16. Investments

Group — equity investments2016
Cost and net book value at 1 May6,2664,068
Net book value at 30 April8,2506,266

On 22 February 2016, Consort Medical subscribed to an equity financing completed by Precision Ocular Limited, a retinal therapeutics company. The financing will raise a total of £13.5m, of which Consort's investment is expected to be a total of £3.3m. The first tranche completed during the year was £2.0m, giving the Group a 12.2% shareholding as at 30 April 2016.

The Group has accounted for Precision Ocular as an equity investment.

In January 2015 and April 2015, the Group invested a further £0.9m and £1.3m respectively in Atlas Genetics Limited, a UK-based privately owned healthcare technology company with an ultra-rapid point of care ("POC") diagnostics platform. Bespak undertakes design for manufacture work to prepare disposable test cards that are a core component of the Atlas system and has also been awarded long-term manufacturing rights for the card.

Subsidiary undertakings
Cost and net book value at 1 May303,50682,091
Net book value at 30 April303,506303,506
Other equity investments
Investment in Atlas Genetics Limited6,2666,266
Investment in Precision Ocular Limited1,984
Net book value at 30 April311,756309,772

In November 2014, the Company acquired an investment of £112.8m in relation to the acquisition of Aesica by the Group. Following the reorganisation of the Group as a result of the acquisition, the Company acquired an investment in Bespak Holdings Limited of £108.6m.

Long-term loans to Group undertakings
At 1 May162,32948,665
Net movement in the year36,891113,777
Effects of exchange rate changes(113)
Net book value at 30 April199,220162,329

Interest is charged on long-term loans to subsidiaries at rates linked to LIBOR.

A list of all of the Company's subsidiaries is included in note 31.