Final Results

TriVest VCT PLC 12 December 2002 TriVest VCT Plc Preliminary Results Announcement Chairman's Statement I am pleased to present to shareholders the second Annual Report of the Company for the twelve months ended 30 September, 2002 and my first since becoming Chairman in February of this year. In general, the last twelve months have been at least as trying for venture capital companies as they have been for listed investments reflecting the weaker conditions in the world economy. In common with the majority of venture capital funds the failures amongst a fund's investments are usually seen before the successes come to fruition and it has, therefore, proved both desirable and necessary that the Board continues to apply its realistic valuation policy. This is reflected in four holdings which have been re-valued to a zero valuation. Further details are contained below and in the Managers' Review. However, this valuation policy should not disguise the fact that the Board and the Managers firmly believe that there are potential successes within the portfolio. These are also discussed in the Managers' Review. At 30 September, 2002, the Company's net asset value per share was 77.05 pence. The Company will have distributed since its launch accumulated dividends, including the currently proposed dividend detailed below, of 3.27 pence (including any associated tax credits). This compares with a subscription price of 100 pence and an initial net asset value (after expenses of issue) of 94.5 pence per share. Your Board has maintained a close dialogue throughout the year under review with each of the three investment managers. In addition, members of the Board took the opportunity to visit the operations of a number of the Company's more significant investments in order to monitor progress for themselves. During the year your Board became increasingly concerned with that part of the portfolio managed by LICA Development Capital Limited (LICA) where three out of the ten investments have been written down to a zero valuation. Your Board expressed its concerns to LICA on a number of occasions and met with LICA specifically to review its investment processes, investment monitoring and reporting procedures but your Board's concerns remained. I am now pleased to report that following our representations to LICA, it was acquired by Nova Capital Management Limited (Nova). Your Board welcomes this development as this new company, managed by experienced venture capital managers, should provide greater management skills and resources, which can be applied towards the remainder of LICA's portfolio. Nova specialises in targeting under-managed or under-performing portfolios of private equity and venture capital companies. Their objective is to create value in portfolios through the application of a hands-on, management based approach aimed at improving the operational performance of the underlying assets and thereby optimising exit values. David Williamson, Michael Kelly and Don Forrest lead Nova's executive team. David worked for almost 20 years at the specialist private equity and investment banking firm, Granville plc, latterly as chief executive. Michael Kelly has spent the last 13 years building the global interim management firm, Executive Interim Management, where he was senior partner. Don Forrest has over 20 years experience of senior finance and administration positions with private equity and venture capital firms. The LICA component is now almost fully invested having committed just over Â£8.2m. During the year under review, three new investments were made; Stortext Group Limited (Â£380,435), The Good Book Guide Limited (Â£800,000 in two tranches) and DriveTec (UK) Limited (Â£500,000). Additions were also made to LeSac Limited (LeSac) and to Zynergy Group Limited (Zynergy). Unfortunately, provision against deterioration in value has had to be made for five investments. The Board has felt obliged to revalue LeSac, Machinery & Automated Systems Technology Limited (MAST) and Zynergy down to zero for the different reasons given in the Managers' Review. Zynergy, for example, has exciting technology but is at an early stage in developing its business model and has found raising additional funding in the present climate extremely difficult. It is currently undertaking a fund raising exercise but it is still too early to be able to predict a successful outcome. In addition, neither The Good Book Guide Limited nor Trident Publishing Limited (Trident) has experienced sufficiently robust trading conditions to justify retention of their holdings at cost. Following