1. A New Model for Venture Capital The Variable Pitch Partners Model, Innovation Fund and Background Briefing April 2013 A New Way of Investing in Innovation…
2. VARIABLE PITCH OPPORTUNITIES ‘Growth and Liquidity in Innovation By Delivering a New Venture Capital Model to Investors’New Venture Capital Model: Success fee only model for raising finance for high growth innovation companies. Shared risk by all suppliers and individuals in the Variable Pitch community so, ‘human capital’ acts as seed capital before investors are asked to make investments. Efficient investing. No middlemen or brokers. Investments go directly to companies unless investors choose to invest via the Innovation Fund. Three year sustainable growth with a focus of ‘hands on’ support for growing revenues inside of client companies by use of our associated sales & marketing company (Growth Innovators Group Ltd). Best of UK innovation on offer to Investors before traditional VCs, institutions or PE funds can participate. Companies carefully screened and filtered by collaborative networks, an expert community and Variable Pitch Partners LLP before being offered to investors. (Full access to all DD materials provided to investors). Most investment opportunities qualify and/or are offered under EIS (Enterprise Investment Scheme) for tax efficient investing by UK residents. Innovation Fund is authorised and configured for subsequent investment rounds to help preserve early investor equity during the growth stages.April Companies: Pitchcom www.pitchcom.com A revenue generating SaaS company with a finished product deploying into the community/tribe online environment with an end-to-end social platform. Impressive client order book in place and 1st round funding in place. Operating ahead of all original forecasts. EIS qualified. Currently seeking a second round close of £300k. Cool Technologies www.thermahelm.com A company in the final stages of delivering a new design of motorcycle helmet containing a cool pack triggered by impact and equipped with a GPS alert system. Testing complete. Production systems, delivery systems and sales channels prepared. EIS qualified. Currently seeking £1.8m . EcoHydra www.ecohydra.com A manufacturer of alcohol free hand sanitising products to hospitals, supermarkets and chemists. Technically accredited, fully regulatory compliant (UK, Europe and USA) with good channel partners. Owns their own IP. Good protection against norovirus. Seeking 1st external funding of £400k. Cybernis www.cybernis.com A Defence against Denial Of Service internet security company in its development stage. Likely to end in a trade sales within 4 years. Well differentiated design of products from a solid pedigree. EIS qualified. Currently seeking £600k.Variable Pitch Innovation Fund To support and leverage the value of the Variable Pitch model a high return £80m Innovation Fund has been designed, authorised in Guernsey. The Fund is still seeking investors and details are contained within this pack.
3. VARIABLE PITCH PARTNERS LLP A New Venture Capital Model for InvestorsVariable Pitch Partners LLP is a FSA registered, UK based, investment and corporate advisory/finance firmthat delivers to its ‘innovation’ clients both finance and focused sales support via an integrated expertcommunity and collaborative network of suppliers. Variable Pitch is supported by its expert community in boththe due diligence process of assessment and in applying the ‘hands on’ value of the leveraged contacts it hasfrom within industry, business, finance and groups of successful entrepreneurs. In addition Variable Pitch alsosupports and has access to a Guernsey based ‘Innovation Fund’ (for qualifying companies and clients) as wellas to international communities of high net worth investors, LPs, family offices and angel investment networks.Variable Pitch’s focus is firmly on innovation and the process by which the value of innovation is released toinvestors. As serial entrepreneurs and ‘commercial’ engineers it is in our DNA and it is our passion. Unusuallywe share risk both with our client companies and our investors as well as sharing the longer term rewardsachieved by this collaborative process. VP Partners is largely sector agnostic due to its access to a large expertcommunity and a strong belief that it is a deep understanding of the process itself of selecting, then applying afocused sales effort to innovation that unlocks the true value of that innovation, and that then allows ourinvestors to exploit the capital value and returns of their investments in our clients. We work primarily with fastgrowing, innovative, early stage / spin out companies that are experiencing their first or early sales; as well aswith universities, research parks and PLCs seeking growth funding for their projects and technologies. Ineverything that VP Partners does there is an aggressive approach to growing sales and revenues of theinnovative companies that VP Partners chooses to work with. Variable Pitch is unique in that the firm usesboth a pure success fee model and access to expert networks to create European and global sales for ourclients in parallel with the finance and funding that we deliver. The net effect is highly cost effective, aggressivesales growth with an equally efficient low cost/lower risk funding process for high growth innovative companies.Variable Pitch then introduces a model of structured ‘just in time’ finance to maintain and exploit that growthwithout distracting the management of a client company from their main task of increasing revenues and sales,and to reduce or remove the dilution effect on investments made by early investors.Our aim is to pro-actively support our corporate advisory/finance clients (and the innovators and entrepreneurs)through the early capital raises to exit over successive rounds of finance. VP Partners seek to implement thiswith cost effective, centrally aggregated and sourced, finance and business support services packages thatprovide the products and services that our clients need, when and where they need them, for them to achievetheir revenue growth and business strategies. Our typical finance packages are £400k to £2m per round (up to£10m) over 1 to 4 finance rounds during a 3 year contract period. Support, monitoring and mentoring of clientsis ‘hands-on’ and provides clients and the investors with sector specific experience and access to networks ofactive and well placed individuals in our expert community. For future market activities and potential listings allof the implemented client systems, documentation, accounts and governance structures that VP Partnersproduce are designed to match the expectations and requirements of recognised exchanges, larger institutionalinvestors and international corporations. This is done to enable the types of exciting exits that innovationcompanies can deliver and to provide the liquidity that both the companies and their investors both seek. Information correct as at 25 March 2013.
