Prelude Trust’s value slips 6% in 1H07; portfolio star Oxford Immunotec raises $40m series E funding
Prelude Trust, the Cambridge-based investment trust specialising in high growth tech businesses, said the six months ended 30 September saw its Net Asset Value fall by 6.4% to £46.58m at the end of the period.
Changes in the valuation of investments held by the DFJ Esprit managed-Trust accounted for £2.66m of this reduction, while net operating costs £0.61m represented the balance.
Prelude chairman Mike Brooke said: "The last six months has seen further change in the profile of the portfolio with a greater percentage now comprising smaller shareholdings in later stage businesses with growing revenues.
“Since April 2006 the Trust has invested in five new companies, three of those alongside other DFJ esprit managed funds and has succeeded in attracting strong new international investors to a number of its portfolio companies."
He said he believed the strategy of encouraging new international investors into syndicates and co-investing with other DFJ Esprit managed funds on new investments was developing a stronger and more balanced portfolio for the Trust."
During the reporting period Prelude added one new company, VirtualLogix, to its portfolio and made an initial investment in Aurore LLP, the partnership established with Cambridge Consultants Ltd to make seed investments on an exclusive basis in spin-out businesses from that iconic Silicon Fen company that has a long list of successul start ups to its credit.
A number of the Trust's portfolio companies raised significant new rounds of financing, attracting new international investors, in almost all cases at enhanced valuations, Mr Brooke said.
“While most portfolio companies continue to progress well, a few have encountered difficulties resulting in a number of provisions being taken, he said.
Oxford Immunotec
In a separate announcement, Prelude said portfolio company Oxford Immunotec had completed the first stage of a new $40m Series 'E' funding round. The round, one of the world's largest for a diagnostics company in 2007, was led by two new international investors, Clarus Ventures of the US with Munich based Wellington Partners and had been provided in two stages.
The Trust converted £0.77m in loans made to Oxford Immunotec into Series 'E' shares, invested a further £0.175m at this stage and reserved a further £1.1m for the second stage of the investment. Prelude now has a 16.7% shareholding in Oxford Immunotec.
29th October 2007