a detailed review by the incoming management team at LICA, in both instances our equity holdings have been reduced to a nil valuation and a provision of fifty per cent has been made against the cost of the loan stock. GLE continue to invest their allocation of the Company's funds. During the year under review, a total of Â£2.35m was invested and three new holdings were added to the portfolio; Inca Interiors Limited (Â£350,000), Special Mail Services Limited (Â£1,000,000) and BG Consulting Group Limited (Â£1,000,000). The VCF portfolio saw the largest number of investments during the year with seven, all technology related, investments having been made. Approximately, a further Â£3.42m was invested in Aquasium Technology Limited (Â£500,000), Blue Curve Limited (Â£500,000), SmartFOCUS Holdings Limited (Â£500,000), Alaric Systems Limited (Â£400,000), Sarantel Limited (Â£590,621 in two tranches), Oxonica Limited (Â£428,522) and Wire-e Limited (Â£500,000). In addition, since the year end a further Â£80,490 was added to our holding in Alaric. Regrettably, iDesk plc was placed in Receivership in April 2002 and has been valued at zero by the Board. The Company's holdings are discussed in more detail later in this Report in the Managers' Review. The Company's revenue earnings were 2.27 pence per share and your Board is recommending a final dividend per ordinary share in respect of the year under review of 1.75 pence. Gordon Howe, one of the Company's Directors at its inception, has passed his seventieth birthday and has asked to stand down as one of the Directors. He will do so immediately after the forthcoming AGM. Gordon, who chaired the Audit Committee, has been an invaluable source of experience, knowledge and wisdom. On behalf of my fellow Directors and myself, I would like to take this opportunity to pay tribute to his enormous contribution and, personally, to thank him for his constant support and advice. The Board will now actively seek a replacement with suitable skills, knowledge and experience. Colin Hook, Chairman. 12 December 2002 STATEMENT OF TOTAL RETURN (incorporating the Revenue Account of the Company) for the year ended 30 September 2002 Period from 6th Sept 2000 Year ended 30th September 2002 to 30th Sept 2001 Notes Revenue Capital Total Revenue Capital Total Â£ Â£ Â£ Â£ Â£ Â£ Unrealised gains and (losses) on investments - (5,655,183) (5,655,183) - (782,897) (782,897) Realised gains and (losses) on investments - (393,904) (393,904) - 112,584 112,584 Income 2 2,151,739 - 2,151,739 1,240,092 - 1,240,092 Investment management fees 3 (203,825) (611,473) (815,298) (168,395) (505,183) (673,578) Other expenses (575,017) - (575,017) (373,105) - (373,105) -------------- -------------- -------------- -------------- ----------- ------------ Return on ordinary activities before taxation 1,372,897 (6,660,560) (5,287,663) 698,592 (1,175,496) (476,904) Tax on ordinary activities (424,405) 173,260 (251,145) (157,001) 101,037 (55,964) -------------- -------------- -------------- -------------- ----------- ------------ Return on ordinary activities after taxation 948,492 (6,487,300) (5,538,808) 541,591 (1,074,459) (532,868) Dividend 6 (731,009) - (731,009) (501,618) - (501,618) ------------- ------------- -------------- ------------- -------------- -------------- Transfer to/(from) reserves 217,483 (6,487,300) (6,269,817) 39,973 (1,074,459) (1,034,486) ------------- -------------- -------------- ------------- -------------- -------------- Return per Ordinary Share 4 2.27p (15.52)p (13.25)p 1.67p (3.32)p (1.65)p All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. BALANCE SHEET AS AT 30 SEPTEMBER 2002 as at 30 September 2002 as at 30 September 2001 Â£ Â£ Â£ Â£ Â£ Â£ Fixed Assets Investments 29,986,724 16,034,927 Current Assets Debtors and prepayments 669,423 515,195 Other assets 2,651,158 1,730,436 Cash at bank 18,025 21,315,917 ------------ ------------- 3,338,606 23,561,548 Creditors: amounts falling due within one year Corporation tax 269,186 48,266 Other creditors 14,882 378,418 Accruals 853,879 694,688 ------------ ------------ (1,137,947) (1,121,372) ------------- ------------- Net current assets 2,200,659 22,440,176 -------------- ------------- Net assets 32,187,383 38,475,103 -------------- ------------- Capital and reserves Called up share capital 417,720 418,015 Capital redemption reserve 295 - Share premium account - 39,091,574 Special reserve 39,073,671 - Capital reserve - realised (1,198,879) (291,562) Capital reserve - unrealised (6,362,880) (782,897) Revenue reserves 257,456 39,973 -------------- ------------- 32,187,383 38,475,103 -------------- ------------- NAV per share 77.05p 92.04p CASH FLOW STATEMENT for the year ended 30 September 2002 Period from Year 6th September ended 2002 to 30 30 September September 2002 2001 Â£ Â£ Â£ Â£ Operating activities Investment income received 1,983,788 725,400 Dividend income 3,261 - Investment management fees paid (1,164,109) (411,302) Other cash payments (659,754) (72,094) ------------- ----------- Net cash inflow from operating activities 163,186 242,004 Taxation UK Corporation tax paid (19,951) Investing activities Acquisition of investments (42,092,881) (25,448,624) Disposal of investments 22,091,997 8,743,384 --------------- --------------- (20,000,884) (16,705,240) Dividends Payment of dividend (501,618) - --------------- --------------- Cash outflow before financing and liquid resource management (20,359,267) (16,463,236) Financing Issue of ordinary shares - 39,509,589 Purchase of own shares (17,903) - ------------- ------------- (17,903) 39,509,589 ----------- -------------- Management of liquid resources Increase in monies held pending investment (920,722) (1,730,436) (Decrease)/Increase in cash for the --------------- -------------- year (21,297,892) 21,315,917 =============== ============== Notes 1. The revenue column of the statement of total return is the profit and loss account of the Company. 2. In accordance with the policy statement published under 'Management and Administration' in the Company's prospectus dated 13 October 2000, the Directors have charged 75% of the investment management expenses to capital reserve. 3. The revenue return per Ordinary Share is based on the net revenue from ordinary activities after tax of Â£948,492 and is based on 41,794,736 Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period. 4. The financial information set out in these statements does not constitute the Company's statutory accounts for the year ended 30 September 2002 but is derived from those accounts. Statutory accounts will be delivered to the Registrar of Companies after the Annual General Meeting. 5. The Company proposes to pay a final dividend of 1.75p per share on 12 February 2003 to all shareholders on the register on 17 January 2003. 6. The Annual General Meeting will be held at 11.00am on 29 January 2003 at Gossard House, 7-8 Savile Row, London W1S 3PE. Investment Portfolio Summary Cost at Valuation at Valuation at % of 30-Sep-02 30-Sep-01 30-Sep-02 portfolio by value GLE Development Capital Limited T J Brent Limited 900,000 900,000 1,030,111 3.44% Specialist contractor to the water utility sector BG Consulting Group Limited 1,000,000 N/A 1,000,000 3.33% Technical training business and outplacement careers consultancy Special Mail Services Limited 1,000,000 N/A 1,000,000 3.33% Specialist, secure credit card delivery business Letraset Limited 500,000 500,000 500,000 1.67% Manufacturer and worldwide distributor of graphic arts products Inca Interiors Limited (fomerly Inca Holdings Limited) 350,000 N/A 350,000 1.17% Supplier of quality kitchens Total 3,750,000 1,400,000 3,880,111 12.94% LICA Development Capital Limited The Good Book Guide Limited 800,000 N/A 310,000 1.03% Multi-channel book retailer Trident Publishing Limited 698,999 705,000 314,500 1.05% Book publisher in the maritime sector i-documentsystems Group plc 517,625 666,667 510,417 1.70% Provider of document storage systems DriveTec (UK) Limited 500,000 N/A 500,000 1.67% Developer of transmissions technologies for applications in the automative, construction and industrial sectors Watkins Books Limited 500,000 500,000 500,000 1.67% Supplier of books in alternative sciences, health, philosophy and related sectors Tikit Group plc 517,624 478,260 417,391 1.39% Provider of consultancy services and software solutions for law firms Stortext Group Limited 380,435 N/A 18,089 0.06% Integrated outsourced document storage business Le Sac Limited 1,500,000 1,000,000 0 0.00% Manufacturer of plastic packaging for powder/granular products and liquids Machinery and Automated Systems Technology Limited 1,000,000 950,000 0 0.00% Developer of Vertical Turning and Machining Centres Zynergy Group Limited 1,789,530 640,000 0 0.00% Commercialiser of new materials for medical devices TOTAL 8,204,213 4,939,927 2,570,397 8.57% VCF LLP ANT Limited 1,000,000 1,000,000 950,000 3.17% Provider of embedded browser/email software for consumer electronics and Internet appliances Sarantel Limited 590,621 N/A 590,621 1.97% Developer and manufacturer of antennae for mobile phones and other wireless devices Aquasium Technology Limited 500,000 N/A 500,000 1.67% Business engaged in the design, manufacturing