Elderstreet Investment Ltd

Terms and Conditions of Use

This material is directed only at persons in the UK and is not to be regarded as an offer or invitation to buy or sell an investment nor does it solicit any such offer or invitation in any jurisdiction other than the UK. Persons resident in territories other than the UK should consult their professional advisers as to whether they require any governmental or other consent or need to observe any formalities to enable them to invest in the products described in these pages. An investment in any VCT fund managed by Elderstreet must only be made on the basis of the information set out in the relevant prospectus. The investments referred to on this website may not be suitable for all investors. Investors should seek advice from a financial advisor. Elderstreet does not provide and nothing on this website should be construed as investment or tax advice. If you are in any doubt as to the suitability of these products for you, you should seek independent financial advice.

The past performance of VCTs or other investment products is not necessarily a guide to the future performance. The value of an investment may go down as well as up, in which case an investor may not get back the amount invested. The share price of a VCT may not reflect its net asset value. VCT funds often invest in unquoted companies which are small and which carry an above-average level of risk and whose shares may not be readily marketable.

The tax reliefs available to certain investors in VCTs are dependent on the VCT maintaining Inland Revenue approval. If this approval is withdrawn, a VCT will lose its status and all tax reliefs are likely to be cancelled. Investors must retain their VCT shares for three years to retain the up-front income tax relief. The tax rules and regulations governing VCT funds are subject to change. Prospective investors in VCTs managed by Elderstreet should ensure that they read the risk warnings set out in the relevant prospectus.

Withdrawal of tax breaks: The generous tax breaks are one of the major attractions of VCTs. If the investment is not held for three years or if the VCT does not invest 70% in qualifying investments after three years, the initial tax breaks can be withdrawn. Long-term nature of the investment: Generally, VCTs are considered to be long-term investments. Charges and performance fees: The levels of charges for VCTs may be greater than Unit Trusts and Open Ended Investment Companies.

The contents of this website relating to the VCT have been issued for the purposes of section 21 of the Financial Services and Markets Act 2000 by Elderstreet Investments Ltd whose registered office is at 32 Bedford Row, London, WC1R 4HE. Elderstreet Investments Ltd is authorised and regulated by the Financial Services Authority.

Privacy Policy

Any information you provide to us will be used to administer your requirements for information from us. Occasionally, we may also use your details to inform you of other features, services and products which we think you may be interested in and we may contact you by post, fax, email or telephone. We will keep your personal information confidential except to the extent that we are compelled to disclose it by law or to comply with an instruction of a regulatory body of competent jurisdiction. To comply with the requirements of the Data Protection Act 1998, we adhere to strict security procedures and have taken all appropriate measures to ensure that no unauthorised disclosures of your details are made to a third party without your permission and unauthorised access to it is prevented.

Elderstreet Investments Ltd is authorised and regulated in England by the Financial Services Authority. Registered office, 32 Bedford Row, London, WC1R 4HE. Registered in England No. 3057805.

I have read and understood the information set out in the Terms and Conditions of Use

VCT Investors

Introduction
Information
Team
Portfolio
Contact

Introduction

Elderstreet offer Private Investors exposure to the quoted and unquoted company market together with generous tax reliefs through the Elderstreet Venture Capital Trust plc. VCTs provide private investors with an attractive and tax-efficient method of investing in a portfolio of small to medium-size trading companies in the UK. VCTs are similar to Investment Trusts but they invest in companies that are not quoted on the stock exchange, although they can be AIM (Alternative Investment Market) listed.

The Elderstreet VCT plc has been established for over twenty years investing in a wide range of sectors and the management team was voted VCT Fund Manager of the year for 2009 and 2010. In 2014 Elderstreet was also the winner of Investment Weeks Investment Company of the Year Award.

The managers have also made a substantial investment into the fund. The Elderstreet VCT has an investment policy aimed at creating a balanced portfolio of investments in management buy-outs and development capital investments in both mature and early stage businesses. From time to time we will be offering new shares for sale in the VCT. This enables you to get exposure to an established portfolio with the prospect of early dividends. You can find details on any current new offers by clicking on the home page link VCT open Offers. If you are interested in hearing more about this product then please email william@elderstreet.com

If you are an existing Elderstreet VCT shareholder seeking information then please follow the links on the home page.

