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Investment group LMS Capital said its net asset value fell 12% in the first half, citing the impact of the Covid-19 pandemic on portfolio valuations.
The company's NAV for the six months through June fell to 57.5p per share, down from 65.1p at the end of Devcember, after adjustment for a £3.4m special dividend paid in January.
LMS Capital said it continued progress in refocusing its investment strategy on property, energy and late stage private equity.
The company said it was at an advanced stage of discussions on a further investment opportunity and hoped to be in a position to make a further announcement in the coming weeks.
LMS Capital said it would institute a progressive annual dividend policy, initially targeting a dividend in respect of each financial year of approximately 1.5% of that year's closing NAV.
The first payment would be an interim dividend in respect of the financial year to 31 December 2020 of 0.3; per share.
The dividend would split by about one third as an interim dividend in August/September each year and about two thirds as a final dividend following the publication of the year's accounts.
'The first six months of 2020 have been challenging, however I am pleased with the progress the company has made, in commitments to new investments and realisations from its existing portfolio, and in being able to initiate a dividend,' chairman Robert Rayne said.
At 1:23pm: (LON:LMS) LMS Capital PLC share price was +0.1p at 32.2p