It was our intention to
bring both of our two current major investments, NiceTech Limited ("NiceTech"),
the Cambridge based software company and MarineTrack Limited ("Marine Track") to
the market in the calendar year ending December 2006. Although we have continued
to work towards this end, we now expect that both companies will come to market
in the first half of 2007. We have continued and are continuing to support the
development of their businesses, and during the year we were able to increase
our holding in both companies to reflect our ongoing support.
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