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VCT Cash Piles

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
naflod
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VCT Cash Piles

#12208

Postby naflod » December 5th, 2016, 5:41 pm

After a lot of fun on the testing page (an excellent feature when trying to sort something out) and sage advice from kiloran, here is my latest update:

Code: Select all

                                     Invs (exc
                  fund               int bearing            6m       12m       6m       12m       war
                  raising Date       parked cash)  Cash     Pipeline Pipeline  realised realised  chest         years
2016              £m                 £000's        £000's   £000's   £000's    £000's   £000's    £000's
Baronsmead VT             30/09/2016 128,261       21,591            4,475              15,494          21,591  4.82
Baronsmead 2VT            30/09/2016 116,579       24,110   1,512              6,191                    24,110  7.97
Br Smaller Cos    3.8     31/03/2016 58,790        36,120            5,400              13,700          39,920  7.39
Br Smaller Cos 2          30/06/2016 35,792        20,006            1,100              2,378           20,006  18.19
Chrysalis                 30/04/2016 17,573        7,351    605                1,600                     7,351  6.08
Crown Place               30/06/2016 30,296        6,896             4,556              2,879            6,896  1.51
Downing One               31/03/2016 65,445        26,713            21,456             27,448          26,713  1.25
Edge H                    31/08/2016 3,171         2,112    500                0                         2,112  2.11
Maven 4 VCT               30/06/2016 27,891        4,471    1,048              1,011                     4,471  2.13
Maven 5 VCT               31/05/2016 24,953        516      497                3,024                        516 0.52
Mobeus I&G 2              30/09/2016 22,797        18,202   374                59                       18,202  24.33
Northern VT               30/09/2016 69,226        8,552             6,200              11,100           8,552  1.38
Northern VT 2             30/09/2016 60,991        11,093   5,000              4,400                    11,093  1.11
Northern VT 3             30/09/2016 68,849        1,542    4,700              3,300                     1,542  0.16
ProVen                    31/08/2016 63,836        36,329   3,290              6,269                    36,329  5.52
ProVen G&I                31/08/2016 62,184        10,578   2,780              7,265                    10,578  1.90
Albion VCT                30/09/2016 51,672        6,706    4,373              318                       6,706  0.77
Albion Dev                30/06/2016 32,509        10,954   1,025              491                      10,954  5.34
Albion Enterprise         30/09/2016 35,719        8,629    2,135              473                       8,629  2.02
Albion Tech&Gen           30/06/2016 53,517        8,987    1,855              1,196                     8,987  2.42
Foresight 1 Ord           30/06/2016 60,329        32,017   0                  92                       32,017
Income & Growth           31/03/2016 42,174        32,982   4,440              5,674                    32,982  3.71
Mobeus I&G                30/06/2016 37,886        30,667   1,690              2,250                    30,667  9.07
Mobeus I&G 4              30/06/2016 28,669        11,378   1,310              1,640                    11,378  4.34
Octopus Titan             30/04/2016 188,265       113,465  19,900             47,107                 113,465   2.85
 
                  3.8                1,387,374     491,967  57,034   43,187    92,360   72,999    495,767       3.15


British Smaller Co's and Income & Growth are overdue for publishing September figures, but I wanted to get the latest table up, to get it going here on The Lemon Fool.

Baronsmead 2 published 9 month figures, so I weighted them into the 6 month column.

The average time required is 3 years 2 months, but that is definitely still being skewed by the fund managers adjusting to the new rules. this applies to such an extent with Foresight 1 that they had no new investments in the last six months!

Apologies to those who wanted names on the right as well in the past, but there is a width limit that tips on to the next line.

As ever, please let me know if you spot any errors

naflod

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Re: VCT Cash Piles

#12211

Postby naflod » December 5th, 2016, 5:48 pm

I have just discovered that by clicking on select all at the top of the table, then opening notepad, it can be pasted in, to be viewed in full rather than needing to scroll and losing the headings.

naflod

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Re: VCT Cash Piles

#12375

Postby Karellan » December 6th, 2016, 8:49 am

naflod , much appreciated as always.

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Re: VCT Cash Piles

#12392

Postby BusyBumbleBee » December 6th, 2016, 9:39 am

:D Very much appreciated as always :D Comes out even better than it did in the other place and fits on the page without the end column of names - ability to copy brilliant - thanks for pointing it out.