4. Variable Pitch Partners LLP Senior PartnersAntony P. N. Abell MInstD, MILT, CIM Antony Abell focuses his efforts on the funding and running of breakout technology and high growth innovative ventures via his Managing Partner role at Variable Pitch Partners LLP. As a trans-Atlantic serial entrepreneur he was previously one of the founders, CEO and non-exec chairman of the private company LastMile Communications Ltd (2000-2009) anticipating the current ‘Cloud’ wireless computing environment with a new “femtocell”, memory caching, wireless technology. Prior to LastMile he set up and ran as Managing Director his first start-up company named C-Three Logistics Limited (1995 - 1999) which was a specialised international logistics company supporting aid relief projects and primary resource extraction companies in the developing nations. Before this he also worked in the telecommunications industry with Videotron (Cable and Wireless) following a 9 year career in the British Army. Antony was educated in the USA, Canada and the UK and is a graduate from the Royal Military Academy Sandhurst (1985). In his nine years in the British Army it also included two years running the UK National/Olympic cross country ski team as the coach/manager as well as taking the team to the 1992 Winter Olympics. Antony was also one of the founders, and past Chairman, of the BandSharing Forum in the UK which was an industry body formed to enable harmonised spectrum liberalisation for the mobile carriers in concert with the UK Ministry of Defence, HM Treasury and Ofcom. Besides his current duties at Variable Pitch Partners LLP he is also a director of Variable Pitch (Guernsey) General Partner Limited and a trustee of the Canada Memorial Foundation which is a UK registered charity supporting Canada-UK education and a memorial to fallen Canadian soldiers. Antony also currently holds CF3, CF4 and CF30 authorisations from the Financial Services Authority (FSA) in the United Kingdom.Nigel Tobin ACIB, ACOI, MInstD Nigel Tobin is a portfolio non-executive and interim director and senior executive, with expertise in corporate strategy, strategic business change and organizational transitions, drawing on particularly broad business, operational and IT experience. He is currently the Chief Operating Officer of Growth Innovators Group, a Director of N & M Enterprises Ltd and of Omnii Solutions Limited. Previously he has served as Chief Executive Officer of Global Home Loans Group Limited and UKValuation Limited. Nigel was also Executive Vice President at Countrywide Financial Corporation’s International Division for five years and has held various Divisional Director roles within the Barclays Group, as well as working for Woolwich plc as Head of Strategy Implementation, amongst other roles, and for HSBC Group, Midland Bank plc and Lloyds Bank plc. Nigel is an Associate of the Chartered Institute of Bankers, a Member of the Institute of Directors and was an Associate of the former Compliance Institute. Nigel’s previous FSA authorisations were for CF1, CF3 and CF8. He was also Chairman of the Third Party Mortgage Processors & Administrators Forum, a UK Industry Representative body liaising with the FSA, at Director level, on mortgage regulation. Associate PartnersJonathan Price MA (Cantab), lic. sp. en dr. eur., C Dip AF (ACCA), Chartered FCSI Jonathan Price has been an investment banker since 1982, working for various international merchant banks in a number of roles in capital markets, project finance and privatisation. He is the Managing Director of Business Centre Capital Co. Ltd. and a partner at Variable Pitch Partners LLP, as well as a lecturer at the London School of Business & Finance. Previously Jonathan was the Chairman at Origen Wealth and an adviser to the board at Lemon Studios. He was also a consultant for Durlacher plc and served as Chief Executive at CSL Investment and Finance and Deputy Executive Director at Daiwa Europe Limited and Daiwa Securities. Jonathan is a graduate of Gonville and Caius College, Cambridge, l’Université Libre de Bruxelles and is a barrister at law.
