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Pembroke special dividend

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

#377762

Postby barchid » January 16th, 2021, 12:31 pm

Several people, including myself, have posted before on the fact that PEMB is a useful addition in a VCT portfolio as although they are very consumer facing it is all high end, so they seem to have a niche. They say in prospecti that they target 3p/3% annual divi & will repay disposals through a special divi, yesterday they announced that their £2m investment in Pasta Evangelists less than 2 years ago was sold this week for £4.5m to Barillo & they are paying out a 4p special (which is pretty close to their disposal figure).
I always like it when a company does exactly what they say they will do on the tin.

UncleEbenezer
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Re: Pembroke special dividend

#377765

Postby UncleEbenezer » January 16th, 2021, 12:41 pm

barchid wrote:I always like it when a company does exactly what they say they will do on the tin.

I'm surprised it can be high-end pasta if it comes in a tin!

Congratulations on your little windfall. Sadly missing from my portfolio.

barchid
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Re: Pembroke special dividend

#377783

Postby barchid » January 16th, 2021, 1:46 pm

Uncle
Very good !

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Re: Pembroke special dividend

#377874

Postby Kidman » January 16th, 2021, 5:49 pm

Many thanks barchid for the good news.

I first invested in Pembroke in the 2015/2016 fy and in the last few years they have been my only VCT top-ups.
They have had a write-off or two as any VCT has but this profitable exit and special dividend endorse their strategy.

127tolmers
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Re: Pembroke special dividend

#377951

Postby 127tolmers » January 16th, 2021, 11:17 pm

.....now if only they had used some of the windfall and put in a buyback policy to reduce the discount, they would have enhanced their reputation.

Kidman
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Re: Pembroke special dividend

#378016

Postby Kidman » January 17th, 2021, 1:09 pm

127tolmers wrote:.....now if only they had used some of the windfall and put in a buyback policy to reduce the discount, they would have enhanced their reputation.
Tolmers, it looks to me like the discount is less than 10% and has been for some time.
Surely, that is similar to many other VCTs and I think it is kept there by an existing buyout policy.

127tolmers
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Re: Pembroke special dividend

#378382

Postby 127tolmers » January 18th, 2021, 4:28 pm

Thanks K, I had missed the discount narrowing. I had also missed the Chairman's letter in the prospectus of Sept 2020.

Dear Investor, I am pleased to announce that Pembroke VCT plc has launched a new share offer to raise up to £40 million. After raising over £109 million since 2012, Pembroke has invested £74.4 million in 45 companies. The Board is pleased with the performance to date and the continued progress of the portfolio. The additional cash will allow the Company to grow its existing portfolio of investments, take advantage of a healthy pipeline of prospective investment opportunities and seek to embark on a share buyback programme.

Now to wait for the implementation.

barchid
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Re: Pembroke special dividend

#379000

Postby barchid » January 20th, 2021, 4:48 pm

Announced by Sharesoc today, they are doing a webinar for members & non members on Feb 2. Wolfson speaking so it should be of interest.

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Re: Pembroke special dividend

#382010

Postby ShareSocUK » January 29th, 2021, 4:44 pm

Hi all,

As mentioned, we are hosting a webinar with Andrew Wolfson, CEO & CIO of Pembroke which may be of interest.
It is next Tuesday and you can sign up on our events page on the ShareSoc site.

Hope it can be of use!

Karellan
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Re: Pembroke special dividend

#391504

Postby Karellan » March 2nd, 2021, 1:07 pm

It arrived today , very pleasing. I went for a third tranche a few months ago.

scotia
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Re: Pembroke special dividend

#391596

Postby scotia » March 2nd, 2021, 5:29 pm

Karellan wrote:It arrived today , very pleasing. I went for a third tranche a few months ago.