Shows just how much cash the Brit Smaller Cos VCT has - so it can/must make that distribution for the sale of Go Outdoors

Many thanks - BBB

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Re: VCT Cash Piles

#14964

Postby naflod » December 14th, 2016, 11:23 am

Here is the update to take account of the British Smaller Cos and Downing One six month figures:

Code: Select all

                               Invs (exc
                  fund               parked             6m       12m       6m       12m       war
                  raising Date       cash)     Cash     Pipeline Pipeline  realised realised  chest   years
2016              £m                 £000's    £000's   £000's   £000's    £000's   £000's    £000's
Baronsmead VT             30/09/2016 128,261   21,591            4,475              15,494    21,591  4.82
Baronsmead 2VT            30/09/2016 116,579   24,110   1,512              6,191              24,110  7.97
Br Smaller Cos            30/09/2016 62,672    29,544   1,376              847                29,544  10.74
Br Smaller Cos 2          30/06/2016 35,792    20,006            1,100              2,378     20,006  18.19
Chrysalis                 30/04/2016 17,573    7,351    605                1,600              7,351   6.08
Crown Place               30/06/2016 30,296    6,896             4,556              2,879     6,896   1.51
Downing One               30/09/2016 87,644    8,118    25,577             5,549              8,118   0.16
Edge H                    31/08/2016 3,171     2,112    500                                   2,112   2.11
Maven 4 VCT               30/06/2016 27,891    4,471    1,048              1,011              4,471   2.13
Maven 5 VCT               31/05/2016 24,953    516      497                3,024              516     0.52
Mobeus I&G 2              30/09/2016 22,797    18,202   374                59                 18,202  24.33
Northern VT               30/09/2016 69,226    8,552             6,200              11,100    8,552   1.38
Northern VT 2             30/09/2016 60,991    11,093   5,000              4,400              11,093  1.11
Northern VT 3             30/09/2016 68,849    1,542    4,700              3,300              1,542   0.16
ProVen                    31/08/2016 63,836    36,329   3,290              6,269              36,329  5.52
ProVen G&I                31/08/2016 62,184    10,578   2,780              7,265              10,578  1.90
Albion VCT                30/09/2016 51,672    6,706    4,373              318                6,706   0.77
Albion Dev                30/06/2016 32,509    10,954   1,025              491                10,954  5.34
Albion Enterprise         30/09/2016 35,719    8,629    2,135              473                8,629   2.02
Albion Tech&Gen           30/06/2016 53,517    8,987    1,855              1,196              8,987   2.42
Foresight 1 Ord           30/06/2016 60,329    32,017                      92                 32,017
Income & Growth           31/03/2016 42,174    32,982   4,440              5,674              32,982  3.71
Mobeus I&G                30/06/2016 37,886    30,667   1,690              2,250              30,667  9.07
Mobeus I&G 4              30/06/2016 28,669    11,378   1,310              1,640              11,378  4.34
Octopus Titan             30/04/2016 188,265   113,465  19,900             47,107             113,465 2.85
 
                  0.0                1,413,455 466,796  83,987   16,331    98,756   31,851    466,796 2.53


Interestingly, the massive level of investment by Downing One has offset the slow progress of others and brought the overall average down to two and a half years' cash and back within the three year limit.

It will be interesting to look back in the future to see how Downing fare; the phrase "fools rush in where angels fear to tread" looms large in the mind, but then they may end up looking like geniuses by taking advantage of the situation whilst others dithered.

naflod

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Re: VCT Cash Piles

#18456

Postby naflod » December 28th, 2016, 9:29 pm

I found it interesting in the Investment Management Report in the Chrysalis VCT year end accounts published last week that there was the following paragraph:

As well as making new investments more difficult, the new rules have dramatically reduced the pool of potential investee companies, however, there remains substantial cash in VCTs looking for a home. Consequently, competition for deals is fiercer and investment terms are inevitably less attractive. Although the new rules emulated from Brussels, it is unlikely that they will be substantially changed in the medium term despite Brexit.
Chrysalis VCT plc remains fortunate that we are fairly fully invested and is therefore not under pressure to make new investments. We do, of course, continue to look for new opportunities and to work with the portfolio in order to finance their growth where it is allowed.


They spell out the substantial cash pile and the knock on effect of having to settle for less attractive terms in order to secure deals.

