Fund raising 2017 /2018

[Retiringat51]

I believe there are many pigeon fanciers in the north east, so travel express to avoid disappointment

https://youtu.be/sj6-LG5VpGk

[naflod]

Does it state the launch date - so we can book our train tickets?

No date given, just expected to be in September.

naflod

[BusyBumbleBee]

Get ready...
on your marks....

Go - prospectus published today

[UncleEbenezer]

Get ready...
on your marks....

Go - prospectus published today

Erm, who, what, where?

I was on the point of checking the train times to Newcastle[1] when I turned back to your earlier post and find it's about Albion[2]. I see nothing on Albions's website. Nor in RNS, nor Clubfinance.

There's a lot of announced capacity in this year's VCT offers. And several of them look big enough to absorb any likely initial rush. Sit back and relax.

[1] If I were rushing to the station instead of posting here, I could be there at 18:40[3].
[2] OK, that's London. Could get there within office hours today (13:44)[3].
[3] Not that I was seriously considering any such thing.

[CrackAddick]

There looks to be some info on the Albion offer prospectus publication per below;.

https://globenewswire.com/news-release/ ... ectus.html

[Retiringat51]

He that outlives this day, and comes safe home,
Will stand a tip-toe when the day is named,
And rouse him at the name of Crispian.
He that shall live this day, and see old age,
Will yearly on the vigil feast his neighbours,
And say 'To-morrow is Saint Crispian:'
Then will he strip his sleeve and show his scars.
And say 'These wounds I had on Crispin's day.'
Old men forget: yet all shall be forgot,
But he'll remember with advantages
What feats he did that day: then shall our names.
Familiar in his mouth as household words

[CrackAddick]

Details now on Albions own website;

https://www.albion.capital/current-offers

[BusyBumbleBee]

Interestingly the prospectus or "securities note" contains this new risk factor - a somewhat worrying warning

Investors should also note the consultation entitled ‘Financing growth in innovative firms’, which forms part
of the ‘Patient Capital Review’ and was published in August 2017.The consultation is designed to review the
options for ensuring access to long-term investment for innovative firms, including the effectiveness of existing
interventions (which include VCTs) and the degree to which they continue to be appropriately targeted. Any
decision on the allocation of resources across existing and new programmes which arise out of the consultation
are likely to be made in the Autumn Budget, which is expected in late November or early December. Investors
should note that this could have an effect on the investment policies of the VCTs, and on the levels of tax reliefs that
are available.

That in itself should concentrate the mind and encourage early investment. My guess is that AAVC will fill very quickly.

[UncleEbenezer]

They've got competition!

Mobeus family prospectus out today too. With their stellar performance over the past four or five years, that could be a bellweather for investor sentiment.

[BusyBumbleBee]

They've got competition!

Mobeus family prospectus out today too. With their stellar performance over the past four or five years, that could be a bellweather for investor sentiment.

from Wikipedia, UncleE

Bellwether. ... The term is derived from the Middle English bellewether and refers to the practice of placing a bell around the neck of a castrated ram (a wether) following the flock of sheep. The movements of the flock could be noted by hearing the bell when the flock was not in sight.

I fear that the VCTs are the castrated rams and the investors are the flock of sheep.

[UncleEbenezer]

I fear that the VCTs are the castrated rams and the investors are the flock of sheep.

You have little faith in Mobeus? IGV's dividend of a week ago made it the first VCT to reach pure profit (more back in dividends and tax break than I paid for it) in my portfolio. M1 follows this month.

I've been nervous about Mobeus: the way they've sailed so close to the wind regarding compliance with VCT rules. But it was never them who crossed the line: rather it was YFM that had to run all those votes to legitimise their errors retrospectively, and Oxford who stumbled into real trouble.

And you can't argue with that kind of performance. Nor with the way they foresaw the financial crisis and battened down the hatches. Nor how they reacted in good time to the latest rule changes by recruiting a growth investment team including famously poaching Trevor Hope from Beringea.

[Retiringat51]

The Tax Efficient Review Report - September 2017(available to download from the Mobeus website) is worth reading on the Mobeus Offer specifically, and also on some of the wider issues regarding the effect of the changes in the rules.

