March 2008
Scottish Enterprise board SE (08)44
Approvals within delegated authority
Novelis (Alcan) Site, Langlees, Falkirk – Grangemouth Acquisition
The Chief Executive gave a revised approval of £5.84 million for the acquisition and redevelopment of the former Alcan site in Falkirk. In addition, approval was granted to set aside the requirement that the site be redeveloped at zero cost to SE and approval given for a non-cash resource accounting charge estimated by SE Finance of up to £527,000.
Original approval was granted by the SE Board on 28 July 2005 for the acquisition of the former Alcan rolling mill site in Falkirk at a gross cost of £5.2 million. At that time, approval stipulated that SE Forth Valley would achieve an exit within 18 months at zero cost having redeveloped the site for general industrial and distribution uses.
SVF Investments over £250k
Lab901 Limited
The SVF obtained final approval on 13 February 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 is scheduled to complete before the end of March 2008.
Rapid Mobile Media Limited
The SVF obtained final approval on 20 February 2008 for the sum of £649,998 to be invested in 72,222 'B' Ordinary Shares in Rapid Mobile Media Limited, taking the SE equity holding in this company to 27.9 per cent (23.7 per cent fully diluted) for a cumulative investment of £1.25 million. This deal completed on 29 February 2008.
Life Sciences
Stem Cell Translational Fund
SCTF5 - £685k is the third project to be approved under the Stem Cell Translational Fund. This will provide funding to the University of Edinburgh to develop, in collaboration with Geron Corporation, human embryonic stem cell derived hepatocytes for the treatment of liver disease.
SCTF6 - £695k is the fourth project to be approved under the Stem Cell Translational Fund. This will provide funding to the University of Edinburgh to develop, in collaboration with Geron Corporation, human embryonic stem cell derived osteoblasts and chondrocytes to treat musculoskeletal disorders.