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Core Blimey! Three enCores

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
scotia
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Re: Core Blimey! Three enCores

#463901

Postby scotia » December 7th, 2021, 3:46 pm

BusyBumbleBee wrote:Trust you are well, Tim and getting out and about. This still ticks on then but can't read the Times article without signing up - which I am not inclined to do for a sister paper of the Sun :roll:
Any chance of a a quick summary?
with kind regards - BBB

I got a "with adverts" copy of the article by a search on Begbies Traynor Court Case. This produced the link
https://www.thetimes.co.uk/article/0746a690-56cd-11ec-81f2-17f963b74220?shareToken=6a0635a3dc9402a55fbc7b311ca4ac6f

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Re: Core Blimey! Three enCores

#464133

Postby timbo003 » December 8th, 2021, 7:45 am

I got a "with adverts" copy of the article by a search on Begbies Traynor Court Case. This produced the link
https://www.thetimes.co.uk/article/0746 ... 311ca4ac6f


That is very helpful Scotia, thankyou :)

We will make a link to the full text version on the fledgling Core VCTs Shareholder Action Group web site which we should in a position to promote later today.

Shareholders will soon be recieving a letter from Menzies asking them to vote on two resolutions (to retain Menzies as liqidators which will enable them to conduct a full investigation). There will be no online voting option, so shareholders will be instructed to either post their completed proxy forms back to Menzies, or email their completed proxy forms back to Menzies. I believe that the shareholder meeting is scheduled for Monday December 20th, so it is a tight deadline

Needless to say the Shareholder action group is advising shareholders to vote in favour of the resolutions. The letter from Menxies will also include something written up by Walid where he will have a chance to make his case, apparently Menzies have to include this as they need to be seen as impartial. The letter from Menxies will be quickly followed by a letter from the Shareholder action group which will give a brief summary of the situation and will advise shareholders to vote in favour of the motions, it will also direct shareholders to the Shareholder action group web site which will have more detailed background information and more help on how to vote

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Re: Core Blimey! Three enCores

#464182

Postby BusyBumbleBee » December 8th, 2021, 11:10 am

:) Thanks, Scotia :)

and, of course, huge thanks to Tim - especially for his update

There is - as ever - a problem. And that is to do with shares once held in a nominee account (mine were :cry: ) because:

a) "There will be no online voting option" - so the service provider will probably not (or cannot) offer the beneficial owner the right to vote.

b) the number of shares that the beneficial owner had will have to be retrieved from old records - and with a short deadline close to Christmas that is probably not going to happen

Maybe a letter to A J Bell and Hargreaves would capture most of these - any chance TIm?

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Re: Core Blimey! Three enCores

#464208

Postby UncleEbenezer » December 8th, 2021, 12:23 pm

BusyBumbleBee wrote:Maybe a letter to A J Bell and Hargreaves would capture most of these - any chance TIm?

I've voted my shares in a H-L nominee account on a number of occasions. They seem happy to do it.

On one occasion (Ventus, I think), I nominated a proxy (our timbo) to vote my shares at a meeting. H-L didn't bat an eyebrow when I asked them about doing that.

Can't speak for Bell, but I'm expect they're aware some of their clients like to exercise the right to vote.

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Re: Core Blimey! Three enCores

#464391

Postby timbo003 » December 8th, 2021, 11:31 pm

Maybe a letter to A J Bell and Hargreaves would capture most of these - any chance TIm?


This in hand BBB

Legal letters have gone out to the nominee companies/institutions who feature on the Core share registers *see list below), so if any shareholders hold/held Core shares with any of them, it may be best to get in touch and refer them to the letter sent to the nominee institution by the Core VCTs Shareholder Action group's solicitors (Humphries Kerstetter LLP) on December 8th which begins with the following header:

THIS LETTER IS IMPORTANT AND REQUIRES YOUR URGENT ATTENTION

In the matter of Core VCT plc, Core VCT IV plc and Core VCT V plc (all in liquidation) (the
“Companies”)


Barclayshare Nominees Ltd
Hargreaves Lansdown Nominees Ltd
Ferlim Nominees Ltd c/o Investec
Pershing Nominees Ltd
Rathbone Nominees Ltd
HSBC Global Custody Nominee (UK) Ltd
Hargreave Hale Nominees Ltd c/o Canaccord Genuity
Brewin Nominees Ltd
Euroclear Nominees Ltd
UBS Private Bank Nominees Ltd
Commerz Nominees Ltd
Rock (Nominees) Ltd c/o Charles Stanley
JIM Nominees Ltd (Jarvis)
Transact Nominees Ltd
Platform Securities Nominees Ltd
Idealing Nominees Ltd
Panmure Gordon (UK) Ltd
JM Finn Nominees Ltd
Luna Nominees Ltd c/o BNP Paribas
Lawshare Nominees Ltd
Wealth Nominees Ltd