5. David McCrossan BA (Econ) David McCrossan is currently the Chairman of iSandla Asset Management, a fund management business specialising in the issue and underwriting of high yield corporate bonds. This business is based in Johannesburg and is registered with the South African FSB (Financial Services Board). He was formerly the head of Pan-European Equity Research in the Support Services Sector at Cazenove in London and before that worked as an investment analyst at Kleinwort Benson Securities specialising in the Paper, Packaging and Printing Sector. In both of these positions he was registered with the FSA as a Registered Representative.Nicholas Martin MA (Cantab, Law), Cahrtered FCSI Nicholas Martin has over twenty five years of corporate finance experience including leading positions at Evolution Securities China, Durlacher Corporation plc, Collins Stewart Limited and J P Morgan Cazenove. During his career he has executed transactions totalling many billions of pounds for a wide range of companies in Asia, UK, Europe and the emerging markets and across a wide range of sectors, including particularly, technology, energy, media, biotech/healthcare, telecoms and resources. He has been actively involved in start-up venture capital, development capital, private placings, privatisations and M & A activities as well as a multitude of IPOs and fundraisings. Nicholas was appointed by Rt. Hon Margaret Thatcher as a Cabinet Special Adviser 1988-89 to assist in privatisations and the energy sector. Nicholas is a Chartered Fellow of the Securities Institute and a qualified barrister and holds an MA in Law from Cambridge University. In his work in Asia, he and his team were awarded the Queens Award for Enterprise in 2008 for achieving a compound growth rate over the previous three years of 123% per annum, building and managing a business in the UK, China and Asia. Nicholas is currently FSA registered and until recently (2009) was FSA CF1 registered. He has previously held compliance officer status (CF10) and has been been responsible for an SFC registered business in Hong Kong. He has served on a number of Boards in executive and non–executive capacities including a current non-executive appointment on the Audit/Finance Board of Cambridge University, and recent Government appointments as Audit Chair of NHS Haringey and as a Non-Executive Director of NHS City & Hackney.Steve Naudé B.Com (Rand), MBA (Chicago), CA (SA) Steve Naudé has over thirty years’ experience in the corporate finance sector in both domestic and cross border markets over a variety of industry sectors and size ranging from $5 million to $1 billion. He possesses extensive experience in developing company strategy including expansion, divestment and preparation for IPO with extensive experience in execution of transactions in addition to origination. As well as advising both private and publicly listed companies he advised the South African government on a privatisation initiative. He has been involved in diverse geographic regions in addition to the UK such as South Africa, Russia, Kazakhstan, Ukraine, Hong Kong and Turkey. He also consulted to a group on the establishment of a corporate finance activity servicing Kazakhstan, Russia and Ukraine. For the majority of these years he has been head of division and has built up teams that have been leaders in the industry. He has served on the board of directors of a number of companies both private and public and is currently advising companies on their cross-border strategy. Steve is a qualified chartered accountant and in addition to a Bachelor of Commerce from the University of the Witwatersrand he has an MBA from the Chicago Graduate School of Business. He is a member of the South African Institute of Chartered Accountants. Previous FSA authorisations have included CF21, CF23 and latterly CF30.Jean-Philippe Maltais BSc, MSc Jean-Philippe Maltais has assessed over 200 companies across Europe either as an advisor to or investor of private equity funds and completed over 20 financial sponsors’ transactions across the capital structure. He has monitored over €200m in LBO investments including portfolio management, board seat and investor reporting and has a track record of thorough and comprehensive due diligence and documentation to tight deadlines. In 2009 he founded Hesperia Management, a corporate finance and debt advisory boutique, and was previously a Principal and Associate at Park Square Capital, as well as an Associate for Barclays Capital and an Associate and Analyst for Merrill Lynch. Jean-Philippe has two Master’s degrees in Management and Finance from Ecole HEC, Paris and in Physics and Computer Science applied to
