HERALD INVESTMENT TRUST PLC

• ⚠

  Material uncertainty over going concern

  At the year end, and at the date of signing of the financial statements, the Company has in Saba a significant minority shareholder. As a result of that holding and following discussion with major shareholders, including Saba, and as explained in more detail in the Chairman's Statement on pages 8 and 9, on 9 January 2026 the Company launched a Tender Offer. The Tender Offer was subsequently cancelled as Saba voted against the tender and the board is currently in discussions with Saba in an effort to reach a mutually acceptable outcome for a new tender offer in which shareholders would be able to tender up to 100% of their holding. If these discussions do not lead to a mutually acceptable outcome, it is likely that the board would proceed with the Backstop Tender, requiring only a simple majority for approval whereby Saba could gain a controlling stake and then make changes to the Company's business and/or operating model, over which the board does not have full visibility. These conditions, along with the other matters explained in note 1(A) Accounting Convention to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  —

  Not reported

• Cash

  +467.7%

  £21,890,000 → £124,266,000

• Net assets

  +3.2%

  £1,252,602,000 → £1,292,413,000

• Employees

  —

  Not reported

• Profit before tax

  -26.6%

  £134,756,000 → £98,945,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. HERALD INVESTMENT TRUST PLC 1994-01-10 → present
2. ASSETIMPACT PUBLIC LIMITED COMPANY 1993-12-10 → 1994-01-10

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“At the year end, and at the date of signing of the financial statements, the Company has in Saba a significant minority shareholder. As a result of that holding and following discussion with major shareholders, including Saba, and as explained in more detail in the Chairman's Statement on pages 8 and 9, on 9 January 2026 the Company launched a Tender Offer. The Tender Offer was subsequently cancelled as Saba voted against the tender and the board is currently in discussions with Saba in an effort to reach a mutually acceptable outcome for a new tender offer in which shareholders would be able to tender up to 100% of their holding. If these discussions do not lead to a mutually acceptable outcome, it is likely that the board would proceed with the Backstop Tender, requiring only a simple majority for approval whereby Saba could gain a controlling stake and then make changes to the Company's business and/or operating model, over which the board does not have full visibility. These conditions, along with the other matters explained in note 1(A) Accounting Convention to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.”

Significant events

• “The Company issued a circular on 12 January 2026 setting out a proposed tender (the "Tender Offer") to offer shareholders the choice of selling up to 100% of their shares for cash at close to NAV or remaining invested.”
• “Given Saba voted against the Tender Offer, the Company cancelled it on 3 February 2026. The board have temporarily deferred launching the Backstop Tender because it is in discussions with Saba in an attempt to reach a mutually acceptable outcome.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

20

last 12 months

Capital events

13

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.