The most significant positive contributor was one of the portfolios largest holdings, compliance software specialist Ideagen, which was the subject of a recommended cash offer by Hg private equity. The offer price represented a more than 50% premium to the prior closing price, returning a 16x multiple of average investment cost dating from 2012. Cash of £16.7m was received. Whilst the takeout premium was attractive, especially in these difficult markets, it is always sad to lose a good quality growth company from the portfolio. Other relative outperformers included Frontier Developments, the video games developer, which announced record annual revenues up 26% on last year
Equals Group, the foreign exchange payments specialist, reported strong trading as it transitions its business from a legacy consumer focus into business markets
One Media, the digital media content provider, which announced positive trading and the acquisition of music and video catalogues amidst a strong industry backdrop
and Keywords Studios, the video gaming outsourced services provider, which continues its long record of organic and acquisitive growth. Other holdings benefiting from positive updates were Netcall, the customer engagement software provider, which announced a three year, $19m, financial services contract which meant it is trading <mark style="background-color:yellow">ahead</mark> of expectations
and Block Energy, the Georgian oil and gas producer, which had struggled with the collapse in energy prices in 2020 and some poor well results, but is now benefiting from a much stronger pricing environment, opening up greater potential to exploit the asset base it has established.