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Re: Core Blimey! Three enCores

#464638

Postby timbo003 » December 9th, 2021, 10:24 pm

There is now a Core VCT shareholder Action website which has been designed help shareholders understand the background to the court action and to provide assistance with the voting procedure
https://corevctsshareholderaction.com/

The Menzies site also has a dedicated page for Core VCTs Shareholders that includes most of the relevant correspondence and court documents for download, it requires a user name and password to access which Menzies sent out with their letter, note there appears to be only one user name and one password shared between all 2,700 shareholders in the Core VCTs
https://www.turnkeyinsolvencyservices.biz/hl-login.html

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Re: Core Blimey! Three enCores

#464986

Postby googly » December 11th, 2021, 1:04 pm

I have a fair size shareholding but, as was addressed in a post earlier in this thread, before voting would need to know who pays the legal costs if the legal actions are unsuccessful. Costs can be ruinously expensive and this is the minimum information that I would need before deciding how to vote. If any of that was to fall on me regrettably I would vote against, whatever the prospective reward.

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Re: Core Blimey! Three enCores

#465036

Postby UncleEbenezer » December 11th, 2021, 4:37 pm

googly wrote:I have a fair size shareholding but, as was addressed in a post earlier in this thread, before voting would need to know who pays the legal costs if the legal actions are unsuccessful. Costs can be ruinously expensive and this is the minimum information that I would need before deciding how to vote. If any of that was to fall on me regrettably I would vote against, whatever the prospective reward.


You're a shareholder in a limited liability company. Unless you're (also) a director of it, the most you have at stake is the value of your shareholding - whatever that may be.

And if you were a director, then posting here passing yourself off as a regular shareholder would seem to me thoroughly dishonest.

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Re: Core Blimey! Three enCores

#465048

Postby cprof » December 11th, 2021, 5:20 pm

UncleEbenezer wrote:You're a shareholder in a limited liability company. Unless you're (also) a director of it, the most you have at stake is the value of your shareholding - whatever that may be.

And if you were a director, then posting here passing yourself off as a regular shareholder would seem to me thoroughly dishonest.

Uncle E I agree 100% with your comment. To preserve the integrity of this board I would expect any post from an interested party to identify thier status , if needs be, even retrospectively.

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Re: Core Blimey! Three enCores

#465065

Postby UncleEbenezer » December 11th, 2021, 6:26 pm

cprof wrote:
UncleEbenezer wrote:You're a shareholder in a limited liability company. Unless you're (also) a director of it, the most you have at stake is the value of your shareholding - whatever that may be.

And if you were a director, then posting here passing yourself off as a regular shareholder would seem to me thoroughly dishonest.

Uncle E I agree 100% with your comment. To preserve the integrity of this board I would expect any post from an interested party to identify thier status , if needs be, even retrospectively.

Erm, just to be clear, I wasn't suggesting (s)he was an interested party. I expect (s)he is exactly as (s)he seems: a regular shareholder vaguely uneasy that voting might somehow make him/her party to the action.

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Re: Core Blimey! Three enCores

#465158

Postby googly » December 12th, 2021, 2:46 am

Jesus guys, easy on the paranoia. I'm just a shareholder, from what overly exercised imagination did the thought spring that I might be a Director? I've been in touch with Tim through the shareholder group website, he knows who I am and I'm considering what he told me. I understand that Menzies have said it is very unlikely that shareholders would be looked to it if all went badly wrong, I'll reflect on that some more.

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Re: Core Blimey! Three enCores

#465184

Postby UncleEbenezer » December 12th, 2021, 10:00 am

googly wrote:Jesus guys, easy on the paranoia. I'm just a shareholder, from what overly exercised imagination did the thought spring that I might be a Director? I've been in touch with Tim through the shareholder group website, he knows who I am and I'm considering what he told me. I understand that Menzies have said it is very unlikely that shareholders would be looked to it if all went badly wrong, I'll reflect on that some more.


Sorry. I only mentioned directors 'cos I thought it might pre-empt a smart-alec "unless ..." remark about what I said otherwise being incomplete. Then I added the second comment 'cos I thought the mention of directors might confuse matters.

Need to learn to stop digging there!

As I understand it (which may be entirely wrong), the actual directors in this case stand accused of serious malpractice that could maybe amount to criminal behaviour, so the stakes for them are indeed high. But the authors of the website know far more than I do.

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Re: Core Blimey! Three enCores

#465209

Postby googly » December 12th, 2021, 10:56 am

Fair enough UE, long time lurker here, Ive always found your posts very useful. Have made a fair bit out of VCTs over the years, particularly Baronsmead and Northern. Core was a fail.

