Investment Update
April 04 2001 - 3:30AM
UK Regulatory
RNS Number:5885B
TriVest VCT PLC
4 April 2001
TriVest VCT Plc
Investment Update and date for Close of Offer for Subscription
TriVest VCT Plc (the Company) is pleased to announce 3
further investments made during March, details of which
are enclosed below.
Heritage Image Partnership Limited ("HIP")
HIP is creating an online library of images available to
all customers over the internet and has exclusive access
to content from five heritage institutions; the British
Library, the Science Museum, the National Railways Museum
and the National Museum of Photography, Film and
Television. Images will be sold to media companies and
advertising and design companies. The Company has
invested #300,000 in HIP in return for 6.2 per cent. of
the equity. The net proceeds of the fund raising will be
utilised principally for working capital. HIP has not
yet produced audited accounts.
Xpert Client Systems Limited ("Xpert")
Xpert is a provider of software asset management tools.
The Company has developed innovative technology which
automatically builds a profile of the actual image of
software by each user and compares it with the inventory
of software installed on each PC and the licences owned.
This enables customers to monitor legal compliance with
their software licences. Xpert's products are installed
on 25,000 PCs in over 100 companies including Racal,
Volvo, Fujitsu and Sony. The company has invested
#250,000 in Xpert as part of a #1.75 million fundraising,
in return for 4.7% of the equity. The net proceeds of
the fund raising will be utilised for capital expenditure
and working capital. The last audited accounts were for
the period to 31 July 2000 and recorded: loss before
taxation #320,880, retained loss #775,000, net assets
#287,249.
Watkins Books Limited ("Watkins")
Watkins is a specialist supplier of books with an
international brand name. The Company has invested
#500,000 through the issue of ordinary shares and
#200,000 of Convertible Secured Loan Stock 2006 with an
option for Watkins to call down a further #250,000 if the
company is performing as per its business plan but needs
further financing for expansion. The proceeds from the
fundraising will provide Watkins with an opportunity to
develop its brand through all mediums be it e-commerce or
traditional forms of mail order and retail. The last
audited accounts were for the period ending 31 March 2000
and recorded: loss before taxation #35,137 and net assets
of #73,868.
The Company also announces that its Offer for
Subscription, announced on 13 October 2000 will close on
6 April 2001.
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