Pembroke dividend today, Baronsmead in a few days time, and good news from the Mobeus family on the launching of Virgin Wine on the AIM market.
As UncleEbenezer has suggested - its time to raise a glass :)

127tolmers
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Re: Pembroke special dividend

#405651

Postby 127tolmers » April 20th, 2021, 5:51 pm

https://www.investegate.co.uk/pembroke- ... 35210878W/

The Company announces that on 20 April 2021 it purchased 9,449,365 B Ordinary Shares for cancellation. The price paid was 103.74p per B Ordinary Share.

Following the cancellation of these shares, the Company's issued share capital will be 127,956,248 B Ordinary Shares


That's their first buyback and a very big one over 7% of shares at 5% discount. Well done, Pembroke.

barchid
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Re: Pembroke special dividend

#409443

Postby barchid » May 5th, 2021, 2:08 am

Story in today's Times says that Plenish, which Pembroke vct own 39% of, has been bought by Britvic.
No price mentioned but in the latest, half year accounts, they are valued at £9.2mill against cost of £3.4mill and being 8.1% of assets their largest holding. Clearly after the recent fund raise of PEMB, less their recent very substantial buyback, the current book valuation of Plenish will be less than 8.1% of the vct but hopefully the sale price will be rather higher than their current valuation.
Britvic has an RNS confirming their purchase but no price given, though further details are promised on May 18 in their interim results. Given that a 4p special divi was paid by PEMB a few months ago for the sale of Pasta Evangelists I guess we can look forward to more of the same ?
Wolfson & his team at Pembroke have certainly had a good start to 2021 & confirmed that PEMB is a little different to most other vct's.

sinterklaas
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Re: Pembroke special dividend

#410741

Postby sinterklaas » May 10th, 2021, 11:55 am

There are some details on the VCT’s website. 2.3x apparently…

https://www.pembrokevct.com/?portfolio=plenish

naflod
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Re: Pembroke special dividend

#410760

Postby naflod » May 10th, 2021, 1:24 pm

Plenish sale proceeds £8,900,000

Valuation at 30/09/20 in half year accounts £9,202,000.

No indication if there had been any change in the composite NAV figure at the end of December.

nalfod

barchid
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Re: Pembroke special dividend

#410785

Postby barchid » May 10th, 2021, 2:54 pm

@naflod
@sinterklaas
Thanks for picking that sale price up, it wasn't on the site when I was looking last week, it does rather imply that they are priced to perfection in their accounts though, doesn't it ?

barchid
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Re: Pembroke special dividend

#410794

Postby barchid » May 10th, 2021, 3:19 pm

One further comment on these website numbers I noted that my original post showed cost at £3.4m whereas todays website cost is showing at £3.9m, upon checking the Sep 2020 accounts it shows cost at £3.395m.
I also checked their November newsletter and although Plenish was written up in it there was no mention of a further £0.5m investment.
Accordingly I have emailed the fund manager asking what I am misunderstanding here, upon a reply I'll update you.

barchid
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Re: Pembroke special dividend

#410797

Postby barchid » May 10th, 2021, 3:29 pm

Well that was a swift reply from PEMB, it came back in 2 minutes, saying "all will be revealed in the new accounts but we put in a further £0.5m to capitalise on the growing market in nutmilks whilst we finalised the deal with Britvic".
So yes, I am happy with a realisation but think my comment of "priced to perfection" is even more relevant now we learn that we put in half a mill in order to sell at £8.9m againgst a book valuation, pre the cash injection of £9.2m ?

sinterklaas
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Re: Pembroke special dividend

#411098

Postby sinterklaas » May 11th, 2021, 4:44 pm

Another special on its way then – another 4p, to be paid in June.

https://www.londonstockexchange.com/new ... d/14972626

Not one of my holdings, but glad they are doing some exits now they've been around for 7-8 years.

barchid
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Re: Pembroke special dividend

#411101

Postby barchid » May 11th, 2021, 4:55 pm

RNS this evening, a 4p special divi being paid re Plenish sale, xd May 20, to be paid June 21.
Pleasingly the board are also proposing to pay the usual 3p divi, to go XD in Oct, payable Nov.
So that, with the 4p re Pasta Evangelist sale in Feb makes 11p for this year.
Not bad for a relatively young VCT


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