contains information subject to the transparency ......interim financial report january – june...
TRANSCRIPT
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INTERIM REPORTResultsQuest for Growth’s profits in the first half of 2014 amount to EUR 4.04 million, or EUR 0.35 per share. This means that, in the second quarter, a modest profit of EUR 0.7 million, or EUR 0.06 per share, was attained. The net asset value per share fell from EUR 10.87 to EUR 9.88 during the first half year. The decline was caused solely by the dividend payment of EUR 1.1825 gross per share in March. Net asset value performance, with reinvestment of the dividend, amounts to 3.41% in the first six months of 2014. The share price ended the first half year at EUR 7.336, against EUR 7.93 at the end of last year. Bearing the dividend in mind, overall performance of the Quest for Growth share during the first half year amounted to approximately 3%. In the second quarter, the price fell by 7.5%. The discount of the share price as against asset value was 26% on 30 June, compared to 19% at the end of March and 24% on 31 December 2013.
Market environmentThe modest rise in the equities market continued in the past few months. Volatility reduced again but it was noticeable that a number of segments did not entirely follow the market trends. Technology shares, i.e. the very-much hyped segments of “cloud software” and “digital media”, saw a sharp slump in April, but were able to fully or partly recover. After a long period in which small caps had performed better than the rest of the market, they lagged significantly in the past few months. The European DJ Stoxx 600 index rose 2% in the
second quarter, thus bringing profit since the beginning of this year up to 4%. European small caps, which are measured by the DJ Stoxx Small 200, fell by 2% in the second quarter and, as a result, profit since the beginning of this year was down to 3.5%.
Investments in listed companiesThe listed equities portfolio was able to consolidate the result during the second quarter. The average rise in the share prices of portfolio companies over the past six months was a good 5%. The most-negative development was in EVS, with a fall of 21%, both during the quarter and since the beginning of the year. Nemetschek and Melexis continued to rise robustly and profit since the beginning of the year was well over 30% for both shares.Two stocks were recently added to the portfolio, being the German USU Software in May and the Dutch TKH Group in July. Positions in companies including Nemetschek, Umicore, Melexis, Gerresheimer and Ablynx were reduced. Given the low volatility and high stock market valuations, a number of put options and indices were bought. The underlying value of these options amounts to approximately EUR 9 million
Investments in unlisted companiesThe result from the portfolio of unlisted companies took a slight turn for the worse, in a quarter with little movement.
Investments in venture capital fundsAs a result of a number of positive valuation adjustments, the result from venture capital funds is positive. The largest positive
contributions came from the Carlyle and LSP funds.There was a great deal of activity among the indirect investments via Capricorn funds. Capricorn Health-tech Fund’s portfolio company Mainstay Medical, which is developing a new treatment for chronic lower back pain, has been listed on Euronext Paris and the Irish Stock Exchange Mainstay since 29 April. Capricorn Health-tech Fund invested further in the Swiss Sequana Medical. Together with investors like LSP and NeoMed, CHF 23 million of extra finance was assured. Capricorn ICT Arkiv took part in a supplementary funding round by portfolio company Cartagenia: it raised an additional EUR 4.25 million for the company from its existing shareholders. A number of companies within the Capricorn Cleantech Fund portfolio, like Avantium, were able to raise extra capital funding.
Prospects Prospects remain largely unchanged since the beginning of the year: a better economic climate, increased stock valuations and improved market sentiment are ultimately producing a mixed picture for the stock markets in 2014. If the market environment remains positive, this may well increase the chances of making exits from unlisted shares.
In view of the law of 19 April 2014 with regard to Alternative Investment Funds and their managers, Quest for Growth applied for registration as an AIF. Under the same law, Capricorn Venture Partners applied for registration as an AIF-Manager.
