RNS Number:4854G
Prelude Trust PLC
29 October 2007
For release: 07.00, 29 October 2007
PRELUDE TRUST PLC
HALF YEARLY FINANCIAL REPORT
For the six months ended 30 September 2007
Prelude Trust ("Prelude" or "the Trust"), the investment trust specialising in
high growth technology-based businesses, announces its Half Yearly Financial
Report for the six months ended 30 September 2007.
Commenting on the results Mike Brooke, Chairman of Prelude Trust said: "The last
six months has seen further change in the profile of the Trust portfolio with a
greater percentage of the portfolio now comprising smaller shareholdings in
later stage businesses with growing revenues. Since April 2006 the Trust has
invested in five new companies, three of those alongside other DFJ esprit
managed funds and has succeeded in attracting strong new international investors
to a number of its portfolio companies."
Key points for the six months ended 30 September 2007
* Net Asset Value ("NAV") of #46.58 million from #49.85 million at the year
end
* The addition of VirtualLogix to the Trust portfolio, a new investment
alongside DFJ Esprit
* Initial investment in Aurore LLP, a partnership established with Cambridge
Consultants Limited
* New international investors have invested in a number of the Trust's
portfolio companies in most cases at increased valuations
* Cash of #7.61 million compared with #14.48 million at 31 March 2007. This
reduction was largely due to additional investment of #4.74 million being
made in existing portfolio companies
Mike Brooke added: "The strategy of encouraging new international investors into
syndicates and co-investing with other DFJ Esprit managed funds on new
investments is, I believe, developing a stronger and more balanced portfolio for
the Trust."
For further information please visit www.prelude-trust.co.uk or contact:
Simon Cook Jayne Tamblin John West / Clemmie Carr
DFJ Esprit LLP Prelude Trust plc Tavistock Communications
Tel: 020 7931 8800 Tel: 01223 307 770 Tel: 020 7920 3150
Chairman's Statement
The six months ended 30 September 2007 saw the Trust's Net Asset Value ("NAV")
fall by 6.4% to #46.58 million from #49.85 million at the year end. Changes in
the valuation of investments accounted for #2.66 million of this reduction, with
net operating costs of #0.61 million representing the balance.
During the reporting period the Trust added one new company, VirtualLogix, to
its portfolio and has made an initial investment in Aurore LLP, the partnership
established with Cambridge Consultants Limited to make seed investments on an
exclusive basis in spin-out businesses from that company.
A number of the Trust's portfolio companies successfully raised significant new
rounds of financing, attracting strong new international investors, in almost
all cases at enhanced valuations. While most portfolio companies continue to
progress well, a few have encountered difficulties resulting in a number of
provisions being taken. Shareholders may refer to the Manager's Report for
details of the investments made during the period and the adjustments made to
the portfolio company valuations.
The table below shows the Trust's net assets as at 30 September 2007 and the
position at the start of the reporting period:
At 30 Sept 2007 At 31 Mar 2007
#'million Pence/share #'million Pence/share
Net current assets 8.2 23.8 15.1 44.4
Unquoted 38.4 112.6 34.7 101.5
investments ------------ ----------- -------- -----------
46.6 136.4 49.8 145.9
There were 34,156,564 shares in issue both at the period end and at 31 March
2007.
There were no realisations during the period and, principally because of
additional investment in existing portfolio companies, cash balances reduced
from #14.48 million 31 March to #7.61 million at 30 September 2007. We expect
this trend to continue and that the Trust's capacity to invest in new companies
will, in the near term, be governed by its ability to generate funds through
realisations.
Manager
Esprit Capital Management the Trust's manager announced in August that the
leading US venture firm Draper Fisher Jurvetson (DFJ) had acquired a strategic
stake in its parent Esprit Capital Partners. DFJ Esprit, as the new entity is
called, becomes the European member of a global network that brings additional
resources, contacts and deal flow to the manager. The Trust will benefit from
this and the development is welcomed by the Board.
Outlook
In the past, the Trust's portfolio has been concentrated in a small number of
pre-revenue early and development stage companies where the Trust has generally
been the lead investor. As previously reported, the Manager is now seeking to
rebalance the portfolio so that it includes a larger number of smaller
shareholdings in later stage businesses with growing revenues.
