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Proven VCTs - Chargemaster disposal

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
james188
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Proven VCTs - Chargemaster disposal

#148816

Postby james188 » June 29th, 2018, 1:25 pm

I see that BP have announced that they are going to acquire Chargemaster - and Sky News reported a price of £130 million, although I don't think that the price has been officially announced. Another cracking deal for the Proven VCTs and Beringea. I have heard that the Proven VCT shareholding is around 8.5% (not sure about the Proven Growth percentage, but materially less) - which would result in crude terms in a payback to Proven VCT of around £11 million (gross).

As at 28 February, Proven VCT showed a cost price of £2.421 million and a valuation of £5.604 million. Proven Growth invested rather less - cost price of £1.079 million and valuation at 28 February 2018 of £2.498 million. So, looks like a very decent mark up on those last valuations. I guess we will get more accurate numbers in an RNS and/or the next interim management statements.

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Re: Proven VCTs - Chargemaster disposal

#148927

Postby Agrajag » June 29th, 2018, 7:50 pm

Hello all,

I've been a long time lurker on both this and the Motley Fool board but can now set up an account. So firstly many thanks to all of you for your posts over the years.

Having checked both annual reports ProVen held 8.5% of the share capital of Chargemaster (valued at c.£5.6m representing 5.5% of the portfolio) and PGI held 3.7% (valued c.£2.5m - 2.4% of the portfolio) which would suggest a valuation of approximately £65 million was used in the reports, so it looks like the deal is for roughly double the last valuation (unfortunately I only hold PGI).

Cheers.

londoninvestor
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Re: Proven VCTs - Chargemaster disposal

#149055

Postby londoninvestor » June 30th, 2018, 2:10 pm

Hopefully a nice special dividend beckons from Watchfinder and this :)

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Re: Proven VCTs - Chargemaster disposal

#149063

Postby UncleEbenezer » June 30th, 2018, 2:44 pm

Agrajag wrote:I've been a long time lurker on both this and the Motley Fool board but can now set up an account. So firstly many thanks to all of you for your posts over the years.

Welcome. Were you holding back in case Arthur Dent put in an appearance?
(unfortunately I only hold PGI).
Cheers.

Likewise (misery welcomes company). Victim of the six-month rule: I bought more PGI, and couldn't sell it to keep the holding in balance so sold PVN instead. Just before PVN's performance started to pull firmly ahead. And my original holdings in both were those ill-fated D shares :(

Anyone wanting to avoid the jinx, I still hold PGI but not PVN.

james188
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Re: Proven VCTs - Chargemaster disposal

#149153

Postby james188 » June 30th, 2018, 9:07 pm

Swings and roundabouts! PGI holders did much better with the SD payment last November due to the weight of holdings, although it looks as if the realisations this year will generate a much increased SD later this year for PVN holders - if the deals actually close. I hold both in more or less a 50/50 split, so I am agnostic. Generally, Proven are having a very good year - aside from the Maplin write off.

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Re: Proven VCTs - Chargemaster disposal

#149199

Postby Karellan » July 1st, 2018, 7:40 am

I , as did UncleE , held the sad D shares too but have bought both main issues since in 50:50 proportions as I think that they were already well set up for the new patient regulatory regime. I dimly recall that the 'D' share issue was not well supported by the directors and the like. A long time before that the original (very small) issue did actually very well and produced enviable returns on more than one years. I have always found it odd that there is so much difference between these two stablemates.

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Re: Proven VCTs - Chargemaster disposal

#155578

Postby Mainwaring » July 27th, 2018, 1:01 pm

https://www.investegate.co.uk/proven-vc ... 2713H7688/
Understated Quarterly update from these chaps. Keeping us guessing on any special in due course when all the Watchfinder money is in but 10-15p would be a good start. Hope they can keep it up. Well done Proven/Beringea.

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Re: Proven VCTs - Chargemaster disposal

#155611

Postby james188 » July 27th, 2018, 2:30 pm

Well done indeed. The Watchfinder deal has closed, but I have not seen any announcement that the Chargemaster deal has also reached close, so I am not clear if the figures given in the Investment Disposals section of the IMS relate to the contractual payment due, rather than funds actually received.

Whilst the Chargemaster deal is very good news, the Watchfinder deal is where the spectacular gain has been secured. It must be a leading candidate for VCT realisation of the year. I attempted to quantify the likely impact of this deal for PVN in a separate post (144649) on the Proven VCT NAV uplift thread. I am hoping that all the gains from these deals are dividended out to existing PVN shareholders ahead of any fund raising later in the year. We had to wait until mid-October last year for the two Proven VCTs to announce the quantum of the special dividends and they were actually paid out in mid November. There is clearly scope to improve on those dates (and obviously the size of the SD) this year.

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Re: Proven VCTs - Chargemaster disposal

#155776

Postby londoninvestor » July 28th, 2018, 11:17 am

james188 wrote: Whilst the Chargemaster deal is very good news, the Watchfinder deal is where the spectacular gain has been secured. It must be a leading candidate for VCT realisation of the year.


Indeed, and as Watchfinder is sponsoring the Tour de France coverage on ITV4, I get a pleasing reminder of it when I watch the highlights every evening ;)

james188
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Re: Proven VCTs - Chargemaster disposal

#161066

Postby james188 » August 21st, 2018, 4:01 pm

It has yet to be reported with any prominence - probably because it is a fairly small deal for BP - but they did confirm in a fairly recent filing that they completed the acquisition of Chargemaster in July 2018 and that the price paid was indeed £130 million. I guess that there might be a retention of some of that sum for potential warranty claims and the like, but it will still generate significant cash for the Proven VCTs.

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Re: Proven VCTs - Chargemaster disposal

#175986

Postby scotia » October 24th, 2018, 1:50 pm

From today's half year reports:-

Proven Growth & Income VCT (PGOO)
The Board has today declared a special interim dividend of 4.5p per share which will be paid on 30 November 2018 to shareholders on the register at 2 November 2018. This dividend broadly equates to the realised capital profits on the the realisations of Watchfinder and Chargemaster and represents a cash return of 6.2% on the opening NAV per share at 1 March 2018.

Proven VCT (PVN)
The Board has today declared a special interim dividend of 25.25p per share which will be paid on 30 November 2018 to shareholders on the register at 2 November 2018. This significant dividend reflects the substantial profits crystallised on the realisations of Watchfinder and Chargemaster. The dividend represents a cash return of 25.3% per share on the opening NAV per share at 1 March 2018.

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Re: Proven VCTs - Chargemaster disposal

#178708

Postby runnygum » November 7th, 2018, 9:28 am

Jolly nice xmas dividends there especially PVN!


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