Prelude Trust Share Discussion Threads

[timtom2] 08/9/2007 17:38

If it does what is implied on the XMOS website then it will fly and I would add it along with DisplayLink & SiConnect as very exciting. I don't see a reason to complain about the investment made given the limited information available. The mention of lead customers on the XMOS site is promising too.

Still frustrated with no exit visibility on any portfolio company though.

Just a glimmer of hope would shut me up.

[rivaldo] 08/9/2007 17:12

I have no comment to make about XMOS' technology, but instinctively I feel that XMOS could be another world leader alongside DisplayLink. The history of the management is top notch. More intriguingly, I feel that the decision of DFJ to choose Esprit is linked timing-wise with the chance to invest in XMOS - and given DFJ's expertise they wouldn't take this decision lightly.

And XMOS is pretty late stage already considering this is a Series A funding round.

Lots of good PR about DisplayLink on the web by the way, but I'm on hols so won't bother copying it.

[fse] 08/9/2007 00:03

I am pretty relaxed about them spending our money on existing portfolio companies that show good promise. As long as we stay away from any new investments with long timeframes to float etc... as this is a "mature " trust ...
Hope management take this on board..

anyone have any strong views on XMOS (either way) ? its not one of the portfolio components I know that well ...
although on the surface it appears to make sense (the investment that is ;-)

[hvs] 07/9/2007 18:46

Its all coming together nicely.

NOW for the PAY DAY.

[orange1] 07/9/2007 08:49

Further investment in XMOS announced today:


Prelude has invested a further #1,800,000 in XMOS Semiconductor Limited. XMOS is a fabless semiconductor company developing a family of Software Defined Silicon devices that give consumer electronics system designers greater flexibility in accelerating the introduction of new products.

The investment is part of an #8 million Series 'A' funding round led by Silicon
Valley based, Foundation Capital and supported by existing investors Prelude and
Amadeus Capital Partners. The financing brings Prelude's total investment in
XMOS to #2.4 million and its shareholding to 22.1%.

Alan Duncan a partner with DFJEsprit and a director of XMOS said: "We are very
pleased with the progress that XMOS has made since our investment last year.
Using fundamental technology originally developed at Bristol University, XMOS is
developing a family of multi-processor chips that can be programmed at a high
level to be capable of replacing many conventional chip and FPGA based designs.
We expect XMOS to move into the early revenue stage in 2008 and have been
encouraged by the level of interest in their products already being shown by
some of the world's leading consumer electronics companies."

James Foster, CEO added; "This funding is a significant milestone for XMOS and
will enable us to continue engaging with major electronics companies on the
global stage and to move into volume manufacture of our initial family of
'Software Defined Silicon' chips. We are delighted that Foundation has joined
the strong founding investment syndicate and consider their decision further
evidence that XMOS is leading the world in this major new semiconductor device
market"

[cerrito] 03/9/2007 13:59

Phoned up the company to get clarity on the Kiados valuation as a result of the equity funding in the quarter ending June 07.
The increase in the valuation from £2306 at 31.3.07 to £2704 at 30.6.07 reflected PDT's share of the Euro 5 m funding that Kiados got.
The uplift in the Kiados valuation between 31306 and 31307 reflected the valuation of the merger that took place earlier in the financial year but also the terms of this new financing which were known as at 31307 even though it only took place after that date and was relevant as there was a change in the shareholding mix of Kiadis

[timtom2] 03/9/2007 11:42

Good question Blott.
I reckon punters think there will be more than enough time to jump onboard on any disposal/float announcements so why do it now.

News will be out, small rise, jump on, bigger rise as news on the NAV increase sinks in.

It's not like we have all these followers just waiting to pounce, any rise may be quick but not so quick t make it impossible to buy and still gain a short-term rise - all imho.

Discount to NAV bugs me as it's equivalent to saying the market doesn't believe PDT can extract the book value for the benefit of the shareholders. May well be the case.

[blott] 03/9/2007 11:26

HVS - I have some stock so obviously I'm wanting success here. However, with so much good news with PDT's investments I'm perplexed why this isn't being reflected in growth of the share price. You seem very confident that the share price will rise over the next 6 months. Do you have any specific reasons why you think the next 6 months will be different from the last? Thanks:)

[fse] 01/9/2007 16:17

FWIW they are on sale here in Canada and have associated excellent reviews.