DISCOUNT QUEST FOR GROWTH
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
Average discount of Belgian investment companies (Source: KBC Securities)
Discount Quest for Growth
PERFORMANCE PER SHARE IN QUOTED PORTFOLIO SINCE 31 DECEMBER 2013
-30
-20
-10
0
10
20
30
40
50
EVS
Econocom
Tomra
SAP
Andritz
Init
Fresenius SE
Centrotec
FMC Corp (I)
TKH Group (I)
Arcadis
Gerresheim
er
Um
icore
Sartorius-Vorzug
DJ STO
XX Small 200
DJ STO
XX 600
Barco
QfG quoted (e)
USU Soft
ware (I)
UD
G Healthcare
Bertrandt
Kendrion
Nexus
LEM H
olding
Pharmagest
TECDA
X Performance
U-Blox (O)
Saft Groupe
Schaltbau
Ablynx
Melexis
Nem
etschek
%
VALUATION QUEST FOR GROWTH
Stock Price Net asset value/share30/06/2014 30/06/2014 31/05/2014 31/12/20137.336 EUR 9.88 EUR (*) 9.81 EUR (*) 10.87 EUR
Number of shares 11,529,950 11,529,950 11,529,950(*) After dividend payment of € 1,18 per per ordinary share at March 27th, 2014.
Discount of the share price versus Net Asset Value: 25,72%Source: Estimate by Capricorn Venture Partners NV
QUEST FOR GROWTHInterim financial report January – June 2014
PRESS RELEASE Leuven / 24 July 2014 / 17h40
Regulated information. This press release contains information subject to the transparency requirements imposed on listed companies.
Schedule for publication: 24 July 2014 5.40 PM Communiqué de presse
disponible sur www.questforgrowth.com
25 July 2014 11.00 AM Conférence de presse et d’analystes, Capricorn Venture Partners SA, Lei 19, 3000 Louvain
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CONDENSED INTERIM FINANCIAL STATEMENTS
1. BALANCE SHEET AT 30 JUNE 2014
201430 June
201331 December
201430 June
201331 December ASSETS LIABILITIES
Fixed assets 110,245,442 120,264,108 Capital and Reserves 113,879,146 109,837,261
Formation expenses 0 0 Issued capital 109,748,742 109,748,742
Financial assets 110,245,442 120,264,108 Reserves 0 0
Shares 102,797,875 106,950,253 Reserves not available for distribution 0 0
Claims 7,447,567 13,313,854 Reserves available for distribution 0 0
Current assets 3,912,842 5,083,517 Profit carried forward 88,518 88,518
Amounts receivable > one year 591,610 666,305 Loss carried forward 0 0
Trade receivables 591,610 666,305 Result for the period 4,041,886 0
Other receivables 0 0
Amounts receivable < one year 139,387 70,187 Debts 279,137 15,510,364
Trade receivables 0 0 Amounts payable < one year 45,955 15,478,430
Other receivables 139,387 70,187 Financial debts 0 0
Investments 0 0 Trade debts 0 0
Own shares 0 0 Taxes 346 346
Term investments 0 0 Dividends to be paid for the fiscal year 0 15,440,141
Cash 3,060,980 4,280,362 Other debts 45,609 37,944
Deferred charges and accrued income 120,864 66,662 Deferred charges and accrued income 233,182 31,933
TOTAL ASSETS 114,158,284 125,347,624 TOTAL LIABILITIES 114,158,284 125,347,624
2. STATEMENT OF INCOME FOR THE PERIOD ENDED 30 JUNE 20141 January 2014
30 June 20141 april 2014
30 June 20141 January 2013
30 June 20131 april 2013
30 June 2013Operating income and charges
Gross operating income 4,355,048 533,979 5,375,246 155,078
Realised gains/losses on shares 3,980,630 1,515,076 2,380,495 1,879,033
Unrealised gains/losses on shares 620,628 (775,169) 2,720,345 (1,872,195)
Results from option transactions (63,405) (28,475) 65,975 12,900
Realised results from forward currency rate agreements (187,479) (171,770) 137,913 66,198
