In QuotedData’s morning briefing 29 January 2025:

• Literacy Capital (BOOK) has published a portfolio update. It says that, while confidence and business activity across the UK was clearly adversely affected both in the run up to, and subsequent to, the government’s Budget announcement on 30 October 2024, very few of its businesses are in sectors significantly impacted by the Budget. In January 2025, one of BOOK’s portfolio companies, Halsbury Travel, bought two profitable outdoor activity centres based in Devon. Literacy funded this acquisition after the parent of the centres, Kingswood Learning and Leisure Group (part of Inspiring Learning Group), entered administration. BOOK has continue to be focused on generating cash inflows in order to i) fund new investment activity; ii) reduce the Company’s RCF debt; iii) return capital to shareholders. It adds that the refinancing of two portfolio companies is on track. Both companies are performing strongly and both had very conservative levels of leverage due to their strong earnings growth and cash generation, hence the opportunity to refinance them. The first refinancing completed in January 2025, and it expects the second to do so in February. BOOK’s manager is currently appraising several new investment opportunities and has two new platform investments in exclusivity. BOOK says that the amount of capital invested into these two transactions will be more than covered by the amounts received from the two refinancings mentioned above. Discussions relating to the sale of assets owned by BOOK continue to progress. BOOK expects to publish its Q4 factsheet around the end of February 2025, and its audited results for the year ended 31 December in early March.
• Downing Strategic Micro-Cap (DSM) has published a circular setting out the board’s recommended proposals for the members’ voluntary liquidation of the company. DSM’s board says that, with the portfolio reduced to one listed investment, a secured loan note and cash, and the special dividends paid, now is the appropriate time to put proposals to shareholders to undertake a members’ voluntary liquidation of the company. This requires shareholder approval, which will be proposed as a special resolution at a general meeting to be held on 21 February 2025 at 10.00am. The board believes it is vital that the manager’s services be retained during the liquidation period in order to maximise the return of value to shareholders, whilst ensuring this is done in a timely manner. Accordingly, the manager has agreed that, subject to the passing of the resolution at the general meeting, it will continue to manage the remaining portfolio of the company on the terms of the current investment management agreement (adjusted as necessary so as to reflect the fact that the company will be in liquidation). It is expected that the liquidators will be able to make an initial distribution during the week commencing 3 March 2025 of approximately 2.0p per share.

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