6. Music, and he attended Wharton School at the University of Pennsylvania in its executive education program. He is the holder of a Series 7 License and is an FSA investment advisor (CF30). UNITED KINGDOM – Advisors and SuppliersKPMG KPMG’s dedicated Private Equity team supports the full lifecycle of PE funds whether it is investing in new assets, managing the fund’s portfolio, raising funds, exit planning or advising on proposed regulation. In particular, KPMG’s Private Equity tax team provides tax structuring advice to new and existing funds, working closely with the management team to develop a tax efficient fund structure that fits with their commercial objectives and maximises the cash return to investors and management. They continue to work closely with management throughout the life of the fund, providing tax reporting services and ad hoc tax advice. Martyn Till Partner, Private Equity- Tax +44 (0)20 7694 1077 email@example.comOsborne Clarke Osborne Clarkes financial services team monitors and advises financial institutions and corporate entities on all aspects of financial services authorisation and the regulatory environment in which they operate. They regularly advise clients on the most appropriate way to structure and document new products and services in order to meet applicable financial regulations. Osborne Clarke have particular experience in advising clients on cross-border regulatory issues, supported by colleagues in their international network, and they specialise in advising on regulatory issues relating to the content of marketing materials and the Financial Services and Markets Act. Paul Anning Partner +44 (0)20 7105 7446 firstname.lastname@example.orgWithers & Rogers Withers & Rogers LLP is a UK top ten firm of patent, trade mark and registered design attorneys with offices in London, Bristol, Leamington Spa and Sheffield. The firm’s jurisdiction extends right across Europe, as their attorneys have both European and UK chartered status, and they represent clients throughout the world. Withers & Rogers protect and enforce intellectual property rights for inventions, trademarks, designs and artistic works. Their wide commercial and industrial experience together with our undoubted technical expertise ensures that all major technologies are covered. This, combined with pragmatic and proactive advice, means they represent well known British, European, American and Japanese clients of all sizes, from SME’s to multinational corporations. Adrian Chettle Partner +44 (0)1926 310700 email@example.com
7. INNOVATION FUND (GUERNSEY)Jonathan Hooley, former Chairman of the Channel Islands Stock Exchange, was elected a Jurat on Guernsey inJanuary 2012. As a result of which he has now been replaced by David Clark below.David M. Clark BSc, FCAExecutive Chairman and Finance Director of BSG Resources Limited David Clark has over 25 years’ experience in accounting and senior treasury functions including as the Guernsey Government States Treasurer & Chief Officer for the Treasury and Resources Department. He has also held senior accounting and audit roles at KPMG and Deloitte and is currently a director of a number of companies in the Fund and Private Equity space. Mr Clark is a well-respected and highly motivated senior professional who has a breadth of high level experience as an Executive and Non- Executive Director. Since 2007 Mr Clark has been the Honorary Chairman of the Board of Directors of St. John Ambulance and Rescue Service and is currently a committee member for the Institute of Directors- Guernsey branch. He holds a degree Chemistry and is a member of the Institute of Chartered Accountants in England & Wales.Keith S. BettsChief Executive Officer of Newhaven Trust Company (Channel Islands) Limited and subsidiaries Keith Betts has been the Chief Executive Officer of Newhaven Trust Company (Channel Islands) Limited since 2004 and is a non-executive Chairman of three Guernsey incorporated Ruffer Group companies. He was previously Managing Director of CIBC Bank and Trust Company Limited and subsidiaries from 1985- 2001. Mr Betts is a ‘‘substantially recommended’’ trustee and fiduciary professional per 2006 Citywealth Channel Islands and Isle of Man Top 100 survey. His directorships have included investment management companies, collective investment schemes and captive insurance as well as those relating to private clients. Mr Betts has previously been a Director at Harbour Trustees Limited and Guinness Mahon Trust Corporation (Guernsey) Limited as well as a Trust Officer for National Westminster Guernsey Trust Company Limited. Mr Betts was a part-time lecturer at Guernsey College of Further Education from 1985- 95 and was the past Chairman of the Guernsey International Bankers Association.Ian Hunt FCSI Ian Hunt has over twenty years’ experience of the offshore fund environment in Guernsey and has held several senior posts including Operations Director at Royal Bank of Canada Offshore Fund Managers, Director and Head of Collective Investment Schemes at Kleinwort Benson Fund Services and Director of Fortis Fund Services. Mr Hunt has served on the boards of numerous closed-ended and open ended funds as well as investment management companies, and was until recently (November 2011) the Managing Director (Fund Services) of Confiànce Fund Services Limited. Mr Hunt is a Fellow of the Securities and Investment Institute and a Member of the Institute of Directors and is a resident in Guernsey. GUERNSEY – Advisors and SuppliersNewhaven Trust Company (Channel Islands) Limited Newhaven Trust Company (Channel Islands) Limited is an independently owned trust company which assists personal and corporate clients with the establishment and administration of fiduciary structures. Newhaven Trust is incorporated in Guernsey and is licensed to conduct trust business by the Guernsey Financial Services Commission. They provide comprehensive support services to Private Trust Companies as part of their growing range of “family office” facilities. Working with clients and their professional advisors, Newhaven Trust is able to recommend bespoke solutions and support these with comprehensive administration delivered by longstanding industry professionals.
