Anybody subscribing to the VCT offers at the moment...

[flyer61]

Not that long ago I would have been fulling my boots on the offers that caught my eye. My 'Fallschirmjager' approach to investing in normal equities has stood me in good stead but I have become reticent about VCT's. Even though VCT's over the last 10 years have done really well for me. Has the boat sailed for VCT new issues or are fellow fools still subscribing.....Octopus...maybe Maven?

Any thoughts appreciated.

[Vulgaris]

Octopus AIM, Amati and - perhaps against better judgement - Baronsmead.

I'll probably also go for Guinness AIM EIS, given past performance and the fact it's a 3 year turnaround, not 5 years Looking at the present mess I have two conclusions (a) I will [legally] pay the least possible tax to the present apology for a govt, whose cowardice would embarrass Quisling and whose lying with statistics would impress Goebbels; (b) a heavy loading of precious metals and start ups is prudent the economic ruins being created.

[Kidman]

I bought a small top-up for my Pembroke 'B' holding and was very impressed by the paperwork from City detailing the costs and bonuses so I could see clearly how they worked out the number of shares.

Otherwise I'm investing elsewhere to get more return even after paying tax.

[UncleEbenezer]

Octopus AIM, Amati and - perhaps against better judgement - Baronsmead.

AIM VCTs appear to be on a high. I checked my portfolio yesterday (when I logged in to give my instruction for the DNE tender offer), and the three AIM VCTS (Amati, Octopus, Unicorn) were precisely the three showing a capital gain compared to when they were moved into the nominee account - mostly in spring 2019. The sea of red elsewhere was not encouraging.

[Smoggy]

I've subscribed to Amati, Pembroke and Octopus Titan. Will also be considering Octopus AIM, Seneca, Proven and Albion if they raise. Slightly apprehensive about getting into VCTs when others on here are wary and either pausing or getting out but realistically the money would just be sitting in my limited company's savings account earning 0.4%.

[Gostevie]

I bought a chunk of Amati, which I like a lot, but have paid very little tax this year so probably won't subscribe to anything else.

This is a very interesting interview with Dr Paul Jourdan:

https://www.piworld.co.uk/2020/11/06/pi ... l-jourdan/

As an aside, my forename has been spelt incorrectly on my share certificate but, oddly, correctly on the tax certificate. I'm inclined to do nothing but should I?

Gostevie

[Kidman]

As an aside, my forename has been spelt incorrectly on my share certificate but, oddly, correctly on the tax certificate. I'm inclined to do nothing but should I?

Is the investor number/account number/shareholder number the same as on your earlier holdings? If so there shouldn't be a problem but sometimes registrars do slip up and one gets two holdings. In that case I have found that a letter of explanation, with a request to merge the new account into the old account, sent to the registrar does the trick.

If there is a corporate event where one has to submit a certificate there are usually instructions for wrong names or addresses, I think the general rule is to go ahead as if there was no error but again, with a letter of explanation.

[xeny]

As an aside, my forename has been spelt incorrectly on my share certificate but, oddly, correctly on the tax certificate. I'm inclined to do nothing but should I?

Does it potentially present a problem with dividend payments or similar?

[Spet0789]

I have bought some Amati, Hargreave Hale and Octopus AIM VCT. Pondering whether to leave it there or invest in another.

[Gostevie]

Thanks KIdman and xeny,

They are very helpful answers. It was my first purchase of Amati so no problem with having two accounts (it has happened to me with another VCT once). Dividends should be paid directly into my bank account so that shouldn't be a problem. I think I'll take no action for now but ask the registrar to amend their records if we are ever allowed to attend AGMs or shareholder meetings instead.

All the best,

Gostevie

[Kidman]

Thinking about registration errors a bit more, I recall a case some years ago where we spotted that two of my wife's holdings had small name errors.

I scanned in her passport pages and we emailed the two registrars concerned. One wrote back very quickly to say it was all fixed and the other wrote to say that she would have to provide loads of certified documents etc so we did nothing and of course the dividends are still going into her bank account!

[127tolmers]

Over Christmas my two sons asked me about what VCTs to invest in are left this tax year. Here is my reply:

These 10 VCTs in the VCTA are the major ones.
https://www.vcta.co.uk/members
Beringea trade as Proven, YFM are British Smaller and NVM are Northern. I am not particularly keen on Octopus and Foresight.

https://www.theaic.co.uk/aic/find-compa ... &desc=true
This shows 10 year performance
Mobeus, Maven and Northern look good and Amati for AIM

https://www.theaic.co.uk/aic/find-compa ... &desc=true
This shows 5 year performance
Mobeus, Northern and Seneca look good and Amati for AIM

This year's offers:
Northern, Mobeus and Amati are done for the tax year.
Seneca, Maven, Proven and Albion look to be the best of the rest at the moment.

Any other advice, I missed?