Unrealised results from forward currency rate agreements 4,675 (5,683) 70,517 69,141
Operating charges (985,207) (492,156) (995,797) (476,952)
Management fee (711,366) (350,163) (718,285) (341,982)
Custodian fee (26,743) (13,307) (25,569) (12,855)
Statutory Auditors fee (6,120) (3,059) (6,085) (3,676)
Printing and publication costs (37,466) (18,836) (50,144) (25,211)
Annual tax on collective investment schemes (50,382) (25,330) (42,370) (21,302)
Directors fees (113,812) (62,635) (99,974) (49,569)
Advisory fees (3,495) (1,757) (9,916) (4,985)
Other (35,822) (17,068) (43,454) (17,371)
Operating profit / loss 3,369,841 41,823 4,379,449 (321,874)
Financial income 808,587 675,393 1,295,357 1,049,617
Financial charges (136,542) (21,522) (102,336) (15,043)
Other (136,542) (21,522) (102,336) (15,043)
Profit / Loss for the period, before taxes 4,041,886 695,694 5,572,471 712,700
Income taxes 0 0 101 (359)
Profit / Loss for the period, after taxes 4,041,886 695,694 5,572,572 712,341
Profit / Loss for the period, after taxes, per share 0.35 0.06 0.48 0.06
3
PORTFOLIO COMPOSITION AND MARKET CAPITALISATION AT 30 JUNE 2014
€ 0
€ 20,000,000
€ 40,000,000
€ 60,000,000
€ 80,000,000
€ 100,000,000
€ 120,000,000
Cash +Other net assets
Quoted portfolio Unquoted portfolio Venture funds Market capand commercial paper
3. OFF BALANCE POSITIONS AT 30 JUNE 2014
3.1. Commitments
Commitments CurrencyCommitments
in €
Capricorn Cleantech Co-investments 616,667 € 616,667
Capricorn Health-tech Fund 9,000,000 € 9,000,000
Capricorn ICT ARKIV 6,750,000 € 6,750,000
Carlyle Europe Technology Partners I 385,056 € 385,056
Carlyle Europe Technology Partners II 699,650 € 699,650
Life Sciences Partners III 58,393 € 58,393
Life Sciences Partners IV 696,206 € 696,206
Vertex III 49,023 $ 35,893
TOTAL: 18,241,866
3.2. Forward currency rate agreements
Value date Counterparty Quest for Growth buys Quest for Growth sells
31/07/2014 Belfius Bank € 1,870,790.72 £ 1,500,000
31/07/2014 Belfius Bank € 2,350,003.67 $ 3,200,000
31/07/2014 KBC Bank € 2,244,109.21 £ 1,800,000
31/07/2014 KBC Bank € 1,394,188.44 $ 1,900,000
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4. NOTES TO THE FINANCIAL STATEMENTSFINANCIAL ASSETS BREAKDOWN AT 30 JUNE 2014
4.1 Shares quoted companies
company Sector / market number of
ShareS
change Since
31/12/2013 currency Share price Valuation
in €
in % of net aSSet
Value
Software & Services
ECONOCOM Euronext Brussels 387,921 -203,744 € 6.9250 2,686,353 2.36%
INIT INNOVATION Deutsche Börse 68,700 -23,800 € 21.7800 1,496,286 1.31%
NEMETSCHEK Deutsche Börse 30,096 -29,904 € 70.5100 2,122,069 1.86%
SAP Deutsche Börse 66,000 6,000 € 56.4000 3,722,400 3.27%
USU SOFTWARE Deutsche Börse 100,000 100,000 € 13.5650 1,356,500 1.19%
Technology Hardware
BARCO Euronext Brussels 40,000 -2,000 € 58.1500 2,326,000 2.04%
EVS BROADCAST EQUIPM. Euronext Brussels 42,500 -2,500 € 36.2800 1,541,900 1.35%
LEM Holding SWX Swiss Exchange 3,643 -286 CHF 769.0000 2,304,596 2.02%
TKH GROUP Euronext Amsterdam 50,000 50,000 € 24.9050 1,245,250 1.09%
TOMRA SYSTEMS Oslo Stock Exchange 290,000 -60,000 NOK 49.9000 1,722,021 1.51%
Semiconductors
MELEXIS Euronext Brussels 110,000 -39,000 € 32.3650 3,560,150 3.13%
Pharma & Biotech
ABLYNX Euronext Brussels 20,000 -80,000 € 9.0000 180,000 0.16%
Healthcare Equipment & Services
FRESENIUS Deutsche Börse 31,000 -6,000 € 108.9000 3,375,900 2.96%
GERRESHEIMER Deutsche Börse 74,000 -17,000 € 50.3800 3,728,120 3.27%