and marketing of bespoke electron beam welding and vacuum furnace equipment Blue Curve Limited 500,000 N/A 500,000 1.67% Provider of software for automating the production and distribution of research information by banks and fund managers SmartFOCUS Holdings Limited 500,000 N/A 500,000 1.67% Provider of analytic software to support targeting and execution of marketing campaigns Wire-e Limited 500,000 N/A 500,000 1.67% Provider of mobile data communication services Oxonica Limited 428,522 N/A 428,522 1.43% Specialist in the design, manipulation and engineering of properties of materials at the nano-scale Alaric Systems Limited 400,000 N/A 400,000 1.33% Software developer and provider of support services in the credit/debit card authorisation and payments market Monactive Limited 250,000 250,000 250,000 0.83% Provider of software management tools that monitor usage of software versus licences held Heritage Image Partnerships Limited 300,000 300,000 150,000 0.50% On-line image library iDesk plc 250,000 125,000 0 0.00% Provider of outsourced technical helpdesk services TOTAL 5,219,143 1,675,000 4,769,143 15.91% Managers' Totals 17,173,356 8,014,927 11,219,651 37.42% Fixed interest portfolio 19,176,248 8,020,000 18,767,073 62.58% TOTAL 36,349,604 16,034,927 29,986,724 100.00% Managers' Review GLE Development Capital T J Brent Limited T J Brent is a specialist utility contractor. Its principal activity involves the laying and refurbishment of pipes, connection of houses to the mains and the installation and replacement of water meters. Trading is in line with budget. The company is actively pursuing several new material long-term contracts. TriVest invested Â£900,000 in T J Brent in December 2000. The valuation of the ordinary shares is made on the earnings multiple basis, ie at a discount to the price/earnings multiple of the construction and building materials sector of the FTSE Actuaries Share Indices. The loan stock is valued at cost. Accounts for the year ended 31 March 2002 Turnover Profit before tax Net assets Â£63,783,000 Â£753,000 Â£ 1,052,000 B G Consulting Group Limited Based in London, BG Consulting is a City outplacement consultancy and provider of specialist technical training. TriVest invested Â£1 million in the company in September 2002 as part of a management buy-out of the former training and careers divisions of the Baines Gwinner Group from Whitehead Mann plc. The training business was founded in 1995 and primarily services the global investment and corporate banking markets, providing training in a range of financial skills. The careers business provides a one-to-one outplacement consultancy to middle and senior level executives working in banks, fund management firms and City law firms. Services provided include personal development, networking and self-marketing and psychometric assessment. The directors of the company believe that it is on track to meet its budget. No audited accounts have been produced since the company was incorporated in May 2002. The investment is valued at cost. Special Mail Services Limited Special Mail Services is a provider of secure delivery and disguised mail services specialising in the credit and bank card market. TriVest invested Â£1 million in the company in September 2002 as part of a management buy-out of Special Delivery Services Limited (SDS). SDS was established in 1992 and has 12 depots nationwide with its head office in Northampton. The investment is valued at cost. Accounts for Special Delivery Services Limited for the year ended 31 March 2002 Turnover Profit before tax Net assets Â£14,006,000 Â£1,402,000 Â£766,000 Letraset Limited The principal activity of Letraset is the production and worldwide distribution of graphic art products. The products are sold to end users via a network of specialist distributors in each of the major developed markets. TriVest invested Â£500,000 in Letraset in June 2001. Based in Ashford in Kent, the company has been profitable and cash generative since investment. Letraset continues to launch new products on the back of its strong brand. TriVest's investment continues to be valued at cost. Accounts for the year ended 31 May 2002 Turnover Profit before tax Net assets Â£5,222,000 Â£172,000 Â£577,000 Inca Interiors Limited (formerly Inca Holdings Limited) Based in Ashford in Kent, Inca Interiors specialises in the design, supply and installation of contract kitchens to house developers. The company is trading well and is ahead of budget. It continues to attract new customers and to maintain a strong schedule of work and order book. TriVest invested Â£350,000 in