Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

Value Catalyst Fund (VCF)

  Print      Mail a friend       Annual reports

Monday 14 February, 2011

Value Catalyst Fund

Update on Proposals for the Reorganisation

RNS Number : 1363B
Value Catalyst Fund Limited (The)
14 February 2011



14 February 2011


The Value Catalyst Fund Limited

("VCF" or "the Company")




Further to the Company's announcement of 14 December 2010, your Board wishes to update Shareholders on its proposals for the reorganisation of the Company. Subject to shareholder approval it is intended that the Company's portfolio will be divided into two separate pools of assets - a continuation pool and a realisation pool - according to Shareholder elections. The proposals will provide an opportunity for Shareholders to continue being invested in the Company with regular realisation opportunities at Net Asset Value ("NAV"), whilst also offering those Shareholders desiring an earlier potential exit the ability to realise their investment in accordance with an orderly realisation programme.


Your Board was pleased to note that Shareholders voted in favour of the continuation of the Company for a further five years at the last annual general meeting of the Company, but regardless wishes to offer Shareholders new liquidity options. Historically, the Ordinary Shares have traded at times on a significant discount to NAV and despite the size of the Company; the liquidity in the Ordinary Shares has not been good. As such, the Board would like to see both continuing and realising Shareholders offered a structure which reduces any discount to NAV and provides regular realisation opportunities at around NAV level.  The Board has therefore formulated proposals which the Directors believe will maximise the options available to Shareholders and these in summary comprise:


·      an invitation to Shareholders to remain invested in a Company focussed on generating value from investing in undervalued asset based companies including closed-ended and property companies and discounted opportunities, whilst having an opportunity to realise their investment at NAV on a six monthly basis following the expiry of an initial twelve month period;

·      an opportunity for Shareholders desiring to exit their investment in the Company to rollover their investment (being the assets attributable to such holders' interests in Ordinary Shares) into a realisation pool of assets, to be realised over time in accordance with an orderly realisation programme which will seek to return capital to Shareholders in stages, as soon as is practicable;

·      the division of the Company's portfolio of assets into two separate pools of assets - a continuation pool and a realisation pool - based upon the NAV attributable to the elections for each pool (subject to the deduction of the costs and expenses of the reorganisation pool from the realisation pool);

·      the redesignation of Ordinary Shares attributable to the elections for the realisation pool as Realisation Shares;

·      the adoption of an amended and restated memorandum and articles of association of the Company to reflect the reorganisation and, in particular, establishing the rights attaching to the Realisation Shares; and

·      the cancellation of the admission of Shares to trading on AIM.



The Company performed very well ahead of the credit crisis, but during the credit crisis suffered from being geared and holding large strategic stakes. As an activist fund such positions are part of the investment process and your Company was pleased to realise a substantial position, DouglasBay Capital PLC ("DBAY"), last year which resulted in an uplift of 22.95 % to the NAV, demonstrating the hidden value in the portfolio. For the 12 months to 31 December 2010 the NAV increased 19.41%. The full value of DBAY has not been recognised in the NAV yet as they are awaiting European Commission competition clearance and there is substantial potential in your Company's other major investments. Even with the credit crisis effects and the conservative valuation of certain positions within the portfolio, the NAV of your Company has increased by 21.02% with distributions re-invested, since inception until 31 January 2011, against a fall of 11.58 % in the S&P and a fall of 1.77 % in the FTSE ($US) over the same period.


A circular containing proposals outlined above will be posted to Shareholders as soon as practicable.



Azhic Basirov / Siobhan Sergeant

Smith & Williamson Corporate Finance Limited

Tel +44 (0)20 7131 4000



This information is provided by RNS
The company news service from the London Stock Exchange