Their claim to be "fairly fully invested and is therefore not under pressure to make new investments" may however, appear to be a little disingenuous as, at their recent rate of investment it will take over 8 years to fully invest their cash pile. On the other hand, looking at the ratio of VC investments to investments plus cash and parked cash they are 74% invested, so exceed the 70% rule.

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Re: VCT Cash Piles

#20544

Postby naflod » January 5th, 2017, 9:14 pm

My poll has had its week run and has come out in favour of continuing posting on this thread.

Since the last update there have been results from Income & Growth and Chrysalis, plus the start of notifications on Clubfinance of amounts raised in the current offerings:

http://www.clubfinance.co.uk/VCT-funds-raised.php

A change that I have made to the layout is to sort them into alphabetical order, rather than my traditional my holdings followed by Mrs naflod's holdings, but now made possible by the wonderful table posting macro, available on the link below along with other useful resources:

http://lemonfoolfinancialsoftware.weebl ... neous.html

Code: Select all

                                     Invs (exc
                  fund               parked             6m       12m       6m       12m       war
                  raising Date       cash)     Cash     Pipeline Pipeline  realised realised  chest   years
2016              £m                 £000's    £000's   £000's   £000's    £000's   £000's    £000's
Albion Dev                30/06/2016 32,509    10,954   1,025              491                10,954  5.34
Albion Enterprise         30/09/2016 35,719    8,629    2,135              473                8,629   2.02
Albion Tech&Gen           30/06/2016 53,517    8,987    1,855              1,196              8,987   2.42
Albion VCT                30/09/2016 51,672    6,706    4,373              318                6,706   0.77
Baronsmead 2VT            30/09/2016 116,579   24,110   1,512              6,191              24,110  7.97
Baronsmead VT             30/09/2016 128,261   21,591            4,475              15,494    21,591  4.82
Br Smaller Cos            30/09/2016 62,672    29,544   1,376              847                29,544  10.74
Br Smaller Cos 2          30/06/2016 35,792    20,006            1,100              2,378     20,006  18.19
Chrysalis                 31/10/2016 17,811    6,318             755                1,890     6,318   8.37
Crown Place               30/06/2016 30,296    6,896             4,556              2,879     6,896   1.51
Downing One               30/09/2016 87,644    8,118    25,577             5,549              8,118   0.16
Edge H                    31/08/2016 3,171     2,112    500                                   2,112   2.11
Foresight 1 Ord           30/06/2016 60,329    32,017                      92                 32,017
Income & Growth           30/09/2016 42,583    29,310            5,120              7,390     29,310  5.72
Maven 4 VCT               30/06/2016 27,891    4,471    1,048              1,011              4,471   2.13
Maven 5 VCT               31/05/2016 24,953    516      497                3,024              516     0.52
Mobeus I&G                30/06/2016 37,886    30,667   1,690              2,250              30,667  9.07
Mobeus I&G 2              30/09/2016 22,797    18,202   374                59                 18,202  24.33
Mobeus I&G 4              30/06/2016 28,669    11,378   1,310              1,640              11,378  4.34
Northern VT               30/09/2016 69,226    8,552             6,200              11,100    8,552   1.38
Northern VT 2             30/09/2016 60,991    11,093   5,000              4,400              11,093  1.11
Northern VT 3             30/09/2016 68,849    1,542    4,700              3,300              1,542   0.16
Octopus Titan     60.1    30/04/2016 188,265   113,465  19,900             47,107             173,565 4.36
ProVen                    31/08/2016 63,836    36,329   3,290              6,269              36,329  5.52
ProVen G&I        17.0    31/08/2016 62,184    10,578   2,780              7,265              27,578  4.96
 
                  77.1               1,414,102 462,091  78,942   22,206    91,482   41,131    539,191 2.99


Thanks for the suggestion of the [pre] command TJH to pin the column headers, but I haven't managed yet to get it to work with the posting tool. I'll keep trying to get that to work.

In the meantime, if anyone wants the spreadsheet e-mailing whenever I post an update let me know off board and I'll send it.

The thing that jumps out from this update is that the combined years to invest, following the inclusion of the Octopus Titan and ProVen G&I new money raised figures stands at 2.99 years. I have ignored the Albion group fund raised total of £8million as no split is given, however if that were included it would take the total to 3.04 years.

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Re: VCT Cash Piles

#20628

Postby BusyBumbleBee » January 6th, 2017, 10:32 am

A big thank-you for this - again

The Albion Top up offers 2016/17) are for £4 million for each plus up to another £2 million each if needed.

