Davy BES Fund exceeds targets

Davy Stockbrokers and BDO Simpson Xavier announced today that the Davy BES Fund 2002 raised over €7.3m in December 2002 - almost 150% of its target.

Surpassing its original target of €5m, the fund also recorded a 30% increase in funds raised compared to last year's figures highlighting the very strong appetite among investors for high quality investment opportunities.

The success of the fundraising, particularly in the current economic climate, reinforces the reputation of Davy Stockbrokers / BDO Simpson Xavier for successful BES investment.

"We are delighted with the response we have received to this year's Fund. The level of investment we have seen indicates that there is still money in the Irish economy and that investors are happy to invest their money in an investment that has a good track record, and is managed by a capable and highly experienced team", said Stephen McGivern, partner in charge of BES Investments at BDO Simpson Xavier.

The monies raised by the Davy BES Fund 2002 will be managed by BES Management Ltd., a joint venture between Davy Stockbrokers and BDO Simpson Xavier.

Funds will be invested in companies including traditional manufacturing, food manufacturing/processing, software development and electronics.

BES Management Ltd has substantial experience in the BES market. Previous funds raised and invested by the team have amounted to almost €54m and this is the eleventh Davy BES Fund.

Previous funds have realised an annual compounded rate of return of 12%.