NEXUS Deutsche Börse 250,000 15,000 € 11.8850 2,971,250 2.61%
PHARMAGEST INTERACTIVE Euronext Paris 27,000 -3,500 € 100.9500 2,725,650 2.39%
SARTORIUS Deutsche Börse 20,000 -8,250 € 88.0900 1,761,800 1.55%
UDG HEALTHCARE London 950,786 -125,000 £ 3.4250 4,062,935 3.57%
Electrical & Engineering
ANDRITZ Vienna 75,000 0 € 42.2050 3,165,375 2.78%
ARCADIS Euronext Amsterdam 146,472 -23,495 € 25.1700 3,686,700 3.24%
BERTRANDT Deutsche Börse 28,300 1,300 € 116.2000 3,288,460 2.89%
CENTROTEC Deutsche Börse 200,000 10,000 € 18.1750 3,635,000 3.19%
KENDRION Euronext Amsterdam 97,602 7,014 € 25.3450 2,473,723 2.17%
SAFT GROUPE Euronext Paris 71,639 -6,500 € 28.0200 2,007,325 1.76%
SCHALTBAU HOLDING Deutsche Börse 79,702 -21,298 € 53.9400 4,299,126 3.78%
Materials
FMC NYSE 36,000 36,000 $ 71.1900 1,876,439 1.65%
UMICORE Euronext Brussels 45,000 -45,000 € 33.9300 1,526,850 1.34%
Options
DAX PUT strike 9500 19 SEP 14 500 500 € 141.8000 70,900 0.06%
DJ STOXX50 PUT strike 3200 19 DEC 14 1,250 1,250 € 128.1000 160,125 0.14%
69,079,201 60.66%
4.2 Shares unquoted companies
company Sector / market currency Valuation
in €
in % of net aSSet
Value
ALIAXIS Materials € 1,260,320 1.11%
ANTERYON Technology Hardware € 1,563,117 1.37%
CAPRICORN CLEANTECH CO-INVESTMENTS (Ducatt. Epigan. FRX Polymers) € / $ 2,939,865 2.58%
CLEAR2PAY Software & Services € 5,570,337 4.89%
IDEA AG Farma & Biotech € 92,924 0.08%
KIADIS PHARMA Farma & Biotech € 2,875,774 2.53%
MAGWEL Software & Services € 430,000 0.38%
MAPPER LITHOGRAPHY Semiconductors € 605,423 0.53%
PROSONIX Farma & Biotech £ 3,263,426 2.87%
18,601,186 16.33%
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4.4. Amounts receivable Companies
companyface Value in
currency currency Valuation in €
in % of net aSSet
Value
Loan notes
ANTERYON Convertible loan note 235,000 € 235,000 0.21%
DUCATT Loan note 31,249 € 31,249 0.03%
PROSONIX Loan note 546,126 £ 681,380 0.60%
947,629 0.83%
COMMERCIAL PAPER
CODRALUX 2,500,000 € 2,499,981 2.20%
CODRALUX 500,000 € 499,996 0.44%
ETEXCO 2,500,000 € 2,499,972 2.20%
ETEXCO 1,000,000 € 999,989 0.88%
6,499,938 5.71%
Total Financial Assets - Amounts receivable € 7,447,567 6.54%
Total Financial Assets € 110,245,442 96.81%
Cash € 3,060,980 2.69%
Other Net Assets € 572,724 0.50%
Quest for Growth - Ordinary shares - 0.00%
Total Net Asset Value € 113,879,146 100.00%
4.3. Investments in Venture Funds
currency
laSt Valuation
Date Valuation in €
in % of net aSSet
ValueCAPRICORN VENTURE PARTNERS
CAPRICORN CLEANTECH FUND € 31-03-2014 1,452,594 1.28%
CAPRICORN HEALTH-TECH FUND € 31-03-2014 4,170,880 3.66%
CAPRICORN ICT ARKIV € 31-03-2014 2,142,458 1.88%
THIRD PARTY FUNDS
CARLYLE EUROPE TECHNOLOGY PARTNERS I € 31-03-2014 217,629 0.19%
CARLYLE EUROPE TECHNOLOGY PARTNERS II € 31-03-2014 3,417,589 3.00%
CETP LP CO-INVESTMENT € 31-03-2014 285,474 0.25%
CETP II LP CO-INVESTMENT £ 31-03-2014 217,812 0.19%
LIFE SCIENCES PARTNERS III € 31-03-2014 1,119,164 0.98%
LIFE SCIENCES PARTNERS IV € 31-03-2014 1,387,485 1.22%
SCHRODER VENTURES LSF II $ 31-12-2013 105,035 0.09%
VENTECH CAPITAL 2 € 31-03-2014 731,071 0.64%
VERTEX III $ 31-03-2014 954,963 0.84%
16,202,155 14.23%
Total Financial Assets - Shares 103,882,542 91.22%
Change in valuation in unquoted companies and Venture Funds -1,084,667 -0.95%
Total Financial Assets – Shares after depreciation 102,797,875 90.27%