What is also apparent is that the cash piles cost big time in terms of the Manager's fee and the longer they are held the more they are devalued by this fee. So Chrysalis which has a management fee of 1.5% of NAV must be compared with 2% for British Smaller Cos, 2.5% for Ventus for example. Might be figure worth including in another column.

with kind regards - BBB

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Re: VCT Cash Piles

#25616

Postby BusyBumbleBee » January 24th, 2017, 9:15 am

I have ignored the Albion group fund raised total of £8 million as no split is given, however if that were included it would take the total to 3.04 year


They have just announced that they will raise £6 million per VCT except for the Development VCT which remains at £4 million so they could/will raise £34 million in total.

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Re: VCT Cash Piles

#40885

Postby BusyBumbleBee » March 23rd, 2017, 6:23 pm

BusyBumbleBee wrote:What is also apparent is that the cash piles cost big time in terms of the Manager's fee and the longer they are held the more they are devalued by this fee. So Chrysalis which has a management fee of 1.5% of NAV must be compared with 2% for British Smaller Cos, 2.5% for Ventus for example. Might be figure worth including in another column.


We are now fast approaching the end of the 'VCT SEASON" and many VCTs are flush with cash and doubtless you are working hard to get the new list out. Of course the manager's take a cut of all funds as I mentioned in an earlier post and this has the effect of dragging the NAV down by their fee every year - which may be why some VCTs are cutting their dividends. If we calculate the amount of cash and the manager's fee for just holding it we might see some interesting results.

Any chance of including those two columns? I am sure you will get some help with finding the figures if its a lot of work for you to do on your own.

Oh, yes - and I wonder if other investors are coming to the same conclusion as I am namely that for a well run VCT to continue raising funds which have to be invested under the new rules means they are effectively diluting the returns from the existing - and more valuable portfolio companies. Not at all sure that I want them to do that.

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Re: VCT Cash Piles

#40909

Postby scotia » March 23rd, 2017, 7:33 pm

Oh, yes - and I wonder if other investors are coming to the same conclusion as I am namely that for a well run VCT to continue raising funds which have to be invested under the new rules means they are effectively diluting the returns from the existing - and more valuable portfolio companies. Not at all sure that I want them to do that.

In the distant past, new VCT issues would be placed in new classes, and wouldn't be merged for some time - e.g. Baronsmead 4C issued in 2006 was merged into Baronsmead 4 in 2009. I remember when Octopus Titans 1,2, after some significantly successful investments, allowed new issues instant access to the suspected honey pot - much to the displeasure of certain investors. And since that time, Top-Ups have become the norm, so dilution is now common - but I take your point, such dilution may now be more significant due to the rule change. At the same time this means that new modest top up offers are desirable for those looking for further VCT investments. That's why I tried, and failed, to get part of the Northern offer.

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Re: VCT Cash Piles

#40939

Postby naflod » March 23rd, 2017, 9:32 pm

Hi BBB

We are now fast approaching the end of the 'VCT SEASON" and many VCTs are flush with cash and doubtless you are working hard to get the new list out.

With great timing, I have been updating the table this evening! There are three more results that I hope will come in over the next week or so.

The width of the table is the maximum that will show without the text wrapping, however it should be relatively straight forward to add them to the spreadsheet, so I could post a second table showing the fees effect along with the usual update. As I will need to pick up the managers' fee rates for each VCT, I may leave it until the next update after the coming one.

naflod

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Re: VCT Cash Piles

#40982

Postby BusyBumbleBee » March 24th, 2017, 8:18 am

Many thanks, Naflod - look forward to it.

Maybe it will give some investors pause to think and see the the VCT Season (and the Pension Season and the ISA season) is there primarily for the manager and not the investor. Also to stop and think whether VCTs are the investment they were before the rather significant recent changes

Kind regards - BBB

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Re: VCT Cash Piles

#49266

Postby naflod » April 27th, 2017, 6:44 pm

It took another month until the final result (Foresight) came in, but the latest table is now here:

