Eurovestech PLC floated on AIM in March 2000. The company raised a £9.9m fund at 5p per share inclusive of Richard Bernstein’s personal investment of £2m on the same terms as institutional shareholders. Between 2003 and 2008, the company raised a further £11.7 million. Our cautious approach has steered us successfully through the pitfalls of an over-inflated market. Value has been realised from some investments with exceptional returns achieved, and we are well placed to deal with current and impending conditions.
The Company returned £10m to shareholders via the Return of Cash scheme augmented in March 2010. Following the successful completion of the Toluna scheme of arrangement in April 2011, the Company received £25m proceeds and returned £13m of these proceeds to shareholders, bringing total returns to shareholders of £23m, greater than the total monies raised by the Company.
In September 2012, and following a partial disposal of KSS Fuels, the Company cancelled its admission to AIM and returned a further £4.4m to shareholders, bringing total cash returned to shareholders of 7.5p per share.
The Directors are responsible for identifying new investment opportunities for the Company that fall within the investment criteria set out above. Following the identification of a potential new investment opportunity, the Directors will be responsible for carrying out and overseeing all due diligence into the proposition and for negotiating the terms of investment on behalf of the Company.
Key criteria for all investments include management expertise and vision, identifiable revenue and profit streams and strategic alliance opportunities. The Company has acquired a portfolio of investments spread across the four areas outlined above to reduce the specific risk to any one investment. The Company is prepared to provide seed capital, pre-float finance and mezzanine finance to companies and also provides further finance to companies to assist them to achieve their potential. The Company can also invest surplus cash resources in quoted investments.
There are no investing restrictions in place but the board endeavours to prevent any single investment in any one company representing more than 20% of the gross asset value of the Company at the time of investment. There is no guarantee that this will be the case after any investment is made, particularly where it is believed that an investment is particularly attractive.
It is possible that the Company may offer its own shares in exchange for shares in investee companies in addition to a cash investment in such companies.
The Remuneration Committee meets at least twice each year. The committee comprises solely independent non-executive directors Richard Grogan (Chairman) and Quentin Solt.
The committee sets the remuneration policy for the Chairman, the non-executive and executive directors. In consultation with the executive directors and professional advisers the Remuneration Committee agrees their service contracts, salaries, other benefits – including bonuses and participation in the company’s long-term incentive plans – and other terms and conditions of employment.
It also agrees terms for their cessation of employment and their appointments as non-executive directors of investee companies and other organisations. It approves changes in the company’s long term incentive plans, recommends to the Board those plans which require shareholder approval and oversees their operation.
The Nomination Committee meets as necessary and is responsible for considering and recommending to the board persons who are appropriate for appointment as Executive and Non-Executive Directors. The committee receives proposals of suitable candidates either from existing board members or an external search firm for the appointment of new directors to the board. The Nomination Committee considers candidates by undertaking a formal, rigorous and transparent interview procedure. The committee gives careful consideration to ensure proposed appointees have enough time available to devote to the role and that the balance of skills, knowledge and experience on the board is maintained. When The committee has found a suitable candidate, the Chairman of The committee will make a proposal to the whole board, which has retained responsibility for all such appointments. The Chairman of The committee reports the outcome of its meetings to the board.
The role of the Audit Committee is to monitor the financial reporting process, the integrity of the Group’s annual financial statements and the statutory audit of the consolidated accounts. It is also responsible for reviewing the Group’s internal financial control and risk management systems and the Company’s relationship with the external auditors.
The committee meets with the auditors in advance of the year end audit to ascertain the appropriate audit approach and immediately prior to the publication of the Company’s audited final results statement. The committee invites senior officers of the Company to attend as appropriate.
The company “Eurovestech Plc” was founded in 2000 and incorporated in the United Kingdom. The main activities of the company are in the United Kingdom. Companies in which Eurovestech holds an equity interest operate in Europe, Asia and the United States.
There are currently 339,550,000 shares in issue.
The Company’s significant shareholders are:
|SVM Asset Management Limited||65,148,810||19.6|
|Damille Investments II Limited||20,507,260||6.2|
|Deutsche Bank AG||16,042,740||4.8|
London Matched Markets Exchange (LMMX) share matching facility, formerly JP Jenkins
In order to allow the trading of shares in Eurovestech Plc, the Company has appointed LMMX to provide a matched bargain dealing facility following the de-listing from AIM.
LMMX is a subsidiary of Peterhouse Corporate Finance, who are Authorised and Regulated by the Financial Services Authority and a Member of the London Stock Exchange and Plus Markets.