PORTFOLIO DISTRIBUTION BY SECTOR
Software & Services15.3%
Technology Hardware
9.2% Semiconductors3.7%
Health Care Equipment &
Services16.4%
Pharma & Biotech6.2%
Electrical & Engineering
21.7%
Materials4.8%
Funds & Diversified Companies
13.8%
Other sectors5.7%
Cash & other net assets3.2%
PORTFOLIO DISTRIBUTION BY COUTNRY
Belgium31.9%
Germany28.8%
Netherlands13.6%
United Kingdom7.3%
France4.9%
Switzerland2.1%
Austria2.8%
Ireland3.6%
Norway1.5%
Israel0.9%
US2.5%
PORTFOLIO DISTRIBUTION BY CURRENCY
CHF2.11%
EUR85.57%
GBP7.23%
USD3.31%
NOK1.78%
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PROFILE
QUEST FOR GROWTH, Privak (closed-end private equity fund), a closed-end undertaking for collective investment (UCI) under Belgian law.
The diversified portfolio of Quest for Growth chiefly comprises investments in growth undertakings listed at European stock exchanges, European unlisted companies and venture capital funds. Quest for Growth focuses on innovative companies in areas such as information and communication technology (ICT), technologies for the healthcare sector (Health-tech) and clean technology (Cleantech).
Quest for Growth has been listed on Euronext Brussels since 23 September 1998.
7
Regine Slagmulder BVBA, represented by Prof, Regine Slagmulder, Director – Chairman of the Audit Committee, René Avonts BVBA, represented by Mr René Avonts, Director – Effective Leader and Axxis BVBA, represented by Mr Philippe de Vicq de Cumptich, Director – Effective Leader, certify, on behalf and for the account of the Board of Directors of Quest for Growth NV, that, to their knowledge,
a) the condensed interim financial statements which have been prepared in accordance with the accounting framework and standards applicable in Belgium give a true and fair view of the assets, liabilities, financial position and profit or loss of the company, under Article 13, § 4 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.
b) the interim financial report includes a fair overview of the information required under Article 13, §§ 5 and 6 of the Royal De-cree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.
Leuven, 22 July 2014
Regine Slagmulder BVBA René Avonts BVBA Axxis BVBA Director – Chairman of the Audit Committee Director – Effective Leader Director – Effective Leaderrepresented by represented by represented byRegine Slagmulder René Avonts Philippe de Vicq de Cumptich
VERKLARING OVER HET GETROUW BEELD VAN DE VERKORTE FINANCIELE OVERZICHTEN EN HET GETROUWE OVERZICHT IN HET TUSSENTIJDSE FINANCIEEL VERSLAG
TOTAL SHAREHOLDERS RETURN (SINCE 30/06/2011) QUEST FOR GROWTH: RESULTS FROM 1 JANUARY 2005 UNTIL 30 JUNE 2014
-20,000,000
-10,000,000
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
16.0%
22.4% 1.8%
26.8%
24.7%
-12.1%
17.2%
17.4%
3.4%
INTRODUCTIONWe have reviewed the accompanying condensed statement of financial position of Quest for Growth NV-SA as at June 30, 2014, the condensed income statement for the six-month period then ended and notes to the interim financial information (“the condensed interim financial information”). The board of directors is responsible for the preparation and presentation of this condensed interim financial information in accordance with the accounting framework and standards applicable in Belgium. Our responsibility is to express a conclusion on this condensed interim financial information based on our review.