[UncleEbenezer]

That's four recommendations with no AIM representation!

Amati and Octopus may be closed for the season, but Unicorn or Hargreave Hale could be an option?

(I know you don't need telling about rule changes vs past performance)!

[127tolmers]

Happy New Year, Uncle E (and to other browsers).

I think you are right that a case can be made for Unicorn and Hargreave Hale. However I am always concerned that an underlying AIM portfolio has greater volatility than unquoteds making timing of entry and exit more critical. I think a better case can be made for an AIM EIS.

I would not say my four were recommendations, more suggestions for further investigation.

[ali1947fish]

northern did say they are not raising any funds in 21 but i thought no news yet from Mobeus? anybody can confirm please!

[barchid]

Uncle
I think it is quite likely that Amati will have a new offer out soon, apparently it is being discussed at their January board meeting.
Also, not aim, but Albion are about to make their offer, they have already published the size of each one on their website.

[127tolmers]

Albion announced theirs yesterday.

https://www.investegate.co.uk/kings-arm ... 0000H9194/

Albion Development VCT PLC, Albion Enterprise VCT PLC, Albion Technology & General VCT PLC, Crown Place VCT PLC and Kings Arms Yard VCT PLC (together, "the Companies") announce that they have published a Prospectus (comprising a Securities Note, Registration Document and Summary) in relation to offers for subscription for new Ordinary Shares in each of the Companies to raise, in aggregate, up to £45 million (before issue costs), together with over-allotment facilities as detailed below (the "Offers") as follows:

Amount to be raised under each Offer Over-allotment facility
Albion Development VCT PLC Offer £7 million £3 million
Albion Enterprise VCT PLC Offer £6 million £3 million
Albion Technology & General VCT PLC Offer £14 million £3 million
Crown Place VCT PLC Offer £6 million £3 million
Kings Arms Yard VCT PLC Offer £12 million £3 million

Any election to make use of their over-allotment facility will be subject to the decision of the individual boards of the Companies in the light of investments and disposals made and anticipated by them at the relevant time.

The Offers open on 5 January 2021 and are expected to close no later than 30 September 2021 (unless fully subscribed by an earlier date or previously closed).

Also Baronsmead opened their overallocation but not at the rush that there used to be.

https://www.investegate.co.uk/baronsmea ... 35117669K/
https://www.investegate.co.uk/baronsmea ... 37507702K/

[scotia]

"Anybody Subscribing"?
I have been dithering for some time, but, with a bit of prodding from my wife, we have decided, after 15 years of VCT subscriptions, to cease further new VCT purchases, and our DRIS mandates have been rescinded.
Why? Well, partly because the performance has deteriorated since the last major change in VCT regulations, and partly because, being both in our mid-seventies, we think it is time to simplify our financial affairs. And we will gradually sell off the 5-year expired VCTs. Already Artemis and Chrysalis have got there before us!
We'll miss the Tax rebates

[yorkshirelad1]

Albion announced theirs yesterday.
https://www.investegate.co.uk/kings-arms-yard--kay-/gnw/publication-of-prospectus/20210105170000H9194/
[i]Albion Development VCT PLC, Albion Enterprise VCT PLC, Albion Technology & General VCT PLC, Crown Place VCT PLC and Kings Arms Yard VCT PLC (together, "the Companies") announce that they have published a Prospectus (comprising a Securities Note, Registration Document and Summary) in relation to offers for subscription for new Ordinary Shares in each of the Companies to raise, in aggregate, up to £45 million (before issue costs), together with over-allotment facilities as detailed below (the "Offers") as follows:

(snipped)

E-mail from the company 6 Jan giving info at: https://www.albion.capital/vct-hub/current-offers

(I have a holding of KAY VCT, but no other connection to the company)

[127tolmers]

I have been dithering for some time, but, with a bit of prodding from my wife, we have decided, after 15 years of VCT subscriptions, to cease further new VCT purchases, and our DRIS mandates have been rescinded.
Why? Well, partly because the performance has deteriorated since the last major change in VCT regulations, and partly because, being both in our mid-seventies, we think it is time to simplify our financial affairs. And we will gradually sell off the 5-year expired VCTs. Already Artemis and Chrysalis have got there before us!
We'll miss the Tax rebates

Scotia, I have no intention of offering financial advice and you make a good point on performance. However VCTs are pretty simple to administer, no tax, no tax returns, no CGT issues and can be passed to surviving spouse or descendant with all these tax benefits continuing (if below £200k per recipient). Tax relief claimed on purchases inside 5 years is not clawed back on death. However VCTs are no exempt from IHT.

This appears to be different to EIS where while tax relief on purchase inside 3 years is not clawed back, but on transfer to surviving spouse or descendant CGT relief and income tax loss relief is not passed on. It is likely that EISs held for more than 2 years may fall outside IHT.

DYOR