Net Asset Value(s)
15 Janvier 2008 - 8:01AM
UK Regulatory
RNS Number:7613L
Prelude Trust PLC
15 January 2008
For immediate release: 15 January 2008
NET ASSET VALUE, TOP TEN HOLDINGS AND
REVIEW OF CORPORATE AND INVESTMENT STRATEGY
Net Asset Value ("NAV")
Prelude Trust plc ("Prelude" or "the Trust"), the investment trust that
specialises in technology-based growth businesses, reports its Net Asset Value
("NAV") on a quarterly basis. Prelude's unaudited NAV at 31 December 2007 was
�41.4 million; the unaudited NAV as at 30 September 2007 was �46.6 million.
Prelude had 34,156,564 shares in issue throughout the period, which resulted in
an unaudited NAV per share at 31 December 2007 of �1.21, compared with �1.36 as
at 30 September 2007.
The NAV consists of:
Quarter ended Quarter ended
31 December 2007 30 September 2007
Unquoted portfolio �35.0 million �39.1 million
Net Current Assets �6.4 million �7.5 million
NAV �41.4 million �46.6 million
NAV per share �1.21 �1.36
During the quarter Prelude made follow on investments totalling �0.71 million.
The reduction in the value of the unquoted portfolio results principally from
provisions taken against portfolio companies, DeNovo, m-spatial and Si-Connect.
The provisions result from those companies having so far failed to make
sufficient progress in developing their businesses, or in finding new investors,
merger partners or acquirers.
Unquoted companies are valued in accordance with International Private Equity
and Venture Capital Valuation guidelines. Net Current Assets comprise net
working capital, cash and short-term investments.
Investments as at 31 December 2007
Prelude also reports that as at 31 December 2007, the top ten investments held
in the portfolio by value, which includes all investments with a value greater
than 5% of the Company's net asset value, were:
ZBD Displays Limited 15.7%
Polatis Inc. 12.3%
XMOS Limited 7.6%
Phyworks Limited 7.3%
Kiadis Pharma BV 7.1%
Oxford Immunotec Limited 6.9%
DisplayLink Corp. 6.8%
Sciona Inc. 6.0%
GreenPeak Technologies BV (Xanadu) 4.5%
Lime Microsystems Limited 2.4%
Prelude has never invested in any other listed investment trust or investment
company and for the purposes of Listing Rule 15.4.3(3), it confirms that it has
no plans to do so in the future.
Investment Strategy Update
Despite the reduction in NAV announced today, the Board continues to believe
that the Trust's portfolio has the potential to meet its investment objective of
providing substantial growth in net asset value for shareholders over the long
term. In particular, recent investments made have performed well.
Cash reserves continue to decline as portfolio companies require further funding
for their development and the Manager is focused on ensuring that those
companies with the greatest potential for growth can continue to be supported by
the Trust. As indicated in the half yearly report published in October, the
Trust's capacity to invest in new companies as well as supporting the existing
portfolio is governed by its ability to generate funds through realisations.
Such opportunities are not expected to be material in the near term. For
instance the planned IPO on the Euronext market of portfolio company Kiadis has
been postponed because of current market conditions.
Against this background the Board has, over the last few months, undertaken a
review of the Trust's strategic options. After consultation with the major
shareholders, the Board now announces that it has asked the Trust's manager and
corporate advisers to investigate, in more detail and as a matter of priority,
certain options in relation to the Trust's investment strategy.
These include:
(i) adopting a "run-off" strategy. This would involve: investing in no new
portfolio companies, whilst retaining enough cash now and from future
realisations to support the portfolio; realising the portfolio over time; and
returning capital to shareholders in due course;
(ii) a corporate transaction; and
(iii) the sale of the existing portfolio and the prompt return of the net
proceeds to shareholders.
In evaluating the available options, the Board is seeking to provide
shareholders with a return in excess of the current market price of the Trust's
shares. The Board is not able to give more details at this stage but a further
announcement will be made as soon as possible. It is expected that an EGM will
then be convened, with a view to putting proposals to all shareholders for their
consideration and approval.
In the meantime, Mike Brooke, Chairman of Prelude, who in October 2007 announced
his intention to step down from the Board, has agreed to stay on as Chairman for
the next few months.
For further information please visit Prelude's website at
www.prelude-trust.co.uk or contact:
Jane Tamblin/Simon Cook Nathan Brown/Jane Lewis John West/Clemmie Carr
Prelude Trust/DFJ Esprit Winterflood Investment Trusts Tavistock
Tel: 01223 307770 Tel: 020 3100 0292/0295 Tel: 020 7920 3150
Note
The NAV above has been prepared on an unaudited basis, in accordance with
International Private Equity and Venture Capital Valuation guidelines, and is
provided by the Company on a best efforts basis. Accordingly, no responsibility
is accepted by the Company or its advisers or agents for the accuracy of these
calculations and investors should not rely upon this valuation when making
investment decisions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
NAVKZLFFVFBFBBL
Prelude Trust (LSE:PDT)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Prelude Trust (LSE:PDT)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
Real-Time news about Prelude Tst. (London Stock Exchange): 0 recent articles
Plus d'articles sur Prelude Trust Plc