Slight loss for Quest for Growth in 2023

At 31 December 2023

• Net asset value per share: €7.51 (at 31 December 2022: €7.93)

• Share price: €5.00 (at 31 December 2022: €6.00)

• Discount of share price versus net asset value: 33.45% (at 31 December 2022: 24.31%)

Financial year 2023

• Net loss for the financial year: - €3,524,260 (- €0.19 per ordinary share) against a loss of - €24,828,965 (- €1.40 per ordinary share) for financial year 2022

• Simplification of the shareholder structure by halving the number of preference shares to 500 and increasing the number of ordinary shares by 535,249 (2.86% dilution for each ordinary share)

• The excedent part of the dividend due to the preference shareholders will from now on only be payable after all shareholders have received a cumulative compensation of 6% per year, recoverable from 1 January 2023. The excedent preference dividend was also reduced from 20% to 10%.

• Reduction of the number of directors from 10 to 8, with new chairman

• New investment in the Belgian company VoxelSensors through Capricorn Digital Growth Fund

• SII and Kingspan included in the quoted equities portfolio with takeover bid for SII in December

Financial year 2024

• Ms Lieve Creten is nominated, subject to approval by the FSMA, as new director (and chairman) now that Ms Brigitte de Vet-Veithen is resigning from her position due to incompatibility with her appointment as CEO of Materialise.

Results
Quest for Growth closed the 2023 financial year with a net loss of -€3,524,260. The return on equity was -2.44%, this without taking into account an increase in the number of shares outstanding of about 2.9%. Quest for Growth shares saw their full-year share price decline by almost 16.7% to a closing price of €5.00 on 31 December 2023. The discount of the share price to net asset value increased to 33.4% at the end of the year from 24.3% at the end of 2022.