the company in October 2001 as part of a management buy-out. The valuation is at cost. Accounts for the period from 24 August 2001 to 31 May 2002 Turnover Profit before tax Net assets Â£2,308,000 Â£85,000 Â£ 860,000 * The company commenced trading on 1 February 2002 having acquired the existing business and trade of Inca Interiors (South East) Limited following an MBO in October 2001. LICA Development Capital Limited The Good Book Guide Limited Founded in 1977, The Good Book Guide is an international multi-channel book retailer with sales derived from its monthly magazine, occasional specialist catalogues and its website. In its early years the company pioneered the international direct marketing of books through its distinctive magazine-cum-catalogue. TriVest made an investment of Â£500,000 in November 2001 when the business was acquired from the administrators and rebranded within a new company. TriVest invested a further Â£300,000 in May 2002. Since acquisition the company has been undergoing a fundamental restructuring and effectively a relaunch of the business. The benefits of this will take a considerable time to bear fruit and a review is currently being conducted of how best to maximise shareholder value. The company has not yet published its first set of audited accounts. Reflecting the uncertainties of the business despite the value of the name, the valuation has been amended to take full provision on the equity and a 50% provision on the loan stock. Trident Publishing Limited Trident Publishing is a Newco which was formed specifically for the MBO acquisition of Chatham Publishing, the leading, independent, maritime publisher. TriVest made an investment of Â£705,000 in Trident in May 2001. The Company redeemed Â£6,001 of loan stock during the year. Sales have not yet developed sufficiently to produce profitability on the present cost base and a review is currently being conducted of the best way forward to maximise the value of the titles owned. The Company has not yet published its first set of audited accounts. Pending the results of the review the valuation has been reduced by taking full provision on the equity and a 50% provision on the loan stock. i-documentsystems Group plc i-documentsystems is an established and fast growing software company which specialises in the development of products for document, content and information management. The group's principal product is Image-Gen, a sophisticated web-based software package which allows a complex paper-based process, such as the local authority planning application process, to be converted into a straightforward and robust electronic process leading to significant savings in cost and time. Image-Gen is a proven product which has been 'live' as a web-based system since 1995. TriVest made an investment of Â£517,624 in the company in December 2000. In a recent trading statement a target of 50 local authority clients and Â£3 million of revenue was reported as having been achieved in the year to 31 October 2002. The company is listed on the Alternative Investments Market and the valuation is based on market price as at 30 September 2002. Accounts for the year ended 31 October 2001 Turnover Loss before tax Net assets Â£1,201,000 Â£1,181,000 Â£2,667,000 DriveTec (UK) Limited DriveTec specialises in the development of transmissions technologies for applications in the automotive, construction and industrial sectors. One of the technologies that the company is developing is the Electro-mechanical Power Split (EPS) torque-managing system that has the potential to reduce fuel consumption, and therefore carbon emissions, by up to 50%. TriVest made an investment of Â£500,000 in November 2001 as part of a financing which has enabled the company to develop the EPS project to 'proof of design' stage. The company has recently embarked on a new funding round which will focus on advancing the EPS project to the next stage - a feasibility model demonstrator - after which the project will be marketed for exit. The valuation is at cost. The new funding round is at a small premium to this cost. Accounts for the period 1 November 2000 to 31 December 2001 Turnover Loss before tax Net liabilities* Â£ - Â£387,000 Â£183,000 * The net liabilities figure shown above includes a liability in respect of convertible loan stock of Â£8,081,000. Watkins Books Limited Watkins is the pre-eminent UK supplier of books and information in the alternative sciences, health, philosophy and related sectors. As part of its plans to develop its unique brand Watkins has expanded its retail operations, revamped its mail order business