GHS is an investment company that applies private equity (PE) techniques, together with a “value” philosophy. At its half-year-end in September, it had a focused portfolio with 12 investments representing 75% of NAV; since then, it has spent or committed further capital, bringing its available cash balance to £3m. It aims to distribute half of realised gains through either dividends or share buybacks. To this end, it paid a 15p maiden dividend in FY17 and bought back 1% of its shares. It is currently trading on a 26% discount to NAV; management aims to close this gap over time.