Pembroke VCT

[barchid]

Numbers out last night, quite impressed, the B shares are now about 42 million which is starting to give them scale, especially when you add in the original shares.
Nav up over 7p (by their valuations, divi is 3p again, but to be fair they make it clear in their prospectus that they target 3p, not higher.
Although one would assume that consumer facing businesses are a dire place to place cash at present, the fact is PEMB invests typically in very high end offers.

[scotia]

Numbers out last night, quite impressed, the B shares are now about 42 million which is starting to give them scale, especially when you add in the original shares.
Nav up over 7p (by their valuations, divi is 3p again, but to be fair they make it clear in their prospectus that they target 3p, not higher.
Although one would assume that consumer facing businesses are a dire place to place cash at present, the fact is PEMB invests typically in very high end offers.

I dipped my toe into PEMB on its first issue - chiefly because it seemed "different" and so diversified my holdings in other VCTs. I must admit I was a bit sceptical about some of the "high end" businesses it invested in - but it seems to be working.

[Karellan]

I have just created an online account with The City Partnership registrars for my ancient Ventus shares. I enquired and it seems to be possible to create a Pembroke account with the City Partnership and I have started the process with a token that the registrars sent me. I have only recently acquired some Pembreke VCT shares and I dont think there was any mention of an online presence when they arrived as I am sure that I asked them then.

If it is of interest to you :-

registrars@city.uk.com

[Kidman]

Pembroke should be opening their 2019/2020 and 2020/2021 offer of 'B' shares in a month or two.
In the meantime the original ordinary shares may be an opportunity for second-hand purchases. PEMV are quoted 99-103p and their NAV in the recently issued annual report is 138.27p.

[scotia]

Pembroke should be opening their 2019/2020 and 2020/2021 offer of 'B' shares in a month or two.
In the meantime the original ordinary shares may be an opportunity for second-hand purchases. PEMV are quoted 99-103p and their NAV in the recently issued annual report is 138.27p.

Strange - this discount is quite different from that of the "B" shares - where the NAV is 111.9p and the quoted price is 105-108p.

[barchid]

Scotia
That is true, but I believe these earlier Pembroke vct shares are largely held by Oakley insiders, trade very little, or "by appointment" and have some more mature assets which were bought before the B's were issued. Additionally although the PEMV show some trades recently of up to 15,000 in recent weeks the actual market makers size in this variety is sometimes as small as 100 shares !
A cynic might wonder if the reason the B shares are reasonably close to their nav is because there is an offer for more shares pending ?

[scotia]

A cynic might wonder if the reason the B shares are reasonably close to their nav is because there is an offer for more shares pending ?

I had reached a similar conclusion

[pbarne]

Offer now open - as predicted
I have some and might add. Is anyone else thinking of doing the same?

[barchid]

pbarne
I have participated in the last 2 offers and am tempted to have a modest bite again in this offer. Like many fools I am rather nervous on the prospects of vct's generally under the new rules but PEMB has always operated in a way which was compliant with new rules before they were mandatory.
It gives a little bit of diversity to my existing main holdings which are split between aim & generalist.
Pembroke is interesting to me because it is in a largely out of favour area, (consumer facing), but at the high end of that market.

[Karellan]

If Pembroke become a reasonably successful VCT then they will presumably have to pay out more than 3P when they make any significant gains from disposals. That is the case is it not ?

[barchid]

Karrellan
That is what I understand it says in their current prospectus, p19. They target 3p annually, with "net receipts of any disposals paid out most likely as a tax free special dividend".