and further developed its website. It re-launched itself as a publishing imprint in Spring 2002. The retail operations are growing at 20% per annum and are now into profit. Watkins expects to move into overall profit in 2003, and it believes it has global brand potential in a strongly growing media niche sector. TriVest invested Â£500,000 in the company in March 2001. The investment is held at cost. Accounts for the year ended 31 March 2001 Turnover Loss before tax Net assets Â£1,059,000 Â£95,000 Â£82,000* * The net asset figure shown above includes a liability in respect of convertible loan stock of Â£1,301,000. Tikit Group plc Tikit provides consultancy services and software solutions primarily to IT departments of the top 200 law firms. Tikit also resells third party software applications where it considers these to be 'best of breed'. Tikit has developed a proficient technical skillbase focussed on the requirements of major legal practices and has established a strong brand reputation in its market sector. In November 2001 the company acquired Aurra Consulting Limited. This acquisition complemented and developed Tikit's consultancy and services capacity. In August 2002 the company acquired the entire share capital of Granite & Comfrey Limited, a leading supplier of systems and services for managing the internal know-how of law firms and legal organisations. TriVest invested Â£517,625 in the company in June 2001. The company reported sales in the first 6 months of 2002, 20% below the comparable period of 2001 at Â£3.73 million with profit before tax down from Â£450,000 to Â£268,000. Weakening demand from legal practices has been the main factor. Tikit has been listed on the Alternative Investments Market since June 2001 and the valuation is based on current market price. Accounts for the year ended 31 December 2001 Turnover Profit before tax Net assets Â£9,123,000 Â£1,006,000 Â£3,510,000 Stortext Group Limited Based in Edinburgh, Stortext specialises in digital scanning and document storage. It is a service business, deploying and customising software products to client-specific service requirements. The technology exploits two major developments in business automation: the growth in digital storage due to proliferation of electronic documents; and the increasing outsourcing of related software applications. TriVest invested Â£380,435 in the company in September 2001. The valuation is based on the price of the recent share issue in March 2002 at which time TriVest declined to invest reflecting disappointment with the progress made by the company. Accounts for the year ended 31 March 2001 Turnover Loss before tax Net assets Â£1,791,000 Â£2,202,000 Â£2,374,000 LeSac Limited The principal activity of LeSac was to commercialise a unique and patented packaging system that offered significant advantages over existing solutions through a combination of lower material content, increased space utilisation and lower environmental tax levies. It became clear to LeSac's Board in early 2002 that development costs to meet specific customer requirements were much higher than anticipated and also that developing new and faster packaging machines to remain competitive required significant further funding. The amount required to keep the company alive while new investors were found could not be justified in relation to the risk involved. TriVest made its initial investment in the company of Â£1,000,000 in February 2001 (a further investment of Â£500,000 was made in November 2001). The company was put into administrative receivership on 10 April 2002 and the Administrator has not yet published any financial information. The Board has revalued the equity and loan stock to nil. Machinery & Automated Systems Technology Limited ('MAST') MAST was engaged in developing and bringing to market LeSac's (also a TriVest investee company) third generation packaging machinery having decided to reduce other activities in order to focus on the LeSac work. TriVest invested Â£1,000,000 in the company in February 2001. With LeSac having revised its business philosophy, the commercial rationale for MAST came under review. In consequence, the company was placed into liquidation on 31 January, 2002. The Liquidator has not yet published any financial information and the Board does not at this point in time have a clear indication of the likely level of realisation of assets. It has therefore felt it prudent to revalue the equity and loan stock to nil. Zynergy Group Limited Zynergy Group is an innovative medi-tech organisation seeking to exploit through a licensing strategy its range