Albion. Tch Vct Regulatory News (AATG)

16 May 2005 08:00

Close Technology & General VCT PLC16 May 2005 For immediate release: 16 May 2005 CLOSE TECHNOLOGY & GENERAL VCT AND BAMBO INVESTMENTS REALISE £2.8 MILLION ON DISPOSAL OF CASSIUM Close Technology & General VCT ("CT&G VCT") and Bamboo Investments Plc ("Bamboo"), both managed by Close Venture Management ("CVM") announce the sale of their investment in Cassium Technologies Limited ("Cassium") for a total consideration of £2.8 million. This represents more than double the total amountinvested by the funds since July 2002 and an exit IRR of 40%. Cassium has been acquired by Netstore Plc, a technology company quoted on the Alternative Investment Market. CT&G VCT and Bamboo invested £1million in Cassium in July 2002 to fund the expansion of the business. A further investment of £0.25 million was made in 2004 to provide working capital for growth. Cassium has more than doubled its revenues since 2002 and has established itself as a leading provider of technology services to the telecoms and financial services sectors and fast growing provider of IT managed services to SMEs. Paul Cosgrave, Chief Executive of Cassium commented: "In the past 3 years Cassium has gone from strength to strength. CVM played a key part in this success by providing financial backing for the expansion of the business and also importantly by working closely with our management team to develop Cassium's strategic direction. We very much enjoyed working with James Stoddart and Emil Gigov during this period and would like to thank them for their valuable help and assistance." Emil Gigov, Director of CVM, commented: "This deal is an ideal illustration of CVM's investment approach. We backed an entrepreneurial management team with a vision for growth. Over the last three years the company has become a leading provider of services in some of the fastest growing areas of the IT market. The sale of our investment realises a good return for our investors and follows several profitable exits in the past twelve months. These exits include the recent sale of Automotive Technik for £25 million, the sale of Active Hotels for £90 million and the flotation of Careforce Group Plc on AIM." As a result of the sale, the preliminary unaudited net asset value of CT&G VCT at 31 March 2005 was 122 pence. For further information please visit www.closeventures.co.uk or contact: Emil Gigov, Director John West / Clemmie CarrClose Venture Management Tavistock CommunicationsTel: 020 7422 7830 Tel: 020 7920 3150 Notes to Editors Close Venture Management CVM is one of the most successful and longest established Venture Capital Trust(VCT) managers. It was formed in 1996 and currently manages a portfolio of eightVCTs with combined funds under management in excess of £220 million. In addition, CVM advises the Healthcare & Leisure Property Fund, an Isle ofMan-based open-ended investment company participating in asset-based investmentsmade by its VCTs as well as acting as investment manager to Bamboo Investmentsplc, an investment company specialising in early stage, high growth businesses,principally in the technology sector. Close Venture Management is one of the largest VCT managers and concentrates itsinvestment strategy on lower investment risk and higher dividend yield. VCTs under management: Close Brothers Venture Capital Trust PLC invests in a broad range of unquotedasset-backed businesses in the hotel, care home, residential propertydevelopment, health and fitness and cinema sectors. It is aimed at providinginvestors with a lower risk investment profile whilst at the same timegenerating a strong dividend yield. Close Brothers Protected VCT PLC is similarly aimed at providing investors witha lower risk investment opportunity in a portfolio of asset-backed businesses. Close Brothers Development VCT PLC provides equity and debt finance to growingunquoted companies across a variety of sectors, with investments ranging fromtechnology-orientated to service and asset-backed businesses. Close Technology & General VCT PLC offers investors the opportunity toparticipate in a balanced portfolio of technology and non-technology businesses. Close Income & Growth VCT PLC aims to provide investors with a regular andpredictable source of income combined with the prospect of potential longer-termcapital growth. In April 2005 CVM became the investment manager of Murray VCT PLC, Murray VCT 2 PLC and Murray VCT 3 PLC. Close Brothers was voted VCT Group of the Year in the Growth Company Awards 2003 and Best VCT Provider at the Professional Adviser Awards 2005. CVM is a member of Close Brothers Group plc and is authorised and regulated bythe Financial Services Authority. This information is provided by RNS The company news service from the London Stock Exchange