I have commented extensively on the winding down of the I-shares at Edge Performance VCT (EDGI) amid what is surely a scandal of corporate governance. But what of the H-shares (EDGH), following the disposal of approximately 90% of the holding in Unity Software Inc for £10.9 million in cash, a 20 times return according to the company for an investment carried in the books at just £1.2 million, as announced on Thursday 18 November?
The Board of Edge Performance VCT (EDGH and EDGI) may not have quite got around to updating the market on this yet, but an EGM requisition has arrived with proposals to remove the entire board (barring one who was supposed to be standing down anyway). For Edge I-shareholders, it may not give them any extra cash back on their disastrous investment, but at least they will have the chance to take some satisfaction from sacking the board. But I fancy any potential reform may not be limited to just that – probably, in my view, to the advantage of the H-shares, the other remaining class left over from the alphabet soup that was Edge Performance VCT.
I must say that those people at Edge Performance VCT must be very nice chaps, for I had an email yesterday purporting to be from them thanking me for my continued support in backing the founders and management team. Clearly describing the Edge VCT as a shit-show is pushing all the right buttons.