Since April 2006, the Trust has made investments in five new companies, of which
DisplayLink, Tribold, and VirtualLogix were later stage investments made
alongside other DFJ Esprit managed funds. This strategy of encouraging new
international investors into syndicates and co-investing with other DFJ Esprit
managed funds on new investments is, I believe, developing a stronger and more
balanced portfolio for the Trust.
On a personal note, having served on the Board for over 10 years, latterly as
your Chairman, I have decided that it is the right time to step down and retire
from the Board when my replacement has been selected. The nomination committee
have identified a number of high calibre candidates who can lead the Board
through the implementation of the Trust's strategy and I hope to announce my
successor as Chairman before the end of the year.
Michael Brooke
Chairman
29 October 2007
Manager's Report
The Trust invests in technology businesses in the Electronics and
Semiconductors, Telecommunications, Software, Material Sciences, Consumer
Electronics and Healthcare markets.
New investments during the period totalled #6.35 million and at 30 September
2007, the Trust portfolio included sixteen active investments. Follow-on
investments of #5.75 million were made in eight existing portfolio companies and
a total of #0.6 million was invested in new opportunities. There were no
realisations during the period.
During the half year, two companies, Kiadis and XMOS, completed new funding
rounds at valuations that supported or exceeded their previous valuation.
Shortly after the period covered by this report Oxford Immunotec also
successfully raised a major new funding round. All these companies are now well
funded, with new investors sharing the Manager's belief in their upside
potential. The Trust participated in these new funding rounds to the extent
required, consistent with the strategy of reducing the size of its shareholdings
and co-investing with other DFJEsprit managed funds.
The Manager has reduced the valuation of four investments: Oxford Immunotec,
DeNovo, Sciona and SiConnect, either in anticipation of a new funding round or
as a result of the companies missing revenue or development targets.
Portfolio Summary
The movements on the portfolio during the period are shown in the table below:
Investment name
Value at Value Value at
31.03.07 Additions Adjustment 30.09.07
#'000s #'000s #'000 #'000s
-------------------- --------- --------- ----------- -----------
FillFactory 724 -- 22 746
-------------------- --------- --------- ----------- -----------
Current Assets 724 -- 22 746
Aurore (CCL) - 100 - 100
CPS 594 - - 594
De Novo 1,152 - (720) 432
Display Link 1,905 - 669 2,574
Kiadis 2,306 338 167 2,811
Lime Microsystems 750 250 - 1,000
m-Spatial 2,526 510 - 3,036
Oxford Immunotec 3,119 401 (781) 2,739
Phyworks 2,553 476 - 3,029
Polatis 5,111 187 - 5,298
Sciona 2,981 381 (913) 2,449
SiConnect 2,820 800 (1,810) 1,810
Tribold 500 - - 500
VirtualLogix - 502 - 502
GreenPeak (Xanadu) 1,252 608 - 1,860
Xmos 625 1,800 704 3,129
ZBD 6,505 - - 6,505
-------------------- --------- --------- ----------- -----------
Portfolio 34,699 6,353 (2,684) 38,368
-------------------- --------- --------- ----------- -----------
New Portfolio Additions
In July, the Trust invested #502,000 alongside other DFJ Esprit managed funds,
in a US$16 million financing for VirtualLogix, a later stage company providing
high performance real-time virtualisation software for embedded systems. The
Trust has a 2.4% shareholding in VirtualLogix.
In August, the Trust invested #100,000 in Aurore the new joint fund established
as a limited liability partnership with Cambridge Consultants Ltd (CCL). Aurore
will provide seed finance to new spin-out business opportunities emerging from
CCL. Previous CCL spin-outs include Domino, Xaar, CSR and Alphamosaic. CCL and
the Trust have each committed #2.5 million to Aurore, to be drawn down over the
next 3 years.
Existing Portfolio - Additional Investments
Kiadis: In June, the Trust invested a further #338,000 in Kiadis Pharma BV
participating in a new Euro15 million funding round led by Alta Partners of the
USA. Kiadis Pharma was formed through the merger in 2006 of Kiadis with Celmed
Biosciences. The company is focused on providing novel treatments in the field
of bone marrow transplants and the treatment of certain forms of cancer. The
Trust has a 6.3% shareholding in Kiadis Pharma.
