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This is part of a case series. This series chronicles the role of a venture capital company in the starting-up and development of a UK reference publishing company. The starting-up financing and a later complicated acquisition by the company provide the basis for discussing financing structures and valuation issues. Then following a series of events, a trade company becomes a major shareholder in the company, which has a major impact on the venture capitalist's position as well as on the direction of the company. When ultimately the venture capitalist needs to exit, his options are severely limited by the position of the trade shareholder and by the terms of various legal documents from earlier rounds of financing. Among the questions raised are, what is the value of the venture capitalist's investment and how can he realise that value?