Business
Trading Statement
Trading Statement.
About this update from Truetide Plc
[{"type":"text","content":"\n RNS Number : 7739E Braveheart Investment Group plc 01 October 2008 \n \n1 October 2008 \n\nBraveheart Investment Group plc\n('Braveheart' or the 'Group')\n\nTRADING UPDATE\n\nBraveheart (AIM: BRH), the technology commercialisation and investment management company, today provides an update on trading for the first half of its financial year to 30 September 2008.\n\nThe Group has maintained its investment programme throughout the first half despite increasingly difficult market conditions. The main focus has been on supporting the existing portfolio by way of both equity and debt. In the current market conditions, in which investors are increasingly risk averse, the Group is reducing its risk profile by providing a higher proportion of fixed income instruments with associated equity rights than has hitherto been the case.\n\nDuring the period a first closing of the Strathclyde Innovation Fund ('SIF') has been achieved with initial commitments totaling £4.5 million from investors comprising Braveheart, the University of Strathclyde and Strathclyde alumni. This also includes Scottish Enterprise's Scottish Co-investment Fund, which has agreed to co-invest alongside SIF by committing an allocation specifically for use by SIF. The commitments made at the first close are over a five year period and provision has been made for additional closings to bring in other potential partners over the next two years. As has been previously noted, the SIF will have the exclusive right of first refusal to fund all commercial investment opportunities that arise in respect of intellectual property emanating from the university.\n\nHowever, the second proposed fund, being that with the University of Edinburgh, will not now be marketed. Braveheart advised the University of Edinbugh that it was not confident of achieving a satisfactory closing of this fund in the current market conditions and the University decided to undertake a review of its IP commercialisation strategy rather than waiting for markets to improve. In the meantime, Braveheart will continue to fund selected spin-outs from the University of Edinburgh by way of its Alpha EIS Fund.\n\nThe Group is maintaining its strategy to expand its presence across the UK from its Scottish base. The G...