New VCTs anyone?

[Kidman]

I have been reading the Wealth Club November 2019 newsletter and noticed two apparently totally new VCTs.

Blackfinch Spring VCT
and
Puma Alpha VCT.

I think these are the first new VCTs since Pembroke VCT in 2013 and they will be unable to pay dividends for three years under current rules.
Maybe these companies are finding the EIS market getting difficult so wanted to provide a complementary offering?
Will they be any better finding new rules compliant investments than the 'old' management companies, some of whom are now becoming subject to corporate action?

[UncleEbenezer]

Blackfinch is a new one on me, but isn't Puma Alpha just this year's offering in the Puma series of limited-life VCTs from Shore Capital?

[CrackAddick]

My reading of the Puma Alpha offering was that it would not have a limited life. It would make sense for Puma to branch out into a Generalist VCT, as with all the recent rule changes, limited life VCTs are not the attraction they once were.

However the other "New" VCTs currently available are either paying dividends next year (Triple Point) or already paying (Seneca B), So these two débutantes are likely to face an uphill struggle to attract investors. Even before you bring the established VCTs into the equation.

I personally have swerved these two, as I didn't want to wait 3-4 years to get anything back, all the while fees will be eating into the NAV.