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Maven 5 Sale

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
scotia
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Maven 5 Sale

#144377

Postby scotia » June 7th, 2018, 9:47 pm

In my rotation policy of selling VCTs after their 5 year hold is complete, I have been trying to sell a Maven 5 holding since the beginning of the year. I transferred my certificate into my Charles Stanley Direct nominee account (5807 shares), and tried to sell the holding online as a Market order. But CS wouldn't accept a market order (the market size is 1000 shares), so I had to set an online Limit order - which I did at the bottom of the 10% spread. I tried this many times, since the limit order is only valid for a day, but always without success, although sporadically there appeared to be (other person's) sales at this level. When I placed the limit order again this morning, CS phoned me and told me that it was unlikely that these attempts would succeed, and they suggested that I place a telephone order with them. They would approach the only market maker (Shore?) with a proposed sale, and when Maven carried out its next buy-back, it was likely , but not guaranteed that my sale would be made. I agreed.
However a few hours later my sale was made (as a telephone order). It looks like some chin wagging has to go on to sell Maven 5 - online ordering does not appear to work.
Now back to the good news. I originally (31st July 2012) bought Maven 5 as a market purchase at a substantial discount to NAV - as advised in "Fill your boots time" by a Motley fool VCT contributor. To my shame I can't remember who. Then Maven organised a Buy-Back at NAV and Re-Sell as a new Issue (no longer allowed). So I got the tax return on the full NAV - much larger than my original purchase price. I have just computed these ill gotten gains. The XIRR is 32.78%, and the Overall percentage gain is 258.82% Many thanks to whoever provided the excellent advice. I'm only a bit sorry that I only filled up a little pair of slippers (one for myself and one for my wife). I wish I had used welly-boots.

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Re: Maven 5 Sale

#144565

Postby Kidman » June 8th, 2018, 5:11 pm

Over recent years, I've sold a few similar parcels of VCT shares including Maven 2 and 4.
I have always used Hargreaves Lansdown and as they want to see the certificate before trading, I do as you did and move it into their nominee account first.
They don't allow online VCT trading (to my knowledge) so I used to sell either straightaway by 'phone or they logged the sale request with the VCT's brokers and then sold at the next buy-back opportunity.
These days I sell them all by issuing an online 'bed and ISA' instruction whereby the cash proceeds go into my ISA. These deals are usually done a very short time after my instruction and without fees (unless the parcel is very small).


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