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EDGE VCT

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

#59045

Postby longtermreturns » June 9th, 2017, 8:25 pm

Annual report out. I'm reading through it this weekend, and will try to post some thoughts. Another significant reduction in the NAV of the I shares is immediately apparent though.

Retiringat51
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Re: EDGE VCT

#69538

Postby Retiringat51 » July 25th, 2017, 8:56 pm

I received AGM voting papers today.

I will be voting AGAINST resolutions (2) approval of director's remuneration policy, (3) director's remuneration for y/e 28/2/17 (4) re-election of Sir Robin Miller as director and (4) re-election of David Glick as director.

The individuals concerned ought to be thoroughly ashamed of the Edge outcome.

https://youtu.be/fsXoMS9-xxg

127tolmers
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Re: EDGE VCT

#74666

Postby 127tolmers » August 15th, 2017, 7:16 pm

Anyone going to the AGM on Thurs?

Somewhat unusual not to issue AGM agenda with the annual report. 10.00 start is not exactly investor friendly.

LTR still awaiting your thoughts!

ali1947fish
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Re: EDGE VCT

#74878

Postby ali1947fish » August 16th, 2017, 3:24 pm

i have voted against all resolutions apart form the auditor- and i hope to attend the agm -so perhaps see you there Tolmers!

Converse
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Re: EDGE VCT

#76393

Postby Converse » August 22nd, 2017, 9:36 pm

Hi, did anyone attend the AGM? Although all votes passed, I'd be interested in how they justified their performance?

127tolmers
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Re: EDGE VCT

#92426

Postby 127tolmers » November 1st, 2017, 5:39 pm


Retiringat51
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Re: EDGE VCT

#92440

Postby Retiringat51 » November 1st, 2017, 7:00 pm

What more could there possibly be?

https://youtu.be/nWoCJjz6He8

Converse
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Re: EDGE VCT

#92581

Postby Converse » November 2nd, 2017, 12:35 pm

EGDI Nav of 43.94p at 31 Aug 2017 with share price of 29p shows how underwhelming this has been and continues to be.

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Re: EDGE VCT

#92591

Postby baronspill » November 2nd, 2017, 12:58 pm

Seems to be a high risk (high reward?) single company punt on Coolabi with hefty charges eroding the accounting NAV year on year at a moderate to high pace.

Judging by their financials and news flow Coolabi seems to have turned things around after being distracted with offers for the business a couple of years' ago. Margins have benefited from the depreciated pound sterling (costs) vs the dollar / euro (income). So good news could eventually come to long suffering shareholders.

Reading between the lines, don't expect an exit from Coolabi any time soon, it's most likely to be within 2-5 years, subject to all going well and the exit happening before the next recession.

marben100
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Re: EDGE VCT

#92884

Postby marben100 » November 3rd, 2017, 1:18 pm

Mark Lauber has posted some comments on the appalling governance of this VCT here: https://www.sharesoc.org/blog/vcts/edge ... pair-rnss/

Retiringat51
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Re: EDGE VCT

#94052

Postby Retiringat51 » November 8th, 2017, 7:35 am

Roger Lawson's comment in response:

"The Edge VCT is a great example of how VCTs can deliver appalling performance and yet still stay in business because the manager effectively dominates or “captures” the board. Or the board simply refuses to face up to the fact that change is required and they should depart. It is this kind of VCT that negatively affects the reputation of the whole sector, which is a pity as some VCTs are very good investments for certain types of investors."

Retiringat51
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Re: EDGE VCT

#94059

Postby Retiringat51 » November 8th, 2017, 8:07 am

The Directors are listed in the Half Year Report as:

Sir Robin Miller (Chairman)
Terry Back (appointed 17 August 2017)
Kevin Falconer (resigned 17 August 2017)
Lord Flight
David Glick

The Edge Investments website is off-line at present pending a "new web-site coming soon", but according to Companies House the Directors of Edge Investments Limited (the Manager) are David Glick, Harvey Goldsmith, Charles Miller Smith and Gordon Power.

There have been 7 officer resignations from the Manager, 6 of which have occurred in the last 3 years.

127tolmers
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Re: EDGE VCT

#94073

Postby 127tolmers » November 8th, 2017, 8:58 am

Companies House for Edge VCT plc has the directors as stated in the half year accounts and the recent change was promptly notified.

There may be other complaints bot not on this score.

Retiringat51
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Re: EDGE VCT

#94089

Postby Retiringat51 » November 8th, 2017, 10:14 am

127tolmers

The point was that David Glick is on the boards of both the VCT and the Manager; not that there is any misrepresentation about the identity of the directors of the VCT.

127tolmers
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Re: EDGE VCT

#100004

Postby 127tolmers » November 29th, 2017, 5:37 pm

https://www.investegate.co.uk/aim/rns/s ... 15018567X/

Could be interesting for Edge who own up to 3.6%

Retiringat51
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Re: EDGE VCT

#100082

Postby Retiringat51 » November 30th, 2017, 1:45 am

127tolmers wrote:Could be interesting for Edge who own up to 3.6%


Footnote 4 of the announcement states that the 3.6% holding is spread between Edge Performance VCT and Edge Investments Limited (the Manager of the VCT).

Mirriad represents just 0.2% of the Edge Performance VCT I share portfolio according to the most recent financial information (as at 28 February 2017) shown on the new Edge website.

Could be interesting for Edge, nonetheless.

127tolmers
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Re: EDGE VCT

#105517

Postby 127tolmers » December 21st, 2017, 11:02 am

https://www.investegate.co.uk/chrysalis ... 2953H7088/

Valuation increases on venture capital investments totalled £1.8 million, including a £1.2 million uplift on Zappar Limited, an augmented reality solutions business, to bring the valuation in line with that of third parties. Coolabi Group Limited, an international media group, was also uplifted in value by £550,000, representing the premium on the loan notes held by the VCT.

127tolmers
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Re: EDGE VCT

#110715

Postby 127tolmers » January 15th, 2018, 4:39 pm


naflod
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Re: EDGE VCT

#110722

Postby naflod » January 15th, 2018, 5:10 pm

I wonder if anyone will actually subscribe.

In the document they assume an issue price of 62.94p per share which, after 30% tax relief, gives a net price of 44.06p.

The offer price is currently 42.0p!

Subscription to Edge H is the one subscription that I kick myself for, wanting diversification and thinking that they may be better spotting long term investments than they had been with limited life issues, especially being optimistic about Coolabi.

naflod

Retiringat51
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Re: EDGE VCT

#110736

Postby Retiringat51 » January 15th, 2018, 5:49 pm

naflod wrote:I wonder if anyone will actually subscribe.


On the merits of past performance, a zero uptake would be appropriate.

Pure belter if that should transpire :lol:


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