Interim Management Statement
25 Febrero 2008 - 1:03AM
UK Regulatory
RNS Number:6242O
Prelude Trust PLC
25 February 2008
For release 07.00, 25 February 2008
PRELUDE TRUST PLC
("Prelude" or the "Company")
INTERIM MANAGEMENT STATEMENT
(UNAUDITED)
QUARTER ENDED 31 DECEMBER 2007
Prelude Trust Plc presents its interim management statement for the period from
1 October 2007 to 31 January 2008. This constitutes the Company's second interim
management statement for the financial year ending 31 March 2008, as required by
the UK Listing Authority's Disclosure and Transparency Rule 4.3.
The Company published an unaudited Net Asset Value ("NAV") as at 31 December
2007 on 8 January 2008. This interim management statement summarises the
information as at the date of that NAV announcement and further developments up
to 31 January 2008.
Investment Objective
The objective of the Prelude Trust is to achieve substantial growth in Net Asset
Value for shareholders over the longer term by making venture capital
investments primarily in unquoted, high growth, technology based businesses.
Material Events and Transactions
During the quarter ended 31 December 2007, the Company made follow-on
investments of �708,000 into three existing portfolio investments. The Company's
investments at 31 December 2007 are set out in the table further down in this
announcement. Since 31 December the Company has made three further follow-on
investments totalling �461,000 and as at 31 January 2008 the Company had �6.22
million of cash and equivalent instruments.
In January Prelude announced that the portfolio company SiConnect Limited had
been placed into administration. As reported in the Half Yearly Financial Report
for 30 September 2007, the Manager had been seeking a merger partner or acquirer
for the business. Investment bankers were appointed to lead the process however,
despite a number of meetings with potential buyers, no offers were received and
with no further investment funds available to the company, its directors decided
to place the company in administration.
On 31 January the Company received �428,000 as part release of the escrow monies
held from the FillFactory disposal. The remaining escrow is due to be released
in January 2009.
Performance
During the quarter the share price discount to NAV has widened from 17.9%, as
reported in the Half Year Report, to 28.3% at 31 December 2007. This is mainly
as a result of the decline in the closing share price from 112.0p to 87.0p.
There has been no material change to the NAV since 31 December 2007 other than
the impact of expenses incurred during the normal course of business.
Financial Position
The NAV per share at 31 December 2007 was �1.213 compared to �1.364 at the end
of the previous quarter.
Value %
Investment name at 31/12/07 Net Assets
�'000s
FillFactory (cash in escrow) 811 2.0%
------
Included in net current assets 811
Aurore (CCL joint venture) 100 0.2%
Cambridge Positioning Systems 594 1.4%
De Novo Pharmaceuticals - -
DisplayLink 2,835 6.8%
GreenPeak (Xanadu) 1,861 4.5%
Kiadis 2,959 7.1%
Lime MicroSystems 1,000 2.4%
m-Spatial 510 1.2%
Oxford Immunotec 2,878 6.9%
Phyworks 3,029 7.3%
Polatis 5,102 12.3%
Sciona 2,481 6.0%
SiConnect 217 0.5%
Tribold 500 1.2%
VirtualLogix 502 1.2%
Xmos 3,129 7.6%
ZBD Displays 6,504 15.7%
Portfolio 34,201 82.5%
------
Cash & Money Market investments 6,549 15.8%
Net current assets 689 1.7%
------
Net Asset Value (NAV) 41,439
Number of Shares in issue 34,156,564
NAV per share �1.213
Share price �0.870
Discount 28.3%
Investment Strategy Update
The announcement made in January concerning the Board's evaluation of strategic
options has, as expected, precipitated some indicative interest in the assets of
the company. The Board is progressing these expressions of interest and expects
to communicate to shareholders further on this matter in a few weeks time.
Other than as described above the Board is not aware of any events during the
period from 1 October 2007 to the date of this statement, which would have a
material impact on the financial position of the Company.
Issued on behalf of the Board;
Graham Redman
Company Secretary
25 February 2007
The views information and data in this announcement should not be deemed as a
financial promotion or recommendation. Prelude Trust Plc is not authorised to
give financial advice.
For further information please visit Prelude's website at
www.prelude-trust.co.uk or contact:
Jayne Tamblin Katie Standley John West
Alan Duncan Clemmie Carr
Prelude Trust plc Winterflood Investment Trusts Tavistock Communications
Tel: 01954 288090 Tel: 020 3100 0297 Tel: 020 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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