Code: Select all

                                     Invs (exc
                  fund               parked              6m       12m       6m       12m       war
                  raising Date       cash)      Cash     Pipeline Pipeline  realised realised  chest   years
2017              £m                 £000's     £000's   £000's   £000's    £000's   £000's    £000's
Albion Dev        4.0     31/12/2016 33,798     10,153            2,715              3,797     14,153  5.21
Albion Enterprise 6.0     31/12/2016 35,719     8,629    2,135              473                14,629  3.43
Albion Tech&Gen   6.0     31/12/2016 57,021     6,752             3,821              3,044     12,752  3.34
Albion VCT        6.0     30/09/2016 51,672     6,706    4,373              318                12,706  1.45
Baronsmead VT             30/09/2016 128,261    21,591            4,475              15,494    21,591  4.82
Baronsmead 2VT            30/09/2016 116,579    24,110   1,512              6,191              24,110  7.97
Br Smaller Cos    4.3     30/09/2016 62,672     29,544   1,376              847                33,844  12.30
Br Smaller Cos 2  4.2     31/12/2016 39,319     15,863            4,508              3,057     20,063  4.45
Chrysalis                 31/10/2016 17,811     6,318             755                1,890     6,318   8.37
Crown Place               31/12/2016 34,406     4,855    1,553              1,136              4,855   1.56
Downing One               30/09/2016 87,644     8,118    25,577             5,549              8,118   0.16
Edge H                    31/08/2016 3,171      2,112    500                                   2,112   2.11
Foresight 1 Ord           31/12/2016 66,151     39,355            4,877              673       39,355  8.07
Income & Growth           30/09/2016 42,583     29,310            5,120              7,390     29,310  5.72
Maven 4 VCT               31/12/2016 28,108     4,394             6,441              12,897    4,394   0.68
Maven 5 VCT               30/11/2016 26,077     4,103             10,478             15,388    4,103   0.39
Mobeus I&G                31/12/2016 40,588     21,657            3,950              2,970     21,657  5.48
Mobeus I&G 2              30/09/2016 22,797     18,202   374                59                 18,202  24.33
Mobeus I&G 4              31/12/2016 29,854     22,246            2,884              2,402     22,246  7.71
Northern VT       4.3     30/09/2016 69,226     8,552             6,200              11,100    12,852  2.07
Northern VT 2     4.3     30/09/2016 60,991     11,093   5,000              4,400              15,393  1.54
Northern VT 3     4.3     30/09/2016 68,849     1,542    4,700              3,300              5,842   0.62
Octopus Titan     120.0   31/10/2016 225,536    100,644           45,926             54,119    220,644 4.80
ProVen                    31/08/2016 63,836     36,329   3,290              6,269              36,329  5.52
ProVen G&I        39.0    31/08/2016 62,184     10,578   2,780              7,265              49,578  8.92
 
                  202.4              1,474,853  452,756  53,170   102,150   35,807   134,221   655,156 3.14

There are a couple of eye watering numbers in there: 12 years for British Smaller Co's and 24 years for Octopus Titan!

Overall the average time to invest is pi, 3.14 years so exceeding the three year time limit. Hopefully this is down to the low level of investments over the last year as fund managers became familiar with the new investment rules and the rate of investment will pick up again, although each manager still appears to be experiencing delays in getting pre-approval from HMRC.

As usual, please let me know if there are any errors or omissions and I will correct them.

naflod

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Re: VCT Cash Piles

#49495

Postby sinterklaas » April 28th, 2017, 4:31 pm

naflod wrote:There are a couple of eye watering numbers in there: 12 years for British Smaller Co's and 24 years for Octopus Titan!


Did you mean 24 years for Mobeus I&G 2?

Titan only appears to have 4.80 in the 'Years' column; less than a dozen or so of the others.

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Re: VCT Cash Piles

#49500

Postby naflod » April 28th, 2017, 4:54 pm

Thanks marktristan
Did you mean 24 years for Mobeus I&G 2?

Indeed I did. In the words of Captain Mainwaring: I was wondering who would spot that first :oops:

naflod

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Re: VCT Cash Piles

#61845

Postby Kidman » June 22nd, 2017, 10:04 am

Reading my Northern 3 (NTN) annual report, I notice that they still have investments in six shell companies described as "seeking VCT qualifying trade". I understand that these companies were just cash awaiting investment but they helped the VCT satisfy the 3 year investment rule.
They are listed in note 11 and we can see in note 9 that five of the six repaid loan stock during the financial year. Some £8m at the beginning of the year and under £4m at year end.
I wonder how many of these companies still exist over all VCTs and whether they are still of use now replacement capital has been outlawed?

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Re: VCT Cash Piles

#61871

Postby scotia » June 22nd, 2017, 11:18 am

I wonder how many of these companies still exist over all VCTs and whether they are still of use now replacement capital has been outlawed?