Lime: In August, the Trust invested a further #250,000 in Lime Microsystems, a
pre-revenue company developing semiconductor devices for the personal broadband
market. The Trust now has a 31% shareholding in Lime.
m-spatial: In May, the Trust converted loans totalling #770,000 into equity and
invested a further #510,000 in m-spatial. The company provides mobile phone
users with local search capability as well as maps and directions. The company
has some early revenues and the Manager is actively exploring funding strategies
that include new third party investment or a merger with another company in the
sector. The Trust has a 43% shareholding in m-spatial.
Phyworks: In May, the Trust invested a further #476,000 in Phyworks, a company
providing a wide range of high speed semiconductor devices to the optical
communications industry. The company has established a strong position in the
Fibre-to-the-Home market and its revenues are exceeding plan as demand for its
products grows with the roll-out of these services in Asia and the USA. The
Trust holds 12.8% of Phyworks.
Polatis: During the period the Trust invested a further #186,000 in Polatis. The
company's all-optical switches lead the industry and are sold into the test and
measurement, defence and telecommunications markets. Polatis supplies its
switches to many of the leading companies in those markets and its revenues and
order book are growing. The Trust has a 16.8% shareholding in Polatis.
Sciona: The Trust invested a further #381,000 in Sciona in May. Sciona is a
leader in the field of nutrigenomics, the science of personalising an
individual's nutrition and lifestyle choices to match their genes. This emerging
market has attracted the attention of the US government as it considers a
framework for the regulation of such genetics based tests. This has had an
impact on sales of Sciona's products and with revenue growth falling
significantly below expectations and the likely need for further funding, the
Manager has taken a provision of #913,000 against the value of this investment.
The Trust has a 22% shareholding in Sciona.
SiConnect: In May, the Trust invested a further #800,000 in SiConnect. The
company provides semiconductor devices that enable broadband data, video and
audio to be distributed in the home using the mains cabling. SiConnect has
sampled its first generation products with prospective customers but its
revenues remain significantly behind expectations. The company requires further
funding and the Manager believes that the company will find it difficult to
attract new investors. The Manager is therefore seeking a solution that could
result in SiConnect merging with or being acquired by, another company. The
Manager has as a result, taken a provision of #1.8 million against the value of
this investment. The Trust has a 36.7% shareholding in SiConnect.
Xanadu/Green Peak: In July, the Trust invested a further #608,000 in Xanadu.
Xanadu is a fabless semiconductor company, based in the Netherlands, providing
ZigBee and other standards based products for the wireless sensor market. The
company announced a merger at that time and has changed its name to GreenPeak.
The Trust has a 21% shareholding in the enlarged company.
XMOS: During the period, the Trust invested a further #1.8 million in XMOS. This
semiconductor company is developing a range of 'software defined silicon'
devices that can replace conventional chip and field programmable devices in a
wide range of consumer electronics designs. The investment was part of a new #8
million funding round led by Foundation Capital of the USA. This new third party
round has allowed the Trust to increase its investment valuation by #704,000 and
the Trust now has a 20.5% shareholding in XMOS.
Provisions
DeNovo: De Novo provides services to the pharmaceutical and biotechnology
industries based on its proprietary computational drug design technology and its
customers include a number of leading drug discovery companies. DeNovo will
require further funding and the Manager is exploring financing alternatives that
could involve a partnership or merger with another company. In the light of this
strategy, a provision of #720,000 has been taken against the value of the
Trust's investment. The Trust has a 28% shareholding in DeNovo.
Post Balance Sheet Events
DisplayLink: Prior to 30 September, DisplayLink had agreed terms on a major new
funding round. DisplayLink is a semiconductor company providing a range of chips
for connecting multiple displays to laptops and PCs via wired or wireless USB.
The company's products are built into USB enabled displays and laptop computer
docking stations. The Trust co-invested in DisplayLink with other funds managed
by DFJ Esprit. In anticipation of new financing, which the Manager is confident
will be completed, the Trust has increased the valuation of its shareholding by
#669,000 in these statements.
Oxford Immunotec: In October, Oxford Immunotec raised a US$40 million funding
round led by international investors, Clarus of the USA and Wellington of
Germany. The funding is being provided in two tranches. Oxford Immunotec's first
diagnostic product for latent tuberculosis is currently being sold in Europe and
the Rest of the World and the company is seeking regulatory approval in the USA.
