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Given the news towards the end of Q4 2020 of a number of successful COVID-19 vaccine discoveries, followed by expectations of an immediate rollout of a vaccination programme, and probable clarity around Brexit negotiations, we got to work quickly in early December to invest. Our belief that the small and mid-cap segment of the UK public equity market offers investment potential was corroborated within the first two weeks of SBO s launch when one of our holdings was bid for - a first for the portfolio. Calisen, a provider of energy meters and metering systems, received an offer from Coyote Bidco (a consortium consisting of investors including BlackRock Alternatives Management and Mubadala Investment Company) that was c.26% above the previous day s closing share price. Calisen s directors and KKR owned c.73% of the company and voted in favour of the deal; as such we believed limited acceptance would be required from the remaining shareholders to obtain