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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.

Kidman
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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.

Kidman
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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

Karellan
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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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