Updates

XL TechGroup

January 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

As we foreshadowed in our July write-up, XL TechGroup has taken an aggressive stance towards raising new funds. It is borrowing US$35m using its fully listed 27.2% Agcert (200.5p) holding as security and thus not diluting its investors. The agreement with Laurus, a specialist fund, will provide XL with unrestricted access to US$25m to fund its working capital, with a further US$10m based on certain milestones. The facility is due for repayment in three years and carries a variable interest rate, currently 9.75%. From 30 June 2006, Laurus will also be entitled to 6% of the outstanding loan amount, payable in cash or Agcert shares. Laurus has also been granted a seven-year option to acquire US$7m of AgCert shares held by X ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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