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 [email protected] in the first instance.

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Value Catalyst Fund Limited (T (VCF)

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Monday 11 September, 2006

Value Catalyst Fund Limited (T

Statement re Prodesse Investment Limited

The Value Catalyst Fund Limited ("VCF")

Prodesse Investment Limited ("Prodesse") Extraordinary General Meeting

VCF  announces  the  following statement received from its  investment  manager,
Laxey  Partners  Limited ("Laxey Partners"), relating to the requisition  of  an
extraordinary general meeting of shareholders of Prodesse (VCF is an investor in

"Further  to the requisition notice of Laxey Partners of the 7 August  2006,  we
would  like to outline our thoughts as to why Laxey Partners has taken the steps
to  propose  a  substantial  change  to the board  of  Prodesse,  ahead  of  the
forthcoming meeting on 12 October 2006.

Prodesse  has performed poorly. The strategy and results of Prodesse  have  been
less than satisfactory. The objective of the company has been to achieve a yield
on  net assets 3.5%-5.0% greater than the yield on the ten year US Treasury,  by
investing  in Mortgage-Backed Securities. Since inception the total  return  has
been  minus  19%, to the end of August 2006, while the REIT Mortgage  Index  was
down  only  3%.  This  also includes the rise in price  of  Prodesse  after  our
requisition  notice.  The numbers before that made the comparison  substantially

We  believe that all shareholders should be given the opportunity to receive all
their  money back at Net Asset Value as quickly as is practically possible.  If,
in  addition,  there  is a possibility to seek shares in an alternative  vehicle
then  we would be happy to include that as an additional option, but we  do  not
see the need for a vehicle such as Prodesse in the London market place.

Laxey Partners has nominated three people from the Laxey Partners group and  one
independent  person, who has many years experience in closed end funds,  in  its
notice  to  Prodesse.  None  of  the Laxey Partners  representatives  nor  Laxey
Partners,  itself, will receive any compensation for the work that needs  to  be
done  or  for  the  position  of being a director. We  would  also  welcome  the
suggestion  of  additional  directors if  any  other  shareholders  wish  to  be
represented on the Prodesse board.

We also noted with interest Prodesse's purchase of shares on the 10 August 2006,
three days after the requisition notice was sent to the company and before  they
made  a  public announcement on the 15 August 2006 that such a notice  had  been

a d v e r t i s e m e n t