Information

VCT Tax Benefits

Investors are able to claim 30% income tax relief on an investment into a qualifying VCT up to an annual limit of £200,000 if they subscribe in cash for new shares and retain their shares for at least five years. In addition, in respect of subscriptions within this annual limit, any dividends paid by the VCT are tax-free and if held for five years and any uplift in the value of the shares is tax-free on disposal. VCTs are similar in structure to Investment Trusts. Primarily, they invest in small unquoted companies, or those listed on Aim, London Stock Exchange's market for growth companies, that engage in qualifying trades in the UK. The qualifying rules make a number of exclusions including property, financial services and commodities.

Strategy

The VCT will invest predominantly in unquoted, established and profitable businesses with proven management teams, where investments can be structured using loan stock and preference shares to enhance the yield of the VCT. Some investments in established companies on AIM will also be considered. The Fund invests in a diversified portfolio of companies with a particular emphasis on smaller unquoted companies. The VCT aims to have at least 70% of the qualifying holdings (ie including investments in cash and gilts) invested in MBO and development capital and mature companies yielding dividends. The remaining 30% will be retained for early stage companies with high growth potential. The target deal size is £0.75 million across a broad mix of industries.

Dividends and Buyback Policy

The VCT has a track record of providing good returns for its Shareholders. A list of past paid dividends can be found on the link on the front page or by clicking here. The VCT buys back its shares at a discount of approximately 7.5% to the last published NAV. The implementation of the buy-back policy will be at the Board's discretion (normally twice a year) and subject to Elderstreet's liquidity and to stock market and other applicable regulations.

Michael Jackson

Chairman

University:	Cambridge University
Degree:	MA
Subject:	Law
Year:	1969-1972
Title:	Chairman Michael Jackson has specialised in raising finance and investing in the smaller companies quoted and unquoted sector. From 1983 until 1987 he was a director and from 1987 until 2006 was chairman of FTSE 100 company The Sage Group plc. He was also Chairman of PartyGaming plc, another FTSE 100 company. He is also a director of and investor in many other quoted and unquoted companies, including Elderstreet portfolio companies Snacktime plc and Access Intelligence plc. Michael studied law at Cambridge University, and qualified as a chartered accountant with Coopers and Lybrand before spending five years in marketing for various US multinational technology companies.
Directorships:	Access Intelligence plc, Snacktime plc, Advanced Computer Software plc, Netcall plc, The Kellan Group plc, Evolve Capital plc. Founded Elderstreet in 1990

William Horlick

Investment Manager

University:	RMA Sandhurst
Subject:	Officer Training
Year:	1980
Title:	Investment Manager William joined Elderstreet Investments Limited in 1998. William graduated from RMA Sandhurst in 1980. Prior to joining Elderstreet, he was managing director of a London based mail order company and spent seven years in investment banking and stockbroking. At Elderstreet he has worked on over 35 company investments. William has held several board seats on Elderstreet portfolio companies. William was on the board of Dow Carter (sold to the Engine Group in 2007) and Business Auctions (sold to IT auctions ltd in 2007). He was an original investment committee member of Staffing Ventures, an AIM-quoted company, and on the Advisory Panel of the UK Technology Forum for three years. He is the investment manager for Elderstreet VCT plc, Bedford Row VCT plc and the Smith and Williamson EIS portfolio.
Former Positions:	Sheppards & Chase Stockbrokers BAII - Banque Arab Investment International - Investment Bank Managing Director, Beneficial Arts At Elderstreet since 1998

Paul Frew

Managing Partner

Title:	Managing Partner Paul Frew joined Elderstreet as a Partner in 1996 to establish its software practice. Prior to joining Elderstreet Paul was Managing Director of Softwright Systems Limited, a software company which was acquired by Chicago based System Software Associates in 1996. Paul sits on the board of Caplin, weComm and Vordel.
Directorships:	Caplin, Whereonearth, Vordel, weComm.
Former Positions:	Managing Director, Softwright Systems Ltd At Elderstreet since 1998

