Edison Investment Research

Equity Pre-IPO Investments

Date	Reports available	Download
Sep 26 2006	H1 06 holding pattern Equity Pre-IPO (EPI) has met its objectives for H1 06, and divested profitably from two quoted investments (the remaining quoted investment was sold last month). The IPO market over the summer period has been muted and the expected launch of some of EPI’s unquoted investments has not yet materialised. This has meant a slight decline in YTD NAV to 42.73p as at September 06 from 44.19p as at December 05. Management expects NAV to rise over the next six months as its targeted three investments are listed on the market. Research type: Update - Interim results	Log in to download 2 page note available
Mar 20 2006	Exploiting valuation gaps Equity Pre-IPO had an excellent start to its first year as an AIM-quoted company despite its share price performance. NAV growth in the second half of the year was a very commendable 57%. Management is building a track record with its business model of spotting unquoted companies with potential and crystallising the underlying value as they achieve a flotation on AIM. Once further funds become available, the company will be able to increase the pace of investment and build upon this promising start. Research type: Review	Log in to download 8 page note available
Jun 21 2005	Private to public Since its float on AIM in February 2005 Equity Pre-IPO (Pre-IPO) has invested £1.87m in eight companies within the EU. Research type: Outlook - Initiation of coverage	Log in to download 12 page note available

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Peter Knowles
Director, Fyshe Horton Finney