The website at [], including any applications contained thereon (the Website) is owned and operated by Candover Investments plc (Candover) of 34 Lime Street, London EC3M 7AT and contains information relating to Candover. Candover is an investment trust company whose shares are listed and traded on the London Stock Exchange. Candover is an investment company as defined by Part 23 of the Companies Act 2006 and is registered in England and Wales with Company number: 1512178.

By accessing or using the Website, you acknowledge that you have read and understood the Important Information and have agreed to and accepted, without limitation or qualification, the Terms of Use set out below. If you do not agree to the Terms of Use, you may not access or use the Website.

Important information

Status of information

The information on the Website does not constitute or form part of an offer to sell or an invitation to purchase or subscribe for shares or other securities of Candover, nor may it or any part of it form the basis of, or be relied upon in connection with, any contract relating thereto. The information on the Website is provided for general information, is not comprehensive, is not intended to constitute any recommendation to acquire or dispose of any securities or apply for or use any investment related service or product and does not constitute investment, legal, tax or other advice. You should seek individual advice from an appropriate independent financial and/or other professional adviser before making any investment or financial decision or applying for or using any such investment related service or product.

Jurisdictional restrictions

The information on the Website is intended only for persons in the UK and persons in any other jurisdiction to whom such information can be lawfully communicated without any approval being obtained or any other action being taken to permit such communication where approval or other action for such purpose is required. The information on the Website is not directed at and is not for use by any other person. In particular, the information on the Website is not directed at and is not for use by any US person.

Shares in Candover are not registered for sale, offer or delivery in any jurisdiction outside the UK and may not be sold, offered or delivered in any jurisdiction in which registration for such purpose is required. In particular, shares in Candover have not been and will not be registered under the US Securities Act of 1933 and Candover has not been and will not be registered under the US Investment Company Act 1940.

Risk considerations

The value of investments, and the income from them, may go down as well as up, and is not guaranteed and an investor may not get back the amount of money invested. Further, the market price of shares may not fully reflect their underlying net asset value and it is not uncommon for the market price of shares to trade at a substantial discount to their net asset value. You should also remember that past performance cannot be relied on as a guide to future performance and that rates and levels of taxation may change. The spread between the purchase and sale prices for certain investment trusts, and classes of investment trust, can be wide. This means the purchase price can be considerably higher than the sale price.

You should also note the following risks relating to Candover’s investments:

  • Candover is a realising investment trust and no longer makes new investments. Its sole focus is on maximising returns to shareholders via a progressive return of cash as realisations are achieved by its investment manager, Arle Capital Partners (Arle). This means that the portfolio is a concentrated one, and the concentration will increase as realisations are achieved. Additionally, concentration means that changes in the valuation of any one investment may have a disproportionate impact on the value of the overall portfolio.
  • Candover invests in unquoted companies which are less readily marketable than quoted securities and may take a long time to realise. In addition, such investments may carry a higher degree of risk than investments in quoted securities. Candover may be adversely affected by these risks.
  • Candover holds investments in unquoted companies which are geared by loan facilities which rank ahead of Candover’s investment both for payment of interest and capital. Accordingly, Candover may be exposed to gearing by such unquoted companies.
  • Private equity investments are long term in nature and may take some years before reaching a level of maturity at which they can be realised. Accordingly, it is possible that Candover may not receive a return on investments made by it for a number of years.
  • In valuing its investments in unquoted companies and in publishing its net asset value, Candover relies to a significant extent on the accuracy of financial and other information provided by these companies to Arle, its investment manager.
  • Candover has invested in unquoted companies that operate in overseas markets. Accordingly, changes in exchange rates may impact on the value of an investment.
  • Most of the unquoted companies in which Candover invests are not subject to regulation by the Financial Services Authority or an equivalent regulatory body. Such companies may be in jurisdictions which do not provide an equivalent level of investor protection to that provided in the United Kingdom.
  • Candover is dependent upon Arle as its investment manager and may be adversely affected if the services of Arle cease to be available to Candover.

Arle Capital Partners Limited

Arle Capital Partners Limited (Arle) is authorised and regulated by the Financial Services Authority in the United Kingdom with FSA firm reference number 142840. Arle is Candover’s investment manager and receives a management fee of 1.5 per cent per annum of the value of Candover’s investment assets.

