AGM Report

Graphite Enterprise (ICGT) AGM Report 2012

AGM Date: June 11, 2012

Report Author: Roger Lawson

Graphite Enterprise (GPE) is a private equity investment trust who held their AGM on the 11th June. The performance of this long-established trust has been good over the years (see some data below), but like other similar trusts, the confidence of investors in such companies evaporated in 2008 when they were seen as vulnerable to a cash crisis. At that point some of the other private equity trusts ran into severe problems, while Graphite and others suffered from large discounts (the difference between the NAV and the share price) as people questioned whether the valuation of their assets was sound. At the end of that year the discount at GPE rose to over 60%. It has since subsequently gradually recovered but is still over 30% which is generally seen as

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