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Core Blimey! Three enCores

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
BusyBumbleBee
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Re: Core Blimey! Three enCores

#466709

Postby BusyBumbleBee » December 17th, 2021, 10:46 am

naflod wrote:Similar to BBB's experience, I have tried to vote on my shares held by AJ Bell and just get the message "Application Error. Please try again."

Trying again, merely gets the same result. -- naflod

I replied (using the button at the bottom of the message) as follows
16/12/2021 13:06:29

Unfortunately when I try to vote my shareholding of xx,xxx shares I get a system error (twice actually). i want to vote in favour.
You deserve huge congratulations on getting this opportunity to vote to shareholders - and I never cease to admire your systems.

i assume you can place my vote for me to meet today's deadline.

and got this reply back
Dear Mr Pennell
Thank you for your message.

I do sincerely apologise for the error that you were encountering whilst trying to input your election. I have passed this on to the relevant team to input the votes on your behalf.

If you have any further queries, please feel free to contact us.

Yours sincerely

Hope you can do the same ;) Good luck as Tim needs all the votes he can get - and we all need to help him and us as much as possible.

naflod
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Re: Core Blimey! Three enCores

#466795

Postby naflod » December 17th, 2021, 2:31 pm

Hi BBB

I did the same last night and got a similar reply this morning
17/12/2021 11:30:58
Dear naflod

Thank you for your message.

I do apologise that you ran in to some issues whilst trying to elect online yourself. I passed over your voting intentions to the relevant
team first thing this morning, they will input the votes on your behalf.

If you have any further queries, please feel free to contact us.

Yours sincerely


So it looks like it should have been sorted out

naflod

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Re: Core Blimey! Three enCores

#466901

Postby googly » December 17th, 2021, 7:45 pm

I have decided to give the shareholder action action group and the current administrators the benefit of the doubt on any potential adverse costs liability and voted in favour of the resolutions.

timbo003
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Re: Core Blimey! Three enCores

#466923

Postby timbo003 » December 17th, 2021, 9:14 pm

Hope you can do the same ;) Good luck as Tim needs all the votes he can get - and we all need to help him and us as much as possible.

:) :) :) :) :) :)

I have decided to give the shareholder action action group and the current administrators the benefit of the doubt on any potential adverse costs liability and voted in favour of the resolutions.

:) :) :) :) :) :)


So it looks like it should have been sorted out

:) :) :) :) :) :)


Today's Factoid: the maximum of smilies you can include in a Lemon Fool post is 20
(I didn't reaise that until I attempted to insert somewhat more than 20 just now)

timbo003
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Re: Core Blimey! Three enCores

#467271

Postby timbo003 » December 19th, 2021, 1:37 pm

See Nigel's latest missive on this (not behind a paywall)

https://www.shareprophets.com/views/597 ... ee-holders

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Re: Core Blimey! Three enCores

#467688

Postby timbo003 » December 21st, 2021, 12:16 am

I attended the three Core VCT meetings earlier today, see brief notes below:

There were 10 attendees at the first meeting (Core VCT): two from Pinsent Masons (representing Core Capital), two from Harcus Parker (representing Menzies), Walid Fakhry, Steven Edwards, myself and two other shareholders. Laurence Pagden (Menzies) Chaired the meeting

Regarding the other two shareholders present, one said nothing, the other was a friend of Edwards (or Walid) and he asked a couple of questions. I had decided there was nothing to be gained by asking questions myself, or reacting to questions from others, so I kept quiet throughout the formal part of the proceedings.

Walid and Pinsent Masons asked a number of questions, many of which did not seem appropriate for the meeting and they did not get the answers they were seeking (I will refrain from giving details here until the laywers give the okay)

To my slight surprise Walid and Edwards voted in favour of resolution 1, but unsurprisingly voted against resolution 2. After announcing the results, the meeting was closed and Walid, Edwards, Pinsent Mason and the other two shareholders left the building, so the meetings for Core IV and Core V were attended my just myself, Laurence Pagden and the two representatives from Harcus Parker.

After the meetings I briefed Nigel on the outcome and he has now written up a piece for Shareprophets which includes the results from the voting along with his own commentary, see link:
https://www.shareprophets.com/views/597 ... -in-droves

The actual numbers are provisional and subject to slight adjustment as not all proxys had been counted, but the overall result would not be effected.

They received over 1,400 proxy forms (an incredible turnout) considering there were only 2700 entries on the registers (with a good number of shareholders holding shares in more than one VCT).

The numbers I scribbled down (approximate and may change slightly) were as follows:

Core VCT
Resolution 1: ords 17M for, 3M against
Resolution 1: B shares 22M for, 300K against
Resolution 2: ords 17.2M for, 3.5M against
Resolution 2: B shares 1.2M for, 21.5M against

Core 4 VCT
Resolution 1: ords 4.9M for, 700K against
Resolution 2: ords 4.9M for, 700K against

Core 5 VCT
Resolution 1: ords 4.2M for, 0.5M against
Resolution 2: ords 4.2M for, 0.5M against

googly
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Re: Core Blimey! Three enCores

#467787

Postby googly » December 21st, 2021, 2:08 pm

Amazing numbers, well done to all who participated and the shareholder group for their trojan work.

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Re: Core Blimey! Three enCores

#468118

Postby dabhand » December 22nd, 2021, 10:24 pm

If I could add my thanks too for the regular updates and assistance - really stellar work. Does anyone have a feel for the likely timescales for the investigation?