The company's revenues have grown significantly during the last year and US
approval would open the door to the largest world market for such tests. The new
round gives the company the funding it needs to become the leading supplier to
this major market. The Trust converted its loans of #770,000 and invested a
further #175,000 and following the closing has a 16.7% shareholding in the
company. The Trust continues to defend the previously reported minority
shareholder action. The valuation agreed with the new investors has resulted in
the Manager reducing the valuation of the Trust investment by #781,000 and this
revised valuation has been used in these statements.
Other investments: Since the end of the reporting period the Trust has also
invested a further #150,000 as a loan to SiConnect and #340,000 as an equity
investment in Polatis.
Summary
During the period covered by this report, the Manager has focused on portfolio
companies requiring further financial support and has been successful in
attracting new third party investors into a number of those companies. With the
portfolio now including more later stage companies and fewer companies where the
Trust is the lead investor, the number relying on the Trust for follow-on
funding has reduced. The Trust's cash position however, continues to reduce and
until further realisations are achieved, will not make any substantial
investment in new companies.
Esprit Capital Management Ltd.
29 Octber 2007
CONDENSED INCOME STATEMENT
For the period ended 30 September 2007
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2007 2006 2006
(unaudited) (unaudited) (unaudited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Gains/(Losses)
on
investments (2,657) (2,657) - - (500) (500) - 1,192 1,192
Interest income 23 - 23 56 - 56 105 - 105
Other income 238 - 238 312 - 312 601 - 601
Investment
management fee
(see note 6) (620) - (620) (623) - (623) (1,298) - (1,298)
Other expenses (253) - (253) (210) - (210) (408) - (408)
------ ------ ------ ------ ----- ----- ------ ------ ------
(Deficit)/Return
on ordinary
activities
before
interest &
tax (612) (2,657) (3,269) (465) (500) (965) (1,000) 1,192 192
Interest payable - - - - - - - - -
------ ------ ------ ------ ----- ----- ------ ------ ------
(Deficit)/Return
on ordinary
activities
before tax (612) (2,657) (3,269) (465) (500) (965) (1,000) 1,192 192
Taxation - - - - - - - - -
------ ------ ------ ------ ----- ----- ------ ------ ------
(Deficit)/Return
on ordinary
activities
after tax (612) (2,657) (3,269) (465) (500) (965) (1,000) 192 192
Basic (loss)/
return per
ordinary
share (see
note 3) (1.8) (7.8) (9.6) (1.4) (1.5) (2.9) (2.8) 3.3 0.5
------ ------ ------ ------ ----- ----- ------ ------ ------
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
The Revenue and Capital columns are supplementary information prepared under the
guidance of the AIC SORP.
CONSOLIDATED BALANCE SHEET
As at 30 Septmeber 2007
As at 30 September 2007 30 September 2007 30 September 2006 31 March 2007
(unaudited) (unaudited) (unaudited)
#'000 #'000 #'000
Fixed assets
Investments at fair value through profit or loss 38,368 36,581 34,699
Current assets
Deferred consideration 746 - 724
Debtors 12 11 65
Current investments 7,526 12,171 12,958
Cash at bank and in hand 90 146 1,525
---------- ------------ ---------
8,374 12,328 15,272
Current liabilities
Creditors falling due within one year (162) (36) (122)
---------- ------------ ---------
Net current assets 8,212 12,292 15,150
---------- ------------ ---------
Total net assets 46,580 48,873 49,849
========== ============ =========
Capital and reserves
Called up share capital 1,708 1,708 1,708
Share premium account - - -
Capital redemption reserve 185 185 185
Special Reserve 43,707 43,888 43,707
Capital reserve - realised 14,442 14,942 14,437
Capital reserve - unrealised (3,445) (2,980) (783)
Revenue reserve (10,017) (8,870) (9,405)
---------- ------------ ---------
Shareholders' funds - all equity 46,580 48,873 49,849
========== ============ =========
Net asset value per share 136.4 143.2 145.9
---------- ------------ ---------
CONDENSED RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
As at 30 September 2007
Share Share Capital Special Capital Capital Revenue Total
capital premium redemption reserve reserve - reserve - reserve
reserve
account realised unrealised
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