of materials, coatings and other similar technologies. These revolutionary technologies have applications in high-value sectors, namely minimally-invasive cardiology, balloons, stents and orthopaedics as well as other critical areas. During the current year, Zynergy's businesses have been substantially restructured and refocused and as part of this process Zynergy Orthopaedics and Zynergy Manufacturing Europe have been disposed of and negotiations for the sale of Zynergy Cardiovascular Inc. are in hand. TriVest made its initial investment in the company of Â£1,000,000 in February 2001. Since then it has invested Â£300,000 in September 2001 and Â£150,000 in December 2001 and Â£340,000 in January 2002 as part of a Rights Issue. On 20 September 2002 the company launched a heavily discounted Rights Offer at 11p per share to raise not less than Â£500,000. It is anticipated that the Rights Offer will close during December 2002. Zynergy has not produced audited accounts since 31 December 2000 and since this date the group has been restructured as referred to above. Zynergy has extended its accounting reference date to 30 June 2002. In view of the difficulties Zynergy is experiencing in this funding climate the Board has now felt it prudent to revalue both the equity and loan stock to nil. Accounts for the year ended 31 December 2000 Turnover Loss before tax Net assets Â£2,179,000 Â£4,066,000 Â£5,710,000 VCF LLP ANT Limited ANT is a software company that develops embedded browsers to improve users' interactive communication with digital television sets and other consumer electronic devices. TriVest made an investment of Â£1,000,000 in ANT in July 2001. The loan stock has been valued at cost and a 50% provision has been made against cost on the equity. Accounts for the year ended 31 December 2000 Turnover Loss before tax Net assets Â£1,866,000 Â£848,000 Â£956,000* * The net asset figure shown above includes a liability in respect of a convertible loan of Â£3,057,000. Sarantel Limited Sarantel owns proprietary antenna technology with applications in mobile phone and other wireless devices. The company's technology delivers major performance benefits over traditional antennae. Market interest in Sarantel's first product, the GPS antenna, has increased and the company now has a healthy pipeline of sales prospects. TriVest invested Â£172,840 in the company in March 2002 and made a further investment of Â£417,780 in August and September 2002. The investment is valued at cost. Accounts for the period ended 30 September 2001 Turnover Loss before tax Net liabilities* Â£ - Â£1,751,000 Â£678,000 * The net liabilities figure shown above includes a liability in respect of a convertible loan of Â£5,628,000 treated as unconverted. Aquasium Technology Limited Aquasium is engaged in the design, manufacture and marketing of bespoke electron beam welding and vacuum furnace equipment. The company was formed by a management buy-in team who acquired two businesses from Smiths Group plc. Electron beam welding is a reliable and efficient method of joining together a wide range of metals, producing clean, high integrity joints. Vacuum furnaces are used in hardening, tempering and brazing applications. The company, together with its predecessors, has over forty years experience in both of these areas. Its products are used in the processes of a wide range of manufacturing industries including automotive, electronics, medical, power generation and aerospace. TriVest invested Â£500,000 in October 2001. No audited accounts have been produced since the company was incorporated in June 2001. The investment is valued at cost. Blue Curve Limited Blue Curve sells software to investment banks and fund managers to automate the production and distribution of research information. Analysis is key to customer retention for investment banks but it is also a major cost. The company's software cuts costs and is therefore in demand, particularly when the spending levels of investment banks are under pressure. TriVest invested Â£500,000 in the company in October 2001. The investment is valued at cost. Accounts for Blue Curve Research.net Limited for the year ended 31 December 2001* Turnover Profit before tax Net assets Â£1,607,000 Â£77,000 Â£108,000 * Blue Curve Research.net Limited is a wholly owned subsidiary of Blue Curve Limited and is its only trading subsidiary. Blue Curve Limited is not currently required to produce consolidated accounts. SmartFOCUS Holdings Limited SmartFOCUS provides analytic software to enable accurate targeting and execution of marketing campaigns. The company is an established