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.


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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.


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Value Catalyst Fund Limited (T (VCF)

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Friday 22 January, 2010

Value Catalyst Fund Limited (T

Consultation with Shareholders

22 January 2010

            The Value Catalyst Fund Limited ("VCF" or "the Company")

                         Consultation with Shareholders

At  the  end of 2010, VCF is scheduled to hold an annual general meeting ("AGM")
which  will  include a vote to decide whether or not it should continue  in  its
current  form.  The Board is mindful that many closed-end funds have been  asked
by  shareholders to distribute money back to them and as such, we  are  keen  to
consider,  in  advance, any action that shareholders may require. With  this  in
mind   we   would  appreciate  the  feedback  of  all  holders  of  VCF   shares
("Shareholders") as to their preferred route for the Company's  future,  so  the
Board can manage the Company's portfolio of investments in a suitable manner.

The  Board will seek to follow the preferred route indicated by the majority  of
the  Shareholders and offer options where possible to satisfy as many  different
standpoints as practicable.

If the majority of Shareholders wish to realise their investment, the Board will
come back with detailed proposals and start that process as soon as practicable.
However,  it is important to note that it will take some time to maximise  value
from  the  Company's two largest investments, Celtic Development Properties  and
DouglasBay,  which is why, if that is the direction desired by the  majority  of
the  Shareholders,  the Board would prefer to begin this process  sooner  rather
than  later  in the current year. Following such a realisation of the  Company's
major assets, the Company would seek to make distributions as soon as practical.
However,  it  should  be noted that the value that could be realised  from  such
strategic  stakes  is  heavily  correlated to the  timeframe  to  realise  those
investments,  which  is  another reason why the  Company  should  establish  its
direction  at  an early stage for the benefit of its Shareholders.  The  Company
currently has a gearing ratio of approximately 40%. Shareholders wishing to take
an  in-specie  redemption may be able to do so but, in such circumstances,  they
would  also  need  to take on a proportionate part of the borrowings  associated
with the Company's assets, themselves, subject a practical minimum.

For  your information, Laxey Partners Limited, the Company's Investment Advisor,
expects to retain its own investment in VCF throughout any distribution process.
The Board remains confident in the prospects of the Company's major investments.

Shareholders  are requested to provide their feedback to Laxey Partners  Limited
or  Smith  & Williamson Corporate Finance Limited by 26 February 2010.   Contact
details are set out below.


Gill Smith
Laxey Partners Limited
Tel: +44 (0)20 7494 6380
Em: [email protected]

Azhic Basirov / Siobhan Sergeant
Smith & Williamson Corporate Finance Limited
Tel: +44 (0)20 7131 4000
Em: [email protected]                                             

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