The investment objective of the Company is to conduct an orderly realisation of its assets and to progressively return cash to shareholders.
The Company invests in private equity and private equity related assets.
The Company may not make any new investments save that:
- investment may be made to honour commitments to funds under existing contractual arrangements;
- further investment may be made into the Company’s direct investments in order to preserve the value of such investments; and
- realised cash may be invested in liquid cash-equivalent securities, including short-dated corporate bonds, bonds or debt instruments issued by any government or state, money market funds or bank cash deposits pending its return to shareholders in accordance with the Company’s investment objective.
No more than the greater of £75 million or 15 per cent. of the Company’s total assets may be invested in any single cash-equivalent instrument or placed on deposit with any single institution, except that this limit does not apply to:
- investment in bonds or debt instruments issued by any government or state, which shall be unconstrained; and
- cash placed on deposit in an escrow account where required to facilitate the return of capital to the Company’s shareholders (including, without limitation, by way of tender offer (and associated repurchase of the Company’s ordinary shares)).
The Company shall not use gearing or undertake borrowing.