April 2008
Scottish Enterprise board SE(08)58
Approvals within delegated authority
The following projects were approved within delegated authority during the period 14 March to 10 April 2008.The details are provided below
Scottish Venture Fund (SVF) Investments over £250k
Lab910 Ltd
The SVF obtained final approval in February 2008 for the sum of £750,000 to be invested in 'A' Ordinary Shares in Lab901 Limited. This investment will take SE’s equity holding in this company to 13 per cent on a fully diluted basis, for a cumulative investment of £1.35 million. This deal was completed on 17 March 2008.
PrismTech Group
SVF invested £1,000,000 in Preferred ‘A’ Ordinary Shares for 5.2 per cent of the equity of PrismTech Group Limited on a fully diluted basis, representing a pre-money valuation of £17.0 million (valuation to be based on 2 times previous year sales). This deal was completed on 31 March 2008.
Tayside Flow Technologies Ltd
SVF invested £114,000 in this company, taking SE’s total cumulative investment to £1,516,691. SE currently holds 26.58 per cent of the ordinary shares (23 per cent fully diluted).This deal was completed on 31 March 2008.