Barnaby Terry

Partner

University:	Imperial College, London
Degree:	BSc
Subject:	Civil Engineering
Year:	1982-1985
University:	Erasmus University, Rotterdam
Degree:	MBA
Subject:	Civil Engineering
Year:	1992-1994
Title:	Partner Barnaby Terry joined Elderstreet in 1998 as Partner. He represents Elderstreet on the board of SIFT Ltd, ETT Ltd, and Edenbrook. Before joining Elderstreet in 1998, Barnaby spent five years at 3i plc and, in total, has invested in more than 40 companies in the software an services sector. He holds an MBA from Erasmus University in Rotterdam, an undergraduate degree from Imperial College in London and has spent five years in sales and marketing roles in the systems integration market.
Directorships:	ETT, Sift, Edenbrook
Former Positions:	Senior Investment Executive, 3i Group plc Senior Sales Executive, Fibernet Group plc At Elderstreet since 1998

Vin Murria BSc MBA DBA

Partner

University:	London
Degree:	BSc (Hons)
Subject:	Computer Science
Year:	1982-1986
Qualifications:	BSc (1st Class) Hons, MBA, FSA Authorised
Title:	Partner Vin's career has included a combination of venture capital, private equity and CEO/operational experience, centred around twenty years of M&A activity in the software sector. Vin is a partner at Elderstreet Investments and Chief Executive Officer of Advanced Computer Software Plc, a consolidator in the healthcare sector. Prior to this, Vin was CEO of Computer Software Group plc, which she took private in May 2007, merged with IRIS in 2007 and sold to the USA based private equity vehicle Hellman Friedman. Previous roles include COO for Kewill Systems plc, and Chairman of Leeds Group Plc and NED at Concateno plc. Vin remains an investor and adviser to a number of quoted and unquoted companies, including Greenko Plc an Indian energy company , and Innovise plc
Directorships:	Advanced Computer Software plc
Former Positions:	COO Europe, Kewill Systems Plc At Elderstreet since 2002

David Lowe

Qualifications:

FCA (1977)

David is a Chartered Accountant, having qualified with Coopers and Lybrand in 1977. He has been at Elderstreet Investments Ltd since 1996, where he became a director in 2007. He is responsible for the management of the Elderstreet VCT Plc and represents Elderstreet on the board of Snacktime plc, and is Chairman of Fords Packaging Systems Limited. David has been an investor in, and director of, many private companies in different sectors over the past 30 years, and has gained a wealth of knowledge in assisting venture capital companies with their portfolio companies, including extensive pre-acquisition investigation. He is the sole shareholder and chairman of Garran Lockers Limited, a major shareholder and director of APT Controls Limited, and is the senior non-executive director of Sky High plc.

Directorships:

Snacktime plc, Fords Packaging Systems Limited, APT Controls Limited, Garran Lockers Limited

David Taylor

Director

University:	Bath University
Degree:	BSc
Subject:	Economics & Administration
Year:	1968-1972
Subject:	Diploma in Marketing
Year:	1973
University:	Manchester Business School
Degree:	MBA
Year:	1975-1977
Title:	Director David joined Elderstreet Investments Limited in 1996. Prior to that he spent 10 years at Montagu Private Equity where, as an investment director, he was involved in a wide variety of private equity investments. Previously he had a career in the manufacturing industry in marketing and consulting. He has an economics degree from the University of Bath, a Diploma in Marketing and an MBA from Manchester Business School. He is currently the director of a number of unquoted companies and has been responsible for the Company's investments in Fords, WASP, Umole, Snacktime and Baldwin & Francis.
Directorships:	Baldwin & Francis, Moseley Brothers, Wessex Advanced Switching Products Limited
Former Positions:	Investment Director, Montagu Private Equity Special Assignment Executive, Tube Investments plc Marketing Manager, Bestobell Energy Engineering Division At Elderstreet since 1996

Terms and Conditions of Use

VCT Investors

VCT Investors

Introduction

Information

VCT Tax Benefits

Strategy

Dividends and Buyback Policy

Team

Portfolio

Wessex Switches

Access Intelligence plc

Snacktime

Fords Packaging

Engine Group

Lyalvale Express

Melorio

Computer Software Group

Aconite

Baldwin and Francis

Smart Education

Mediasurface

U-Mole

Sentiment

AngloINFO

Proxama

Contact