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Re: Core Blimey! Three enCores

#468242

Postby BusyBumbleBee » December 23rd, 2021, 1:56 pm

Tim wrote a fantastic report of the three meetings for which we should all be very grateful - I know I am. So, a big thank-you to Tim and others who are doing the job that the FCA should really be doing. This is a small extract - to aid the questions/comments I am making.
timbo003 wrote:I attended the three Core VCT meetings earlier today, ...
They received over 1,400 proxy forms (an incredible turnout) considering there were only 2700 entries on the registers (with a good number of shareholders holding shares in more than one VCT).

The numbers I scribbled down (approximate and may change slightly) were as follows:

Core VCT
Resolution 1: ords 17M for, 3M against
Resolution 1: B shares 22M for, 300K against
Resolution 2: ords 17.2M for, 3.5M against
Resolution 2: B shares 1.2M for, 21.5M against

As far as I can remember - the judgement indicated that votes by parties with a vested interested would be disregarded when the final verdict is given. So the absolutely staggering change in vote for the B shares may not be counted in.

VCTs are a very strange type of company - and differ from others listed in that :
~A. they are always pre formed by a company that will be the manager of the funds raised which presumably sees how it will make a profit from the VCT before it offers shares to the public
~B. the directors are appointed by the entity in A. above
~C. they only exist because successive governments believe that they are a good way to help grow new companies and are heavily subsidized via personal tax reliefs.
~D. there are, therefore, no institutional shareholders who can bring pressure to bear and no large private holders either as the tax reliefs are limited in any one year.
~E there is virtually no market in the shares and the VCTs tend to remain quite small

This does mean there is huge potential for things to go wrong. Luckily the vast majority of VCT managers and boards take their duties seriously but as the FCA seems totally unwilling to take any role here when it does go wrong we have some very capable investors such as Timbo and Tolmers who do take what action they can and bring the problems to our attention.

I for one will be eternally grateful for what they are doing with CORE and EDGE. Perhaps we could all show our appreciation by giving their posts a big thumbs up / recommendation.

LongTermInvestor
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Re: Core Blimey! Three enCores

#480774

Postby LongTermInvestor » February 15th, 2022, 5:17 pm

Currently the site
Https://corevctsshareholderaction.com is not responding

Is there some other way I can communicate with the shareholder action group?

I received the letter too late to vote but am happy to contribute to financially guaranteeing the legal effort if it helps.

BusyBumbleBee
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Re: Core Blimey! Three enCores

#485112

Postby BusyBumbleBee » March 8th, 2022, 11:32 am

Checked the site this morning - looking for an update before posting. Site : Https://corevctsshareholderaction.com is working but there doesn't seem to be any update. Is there one Tim?
with kind regards - BBB

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Re: Core Blimey! Three enCores

#485245

Postby timbo003 » March 8th, 2022, 9:15 pm

Checked the site this morning - looking for an update before posting. Site : Https://corevctsshareholderaction.com is working but there doesn't seem to be any update. Is there one Tim?


>>>BBB

I think the only update I can really give at this stage, is that we now have a date for the Sanctions Hearing (Friday March 25th) and I will give an update on the outcomes of that meeting as soon as I am advised that is appropriate to do so.

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Re: Core Blimey! Three enCores

#489408

Postby timbo003 » March 26th, 2022, 11:04 pm

I attended the Sanctions hearing on Friday and having listened to the arguments I remain optimistic regarding the outcome

The judge said she hoped to hand down the judgement on or before April 8th

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Re: Core Blimey! Three enCores

#489735

Postby googly » March 28th, 2022, 12:12 pm

Found this court decision online which makes interesting reading:

https://www.casemine.com/judgement/uk/6 ... 48c50f2816

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Re: Core Blimey! Three enCores

#489967

Postby BusyBumbleBee » March 29th, 2022, 10:43 am

Many thanks for all you do, Tim. Will kook forward to the result.

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Re: Core Blimey! Three enCores

#511207

Postby googly » July 1st, 2022, 5:48 pm

https://www.casemine.com/judgement/uk/6 ... d643154643

Looks like an unsatisfactory outcome all round.

timbo003
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Re: Core Blimey! Three enCores

#522579

Postby timbo003 » August 15th, 2022, 12:47 pm

FIled at Companies House today:

https://find-and-update.company-informa ... ng-history

The new liquidator is PWC

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Re: Core Blimey! Three enCores

#531488

Postby 127tolmers » September 22nd, 2022, 11:06 am

Liquidators' annual reports from Menzies and PWC now at Companies House. A lot of money spent but investigations stalled pending a PWC review of the claim after delaying legal tactics. Outcome of the review will be key to further progress.

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Re: Core Blimey! Three enCores

#616545

Postby 127tolmers » September 22nd, 2023, 12:02 pm

Another year gone by and another set of liquidators reports sent to former shareholders. Should be available at Companies House shortly.

PWC have charged £159k for the year for Core 3 and still not offered an opinion on the claim as was their remit!

On Core 4&5 Menzies have racked up another £63k and Harcus Parker another £96k for the year with no real progress to show for it.

Rather depressing reading.

UncleEbenezer
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Re: Core Blimey! Three enCores

#616551

Postby UncleEbenezer » September 22nd, 2023, 12:22 pm

127tolmers wrote:Rather depressing reading.

Feeling Jarndyced to the Core?


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