Investment Companies Daily: GPM Chg of manager/enhanced divi/main market, BRSC Perf related tender dates, INV Tender/Placing result, HAN/HANA Finals/Ug Ord from UW to Neutral and initiate on A at Neutral

Research evidence excerpt

Investment Companies Daily: GPM Chg of manager/enhanced divi/main market, BRSC Perf related tender dates, INV Tender/Placing result, HAN/HANA Finals/Ug Ord from UW to Neutral and initiate on A at Neutral

Christopher Brown AC Europe Equity Research

(44-20) 7134-4722 10 July 2026 C A Z E N O V E

christopher.brown@jpmorgan.com

• Possible migration to Main Market from International Stock Exchange: GPM is

considering a move to the Main Market of the London Stock Exchange and cancelling

the listing from The International Stock Exchange. GPM believes the Admission has the

potential to enhance its profile with investors and will lessen restrictions on the quantum

of share issuance and reduce the cost of tap issues. GPM anticipates that it will be eligible

for inclusion in the FTSE UK Index Series, subject to FTSE Russell's index eligibility

criteria and review timetable. If GPM does proceed with an application for Admission,

this is expected to occur following the commencement of Baker Steel's appointment and

prior to the period in November 2026 when shareholders are able to exercise their

subscription rights under the Articles and would mean that GPM would no longer be

subject to the maximum £5m issuance limit.

• The Investment Company (INV, Not Covered) - Results of Tender Offer and Issue

- INV announced today that 5,439,991 ordinary shares were validly tendered under the

100% exit opportunity (at NAV less 5%), or 59.2% of the existing share capital. In

addition, INV has received total commitments of £7.16m under the Placing and Offer for

Subscription. As a result, the minimum NAV condition (£7m) in relation to the Proposals

has been met, allowing for the completion of the Proposals subject to the Distributable

Reserves Condition being met.