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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Sgr & Frdlndr AIM 3 (VICT)

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Friday 07 November, 2008

Sgr & Frdlndr AIM 3

Interim Management Statement

RNS Number : 7538H
Singer & Friedlander AIM 3 VCT PLC
07 November 2008


This is the Interim Management Statement from the Board under the Disclosure and Transparency Rules. 


Material Events plus financial implications

Shareholders may be aware that Kaupthing Singer & Friedlander Limited, the parent company of the Trust's Manager, Singer & Friedlander Investment Management Limited (SFIM) was placed into Administration on 8 October 2008. Subsequently, as announced on 21 October 2008, Williams de Broë Limited, a subsidiary of Evolution Group plc, acquired the business of SFIM. The Board has received assurances that as a consequence the security of the cash and other assets of the Trust has been unaffected. Whilst Williams de Broë Limited are currently fulfilling SFIM's management obligations to the Trust the Board continues to keep the management of the Trust under review and will make a further announcement if any decision to change manager is made.

The Board does not consider that there are any other material events giving rise to financial implications that are not covered in the following sections.

Material transactions plus financial implications

Since our Interim Results for the period to 31 July 2008 the market, in particular the AIM, has become even more illiquid. Activity has therefore been limited although we have seen the successful takeover of IT training company Xpertise at a significant premium to the previously prevailing price and providing a further boost to our cash balances which at 31 October stood at some £2 million (inclusive of the benefit of the VAT refund as mentioned in the Interim Results of approximately £700,000). Additionally, we have approximately £5.6m invested in UK government securities providing further liquid resource should it be required. We have also made two modest follow on investments in Avingtrans and Tasty during the period.

We have not purchased any more of the Trust's own shares during this period. The current discount at which we are prepared to repurchase shares is set at 20%.

Change in Net Asset Value

Since our Interim Report for the 6 months to 31 July 2008 announced on 17 September 2008 the company's NAV has declined from 62.51p to 50.95p as at 31 October. This reflects the fall in markets, particularly the AIM, over that period as well as the adjustment due to the 0.5 pence per share Interim Dividend. The decline as a percentage is 18.5% whilst the AIM Index has fallen by 46%, albeit that the latter included natural resources companies in which we are unable to invest.

The Trust's NAV is calculated weekly and reported in the Financial Times.

Portfolio Movements

Top ten equity holdings

Percentage of Portfolio

Aero Inventory


Synergy Healthcare


U4EA Pref Shares


Tikit Group








Flexbenefits Group


Tanfield Group


Expertise Group


Significant additions during the period                    Significant disposals during the period

AIM Quoted Companies


AIM Quoted Companies








For further information contact:

Andrew Banks on 020 3205 5703

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

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