SCOPE OF REVIEWWe conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Finan-cial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and conse-quently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
CONCLUSIONBased on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information as at June 30, 2014 and for the six-month period then ended is not prepared, in all material respects, in accordance with the accounting framework and standards applicable in Belgium.
Kontich, 22 July 2014
Klynveld Peat Marwick Goerdeler Réviseurs d’Entreprises / Bedrijfsrevisoren -Statutory auditorRepresented by Erik Clinck, Réviseur d’Entreprises / Bedrijfsrevisor
STATUTORY AUDITOR’S REPORT TO THE BOARD OF DIRECTORS OF QUEST FOR GROWTH NV-SA ON THE REVIEW OF THE CONDENSED INTERIM FINANCIAL INFORMATION AS AT JUNE 30, 2013 AND FOR THE SIX-MONTH PERIOD THEN ENDED (FREE TRANSLATION OF A REPORT ORIGINALLY PREPARED IN THE DUTCH LANGUAGE)
STATEMENT ON THE TRUE AND FAIR VIEW OF THE CONDENSED INTERIM FINANCIAL STATEMENTS AND THE FAIR OVERVIEW OF THE INTERIM FINANCIAL REPORT
8
SUPPLEMENTARY INFORMATION
Board of directors
ADP Vision BVBA, Chairman, represented by Mr Antoon De Proft
Axxis BVBA, Director – executive officer, represented by Mr Philippe de Vicq de Cumptich
René Avonts BVBA, Director – executive officer, represented by Mr René Avonts
Regine Slagmulder BVBA, Director, represented by Prof. Regine Slagmulder
Baron Bernard de Gerlache de Gomery, Director
De Meiboom NV, Director, represented by Mr Edward Claeys
Euro Invest Management NV, Director, represented by Prof. Philippe Haspeslagh
Gengest BVBA, Director, represented by Mr Rudi Mariën
Pamica NV, Director, represented by Mr Michel Akkermans
Mr Bart Fransis, Director
Mr Jos B. Peeters, Director
Audit committee Regine Slagmulder BVBA, Chairman, represented by Prof. Regine Slagmulder
Baron Bernard de Gerlache de Gomery
Asset manager Capricorn Venture Partners NV, Lei 19 box 1, B-3000 Leuven,
Staturary auditor Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren Burg. CV, represented by Mr Erik Clinck, Prins Boudewijnlaan 24d, B-2550 Kontich.
Depository bank BELFIUS BANK BELGIË, Pachecolaan 44, B-1000 Brussels
Incorporation June 9th, 1998
Official listing September 23rd, 1998 on Euronext Brussel
Security number ISIN: BE0003730448
Stock price Bloomberg: QFG BB EquityReuters: QUFG.BRTelekurs: 950524
Company reports published quarterly, the next quarterly report will be published in October 2014
Estimated Net Asset Value published every first Thursday of the month on the website www.questforgrowth.com
Closed-end private equity funds as instituted by the Royal Decree of 18 April 1997 are an investment instrument designed to offer individual investors a suitable framework in which to invest in unlisted companies and growth undertakings.
A closed-end private equity fund is a closed undertaking for collective investment (UCI) which is under the supervision of the Financial Services and Market Authority (FSMA) and subject to specific investment rules and obligations as regards the distribution of dividends:
Investment rules- 50% of more of the portfolio must be invested in equities;- 70 % of more of the portfolio (qualified investments) must be invested in:
• unlisted companies• listed growth equities• venture capital funds with an investment policy similar to that of the private equity fund.
However, the investments in listed growth equities may not exceed 50% of the qualified holdings.
A private equity fund may not invest more than 20% of its portfolio or more than 6.2 million euros per annum in a single undertaking.
QUEST FOR GROWTH NV PRIVAK, FIXED CAPITAL INVESTMENT COMPANY ESTABLISHED UNDER BELGIAN LAW
LEI 19, BOX 3 B-3000 LEUVEN PHONE: +32 (0)16 28 41 28FAX: +32 (0)16 28 41 29 WWW.QUESTFORGROWTH.COM [email protected]