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       





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