"acquirer of holding Ricardo"},{"name":"Main Capital Partners","relationship":"acquirer of holding Tribal Group's operating businesses"}],"dollarAmounts":[{"amount":"£35 billion","context":"takeovers of UK-listed companies announced in H1 2026"},{"amount":"£29 million","context":"interim tender payments returned by 24 February 2026"},{"amount":"£8.8 million","context":"final distribution to tendering shareholders on 24 September 2026"},{"amount":"£189.3m","context":"proposed acquisition of Tribal Group operating businesses by Main Capital Partners"},{"amount":"£41,597,000","context":"shares bought back in the year"},{"amount":"£38,845,000","context":"unrelieved losses available to offset future taxable revenue"}]},"materialImpact":{"score":2,"reasoning":"Annual results for a small UK investment trust: NAV total return of -2.2% badly lagged the +7.6% benchmark, but the discount narrowed to 5.0%, the dividend was raised to 4.50p, and ~£29m of the tender realisation was returned on schedule. Routine annual-report disclosure for a micro-cap vehicle."},"tickerRelevance":{"others":[],"primary":"SEC"},"globalImportance":12,"audienceRelevance":8,"eventTypeSecondary":["buyback","dividend","board_change"],"importanceComponents":{"tickerTier":"micro-cap UK investment trust","eventGravity":"routine annual results","marketCapAdjustment":"small AID vehicle (~£129m net assets)","retailFavoriteBoost":0}},"event_type":"earnings","event_type_secondary":["buyback","dividend","board_change"],"sentiment":"mixed","material_impact_score":2,"narrative":"Strategic Equity Capital's NAV total return for the year to 30 June 2026 was -2.2%, badly lagging the FTSE Small Cap ex-ITs benchmark's +7.6%, with an AI-driven February-March de-rating of software and services holdings driving a 10.3% Q1 NAV fall.\n\nThe share price proved more resilient (+0.6% total return) and the discount to NAV narrowed from 7.5% to 5.0%, which the Board attributes to its discount-management framework; the tender realisation returned ~£29m of interim payments with ~78% of shares choosing to stay invested.\n\nThe Board proposed a raised final dividend of 4.50p (vs 4.25p), continued buybacks (£41.6m of shares bought back in the year), no gearing, and a further realisation opportunity in 2030, while Howard Williams will succeed William Barlow as Chair at the 2026 AGM.","key_figures":{"eps":"-4.58p total return per share (revenue return 0.73p, capital return -5.31p)","guidance":"Further realisation opportunity reaffirmed for 2030; 50% of net gains from profitable realisations available for buybacks at 5%+ discount","customDimensions":{"net_assets":"£128,941,000","nav_per_share":"380.08p","discount_to_nav":"(5.0)%","ongoing_charges":"1.3%","nav_total_return":"-2.2%","q1_2026_nav_return":"-10.3%","q2_2026_nav_return":"+6.6%","benchmark_total_return":"+7.6%","final_dividend_proposed":"4.50p","share_price_total_return":"+0.6%","shares_bought_back_in_year":"£41,597,000","tender_shares_validly_tendered":"9,510,496 (~22% of issued capital)"}},"named_entities":{"people":[{"name":"William Barlow","role":"Chairman (retiring at 2026 AGM)"},{"name":"Richard Locke","role":"Director (retiring at 2026 AGM)"},{"name":"Howard Williams","role":"incoming Chair"},{"name":"Will Rogers","role":"non-executive Director (effective 1 Sep 2026)"},{"name":"Guy Walker","role":"non-executive Director (effective 1 Sep 2026)"},{"name":"Ken Wotton","role":"Investment Manager, Gresham House Asset Management"},{"name":"Andy Burnham","role":"UK Prime Minister (context)"}],"products":["TruFin","Netcall","Diaceutics","Brooks Macdonald","Costain Group","ActiveOps","Everplay Group","Tribal Group","Fintel","XPS Pensions Group","Inspired","Ricardo","Spire Healthcare Group","Benchmark Holdings","The Property Franchise Group","Halfords Group","Iomart Group","Watkin Jones","Elixirr International","Eagle Eye Solutions","Ten Lifestyle Group","Next 15 Group"],"companies":[{"name":"Strategic Equity Capital plc","ticker":"SEC","relationship":"filer"},{"name":"Gresham House Asset Management","relationship":"investment manager"},{"name":"Panmure Liberum Limited","relationship":"corporate broker"},{"name":"Juniper Partners Limited","relationship":"company secretary"},{"name":"HGGC","relationship":"acquirer of holding Inspired"},{"name":"WSP Global","relationship":"acquirer of holding Ricardo"},{"name":"Main Capital Partners","relationship":"acquirer of holding Tribal Group's operating businesses"}],"dollarAmounts":[{"amount":"£35 billion","context":"takeovers of UK-listed companies announced in H1 2026"},{"amount":"£29 million","context":"interim tender payments returned by 24 February 2026"},{"amount":"£8.8 million","context":"final distribution to tendering shareholders on 24 September 2026"},{"amount":"£189.3m","context":"proposed acquisition of Tribal Group operating businesses by Main Capital Partners"},{"amount":"£41,597,000","context":"shares bought back in the year"},{"amount":"£38,845,000","context":"unrelieved losses available to offset future taxable revenue"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-23T06:00:38.515Z","global_importance":12,"audience_relevance":8,"importance_components":{"tickerTier":"micro-cap UK investment trust","eventGravity":"routine annual results","marketCapAdjustment":"small AID vehicle (~£129m net assets)","retailFavoriteBoost":0}},"durationMs":10986,"modelName":"glm-5.3-flashx"}}