Toshiba wasn't exactly forthcoming on this dynadock of theirs, but since it sounds pretty nifty, and was hanging out at Toshiba's booth like it just didn't care, we thought we'd give you the lowdown. The dynadock is a USB 2.0-based docking station that beefs up your laptop's video and audio ports considerably with minimal hassle. Once you've hooked up to the upright dock via USB, you'll automagically be flush with 6 more USB ports, S/PDIF audio, Ethernet, Serial, microphone in, headphone or speakers out, plus the bestest of them all: VGA and DVI-I ports. That way you can have your jumbo LCD, 7.1 sound system and full-speed internets all primed to go with the insertion of a single cable into your laptop, which sounds like an alright deal to us. We're not sure when this thing is going to show up in stores, or for how much, but isn't every thing so much more exciting with that kind of suspense?

PA3541C-2PRP
$159.00

FSE> I am a Mac user so not sure if it will work with my system or not ? Cant see why not.... will check it out

[hvs] 01/9/2007 12:03

Thank you for all te posts riv,

Happy to seat back and wait for the pay day.Feels like I have already retired.

[rivaldo] 01/9/2007 09:34

Tiltonboy, I'd have thought any bio with a product in Phase 3, plus a long pipeline of other products in Phases 2 and 1 as shown here:



would be valued at £40m at minimum - plus Kiadis have had a fundraising recently to justify that valuation for the results.

DisplayLink are thriving - another two announcements yesterday, one of a further Toshiba link-up:



"TOSHIBA CHOOSES DISPLAYLINK NETWORK DISPLAY TECHNOLOGY
FOR DYNADOCK USB NOTEBOOK DOCK

Family of USB Notebook Docks Makes European Debut at IFA

BERLIN – Aug. 31, 2007 – DisplayLink today announced Toshiba has chosen its high-performance network display technology for the Dynadock family of universal laptop docks. The Dynadock products make their European debut this week at IFA Berlin (Aug. 30 – Sept. 5).

The Toshiba Dynadock is an advanced universal docking station that can be used with any Windows XP or Vista notebook PC with a USB 2.0 port. It allows a consumer to connect a notebook to a monitor, network cable and up to six USB peripherals with a single USB 2.0 connection.

One Dynadock model is based on the DisplayLink DL-160 chip and supports DVI-based displays with resolution up to 1680 x 1050 (Widescreen Super Extended Graphics Array - WSXGA+) or 1600 x 1200 (Ultra Extended Graphics Array – UXGA). The DVI capability provides crisp digital output even for notebooks without built-in digital monitor support, providing a cost-effective way to use a standard notebook in these applications.

Another Dynadock model is available for VGA-connected displays and is based on the DisplayLink DL-120 chip. It offers similar connectivity, but supports displays with resolution up to 1280 x 1024 providing an affordable platform for mainstream multi-monitor computing.

"Our notebook computers have the connectivity and performance needed to make people highly productive while on the road. But when they are back in the office, having a dock that allows them to add a large screen monitor and all of their peripherals with the ease and convenience of USB takes that benefit to the next level. Working with DisplayLink has resulted in a great addition to our product line," said Doug Sash, director of accessory and services marketing for Toshiba America Information Systems, Inc., Digital Products Division.

"More display space equals greater productivity, which is important to those consumers who have shifted to notebooks for both home and office computing," said Dennis Crespo, vice president of marketing and business development for DisplayLink. "Working with a leader like Toshiba helps us to introduce the affordability, ease of use and overall productivity benefits of multi-display computing to the masses."

Both Dynadock versions feature 10/100 Ethernet, serial, headphone and microphone ports in addition to a surround-sound S/PDIF port. For USB connectivity, the dock features a four-port USB. It connects to the notebook computer over a USB upstream port, transforming it into an all-digital, multi-monitor system with a single, hassle-free connection.

The Dynadocks deliver full 32-bit true color at all display resolutions with high-quality images and DVD-quality video. The docks automatically recognize the monitor type and configuration (EDID), support both standard and widescreen aspect ratios and use the existing notebook display configuration utilities without requiring a separate GUI.

The Dynadocks are available now in Europe with UK pricing starting at £109.79 (ex-VAT). More information is available on Toshiba's Web site at www.toshiba-europe.com."