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Re: Core Blimey! Three enCores

#465584

Postby dabhand » December 13th, 2021, 8:01 pm

googly wrote:Jesus guys, easy on the paranoia. I'm just a shareholder, from what overly exercised imagination did the thought spring that I might be a Director? I've been in touch with Tim through the shareholder group website, he knows who I am and I'm considering what he told me. I understand that Menzies have said it is very unlikely that shareholders would be looked to it if all went badly wrong, I'll reflect on that some more.


First post on here so please bear with me and sorry if my questions sound slightly naive. I am a share holder and I was planning to vote for both resolutions, however, slightly concerned Menzies have said it is 'very unlikely that shareholders would be looked at if it all went badly wrong.' Does that by inference mean we could be gone after for costs if the action goes wrong? Any upside would be a bonus to me but I could not afford to lose a significant amount money at this moment in time. Could anyone clarify this point asap before I vote and would voting trigger this risk? Could further clarification be sought from Menzies ?

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Re: Core Blimey! Three enCores

#465626

Postby googly » December 14th, 2021, 1:11 am

Hello, this is also the issue for me, I'm inclined to vote yes but need to get comfortable with the risk . The joint liquidators say on page 9 of their letter that they "are obtaining after the event insurance which they consider will be sufficient to cover the adverse costs liability in the event that the claims are unsuccessful. As such, the Joint Liquidators consider it very unlikely that members will be asked to fund any adverse costs."

Now to me that looks fairly well short of a guarantee. It would be very useful if a guarantee of no adverse costs to members could be given, without this I'm hesitant about voting this through but you will want to make your own assessment.

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Re: Core Blimey! Three enCores

#465650

Postby UncleEbenezer » December 14th, 2021, 9:31 am

Lemonfool has a specific board for legal matters. Those who have posted concerns here might like to check and perhaps join this thread. Dod's post seems to support my view that what could incur liability is not voting but joining the action group.

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Re: Core Blimey! Three enCores

#465784

Postby dabhand » December 14th, 2021, 4:47 pm

Thank you. This is really helpful, I agree with your interpretation Uncle E

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Re: Core Blimey! Three enCores

#466352

Postby BusyBumbleBee » December 16th, 2021, 1:10 pm

Delight of delight ; YouInvest aka Sippdeal gave me the chance to vote this morning via one of their secure messages which read
Core VCT was placed into liquidation in April 2015. Following a series of cash distributions, these companies were formerly dissolved and any shares you held removed from your portfolio.

Further to this, a High Court order has been agreed to restore these companies and appoint new liquidators to investigate their previous affairs.

A shareholder meeting will be held on 20 December 2021 to seek approval to continue this new liquidation with the aim of potentially recovering further money for shareholders.

The resolutions to vote on are as follows:
1. That the Company should remain restored to the Register of Companies for the purpose of investigating the conduct of the managers and the former joint liquidators of the Company

2. That Laurence Pagden and Simon James Underwood of Menzies LLP are to continue to act as liquidators of the Company, and that any power required or authorised under any enactment by a liquidator can be exercised by any one or more of the Liquidators.

Submitting a vote:
You are invited to make your election below.

If you would like to vote for, against or abstain from voting for all of the proposed resolutions, you can enter your elections in this event.

If instead, you would like to split your votes, to be able to vote for, and/or against, and/or to abstain from voting across different resolutions, you will need to send a secure message, before the deadline, as below:
- in the ‘Subject’ field, please state: CORPORATE ACTION - Core VCT - 9687164
- specify the details of the meeting and how you would like to vote for each resolution.

Please copy and paste the below FAQ link into your web browser for more information on corporate actions:
https://www.ajbell.co.uk/sites/ajbell.c ... n_FAQs.pdf

IMPORTANT NOTE - If you have any questions or queries regarding this event, please send us a secure message and ensure you quote the following in the ‘Subject’ field: CORPORATE ACTION - Core VCT - 9687164

But - and there is always one of those, isn't there :( I got a system error when submitting the vote - will see what happens to the next message I sent them

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Re: Core Blimey! Three enCores

#466463

Postby timbo003 » December 16th, 2021, 6:08 pm

Good stuff BBB, lets hope the "but" gets sorted out before Monday 10:00

Meanwhile Nigel has written up a piece here (which is not behind a paywall)
https://www.shareprophets.com/views/596 ... d-vote-now

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Re: Core Blimey! Three enCores

#466585

Postby naflod » December 16th, 2021, 10:30 pm

Similar to BBB's experience, I have tried to vote on my shares held by AJ Bell and just get the message "Application Error. Please try again."

Trying again, merely gets the same result.

naflod


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