[naflod]

The Patient Capital Review is also covered in the tax considerations section of the Mobeus prospectus, plus the TER Report on the Mobeus fundraising highlighted by Retiringat51 (thanks) goes into greater detail plus quotes Mobeus' views on the likely outcomes as far as VCTs in general are concerned. It is probably too much to quote, but can be found on page 4:

https://www.mobeusequity.co.uk/files/do ... 017pdf/224

naflod

[sinterklaas]

It is probably too much to quote, but can be found on page 4:

Summary:


: )

[Retiringat51]

"Inconceivable "on the very day ministers are attempting to gain "sweeping powers" to make hasty, ill thought-out legislation.

Quite so.

What could go wrong?

[BusyBumbleBee]

I fear that the VCTs are the castrated rams and the investors are the flock of sheep.

You have little faith in Mobeus? IGV's dividend of a week ago made it the first VCT to reach pure profit (more back in dividends and tax break than I paid for it) in my portfolio. M1 follows this month.

Just at the moment UncleE I have little faith in virtually all new issues. The rules have been changed so much since I first started investing in VCTs in 1996 that I am no longer confident that most management groups can make a good profit for investors - particularly as they charge a fee on cash held which is a tremendous drag on NAV. In the early day when interest rates were high this drag was less apparent.

My initial investments were at 40 pence per share (rollover of CGT was allowed then) and some paid back very quickly and some continue to pay back 5 p per share every year which on 40p is not bad. But none of them have paid back as well as conventional investments if you ignore the tax relief.

However, there was a period where VCT shares were in the doldrums - and many sub standard VCTs were merged in with others. The initial investors often lost heavily and the more savvy among us bought at very distressed prices. I think we are about to enter such a period and I am keeping my powder dry for the next several years while things settle down.

I do have a few MOBEUS shares from when they took over another VCT - and they have done well in terms of dividends recently BUT I am not going to hold my breath waiting for them to pay back what they have already lost me - more if I was to sell them as I would have to pay back the CGT I rolled over.

So... I only looking at VCTs which are fully invested such as the ones invested in renewables - and others such as Albion and Chrysalis.

[marsupialjim]

since I first started investing in VCTs in 1996

Long in the tooth in VCT terms!

What were/was your first VCT(s)?

[BusyBumbleBee]

since I first started investing in VCTs in 1996

Long in the tooth in VCT terms! - What were/was your first VCT(s)?[/qu

* Close Bros - Now Albion
* British Smaller Companies
* Downing Healthcare - subsumed along with 20 others into Downing ~One. Sold this cos l Looked at the track record of Downing One
Guinness Flight - subsumed somewhere
Murray Two - subsumed into Crown Place

The three marked with an asterisk have done well Crown Place has done well since Albion took it over.-

[Karellan]

I too share some of BBBs concerns after all most of you will know that "When the ducks quack , feed 'em". I have got my yacht and intend to keep it.

As luck would have it my future VCT purchase needs are small in relation to my holdings and more than half of my holdings owe me nothing. The VCT future may go wrong but I doubt that it will go very wrong for me.

Looking back over the last 20 or so VCT years there have been a lot of 'slow' changes but change there has been. There were some shockers indeed and for some considerable time now we have not had a notable number of really poor VCTs , that may change.

I spend some time now thinking how things will pan out and usually they do so in ways that I did not think of. I feel that VCT life will trundle on slowly but it will be different in 10 years.

[Kidman]

My initial investments were at 40 pence per share (rollover of CGT was allowed then) and some paid back very quickly and some continue to pay back 5 p per share every year which on 40p is not bad. But none of them have paid back as well as conventional investments if you ignore the tax relief.

Guinness Flight - subsumed somewhere

I too started to invest in VCTS in the 1996/1997 financial year, having had over a decade of BES experience by then. However, I did not have any CGT to shelter so started with tax relief at 20%. It certainly didn't make up for the poor performance of many VCTs and that reminds me that in some ways the tax breaks for EIS are more favourable than for VCTs.

Looking back over those two decades of VCT investing, I have had plenty of conventional investments perform better after tax than any VCT. Hence I agree with the sentiment of those suggesting backing off from purchases for at least a while. I feel that the current point in the VC/PE cycle means that prices are getting too high for good investments. On the other hand this may mean more exits and special dividends, at least I hope so.

Guinness Flight is now part of Maven Income and Growth 4 (MAV4).