8. David Gough Managing Director +44 (0)1481 740517 firstname.lastname@example.orgMercator Fund Services Limited Mercator Fund Services Limited is licensed under The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (“the POI Law”) and regulated by the Guernsey Financial Services Commission to provide a wide range of administration, secretarial and advisory services to closed and open ended investment funds and investment managers. Mercator administration services are focussed on providing support to enable the Fund to be managed and controlled in Guernsey and to meet all local regulatory requirements and includes such services as providing corporate governance support, bookkeeping, asset and cash reconciliations, NAV calculations and reporting, share registration and regulatory compliance. Mark Douglas Managing Director – Mercator Fund Services Limited +44 (0)1481 234200 email@example.comMourant Ozannes Mourant Ozannes is an offshore law firm who provide advice on Cayman, Guernsey and Jersey law to the worlds leading financial institutions, public companies, corporations, fund promoters and private clients. They are chosen regularly to work alongside the most respected international law firms with whom they enjoy deep and longstanding relationships. In the Channel Islands, Mourant Ozannes have more top tier legal directory rankings and recommended lawyers than any other law firm and they have an international reputation as one of the leading investment funds practices in Guernsey. Mourant Ozannes advise on the formation, structuring and regulation of investment funds in Guernsey and provide ongoing legal advice to funds and fund managers, with clients ranging from leading asset managers to start-up ventures. They are regularly appointed as listing sponsor to funds listed on the Channel Islands Stock Exchange. Gavin Farrell Partner +44 (0)1481 731 457 firstname.lastname@example.org
9. Variable Pitch Innovation Fund A New Way of Investing in Innovation…. April 2013Executive SummaryA New Way of Investing in Innovation…Variable Pitch Partners LLP (VPP) is a highly experienced group of entrepreneurs, company officers and investmentprofessionals who have developed a new and highly efficient methodology for investing in innovative, high growthcompanies in advance of most other investors when the companies are at (or just after) the point of first revenues. In short,the group picks the opportunities early and well, it actively supports and manages them for high growth, and then it seeksearly liquidity in the investment by trade sale and secondary listings. The investment and support process, combined with theexpert community and sales focus, substantially de-risks the investments in advance of the actual investment being madeand it also aggressively supports and manages the opportunities for revenue (and capital) growth in the post investmentperiod. The Fund opportunity has secured early, specific, indicative interest from qualified investor pools approached by VPP.Potential investors have been attracted by the cost efficiency of the model and by the level of performance achievablethrough harnessing the experience and the expert contacts of the partners and the expert community. All of these elementsseek to deliver better, faster and more efficient investment results. The Variable Pitch machine is designed to produce youmore winners and we very much hope that you will contact us to find out more – for mutual benefit!The Fund At A Glance Term: 5 years Projected IRR: 25% per annum Management Fees: 2% per annum plus 20% success fee Threshold: 10% (with clawback: 12%) Cornerstone Investors: Investors of the first £10m get 10% of the Carry LLP of the Fund Minimum Investment: £100,000 Fund Size: £80m First Close: £8m Fund Structure: Independently managed, Guernsey based Gearing: Highly Restricted but up to 30% in exceptional circumstances Max Sector Exposure: 25% Max Company Exposure: 49% (ordinarily – exceptions permitted around liquidity events)Aside from the projected IRR and threshold, VPP believes that the Fund represents an attractive investment opportunity forthe following reasons:Substantial Reduction of RiskExperience of BoardThe Fund is advised by VPP but all decisions are ultimately made by the Guernsey board which is comprised of David Clark(former States Treasurer of Guernsey), Keith Betts (CEO of Newhaven Trust), Ian Hunt (the former MD of Confiánce FundServices which manages the Fund) with two directors from VP Partners LLP.