Should you wish to buy or sell Eurovestech Plc shares, you can use your existing stockbroker should you have one who in turn will contact LMMX to establish a corresponding seller or buyer of the shares. If you do not have an existing stockbroker, LMMX can arrange an execution only stockbroking service.
To speak to a dealer at LMMX, please call Paul Brown on 0207 469 0938. The indicating price along with a history of transactions will be available from the LMMX website which is located at www.lmmx.co.uk. Registration is free of charge.
LMMX’s contact details are:
21 Lombard Street
In March 2000, Eurovestech made a commitment in its prospectus to issue 4,000,000 ordinary shares to a selection of charities within two years. To date, Eurovestech has issued 12,000,000 shares to a total of 107 separate charitable organisations.
Eurovestech is pleased to note that together with the 4,600,000 shares donated to charities from Richard Bernstein’s personal holding, the stock market value of shares in Eurovestech gifted to worthy causes now exceeds £2.7 million.
Richard Bernstein, Chief Executive of Eurovestech commented: “We are proud that so many great causes have been able to benefit from Eurovestech’s progress. We believe that this is an extremely simple and effective method of corporate share giving”.
‘Share and Share Alike Limited’ has been set up to assist and encourage other companies to follow suit to support charities in this way: Share & Share Alike.
Richard Bernstein paid the nominal value of the ordinary shares to facilitate the issue of shares to the charitable beneficiaries below:
ABF (Army Benevolent Fund) The Soldiers’ Charity
Alabare Christian Support
Anthony Nolan Trust
Battersea Dogs and Cats Home
Borneo Orangutan Survival Organization UK
Breast Cancer Charity
British Agencies for Adoption and Fostering
Care for Casualties
Children’s Wish Foundation
Chris Westwood Charity for Children with Physical Disabilities
CIDA Foundation UK
CLIC – Cancer and Leukaemia in Childhood
Complimentary Cancer Care Trust
Douglas House – The Oxford Respices for Children and Young People
Dreams Come True
Fondation Ensemble Switzerland
Foundation for the United Nations Global Compact
Friends of Humanity, Switzerland
Friends of Schneider Childrens Hospital
Friends of Yad Sarah
Great Ormond Street Hospital Children’s Charity
Greater London Fund for the Blind
Hearing Dogs for Deaf People
Help a London Child Appeal Fund
Imperial College Healthcare Charity
Imperial College London
International Childcare Trust
International Myeloma Foundation
International Paralympic Equestrian Committee
Kent Multiple Sclerosis Therapy Centre
Leukaemia Research Fund
Listening Ear Merseyside
Macmillan Cancer Support
MAD Charity Ball (Care for Casualties/Help for Heroes)
Management Accounting for Non Governmental Organisations Ltd (Mango)
Marie Curie Cancer Care
Metropolitan Sports and Social Club for the Visually Impaired
Motor Neurone Disease Association
Narconon London Ltd
Nordoff Robbins Music Therapy
Norwood Ravenswood Foundation
One to One Children’s Fund
Open Adaptive Rowing (OAR)
Pilot Light Ltd
Prostate Cancer Charity
Riding for the Disabled Association
Sight Savers International
St Luke’s Hospice
Teens Unite Fighting Cancer
The Alumni of the London School of Economics and Political Science
The American Red Cross
The Association for International Cancer Research
The Barrestown Gang Camp Fund for Seriously Ill Children
The Bishop Simeon CR
The British Friends of Soroka Medical Centre
The British Heart Foundation
The Caron Keating Foundation
The Children’s Trust
The City of London School Bursary Trust
The Disabled Living Foundation
The Evening Standard Dispossessed Fund
The Good Rock Foundation
The Guy’s and St Thomas’ Charitable Foundation
The Haven House Children’s Hospice
The Hospice of St Mary of Furness
The Hospice of St. Francis (Berkhamsted)
The Jo Weinberg Flute Award
The Life Neurological Research Trust
The London Youth Trust
The Marfan Trust
The Orpheus Centre
The Richard House Children’s Hospice
The Roy Castle Lung Cancer Foundation
The Royal Opera House Foundation
The Samara Orphanage
The Shooting Star Children’s Hospice
The Trussell Trust
The UK Thailand Children’s Fund
The WellChild Trust
The Young Musicians Fund
Trustees of the Drugs Prevention Education and Awareness Project
United Nations Foundation for Global Impact
University College London Hospitals Charity
University of North London
Vaccine Research Trust
Variety Club of Great Britain
Will Craddock Leukaemia Research Fund
Yechi Am Yisrael
Yorkshire Cancer Research