B.P. Marsh, the Niche Development Capital Company, has noted the initial market reaction to the result of the UK Referendum on membership of the European Union.

As mentioned in the Chairman’s Statement, in our latest Annual Report, 75% of the underlying revenues of our portfolio companies emanate from overseas, and are therefore not sterling-denominated.

It is our intention to continue to invest into the International Financial Services Market, a policy which historically has had little or no direct impact from our membership of the European Union.

The UK’s expected withdrawal from the European Union is not anticipated to change the direction of our business. We are a debt free business with strong current and future cash balances with which to pursue our tried and trusted investment approach.

We have been in direct contact with our investee companies both in the UK and overseas (Australia, South Africa, Singapore and Spain) and have communicated and received long-term expressions of support.

We have some robust plans ahead and we look forward to them with enthusiasm.