Odyssean Investment Trust plc Interim Report for Six Months Ended September 2022

ODYSSEAN INVESTMENT TRUST PLC

(the “Company”, the “Trust” or “OIT”)

INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022

Odyssean Investment Trust PLC has today released its half-yearly report for the six months ended 30 September 2022.

The half-yearly report and other information will be available via  www.oitplc.com

A copy of the half-yearly report will also be submitted to the National Storage Mechanism and will shortly be available for inspection at  https://data.fca.org.uk/#/nsm/nationalstoragemechanism

Significant value opportunities in UK smaller companies

Highlights

· NAV per share is at 149.8p from 164.0p; a change of (8.7%)

· Net assets currently at £155.9m

· Since IPO over four and half years ago the longer-term performance is strong with the NAV per share increasing by more than 52%

· Performance loss of comparator index the NSCI ex IT plus AIM index was (18.5)%

· Annualised ongoing charge of 1.44%

· The trust’s first realisation facility is coming up in the seventh year, starting 1 May 2024

· Investment approach remains core to the private equity philosophy adopted – highly focused, long-term engaged ‘ownership’ style investment to public markets

Jane Tufnell

Chairman of Odyssean Investment Trust PLC (OIT)

“The performance of the Company is creditable against the broad peer group of UK smaller companies and underlying markets during a period of considerable market turmoil.

I am reassured at our longer performance, since launch the NAV per share has increased by more than 52%, during which time the relevant equity markets have made negligible progress. Our management team are navigating these markets and the vast majority of the growth in the Company since launch has been organic due to strong performance delivered by Stuart Widdowson and Ed Wielechowski.

The universe in which the OIT invests, UK smaller companies, is seeing significant absolute value opportunities as well as relative and absolute mispricing.

The numerous takeover approaches received, at very significant premia, demonstrates that Stuart and Ed can identify and execute investments in often illiquid companies at attractive valuations.

UK equities, especially UK smaller companies with substantial overseas operations, look inexpensive, even taking into account the prospect of some earnings weakness. Whilst neither the Board nor the Portfolio Manager wishes to see the investment universe shrink further nor UK quoted companies being bought on the cheap by opportunists, we both believe that in the absence of a re-rating back to typical levels, many look vulnerable to overseas predators.”

Stuart Widdowson | Ed Wielechowski,

Portfolio Managers of Odyssean Investment Trust PLC (OIT)

“We believe that UK equities are being de-rated more acutely than other equity markets due to a number of factors including, but not limited to, political instability, domestic economic concerns and UK equities continuing to become a smaller part of the MSCI Global indices. Over the past few weeks, the nature of selling has changed, with share price behaviours indicating more forced selling of shares, regardless of fundamentals. We believe that such conditions are consistent with the last phases of a bear market, typically leading up to some capitulation – either an event or series of events. Once markets reset, they begin to climb the “wall of worry”.

We remain extremely positive about the potential of the existing portfolio to generate attractive medium to long term returns via self-help and the scope for M&A. Moreover, returns which we think will continue to be differentiated compared with the archetypal “growth” or “value” investment products in our broader peer group. Sentiment will improve and our suspicion is that the latter part of 2022/early 2023 may end up being a “good vintage” for long term returns.”

Financial Summary

Company performanceAs at 30 September 2022As at31 March 2022Change
Shareholders’ funds£155.9m£157.8m(1.2)%
NAV per ordinary share149.8p164.0p(8.7)%
Share price per ordinary share150.0p166.0p(9.6)%
Share price premium/(discount) to NAV per share0.1%1.2%

Past performance is not a guide to future performance and may not be repeated. Capital at risk.

Press Enquiries

Stuart Widdowson, Odyssean Capital07710 031620
Neil Langford, Winterflood Securities (Corporate Broker)020 3100 0160
Sarah Gibbons-Cook/Nick Croysdill, Quill PR (Media Agency)07702 412680 / 07815 823412 OIT@quillpr.com
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