Keyword results: VCT

Edge Performance VCT – Board Survives but big questions remain

The Edge Performance VCT reconvened AGM and General Meetings finally took place today, including the sack-the-board requisitioned meeting. The bottom line is that the Board survived and voting was heavy so it is hard to complain, even if the eventual votes went against the rebels. But…..

Edge Performance VCT – Final Shoot-Out At the OK Corall Today, 10.30am

Today Edge Performance VCT (EDGH) finally holds its reconvened AGM from last August, and a separate General Meeting to decide whether to sack the Board and replace it with a new one intent on liquidating the portfolio or not. In the rebel corner sits ShareSoc with the strong support of SHareProphets, a former director who stepped down on the announcement that the now defunct I-Class shares would be paid off from the sale of an asset owned by the H-class shareholders whilst the H-shares got nothing, a proposed new director and, of course, a stack of H- and former I-class shareholders who requisitioned the meeting.

Edge Performance VCT – This Is Getting Desperate Ahead of Sack-The-Board EGM A Week Tomorrow!

Another missive, this time from the Chairman of Edge Performance VCT (EDGH) has found its way to ShareProphets Towers. You would never know there is a sack-the-board EGM called for a week tomorrow! The ShareProphets Translation Service explains…..

Pants on fire

Edge Performance VCT – As Requisitioned Sack-The-Board EGM Is Called For January, I-shares Scheduled For The Dustbin On Thursday

Still seemingly oblivious to the apparent scandal, the board of fully-listed Edge Performance VCT (EDGH and EDGI) has announced that the I-share class is scheduled for the dustbin on Thursday of this week – despite there being a sack-the-board requisitioned EGM called largely by I-shareholders on January. If you can’t beat ‘em, throw them in the bin! What sort of shareholder democracy is that?

  • 43 days ago
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Edge Performance VCT – Broken Promises, Shareholders Denied….Is This What the FCA Wants?

It was always coming: fully-listed Edge Performance VCT (EDGH and EDGI) has now confirmed that its re-convened AGM – which was adjourned with no business having been covered way back on 31 August 2021 – is going to take place on Monday 17th January 2022. If that is “as soon as possible” after 31 August 2021 then I am a banana. It was also announced that there will be an EGM as requisitioned (for the second time) to put alternative proposals to shareholders, including sacking the entire Board and placing the outfit into liquidation. But the poor old I-shareholders, who were promised that the entire Board would stand for re-election during 2021, yet not one of them has stood during 2021 – are set for the scrap heap ahead of the meeting. The cowardly Board has elected to disenfranchise them.

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Edge Performance VCT – Is This The Longest Corporate Suicide Note In History?

In response to the second sack-the-board EGM requisition as detailed HERE the Board of Edge Performance VCT (EDGH and EDGI) has issued a letter to its H-share holders. The arrogance is breath-taking but the ShareProphets RNS Translation Service wonders if it is the longest corporate suicide note in history. The statement reads (in bold, with the ShareProphets RNS Translation in normal type):

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Bearcast
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Tom Winnifrith Photo Bearcast: How green is my valley?

Two photos with today’s bearcast from either side of my front veranda here at the Greek Hovel. as you shivver back in Airstrip One I sit here in a T-shirt. And you will be amazed how green, almost Alpine, it is. But at least you didn’t spend the morning clearing up dead rats. The podcast covers life in Greece and then a suggestion that all EIS and VCT schemes should be wound up and consigned to the dustbin of history.

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Edge Performance VCT – now ShareSoc Launches A Second Sack-The-Board EGM Requisition

ShareSoc has not always seen eye-to-eye with ShareProphets, but on this occasion we stand firmly behind ShareSoc as it again attacks the Board of Edge Performance VCT (EDGH and EDGI). Sharesoc has now taken the unusual step of releasing an RNS which states:

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Red Flags At Night: Edge Performance VCT Consigns I-Shareholders To The Dustbin, Denies Them Vote

At 3.41pm yesterday Edge Performance VCT (EDGH and EDGI) released an RNS announcing an Interim Dividend to be paid to I-class shareholders of 3.39p per share. Good news, one might think – but there is more to this than meets the eye.

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EXPOSE: Edge, Sir Peter and ITV – Part Two: A Mirriad Of Conflicts

Yesterday I covered a link between apparently “independent” Director at Edge Performance VCT (EDGI and EDGH) Sir Peter Bazalgette and its lead fund manager Mr David Glick at Edge Creative Enterprise Fund. Today I turn to a company called Mirriad Limited, a company in which Edge Performance VCT saw a £3.3 million investment written down by 98 to just £50,000 in 2015. It was the biggest cause of Edge’s loss that year.

