I am pleased to report that following several deal completions in the first half of the year and continued valuable support from LINC Scotland TRI Cap was ahead of budget for that period both by way of anticipated income but also the generating of a surplus. It was also pleasing to note the very good turnout at the September members meeting. Members were in good mood and had obviously summered well!
In terms of activity the Board has been very busy in the first half of the year and continues to push ahead with a number of initiatives. Paul Yuskaitis is concentrating on getting the Proseeder (investment management) software up and running and I have been working on the first Portfolio Review document for the members (hopefully to be published in December). The new investment panel led by Douglas Needham is up and running, and looking at fresh opportunities for members and this has allowed Kathy Kinder to concentrate more on the management of the existing portfolio. The monitoring group under Ian Burton\s leadership continues to develop as an effective vehicle for assessing the performance of our invested companies via the collection and analysis of good quality information. Lastly, and after many months of hard work from Julian Livingston and Andy Purves the new ‘Power of Attorneyˆ legals were finalised and ‘Tricap Signatory Services Ltd’ became a reality.
That aside we continue to network and maintain/build our relationships with the other angel investment groups, Scottish Enterprise and LINC Scotland by attending the Angel Leaders Forum (ALF) meetings and also various industry events such as Engage Invest Exploit (EIE) 17 and the Young Company Finance Conference 2017 ‘Getting to exit: Trade Sales’.
Lastly, whilst we are looking to bring new opportunities to members we have to remain focused very firmly on supporting and nurturing the existing portfolio so that shareholder value can be realised within reasonable timescales. Indeed, the progress of the senior executives/ boards of your invested companies towards achieving a return of shareholder value is quite rightly a vital metric for the TRI Cap Board to monitor and consider.