As at 31 March 1,893 48,888 - - 14,506 (2,044) (8,405) 54,838
2006 ------ ------- -------- ------- -------- -------- ------ ------
Net gain on
realisation of
investments - - - - 436 - - 436
Decrease in
unrealised
appreciation - - - - - (936) - (936)
Revenue deficit
for the period - - - - - - (465) (465)
Creation of
distributable
reserves - (48,888) - 48,888 - - - -
Repurchase of
shares (185) - 185 (5,000) - - - (5,000)
------ ------- -------- ------- -------- -------- ------ ------
As at 30
September 2006
Net gain on
realisation of
investments - - - - 266 - - 266
Transfer on
disposal - - - - (771) 771 - -
Increase in
unrealised
appreciation - - - - - 1,426 - 1,426
Revenue deficit
for the period - - - - - - (535) (535)
Repurchase of
shares - - - (181) - - - (181)
------ ------- -------- ------- -------- -------- ------ ------
As at 31 March
2007 1,708 - 185 43,707 14,437 (783) (9,405) 49,849
Net gain on
realisation of
investments - - - - 5 - - 5
Decrease in
unrealised
appreciation - - - - - (2,662) - (2,662)
Revenue deficit
for the period - - - - - - (612) (612)
As at 30
September 2007 1,708 - 185 43,707 14,442 (3,445) (10,017) 46,580
VENTURE CAPITAL INVESTMENTS
As at 30 September 2007
Date of Initial Cost Valuation
Investment #'000 #'000 %
ZBD Displays Limited July 2000 6,427 6,505 14.0
Polatis Inc. February 2002 4,471 5,298 11.4
Xmos Limited June 2006 2,425 3,129 6.7
m-spatial Limited June 2001 3,036 3,036 6.5
Phyworks Limited February 2002 3,030 3,029 6.5
Kiadis BV May 2001 3,301 2,811 6.0
Oxford Immunotec Limited July 2006 3,521 2,739 5.9
DisplayLink Corp. (Newnham) July 2006 1,905 2,574 5.5
Sciona Inc. February 2002 3,362 2,448 5.3
GreenPeak Technologies BV (Xanadu) May 2006 1,861 1,861 4.0
SiConnect Limited April 2006 3,620 1,810 3.9
Lime Microsystems Limited December 2005 1,000 1,000 2.1
Cambridge Positioning Systems Limited + January 1998 - 594 1.3
VirtualLogix Inc June 2007 502 502 1.1
Tribold Limited March 2007 500 500 1.1
De Novo Pharmaceuticals Limited April 2000 3,404 432 0.9
Aurore LLP August 2007 100 100 0.2
--------- ------- -------
Total venture capital investments 42,465 38,368 82.4
Cash and liquid resources 8,212 17.6
------- -------
46,580 100.0
======= =======
+ Consists of cash held in escrow less provision for potential claims
CONDENSED CASH FLOW STATEMENT
For the period ended 30 September 2007
6 months 6 months
ended ended
30 30 Year ended
September September 31 March
2007 2006 2007
(unaudited) (unaudited) (unaudited)
#'000 #'000 #'000
Net cash inflow/(outflow)
from operating activities
(Note 4) * (6,867) (3,413) (1,066)
Servicing of Finance
Interest paid - - -
Management of liquid
resources
Sale/(Purchase) of
current asset investments 5,432 8,087 7,300
--------- --------- ---------
Net cash inflow/(outflow)
from management of liquid
resources 5,432 8,087 7,300
--------- --------- ---------
Financing
Bank loans (paid) /
raised - - -
Issue/(purchase of
shares) - (5,000) (5,181)
--------- --------- ---------
Net cash (outflow)/inflow
from financing activities - (5,000) (5,181)
Increase/(Decrease) in
cash for the period (1,435) (326) 1,053
========= ========= =========
* Sales and purchases of investments are considered to be operating activities
of the company, given its purpose, rather than investing activities.
Statement of Directors' Responsibilities
The Directors confirm to the best of their knowledge that:
*the condensed set of financial statements contained within the half yearly
financial report has been prepared in accordance with the Accounting
Standards Board's Statement 'Half-Yearly Financial Reports'; and
*the interim management report includes a fair review of the information
required by 4.2.7R and 4.2.8R of the FSA's Disclosure and Transparency
Rules.
The half yearly financial report was approved by the Board on 29 October 2007
and the above responsibility statement was signed on its behalf by
G Redman
Company Secretary
NOTES
1. Basis of preparation
The financial information contained in this Interim Report is not the company's
statutory accounts. The financial information for the six months ended 30
September 2007 and 30 September 2006 is not for a financial year and has not
been audited or reviewed by the auditors and has been prepared in accordance
with accounting policies consistent with those set out in the Annual Report and
Accounts for the year ended 31 March 2007.