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Open Letter To ITV CEO Dame Carolyn McCall Ref Her Chairman and Edge Performance VCT

The stink arising from the alphabet soup that was Edge Performance VCT (EDGI and EDGH) continues to grow. I have written to Dame Carolyn McCall, the CEO of ITV (ITV) regarding the involvement of her chairman, demanding a full enquiry.

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EDGEing Toward The Abyss

I see that the incumbents at Edge Performance VCT (EDGI and EDGH) haven’t yet got around to alerting the market that an EGM requisition proposing to give the majority of the board the boot has been in the in-tray for around a week now. Since ShareProphets reported that the requisition had gone in over a week ago and now The Telegraph has reported the same, is it not time for the board – including the chairman of ITV, Sir Peter Bazalgette, to ‘fess up?

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Edge Performance VCT – Early Fireworks This Year as EGM Requisition Arrives: Bravo Cliff Weight and ShareSoc.

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.

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On The EDGE of Reason As I-Shareholders Await Opportunity To Show Disgust

I’ve been rummaging through the prospectus for the IPO of Edge Performance VCT I- and H-Shares from 2011 (EDGH and EDGI). Given the abject returns on the I-shares, which listed at £1 but will only see a total return after some nine or (for the fleetest of foot) ten years of about 46p once this class of share has been dispensed with shortly, I wonder what they were expecting upon investment. Let’s take a look.

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Edge Performance VCT – An Appreciative Email Arrives

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.

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Susan Searle and WPCT: more on that appointment of Raymond Abbott - a safe pair of hands or Butterfingers?

Last week one of the highlights for me was the shadow of incompetence spreading at Neil's Woodford Patient Capital Trust (WPCT) as it tried to reassure the market with the appointment of Raymond Abbott to its board. What Susan Searle, the Chair of WPCT, would have hoped is that the appointment of Mr Abbott would be seen as a safe pair of hands. Naturally she will have done her homework, which is why the original RNS of Monday had to be corrected, after my prompt,  as it mis-named one of Mr Abbot’s previous appointments and missed another off altogether. But is Mr Abbott a safe pair of hands or butterfingers?

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WPCT offers a glass of Ouzo to the Deputy Sheriff with…er….consequences

Well that only took four days – well done Woodford Patient Capital (WPCT) and its Chair, Susan Searle. On Monday it announced the appointment of Mr Raymond Abbott as a new director – but got one of his former companies wrong, missed out another and has still neglected to mention that Foresight 4 VCT suffered a £30 million accounting error on his watch as chairman of the audit committee,,an error under FCA investigation, and a further £3 million accounting error after he was rewarded for his outstanding service and promoted to Chairman of the company.

WPCT board change – and another thing on the appointment of that fine Mr Abbott

Having mentioned two major blunders already, it seems that new appointment Raymond Abbott to the board of WPCT (whose previous directorships are yet to be corrected by WPCT) has another major blunder on his hands – and it is back at Foresight 4 VCT where, having presided over a £30 million blunder as chairman of the audit committee (and he a trained accountant) he was promoted to Chairman. Let us now turn to the FY18 accounts of Foresight 4……

Woodford Patient Capital – Board changes show no Foresight 4 shareholders

Oh dear, oh dear. Is Susan Searle, the Chair of Neil Woodford’s Woodford Patient Capital Trust (WPCT) thinks that the evolution of its board as announced this morning is going to reassure anyone she has another thing coming. Take the appointment as announced today of the very fine Mr Raymond Abbott…….

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Edge Performance VCT – Could you make this up?

Since they were launched by the John Major government in 1995, Venture Capital Trusts (VCTs), which are closed end investment trusts that provide finance for small and growing unquoted UK companies, and which are listed on the main market, have given investors a bumpy ride. The tax breaks remain generous, albeit not as generous as they were initially, and some of the now-established generalist ones have provided and continue to provide investors with a steady income from tax-free dividends with relatively low risk, whilst most of the worst ones have fallen by the wayside, taking a large chunk of investors’ money with them. I remain, broadly, a fan but there are still some appalling examples of around.

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Edge Performance VCT – what a shambles as the shit-show continues

Once upon a time I had shares in Edge Performance VCT over several classes of share. It proved a disaster, and I sold out at a loss. I did cover some of the problems (see HERE) some time ago, but it seems that the shit show has continued ever since. On 29th August the shareholders decided enough was enough at the AGM, booting out three of the board and the auditor. This leaves the company with just one director – I believe company law is that it must have two as a fully listed plc, but the shares have not been suspended, nor has there been any announcement of an interim appointment.

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VCT
VCT

This Fantastic Plastic Maker is worth a look as it makes cars go further per gallon

Hello, Share Pranksters. As I’m a responsible sort of chap I initially baulked at commending Victrex (VCT) to your further scrutiny. It makes plastics. So one thinks of polluted oceans. But this company makes a lightweight plastic which is used instead of metal. That still sounds a bit un-green, I know. Until I realised that this lighter plastic is used in cars and planes instead of heavy metals. And that saves on fossil fuels...

