Sherborne Investors C net asset value falls, plans 0.1p dividend

Sherborne Investors (Guernsey) C Ltd on Thursday reported a fall in net asset value in the first half of 2025, as it flagged plans to return capital to shareholders with a further dividend following its full-year results.

The Guernsey-based investment firm said NAV at June 30 was £405.9 million, or 58.0 pence per share, down from 61.5p at December 31 and 65.0p a year earlier. As at August 31, NAV was unchanged at 58.0p.

Sherborne Investors co-invests in US student loan servicer Navient Corp alongside other funds managed by Sherborne Investors Management LP. The funds together hold around 30% of Navient, where Sherborne partner Edward Bramson was appointed chair in June.

Bramson has overseen the first stage of Navient’s turnaround, which included outsourcing loan servicing, divesting a non-core division, and cutting overhead costs by 40%. A second phase is due to be unveiled later this year, focusing on further cost cuts and growth in Navient’s Earnest business.

During the half, Navient paid $0.32 per share in dividends, with Sherborne Investors receiving its proportionate share. Sherborne paid a 0.1p per share dividend in May and said it intends to pay another 0.1p following its 2025 full-year results.

Sherborne has also begun share buybacks after securing approval at its AGM in May. By the end of August, it had repurchased 3 million shares at an average 42p each, about a 25% discount to prevailing NAV, spending £1.25 million. It expects to allocate £10 million to £15 million to repurchases during 2025.

Chair Talmai Morgan also noted the appointment of James Christie as non-executive director following the death of former board member Ian Brindle earlier this year.

Shares in Sherborne Investors (Guernsey) C were quoted at 44.00 pence in London on Thursday morning.

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