Draper Esprit VCT

[Bluestone77]

Elderstreet VCT (EDV) has been renamed Elderstreet Draper Esprit VCT. It is looking to raise £10 million with an over allotment facility of a further £10 million. Offer opened on 7th Dec 2017.
http://m.londonstockexchange.com/exchan ... 58299.html

[Karellan]

Looks like the dividend is down a bit however there is a year end change to cloud the issue. A few difficulties experienced in some of the investments. Early days I suppose with the Draper Esprit collaboration getting going.

[scotia]

Elderstreet VCT became Elderstreet Draper Esprit VCT, and has now become Draper Esprit VCT. Their circular of 23rd January 2019 has called a General Meeting to be held on 27th March 2019 with a sole proposal - namely to change the Investment Policy to that as described in the circular. Briefly, this new policy will predominantly involve the investment in unquoted companies in the technology sector. The change to predominantly investing in early stage companies is as expected - due to the new VCT rules. However the concentration on technology companies is new, although for the past two years Draper Esprit plc has provided deal flow of knowledge intensive, high growth technology business to the Company. So, in some respects, some of the change has already taken place.
I think I would have preferred the VCT to invest in the full universe of early stage companies - rather than just concentrate on those with a technology slant. However I don't feel strongly enough to vote against the resolution.

[Kidman]

I think I would have preferred the VCT to invest in the full universe of early stage companies - rather than just concentrate on those with a technology slant.

I do not hold Elderstreet but if I did I would not be too happy on a high-tech concentration.
It does allow them to invest larger sums but I would prefer to invest in those sort of companies via EIS or SEIS so I can claw back some part of the losses. For that I would look to a company such as Newable who offer funds or direct investment.

[scotia]

Elderstreet VCT became Elderstreet Draper Esprit VCT, and has now become Draper Esprit VCT.

And they have now (as of yesterday 25/7/19) changed their TIDM code from EDV to DEVC

[sinterklaas]

Elderstreet VCT became Elderstreet Draper Esprit VCT, and has now become Draper Esprit VCT.

And they have now (as of yesterday 25/7/19) changed their TIDM code from EDV to DEVC

And (ICYMI) they're planning to raise £20m this Autumn

Buoyed, I should imagine, by the experience of hitting their modest £7m fund raise target in a reasonable time frame in Spring, having had offers drag on unfilled in previous years.

[scotia]

"Venture Capital Reinvented" is the title of the Draper Esprit VCT plc Report and Accounts for the year ended 31 March 2019 which landed with a considerable thud through my letterbox a couple of days ago.
In view of their previous stated proposal to focus on technology, its hardly surprising that they have indeed done so!
As at 31 March 2019, the co-investment arrangements with Draper Esprit had already contributed £12.4 million of VCT Qualifying technology investments to the portfolio. In addition since the year end investments totalling £2.4 million have been made into four technology businesses, three of which are existing VCT portfolio companies. Also, at the date of this report a further £1.6 million has been committed to two new technology businesses
The report also makes clear the financial link between Draper Esprit and Elderstreet
Draper Esprit plc ("Draper Esprit"), a highly-regarded technology investment manager, has purchased 30% of Elderstreet Investments Limited ("Elderstreet") with a view to acquiring the remaining 70% in the future.
The net asset value and results are
As at 31 March 2019, the Company's Net Asset Value per share ("NAV") stood at 56.7p, representing an increase of 2.2p (3.8%) over the year after adding dividends paid.
A dividend of 1.5p is proposed for 25th October, and the discount at which shares are bought back has been reduced from 7.5% to 5% (approximately). This took effect from 1 April 2019.

[Karellan]

We seem to have a legacy portfolio that is worth less than cost and a new portfolio worth a bit more than cost. Some cash and plans for a lot more. I do hope that it starts to sparkle.