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Pembroke VCT

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
barchid
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Pembroke VCT

#432011

Postby barchid » August 2nd, 2021, 11:57 am

A very nice increase in nav was announced Friday morning, up about 8.5p on the B shares.
Market price is only today now reflecting this new 119.3p nav with shares up 8p to 111-114. Impressive performance by this stock, especially considering the 11p in dividends paid out these last 12 months (3p & two specials of 4p each) considering it is weighted towards the consumer sector. I guess we could be looking at another special soon ?
A good way to start their September fundraise anyway.

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Re: Pembroke VCT

#441526

Postby Kidman » September 11th, 2021, 9:21 pm

The prospectus for their latest offer was launched on 8 September 2021.

barchid
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Re: Pembroke VCT

#488450

Postby barchid » March 23rd, 2022, 7:53 am

A superb rns today from Pembroke, Me & Em has been fully exited on 16.1 X, I believe it was valued in the last (September) accounts at about 6.6 times and was 5.2% of its assets then, so this is a serious uplift. Pembroke has a policy of paying out exits as dividends (this was reiterated in the recent webinar they gave).
Doubly impressive imho, is that this vct is consumer facing which one would not expect to do se well but with Pasta Evangelista & Plenish being sold last year it seems more than mere good fortune on the managers part.

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Re: Pembroke VCT

#488516

Postby Kidman » March 23rd, 2022, 10:21 am

Many thanks barchid for spotting that RNS.

For the last two years I have added to my Pembroke holding as soon as their offer does its first allotment and I plan to do the same next year. This VCT is maturing nicely now and showing that the Oakley group and the Wolfson family know about consumer facing businesses.

barchid
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Re: Pembroke VCT

#488536

Postby barchid » March 23rd, 2022, 11:26 am

My pleasure Kidman, btw did you see their recent webinar (sharesoc) now on you tube ?
I found it very illuminating & like yourself I have invested each year and my first purchase is coming up for its 5 year birthday soon.

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Re: Pembroke VCT

#488650

Postby SpinDoctor » March 23rd, 2022, 7:16 pm

Yes, Pembroke are quality, and an attractive sectoral foil to many other VCTs.
From the last report:
ME+EM Cost 955 Value 13,104 % of portfolio 8.2
So a modest uplift on that, but certainly a fair chunk of cash released.

barchid
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Re: Pembroke VCT

#488802

Postby barchid » March 24th, 2022, 9:58 am

Spindoctor
Your numbers are bang on, my apologies but am on holiday in S Africa presently and I took the numbers I stated off my phone but I was a column out, sadly.
Nevertheless as per their recent webinar they state that exits should be returned to shareholders, not to plump up the nav, so it could be a useful chunk of change coming in the shareholders direction soon.

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Re: Pembroke VCT

#488999

Postby 127tolmers » March 24th, 2022, 8:57 pm

If all returned looks like a 12p divi

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Re: Pembroke VCT

#489221

Postby Karellan » March 25th, 2022, 7:06 pm

Kidman wrote:For the last two years I have added to my Pembroke holding as soon as their offer does its first allotment and I plan to do the same next year. This VCT is maturing nicely now and showing that the Oakley group and the Wolfson family know about consumer facing businesses.


Agree , I have bought a bit for four years on the trot now. Its surprising how quickly they have gone from new kid on the block to 180M capitlisation. I wish that some of my other VCTs would put on weight as quickly. Oddly Pembroke breaks one of my fundamental investment rules and that is to avoid companies with glitzy annual reports.

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Re: Pembroke VCT

#499610

Postby Kidman » May 10th, 2022, 10:48 am

Pembroke has announced (RNS number 7996K) that its offer for subscription closed at noon yesterday with final allotment of shares on Friday.

Hopefully they will open another offer next September or thereabouts.

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Re: Pembroke VCT

#499625

Postby UncleEbenezer » May 10th, 2022, 12:02 pm

Karellan wrote:Agree , I have bought a bit for four years on the trot now. Its surprising how quickly they have gone from new kid on the block to 180M capitlisation.

Octopus Titan[1] was launched the year before I first discovered VCTs, and was one of my first investments. It too grew rapidly.

I recollect Foolish[2] speculation that launching a new VCT should be a serious uphill struggle, as most investors preferred the established choices with a ready-made dividend flow. The likes of Titan and Pembroke demonstrate that new VCTs can in fact not merely compete but thrive!

[1] Originally a series of VCTs, before they merged.
[2] That'll be TMF-era Foolish.

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Re: Pembroke VCT

#503589

Postby cprof » May 29th, 2022, 11:30 am

I subscribed for new shares in Pembroke B in this tax year. The share certificate arrive for shares issued 13/5/22, but there was no income tax relief certificate nor any other documentation in the envelope. I cannot recall this happening with any other new share issue. Did this happen to anyone else or did you get your tax relief certificate?

Thanks for any help.

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Re: Pembroke VCT

#503602

Postby Kidman » May 29th, 2022, 12:41 pm

cprof wrote:Did this happen to anyone else or did you get your tax relief certificate?

I subscribed at the beginning of the recent fundraising and it all went very smoothly, a fairly quick allocation, certificate and tax certificate sent to me very promptly, and then I was in time for a dividend.

Are you registered for electronic communications? If so I believe that may be the answer, the tax certificate could be made available to you via your online access.

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Re: Pembroke VCT

#503607

Postby Seasider » May 29th, 2022, 1:33 pm

My IT certificate came with an email notifying me of the allotment of the shares. You may want to check the attachments to that email if you still have it.

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Re: Pembroke VCT

#503656

Postby SpinDoctor » May 29th, 2022, 7:13 pm

Yes. I was sent hard copy of share cert, one week after receiving an email as below that included tax relief cert as an attachment.

Accordingly, we are pleased to enclose the income tax relief certificate relating to your investment. You should retain this
certificate to assist you in completing your tax return for the year ending 5 April 2023 or as evidence in support of a request to
amend your tax code.
If you have received this letter via email, we will issue your share certificate in the post within ten working days of the allotment
date. If you have received this letter via post, your share certificate is enclosed. Alternatively, if you requested your shares be
issued to a nominee, please contact your nominee for a statement of share ownership in the Company.

cprof
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Re: Pembroke VCT

#503702

Postby cprof » May 30th, 2022, 8:33 am

Thank you everyone, most helpful. Obviously I should have received an E mail with the tax certificate,,,which I did not. So, now I must test the registrars customer service!!

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Re: Pembroke VCT

#503774

Postby cprof » May 30th, 2022, 2:14 pm

Excellent service from City registrars ITRC sent within a couple of hours of my E mail request

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Re: Pembroke VCT

#504500

Postby Karellan » June 2nd, 2022, 8:30 pm

cprof wrote:Excellent service from City registrars ITRC sent within a couple of hours of my E mail request

I have been often impressed by their service.

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Re: Pembroke VCT

#510488

Postby barchid » June 29th, 2022, 3:01 am

Annual results came out as RNS after hours, to me they look good, net assets now £200m, they scaled up very swiftly, divi increased from 3p to 5p and the latter is now their target dividend.
A profitable recent exit from Me & Em enables them to "assess further share buy backs". This has been a good performing vct since its start up and encouragingly their management team has been pretty much unchanged since my first purchase 4 years ago.

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Re: Pembroke VCT

#510491

Postby bnmlp » June 29th, 2022, 6:23 am

Plus 5p divi this July from the divestment.


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