And:


"LG AND DISPLAYLINK DEBUT USB CONNECTED
WIDESCREEN MONITOR AT IFA BERLIN

BERLIN - Aug. 31, 2007 – DisplayLink Corp. and LG Electronics (LG) today announced European availability of the new FlatronWide L206WU Windows Vista-compatible USB computer monitor. The technology is being unveiled this week at the IFA tradeshow in Berlin in Hall 11.2, stand 101, from August 31st to September 5th, 2007 and will be available later this month.....

...The DisplayLink DL-160 network display chip in the L206WU powers high-quality, fully interactive 32-bit true-color graphics with smooth DVD video playback across a USB link. DisplayLink is the first company to enable the 3D capabilities of the Windows Vista Aero interface for USB-connected displays with an unparalleled user experience.

"This new display represents a dramatic shift in how consumers can think of their PCs, because it is now easy and cost-effective to have the display space to truly take advantage of today's high-performance processors and applications," said Hamid Farzaneh, president and CEO of DisplayLink. "DisplayLink is dedicated to working with our partners like LG to deliver new display innovations to make this multi-monitor experience available to all PC users.""

[tiltonboy] 31/8/2007 13:15

Looks like Kiadis are currently valued at around £40m using PDT's valuation.

I'm not sure what is a true valuation given the current pipeline.

[rivaldo] 31/8/2007 12:23

Terrific news from Kiadis - PDT only hold 7% from memory these days, but again it seems the valuation in the books for another investee company is well supported:



"GRONINGEN, Netherlands, Aug. 31 /PRNewswire-FirstCall/ -- Oncology focused pharmaceutical development company Kiadis Pharma announced today that it has successfully completed a Phase II clinical trial evaluating its product Reviroc(TM). Reviroc is used to eliminate cancer cells from an autologous graft in bone marrow transplantations for end-stage blood cancer patients. Data from the clinical study revealed improved overall survival of Reviroc-treated patients. The successful completion of the clinical trial allows Kiadis Pharma to prepare for a Phase III clinical study.
Manja Bouman, CEO, Kiadis Pharma, comments: "We are obviously very pleased with the completion of this Phase II trial of Reviroc. It brings treatment with our product a step closer to patients with end stage blood cancer. Reviroc shares its development platform with two other Kiadis Pharma products: ATIR and Rhitol. The results of this trial therefore mark an important milestone in the development of our entire clinical product pipeline."
In the non-randomized open label study 25 patients, each of whom had reached end stage Non-Hodgkin's lymphoma, were treated in multiple centers in Canada. The objective of the study was to determine the safety of the Reviroc treatment and its ability to eliminate cancer cells from a contaminated graft. Reviroc-treated grafts all showed excellent engraftment, indicating that Reviroc does not negatively impact the graft itself.
The Reviroc clinical trial data was evaluated against a historical patient control group from the Center for International Blood and Marrow Transplant Research (CIBMTR). The results for Reviroc-treated patients were compared with results from the CIBMTR database for patients who had received an autologous transplant without Reviroc. The outcome of this comparison shows that the Reviroc-treated patient group had an 80% chance of survival at 3 years post transplantation, while the CIBMTR control group had a 55% chance of survival at 3 years post transplantation. Based on these promising data, Kiadis Pharma will prepare for a clinical phase III study of Reviroc.
Dr. Denis-Claude Roy at Maisonneuve-Rosemont Hospital in Montreal, commented: "After more then five years of clinical research, we believe that our results demonstrate that Reviroc is able to improve patient survival. This is potentially a breakthrough achievement for patients suffering from Non-Hodgkin's lymphoma as well as their families."
About Reviroc
Reviroc is being developed as a treatment that eliminates blood cancer cells from autologous transplants for patients with end stage blood cancer. An autologous transplant uses the patient's own bone marrow to serve as a graft. Bone marrow transplantations are broadly recognized as a treatment option for patients suffering from blood cancers, such as leukemia and lymphoma. Reviroc has been developed to remove residual tumor cells from the graft."

[rivaldo] 30/8/2007 22:23

Same here TT2, also lucky with my entry points (and buyback at 135p) so perfectly happy with my overall return.