They certainly seem to be of significant use to the Investment managers - a nice little fee earner for doing nothing.
It does seem perverse that we pay investment managers' fees for cash that is not invested.
(Uncle - I hope the apostrophe is acceptable - plural possessive - and the Investment managers are certainly possessive)

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Re: VCT Cash Piles

#72125

Postby naflod » August 4th, 2017, 5:15 pm

Another quarter has gone by, I'm back from holiday and updating my summary is more fun than real work!

There are two debutants in the latest release - Elderstreet and Pembroke B

Code: Select all

                               Invs (exc
                  fund               parked              6m       12m       6m       12m       war
                  raising Date       cash)      Cash     Pipeline Pipeline  realised realised  chest   years
2017              £m                 £000's     £000's   £000's   £000's    £000's   £000's    £000's
Albion Dev        4.0     31/12/2016 33,798     10,153            2,715              3,797     14,153  5.21
Albion Enterprise 6.0     31/12/2016 35,719     8,629    2,135              473                14,629  3.43
Albion Tech&Gen   6.0     31/12/2016 57,021     6,752             3,821              3,044     12,752  3.34
Albion VCT                31/03/2017 55,473     10,496            4,521              572       10,496  2.32
Baronsmead VT             31/03/2017 150,342    4,329    1,949              33                 4,329   1.11
Baronsmead 2VT            31/03/2017 181,337    2,711    2,074              46                 2,711   0.65
Br Smaller Cos            31/03/2017 56,519     29,314            6,600              16,690    29,314  4.44
Br Smaller Cos 2  4.2     31/12/2016 39,319     15,863            4,508              3,057     20,063  4.45
Chrysalis                 30/04/2017 17,797     7,508    1,050              3,222              7,508   3.58
Crown Place               31/12/2016 34,406     4,855    1,553              1,136              4,855   1.56
Downing One               31/03/2017 69,897     22,023            11,321             9,607     22,023  1.95
Edge H                    28/02/2017 3,640      1,927             144                          1,927   13.38
Elderstreet               31/12/2016 19,218     3,853             1,892              445       3,853   2.04
Foresight 1 Ord           31/12/2016 66,151     39,355            4,877              673       39,355  8.07
Income & Growth           31/03/2017 47,367     22,226   4,070              6,610              22,226  2.73
Maven 4 VCT               31/12/2016 28,108     4,394             6,441              12,897    4,394   0.68
Maven 5 VCT               30/11/2016 26,077     4,103             10,478             15,388    4,103   0.39
Mobeus I&G                31/12/2016 40,588     21,657            3,950              2,970     21,657  5.48
Mobeus I&G 2              31/03/2017 23,406     14,614            2,250              3,810     14,614  6.50
Mobeus I&G 4              31/12/2016 29,854     22,246            2,884              2,402     22,246  7.71
Northern VT               31/03/2017 54,082     26,583   1,000              10,807             26,583  13.29
Northern VT 2             31/03/2017 51,906     24,163            6,082              13,358    24,163  3.97
Northern VT 3             31/03/2017 60,447     14,081            6,856              12,394    14,081  2.05
Octopus Titan             30/04/2017 252,015    172,030  31,867             9,292              172,030 2.70
Pembroke "B"              31/03/2017 12,597     1,501             3,928              553       1,501   0.38
ProVen                    28/02/2017 72,216     33,210            10,368             13,678    33,210  3.20
ProVen G&I                28/02/2017 68,624     46,450            9,166              14,540    46,450  5.07
 
                  20.2               1,587,924  575,026  45,698   102,802   31,619   129,875   595,226 3.07


The average time to invest current funds comes out as close as anything to three years, so it looks like things are starting to gain traction again after the wobbles that the changes in legislation caused.

The two highest individual averages, both just over 13 years are the perennially incompetent Edge and Northern, who must have plenty in the pipeline given the announced fundraising.

I have now put a marker in my spreadsheet against each VCT that has put money into shells waiting to find opportunities, so hopefully I won't miss any, but I wouldn't put it past myself, so please point out if I've missed any. I have adjusted the Northern group, Mobeus group and Downing for shells.

Any other errors, please let me know

naflod

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Re: VCT Cash Piles

#88725

Postby BusyBumbleBee » October 16th, 2017, 10:32 pm

Hi Naflod - hope you are well

Looking forward to your next list - incorporating the new funds raised.

kind regards - BBB


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