solution provider in this area with 300 customers forming a wide customer base spread across financial services, retail, marketing services and other consumer-driven sectors. SmartFOCUS adds value to its customers' marketing campaigns by linking with multiple databases, returning query results in seconds and presenting the results in an easily understandable graphic way. TriVest invested Â£500,000 in the company in December 2001. The investment is valued at cost. Accounts for SmartFOCUS Limited for the year ended 31 December 2001* Turnover Profit before tax Net assets Â£2,061,000 Â£74,000 Â£127,000 * SmartFOCUS Limited is a wholly owned subsidiary of SmartFOCUS Holdings Limited and is its only trading subsidiary. SmartFOCUS Holdings Limited is not currently required to produce consolidated audited accounts. Wire-e Limited Wire-e provides mobile communication services to corporates and SMEs. The service, branded 'Rapide', enables users to access phone numbers and send e-mails on the move. Founded in 2000, and having launched the Rapide service in February 2002, Wire-e now has over 170 customers. Customers provide their own contacts data (e.g. from Outlook, customer/staff directories) to Wire-e and their employees can access these by voice by mobile phone browser, text message and desktop browser. Users can also send e-mails, text messages and voice broadcasts to multiple contacts. TriVest invested Â£500,000 in the company in September 2002. The valuation is at cost. Accounts for the period 13 April 2000 to 30 June 2001 Turnover Loss before tax Net assets Â£- Â£833,000 Â£317,000 Oxonica Limited Oxonica is engaged in the design, manipulation and engineering of properties of materials at the nano-scale for application in fuel additives, sunscreen, biotagging and other products. The company has made good progress since the investment both in terms of product development and investor interest. TriVest invested Â£429,000 in the company in June 2002. The investment is valued at cost. Accounts for the year ended 31 December 2001 Turnover Loss before tax Net assets Â£34,000 Â£944,000 Â£18,000 Alaric Systems Limited Alaric specialises in the development, sale, distribution and support of payment systems software including systems for electronic payments authorisation and e-commerce integration. The company is also involved in the use of mathematical modelling techniques for payments and other fraud detection. TriVest invested Â£400,000 in the company in February 2002. The investment is valued at cost. Accounts for the year ended 31 March 2002 Turnover Loss before tax Net assets Â£1,888,000 Â£2,121,000 Â£1,627,000 Monactive Limited Monactive is a leading provider of Software Asset Management (SAM) tools with over 100 customers. The Company's software monitors software usage on PC networks providing corporates with data for cost reduction and compliance. Its customers are able to reduce their software licensing costs whilst demonstrating legal compliance. TriVest invested Â£250,000 in Monactive in March 2001. The investment is valued at cost. Accounts for the year ended 31 July 2002 Turnover Loss before tax Net liabilities Â£1,549,000 Â£982,000 Â£893,000 Heritage Image Partnership Limited (HIP) HIP is building an online library of high-resolution images from exclusive access to the content of heritage institutions, principally museums and libraries, and sells directly to business customers. TriVest invested Â£300,000 in HIP in March 2001. The investment is valued at a 50% provision against cost. Accounts for the year ended 31 December 2001 Turnover Loss before tax Net assets Â£31,000 Â£1,698,000 Â£1,257,000 iDesk Plc iDesk provided telcos, ISPs and other blue chip customers with outsourced technical help desks, operated from a call centre in London. iDesk also sold its proprietary and licensed CRM software and provided electronic billing services. TriVest made an investment in iDesk Plc of Â£250,000 in November 2000. No audited accounts have been produced for the year ended 31 December 2001. The company was put into administrative receivership on 10 April 2002 and in view of this, the Board has now revalued the investment to nil. This information is provided by RNS The company news service from the London Stock Exchange

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Diploma shares jump as full year guidance is upgraded in the wake of successful acquisitions but Victrex slides as forecast headwinds hit home. Zoo Digital also finds support as last year’s woes for the wider entertainment industry fade.

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