Impossible to predict timings of exits so pointless to moan too much, but I do see the introduction of DFJ to the set-up as an extremely positive sign as they obviously feel Esprit are a team who will make things happen and have a high quality portfolio. Things have certainly warmed up since Esprit came on board from what I hear.

FSE, good to hear from you. Hopefully this means ZBD are busy at the least! Let us know as much as you can.

[timtom2] 30/8/2007 21:50

FSE - it hasn't been brilliant for investors although I have been lucky with my PDT entry point.

I don't think the management care about that too much as they get a fair whack either way and a chance to join the boards of portfolio companies.

There is little risk to the management team and no reason to sweat it so why should they worry or take pride in making PDT stand out above the crowd?

Pedestrian is the term that springs to mind.

[timtom2] 30/8/2007 21:45

Ho for Google to buy m-spatial with a little loose change. Yahoo would be just as good. If only.

[fse] 30/8/2007 17:05

Thanks Rivaldo for all of your efforts.
I have not been posting due to possible conflict of interests.
Portfolio is looking very strong but some of the value really needs to be realised as this has not been a good investment for shareholders.
Lets hope this all changes.

[rivaldo] 30/8/2007 14:59

Nice to see M-Spatial moving in the big league:



"The World's Directories Industry Connects in Barcelona

This year's highly rated event for the directory assistance industry is just over a month away. The 5* Princesa Sofia Hotel Barcelona plays host to this years conference and awards. The awards ceremony will be held in the hotel's stunning roof top restaurant with views of the city at night.

(PRWEB) August 30, 2007 -- The international directory assistance conference & awards brings together the leaders in the search market and ensures they are inspired, informed and enjoy every moment of the conference. The mix of industry and independent speakers ensures a global perspective is taken into consideration every year.

This years two day conference begins on the 10th of October 2008 with conference topics to include Mobile Search with speakers from; Mobile Commerce, M-Spatial, Infospace & Mobile People.

Following the discussion on Mobile Search the delegates will turn their attention to Location Based Services and Personalisation in a panel discussion to include representatives from; Bigger Picture TV, Nokia, Schober & Volt Delta.

Other speakers throughout the two days include; Google, Ingenio, ASK.com, Exalead, Microsoft, V-enable, Jingle Networks, Telus & Telstra.

The second day is rounded up by Kathleen Pierz and a panel discussion about the future of directories. Representatives from Sterling Market Intelligence, Kelsey Group, OC&C Strategy & KPMG will debate threats to the market and ways to integrate new technology to help future proof directory services."

[rivaldo] 27/8/2007 18:49

Ta for that TimTom2, interesting article - and it's free to read (for a while anyway).

Incidentally, if anyone wants a bit more risk for their ISA, via a micro-cap tech company with very high recurring revenues which appears to be on the point of being turned around and of profitability, then SVR is worth a look imo - it offers SaaS (software as a service) as described below:


Extract:
"It is now easier for companies with lower revenues and no profits to come to the stock market. These days, most young software companies rely on subscription income, rather than on "up-front" licence fees that supported their predecessors.

Since these fees are spread over several years while costs are still incurred at the outset, companies such as NetSuite and SuccessFactors, another "software-as-a-service" company that has filed for an IPO, appear worse on paper than traditional software companies, at least in their early days.

The stable, recurring revenues that companies such as this can look forward to make them a more attractive investment than the early returns suggest, says Tom Blaisdell, a director of HireRight, a similar company that went public last week despite wider market upheaval."

[hvs] 27/8/2007 13:00

All the more reason to buy more.

Stay in there. This will pay off BIG TIME.

[timtom2] 27/8/2007 12:31

Bit of interesting info on Tech floats in FT today - a couplle have flown in US suggesting this may be the turning point. Was on FT.COM somewhere early this AM - can't find it now.

[hvs] 27/8/2007 09:06

Its time to BUY when everyone else is selling.

[timtom2] 26/8/2007 20:20

None too surprised by that.

If enough people evict PDT from their personal portfolios it might fall far enough to be worth topping up.

There appears to be a distinct lack of leadership - they look unable to close the discount to NAV through any of their own actions, so deliberately ignore mentioning it, like a bad smell they don't want to admit to.

[joeycooper] 24/8/2007 14:40

Money Observer September issue, page 26
'Prelude Trust which we hoped would benefit from a strengthening management team but has't has been evicted', from their portfolio tips.