Net Asset Value(s)

The Company announces:
Total Assets (including unaudited revenue reserves at 13/04/2018) of £64.23m
Net Assets (including unaudited revenue reserves at 13/04/2018) of £49.86m
The Net Asset Value (NAV) at 13/04/2018 was:
				Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue*			243.2p		20,500,000
Per Ordinary share (bid price) - excluding current period revenue*			239.02p
Ordinary share price			235.50p
			(3.17)%
Ordinary shares have an undated life
ZDP share			101.22p		14,200,000
ZDP share price			105.50p
Premium to NAV			4.22%
ZDP shares are held in a subsidiary and have a redemption date of 30/04/2025
*Current period revenue covers the period 01/05/2017 to 13/04/2018

	Name of company				% of portfolio
1	Diversified Gas & Oil Plc Ordinary 1p				2.60
2	Dairy Crest Group Plc Ordinary 25p				2.10
3	Marston's Plc Ordinary 7.375p				2.06
4	StatPro Group Plc Ordinary 1p				2.03
5	Randall & Quilter Investment GBp2				1.98
6	Kier Group PLC Ordinary 1p				1.98
7	Amino Technologies Plc GBp 1				1.97
8	Belvoir Lettings Plc Ordinary				1.97
9	De La Rue Plc Ordinary 44.868p				1.96
10	BCA Marketplace Plc 1p				1.92
11	McColl's Retail Group Plc Ordinary 0.1p				1.88
12	Galliford Try Plc Ordinary 50p				1.86
13	Mucklow (A&J) Group Plc REIT 25p				1.84
14	Jarvis Securities Plc Ordinary 1p				1.78
15	Go-Ahead Group Plc Ordinary 10p				1.78
16	Numis Corporation Plc Ordinary 5p				1.77
17	Alumasc Group (The) Plc Ordinary 12.5p				1.73
18	Brown (N) Group Ordinary 11.052p				1.72
19	Braemar Shipping Services Plc GBp 10				1.72
20	Polar Capital Holdings Plc GBp 2.5				1.66