Braveheart to test market with new fund

BRAVEHEART, the Perth-based investment firm, is to launch a fund in the new year to test the recovery in investor confidence.

Chief executive Geoffrey Thomson yesterday said that confidence among wealthy investors seemed to be improving as equity markets rise, but seeking investment in a new fund – structured to offer tax relief from the date of subscription – would test this. "We think the appetite is coming back for investing in the type of companies we deal with, but this will test the market quite well," he said.

Braveheart, which invests in early stage companies, reported a gain on the value of its portfolio companies of 190,000 in the six months to 30 September.

It came as the Aim-listed group reported an interim pre-tax loss of 415,000, with no sales in its portfolios during the period.

The group's cash balance had fallen by 1.9 million to 2.2m by the end of September as it poured more money into its portfolio. But Thomson said it had the option of taking debt onto its balance sheet. Its shares rose 0.5p to 28.5p.