The statutory accounts for the financial year ended 31 March 2007 have been
delivered to the Registrar of Companies and received an audit report which was
unqualified, did not include any reference to any matters to which the auditors
drew attention by way of emphasis without qualifying the report, and did not
contain statements under section 237 (2) and (3) of the Companies Act 1985.
2. Investments
Investments are classified as fair value through profit or loss in accordance
with FRS 26 "Financial Instruments: Measurement", recognised on the trade date
and initially measured at fair value.
As the Trust's business is investing in financial assets with a view to
profiting from their total return in the form of increases in fair value,
financial assets are designated as fair value through profit or loss on initial
recognition. The Trust manages and evaluates the performance of these
investments on a fair value basis in accordance with its investment strategy,
and information about the Company is provided on this basis to the Board of
Directors.
Fair value is reached using the methodologies described below.
(i) Quoted investments are designated as fair value through
profit or loss and are measured at each reporting date at bid price.
(ii) In accordance with the International Private Equity and
Venture Capital Valuation Guidelines endorsed by the British Private Equity and
Venture Capital Association, the following valuation methodologies have been
used by the Directors in reaching the fair value of unquoted investments, which
are all in early stage companies:
a. initially at cost. After an appropriate period the circumstances of
the investment are considered and where there are indicators of deterioration or
strong defensible evidence of an increase in the value of the investment the
fair value is changed to reflect this. In the absence of any indicators the
investment is held at the value reported at the previous reporting date;
b. where there has been a significant new round of equity finance the
investment is valued at the price paid by an independent third party;
c. by reference to underlying net asset values; or
d. by applying a multiple based on the price/earnings or price/revenue
ratios of equivalent listed companies (discounted to reflect the company's
unquoted status) and applied to the earnings and revenues of the investee
company; or
e. by reference to the present value of expected future cash flows
from the investment where a realisation or flotation is imminent.
Realised surpluses or deficits on the disposal of investments and permanent
reductions in the fair value of investments are taken to "Capital reserve -
realised" and unrealised surpluses and deficits on the revaluation of
investments are taken to "Capital reserve - unrealised" via the capital column
of the Income Statement.
3. Loss per ordinary share
Loss per share has been based on the net loss after tax of #612,000 (30
September 2006: #465,000; 31 March 2007: #1,000,000) and on 34,156,564 ordinary
shares of 5 pence each in issue during the period.
4. Reconciliation of operating loss to operating cash flows
Six Six
months ended months ended Year ended
30 September 30 September 31 March
2007 2006 2007
#'000 #'000 #'000
Net revenue (loss) before
taxation (612) (465) (1,000)
Decrease in debtors 53 3,593 3,539
Increase(decrease)/ in
creditors 40 (260) (174)
Investments purchased (6,353) (6,717) (10,380)
Investments sold 5 436 6,949
---------- ---------- ---------
Net cash outflow from (6,867) (3,413) (1,066)
operating activities ========== ========== =========
5. Movement in Cash Balances
Six Six
months ended months ended Year ended
30 September 2007 30 September 2006 31 March 2007
#'000 #'000 #'000
Opening cash balance 1,525 472 472
(Decrease)/increase in cash (1,435) (326) 1,053
---------- ----------- ---------
90 146 1,525
========== =========== =========
6. Related party transactions
The Trust pays a management fee to Esprit Capital Management Limited ("the
Manager"). The fees paid during the period are set out in the profit and loss
account.
The Manager will generally seek to appoint one of its Directors to the Board of
an investee company in a Non-Executive role. In accordance with the investment
restrictions imposed by the Trust, the Manager does not exercise control or
management through its positions on the investee companies' boards. The
Manager's ultimate parent, DFJ Esprit LLP, charges an administration fee to the
investee companies for the provision of the Directors' services and occasionally
provides advisory services to investee companies at arm's length rates.
This report is being sent to all shareholders. Copies may be obtained from the
Company's registrars:
Capita IRG plc, Northern House, Woodsome Park, Fenay Bridge, Huddersfield, HD8
0LA.
Tel: +44 (0) 870 162 3100 Fax: +44 (0) 208 658 3430
This information is provided by RNS
The company news service from the London Stock Exchange
END
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