Calculation of the Tender Price and Issue Price

Investment Company PLC

15 July 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO ACQUIRE, SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. NEITHER THIS ANNOUNCEMENT NOR ANY PART OF IT SHALL FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH OR ACT AS AN INDUCEMENT TO ENTER INTO ANY CONTRACT OR COMMITMENT WHATSOEVER.

Investment Company PLC

LEI: 2138004PBWN5WM2XST62

15 July 2026

The Investment Company plc

(the "Company")

NAV Update

and

Calculation of the Tender Price and Issue Price

The Company confirms that the Net Asset Value ("NAV") per Ordinary Share (including unaudited revenue but excluding any accrued or paid Transaction Costs) at the Calculation Date, being 6.00 p.m. on 14 July 2026, was 77.97 pence per Ordinary Share. Accordingly, the Tender Price and Issue Price, each calculated in accordance with the Circular published by the Company on 4 June 2026, are as follows:

TENDER PRICE: 74.07 PENCE

ISSUE PRICE: 76.41 PENCE

The Tender Price represents a five per cent. discount to the Company's NAV per Ordinary Share at close of business on 14 July 2026.

The Issue Price represents a two per cent. discount to the Company's NAV per Ordinary Share as at close of business on 14 July 2026.

As announced on 10 July 2026, the Company received total commitments of approximately £7.16 million pursuant to the Placing and Offer for Subscription.

Total Voting Rights

As announced on 10 July 2026, 5,439,991 Ordinary Shares were validly tendered pursuant to the Tender Offer, constituting 59.2 per cent. of the existing issued share capital. All validly tendered Ordinary Shares will be sold to Incoming Shareholders in the Placing pursuant to the Matched Bargain Facility and the Company will sell a further 3,653,528 Ordinary Shares from treasury to Incoming Shareholders in connection with the Placing.

The Company will also issue 277,448 new Ordinary Shares ("New Ordinary Shares") in connection with the Offer for Subscription. Applications have been made for the New Ordinary Shares to be admitted to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities ("Admission"). It is expected that Admission will become effective and that dealings will commence on or around 8.00 a.m. on 28 July 2026.

Following Completion of the Tender Offer and Admission, the total number of voting rights of the Company will be 13,117,001 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules with effect from Completion of the Tender Offer.

Capitalised terms used in this announcement shall have the meanings given in the Circular referred to above which is available on the Company's website https://theinvestmentcompanyplc.co.uk/

Ian Dighe, Chairman of The Investment Company plc:

"I would like to thank both our existing shareholders and those who have joined us for their support for the Tender and Issue process. This enables the Company to move forward into an exciting new chapter with a new team at Dowgate Wealth. As one of the longest-established investment trusts listed in London, we are pleased to have secured a new mandate that is firmly focused on protecting and growing the real purchasing power of shareholders' capital over the long term. The Board looks forward with confidence to working with Dowgate Wealth as we seek to deliver attractive, sustainable returns for shareholders."

Ben McKeown, Investment Director, Dowgate Wealth Limited:

"We are delighted with the positive reception to the new investment strategy we proposed for the Company, raising over £7 million from new shareholders and retaining many existing shareholders to increase the overall size of the Company by over a third at today's Issue Price. Since its establishment in 1868, The Investment Company has successfully navigated successive economic and market cycles. Our objective is to build on that distinguished heritage by delivering attractive long-term real returns for shareholders."

The full updated expected timetable is set out below.

Expected timetable

	2026
Confirmation of the cancellation of the share premium account, capital redemption reserve and reduction of Ordinary Share capital (if approved by the Court)	expected to be by 27 July
Repurchase of Ordinary Shares pursuant to the Tender Offer and issue and sale of Ordinary Shares pursuant to the Issue (including the Matched Bargain Facility)	8.00 a.m. on 28 July
Admission and dealings in new Ordinary Shares commence	8.00 a.m. on 28 July
CREST accounts credited with uncertificated Ordinary Shares in respect of the Issue (including the Matched Bargain Facility)	28 July
Payments through CREST made in respect of the relevant number of Ordinary Shares tendered held in uncertificated form and cheques despatched in respect of the relevant number of Ordinary Shares tendered held in certificated form	on or around 28 July
Where applicable, definitive Ordinary Share certificates in respect of the Ordinary Shares issued pursuant to the Issue despatched by post	within 10 Business Days of Admission

All references to times in this announcement are to London time unless otherwise stated. Any further changes to the expected timetable will be notified by the Company through an RIS.

For further information, please contact:

The Investment Company PLC Ian Dighé, Chairman	Tel: [phone]
Shore Capital	Tel: [phone]
Gillian Martin / Anita Ghanekar / Matthew Walton (Corporate Advisory) Henry Wilcocks / Fiona Conroy (Corporate Broking)
Dowgate Wealth Limited (via Houston) Charlie Barker / Nick Jackman	Tel: [phone]
ISCA Administration Services Limited Company Secretary	Tel: [phone]

About Dowgate Wealth Limited ("Dowgate") and the Company's proposed new investment policy

Dowgate

Dowgate is a dynamic, owner-managed boutique wealth and fund manager. As at 31 December 2025, Dowgate administered approximately £2 billion in client assets, of which approximately £900 million was managed on a discretionary basis. It acts as investment or portfolio manager to two funds - including one closed-ended vehicle, Onward Opportunities Limited - and has a track record for taking on and scaling mandates. Dowgate currently acts as investment manager for private clients, high net worth individuals, charities and trusts.

The Company's portfolio management is expected to be led by Jeremy McKeown, Market Strategist at Dowgate, who will be supported by the broader Dowgate investment team.

Investment policy

Conditional on the appointment of Dowgate as the Company's portfolio manager, the Company will introduce a new investment objective and policy which will seek to protect and grow the real purchasing power of shareholders' capital over the long-term through investing in a diversified portfolio of assets focussed on the theme of scarcity.

The Company will allocate capital, through a high conviction approach, across three distinct scarcity-based pillars, being strategic equity participations, foundational reserves and inflation-protected instruments with the aim of preserving value.

The Company expects the portfolio to differ significantly from traditional equity indices, reflecting its absolute return and capital preservation focus.

Full details of the proposed new investment objective and policy can be found here: Investor-Information-RNS.pdf

 

END