VENTURE CAPITAL
The investments and loans outstanding amount to £39 million, it will be necessary to carry out a detailed examination of the portfolio to examine the best exit route, probably on a case by case basis. Some of the lending could be described as highly speculative.

TUCAMEN
This company has made substantial investment in mining rights in Argentina to the tune of £121 million. This investment has been funded by Imperial Consolidated Financiers Ltd which has a debenture securing £100 million of the advance in priority to other parties.

We have examined the title documents and geological reports whilst these appear to be in order we have insufficient information to form a view as to their likely value or of the realisability of the underlying investments. This will require specialist advice in due course.