10. Innovation ReturnsVPP has ultimately created a new way of financing innovation. This process plays directly into the model of the Fund and itsdesign to achieve a projected IRR of 25%. The central tenet of VPP and the Fund is that: aside from innovation where else inthe current market can investors expect to make double digit returns?The VPP Machine/ProcessSelection of the target is obviously key. VPP has access to early stage, first revenue opportunities with proof of concept via itsexpert community, enterprise parks and angel networks. The selection focus is on innovation, revenues and the commercialengineering of the opportunities for high growth using the expert community to drive sales. Unusually, the exit is designed atthe start of the process to create greater liquidity and to reduce the investment risk.Investment FocusInvestments are focused on the UK and Europe and are targeting a variety of sectors, including (but not limited to) telecoms,embedded software, green/clean technology, energy generation & storage, logistics, healthcare and automotive. Themethodology and real time access to an extensive expert community allows for a greater application of sector knowledgeand support than traditional models with a corresponding higher success ratio.The Expert Community with a Sales Revenue FocusVPP works very closely with, and owns a part of, Growth Innovators Group (GIG) which is a grouping of industry expertswhose sector specific knowledge allows the due diligence phase to filter through to the best target companies. It alsoprovides VPP (and therefore the Fund) with advance knowledge of high growth innovative companies before most analysts,and investors in the City, hear about them. This results in a highly efficient process for both the Fund and the targetcompanies themselves.Liquidity of InvestmentsThe Fund structure and focus is designed to provide liquidity through the usual routes of trade sales but more specifically itprovides for the sale of the Fund’s interest in a company to the conventional VC or institutional market. Ultimately the aim isto have the Fund’s Limited Partnership interests listed on the Channel Island Stock Exchange creating a one stop shop forcompanies and investors via an ‘Innovation Exchange’ to be launched in 2014.PipelineVPP currently has a pipeline of over 20 companies at various stages in the investment process. A few examples are a cyber-warfare/hacking protection software company, a hand sanitising healthcare produce (product replacement) company, a newdesign of motorcycle helmet company and a SaaS company with a new design of social network ‘platform’ for large internetbased communities seeking to better service and commercialise their member base.Next StepsFor a more detailed discussion, further information or to request a presentation please contact the following: Mr. Antony Abell Managing Partner, Variable Pitch Partners LLP Telephone: +44 (0)20 3178 5338 or Mobile: +44 (0)7973 225027 Email: AntonyAbell@Variable-Pitch.com Mr. David McCrossan Partner, Variable Pitch Partners LLP Telephone: +44 (0)20 3178 5338 or Mobile: +44 (0)7714 101165 Email: DavidMcCrossan@Variable-Pitch.com
11. Guernsey Mainland Company Secretary Newhaven Trust Company (Channel Appointed Representative Islands) Limited Variable Pitch of Larpent Newton & Co Limited (David Gough) Partners LLP (FSA Registration number (VP Partners LLP) 141275) Fund Management Variable PitchMercator Fund Services (Guernsey) General Limited Partner Ltd Risk & Regulatory (Mark Douglas) Variable Pitch Advisors Directors (Guernsey) LP David Clark Variable Pitch (The “Innovation Keith Betts Investment Ian Hunt Risk & Regulatory “Fund) Antony Abell Advisory Tax Advisers Committee Advisors Nick Martin KPMG (Martyn Till) Senior Partners Legal Advisers Legal Advisers Antony Abell Osborne Clarke Mourant Ozannes Nigel Tobin (Paul Anning) (Gavin Farrell) New Partner(s) Investors LP Carry LP Founder Investors (10%) Associate Partners Jonathan Price Bankers Antony Abell Nick Martin HSBC Nigel Tobin Audit Services Jonathan Price Steve Naudé Grant Thornton Nick Martin Jean-Philippe Maltais (Cyril Swale) Steve Naudé David McCrossan Jean-Philippe Maltais New Associate(s) Audit Services David McCrossan TBC Corporate Partner New Partner(s) Variable Pitch Corp. Member Ltd Tax Services KPMG (Tony Mancini) Growth Innovators Group Limited (GIG) (26% Shareholding) Variable Pitch Variable Pitch Variable Pitch Variable Pitch Investments Corporate Nominee Corporate Member Corporate Services Bankers Limited Limited Limited Limited (Holds Warrants and investments - 100% (Corp Board Seat in Client Companies - (Holds Working Capital - 100% (Service Co for Employees – 100% Investec ownership by Variable Pitch Partners LLP) 100% ownership by VP Partners LLP) ownership by VP Partners LLP) ownership by VP Partners LLP)