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TWST: Can we start with a quick overview of Sigma Technology (LSE: SGM.L) and where the company is positioned today?

Mr. Crabb: Sigma is a specialist in IT business and investment management business, focused in the technology arena and moving forward in what is a rapidly changing environment. We have recently closed our first venture fund, which was backed by Scottish Widows and the Bank of Scotland, and we have the second fund also closing shortly. Importantly in terms of our advisory services, we have additionally taken on the portfolio of another quoted investment group, E-Capital, which is actually exiting the technology arena. So we are really looking to apply a combination of deep advisory services, which companies certainly need in a difficult operating environment with access to new capital, which again is challenging for many technology businesses as they continue to develop.

TWST: What’s your assessment of Sigma’s performance in this environment you’ve described?

Mr. Crabb: First of all, if we look at the companies we have invested in, it is pretty clear that a number won’t survive, but that’s a normal feature of investing in this sort of arena. By the same token, we are comfortable that those that are doing well are building significant value, though clearly the time scales to realization are likely to be more extended. We are also working very hard with those companies to make sure they maximize their own opportunities, and are looking at corporate activity where it’s possible to build the appropriate scale because that’s an important element of achieving an exit. Looking at Sigma as an operating business, we are particularly pleased at getting a closing on our first venture fund in an environment where very few people are achieving closings of any funds at all. We are well on track in getting a second regional fund closed, which I expect to take place by the end of the year; so that’s a positive sign. The take on of the E-Capital portfolio we believe was the first deal of its type to be completed, that’s certainly throwing up a lot of opportunity to look at how we can work with other players that have similar challenges with their own portfolios. As I say, we would expect to see further developments in that arena over the next 12 months or so. So across all of those areas we are encouraged. We have also seen progress in the one non-technology activity that we have exposure to. We co-founded a company that specializes in property investment. It has its own independent team but we founded it and put the key partnerships in place and it is working now on its first fund. It has in fact just closed its first deal and is moving forward into profitability ahead of schedule. It has attracted external investment at a far high value than we originally invested in, so that’s beginning to be an interesting side to the business that we think will make some meaningful progress next year. And of course, the property market itself has been very strong in contrast to the other sectors.