VCT
VCT

Victrex – Q1 much weaker, will new projects & reduced headwinds really support near-term assumptions?

An AGM update from “high performance polymer solutions, focused on the strategic markets of Automotive, Aerospace, Energy, Electronics and Medical”-company Victrex (VCT) includes “our expectations for the second half are unchanged, with new projects and reduced headwinds supporting our assumptions” – and the shares have currently nudged further ahead of 2300p. However, that compares to circa 3400p at the start of October. Hmmm…

OXH
OXH
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Oxford Technology VCT 2 – an unlikely candidate for a prize?

Those who have been invested in any of the four Oxford Technology VCTs might wonder how the second of those, Oxford Technology 2 VCT (OXH) has been nominated for an award at the forthcoming Investment Company of the Year Awards on 21 November. After all, the long-term performance had been pretty dreadful until a quiet revolution took place in 2015.

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Bear

Does Emollient Malcolm settle my nerves? No, but here are a few whacky ideas.

Malcolm Stacey kindly took the trouble to comment on my piece of Tuesday when I confessed to a bout of extreme nervousness in the wake of the FTSE100 again breaching the 7,000 mark. Answering my concerns the next day, Malcolm was still in upbeat mood. But perhaps not quite as upbeat as we might think: I sense that the ShareProphets uber-bull may be preparing the ground for a spot of nervousness himself, with his suggestion that the markets will continue to rise this side of Christmas. What comes after that?

Highwayman

Core Blimey! Wednesday’s final shareholder liquidation meeting looks set to be a bun-fight

I said at the time of suggesting ordinary shares in Core VCT (CR3) as a share for 2015 that I didn’t like the management, but that fundamentals looked set to deliver a positive return at the then share price. Happily, shareholders have now had a return of cash comfortably in excess of the recommendation price. But….oh, there are plenty of buts. The shareholders’ final liquidation meeting is on Wednesday at 11am, at CCT Venues Plus, Level 32, 40 Bank St, London E14 5NR and it looks set to be a lively affair.

OTT
OTT

Oxford Technology VCTs – value to be had?

I covered news that an investment made by VCTs 2, 3 and 4 had worked out very well, and that reading the runes one might come to the conclusion that there are some pretty hefty dividends on the way. If fact the numbers are rather better than I had calculated and the whopping discount to NAV now presented makes me wonder if at least one of the VCTs’ shares are a buy.

Father Christmas

Oxford Technology VCTs 2,3 & 4 – disposal paves the way for big dividends

It was announced yesterday that Oxford Technology VCT 2 (OXH), 3 (OTT) and 4(OXF) have disposed of their investment in a company called Telegesis. It looks to be a cracker of a deal for all three funds and the RNSs released by the VCTs yesterday pointedly stated that the directors would be considering dividend policy when they reviewed the third quarter (end of Nov 30) results. It looks as though there are some tasty payments coming.

Edge Performance VCTs Interims: Clangers at no-one-is-watching o’clock

Yesterday, in the last RNS of the day which was slipped out at 6.20pm, the latest numbers from the Edge Performance VCTs were released. I was less than impressed when I last wrote about them a year ago (HERE) but following the advent of The Clangers have the numbers improved at all?

Father Christmas

Shares for 2015 update: Core VCT – a profit!

I first suggested you buy the Core Venture Capital Trust back on 28 Dec last year, at an offer price of 51p. A few trades went through at well below that (the spread was big enough to drive a bus through) but we will take it as being 51p. The view at the time was that despite holding the management of this outfit in very low regard there appeared to be value to be had, with a good margin of safety. I suggested that it may even see a full liquidation within the year.

Buffett

Nigel Somerville’s share tips for 2015 – No 2 Core VCT (CR3) and Core IV VCT (CR4)

If my first idea for 2015 of Scancell (SCLP) which you can read HERE seemed high risk then this one will look – at first glance – off the scale. But there is method in my madness. Core VCT (CR3) is an arbitrage buy with what looks to be limited downside. Here is why.

Collapsing-Reactor

VCT Watch: Edge Performance VCTs

Today I start a new feature here on ShareProphets as I look into the world of Venture Capital Trusts. Traditionally the VCT season tends to run between the New Year and the end of the tax year so I thought I would scrutinize some of what is on offer as the promotional bumph starts to hit the doormat.

Peasants

Attending the Albion VCT Seminar Series Part One

On Monday 10th November I attended the Albion Venture Capital Trust seminar in Harrogate.  I also attended last year but I do not know that much about Venture Capital trusts. I’m set to inherit shares in one eventually though so I have to learn about them at some point. I also thought that it could give some insight into the competition some of my other shares will face. For example, Albion is quite into renewable energy, and both Centrica (CNA) and SSE (SSE) produce this. 

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