Terms of Use

  1. Use of website. Your access to and use of any the Website, and any information, content and materials contained on the Website (Information), is subject to these Terms of Use. Candover reserves the right to change these Terms of Use from time to time without notice, as it deems necessary and to alter or delete any part of the Information at any time at its discretion.
  2. Content. Candover will use reasonable efforts to ensure that the Information is accurate and up-to-date, but to the maximum extent allowed by law, Candover disclaims all warranties, representations, conditions and guarantees of any kind in relation to the Information and/or the Website, including (without limitation) as to accuracy, currency, completeness or fitness for purpose. Candover provides the Website and Information on an "as is, as available" basis. You agree that access to and use of the Website, and reliance on any of the Information, is at your own risk and you assume responsibility for determining whether any laws or regulations limit your access to and use of the Information or any investment or other product described on the Website.
  3. Disclaimer of Liability. To the maximum extent permitted by law, Candover and/or its affiliates shall not be liable for any loss or damage, howsoever caused, arising out of or in connection with your access to, use of, or inability to use the Website, or any errors, inaccuracies or omissions in the Information or any decision made or action taken (or not taken) by you or any third party in reliance upon the Information, including (without limitation) any direct, incidental, consequential, indirect or punitive loss or damage.

    You agree that under no circumstances shall Candover's (or its affiliates) total aggregate liability, howsoever caused, arising from or in connection with these Terms of Use, the Website and/or Information exceed £100.

    Certain sections or pages on the Website may contain separate terms and conditions and/or disclaimers, which are in addition to these Terms of Use. In the event of any conflict, the additional terms and conditions will govern those sections or pages.
  4. Indemnification. You agree to indemnify, defend and hold harmless, Candover and its affiliates, and each of their officers, directors, employees, agents, suppliers and third party partners from and against all losses, expenses, damages and costs, (including without limitation reasonable attorneys' fees) arising from your access to or use of the Website or Information, and/or any violation by you of these Terms of Use.
  5. Third Party Websites and Links. The Website may contain links to websites or other resources operated or controlled by persons other than Candover (Third Party Sites). Neither Candover nor its affiliates accepts any responsibility whatsoever for any Third Party Site or for any information, content or materials contained on or accessed via any Third Party Site (Third Party Information). Candover has not reviewed any Third Party Information, the use of which is entirely at your risk. By creating a link to a Third Party Site, Candover does not endorse or recommend any product or service thereon.
  6. Non-Confidential Information. Any communication or other material that you send to us through the internet, or post on this website by electronic mail or otherwise, is and will be deemed to be non-confidential and Candover shall have no obligation of any kind with respect to such information. Candover shall be free to use any ideas, concepts, know-how or techniques contained in such communication for any purpose whatsoever, including (but not limited to) developing and marketing its investment programmes.
  7. Intellectual property. Candover and its licensors are the owners of all the intellectual property rights in the Website and/or Information, including (without limitation) any and all registered and unregistered trade marks, logos, get ups and copyrights used in the Website (Website Intellectual Property). You acknowledge that the Website Intellectual Property cannot be used without the prior written consent of Candover. Except where otherwise noted, all rights in the Website Intellectual Property, including in the design, text, graphics and arrangement of the items in the Website, are reserved to Candover and/or its licensors. Permission is hereby granted to access the Website, and use, copy electronically and print portions of the Information solely as an information source for non-commercial, internal business purposes and provided that all copyright or other proprietary notices are retained. You may not otherwise use or access any part of the Website or Information and, in particular (without limitation) you agree not to copy, display, download, distribute, modify, reproduce, store, republish or retransmit, in whole or in part, any Information, or create any derivative work based on the same, without the express written consent of Candover.
  8. Privacy. Candover does not collect any personal information via, or use cookies on, the Website.
  9. Governing Law. These Terms of Use and your use of the Website (and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to these Terms of Use, their formation or the Website) shall be governed by the laws of England. In relation to any dispute arising out of or in connection with the Website or these Terms of Use, you irrevocably and unconditionally submit for the benefit of Candover to the exclusive jurisdiction of the Courts of England and Wales.
  10. Miscellaneous. If any provision of these Terms of Use is or becomes for any reason whatsoever invalid, illegal or unenforceable, it shall be divisible from these Terms of Use and shall be deemed to be deleted from them and the validity of the remaining provisions shall not be affected in any way.

    You are responsible for compliance with any applicable laws of the country from which you are accessing the Website.

    No failure or delay by Candover to exercise any of its rights under these Terms of Use shall operate as a waiver thereof and no single or partial exercise of any such right shall prevent any other or further exercise of that or any other right.
  11. Contact. Any questions regarding the Website should be sent to, or by post to 34 Lime Street, London EC3M 7AT.




Interim Financial Statement 2017

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