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New Century AIM 2: nearly a wind up

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
127tolmers
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New Century AIM 2: nearly a wind up

#422828

Postby 127tolmers » June 27th, 2021, 12:20 pm

High turnout and almost a wind up. Change is in the air.
https://www.investegate.co.uk/new-cent. ... 1200Z0085/

The number of ordinary shares in issue as at the date of the 2021 Annual General Meeting is 4,606,953
Resolution 5 To continue in being as a venture capital trust

2,004,677 for 57.34% , 1,491,212 against 42.66%

Cancellation of dividend obviously upset some, even though now restored and performance good.

It is pleasing to report that following a very difficult period for the Market during February and March 2020, your fund regained all the declines in its net asset value (NAV) incurred during those months, and considerably outperformed its benchmark for the twelve months to 31 December 2020.

The NAV of your fund increased by 35.4% to 67.06p (when measured using bid-prices), compared to the FTSE AIM Allshare index which gained by 20.65% over the same period.

It is also pleasing to note the further progress since the year end, and that the NAV of 85.3p per share reported for 31 March 2021 (based on mid-prices) is 24.3% higher than that reported, using the same measurement basis, at the 31 December 2020. As we stated in our interim report, we believe the difficult decision to use existing cash resources to invest in new opportunities rather than fund a dividend proved to be the correct one as we have seen a very strong recovery in the NAV from the lows experienced in the Stock Market sell off in March 2020.

We would now like to recommence paying a dividend. The Board is therefore proposing that we pay a dividend of 7.0p per share in respect of the year ended 31 December 2020. We recognise the importance of tax-free income to our shareholders and a 7.0p dividend represents a yield of 9.33% based on the fund’s offer price of 75p on 19 April 2021.

The fund has made fifteen further qualifying investments in the period and we are pleased with their progress. We made thirteen sales where we either exited or top-sliced a holding.

We are mindful that we could see further volatility this year as the economy has an initial boost from the reopening of lockdown measures, but this could be followed by some businesses starting to experience difficulties in the months ahead as Government support subsides, and the possibility of inflation may also raise its head. That said, the current year has started off positively as commented earlier and we have a wide spread of established companies across a variety of sectors within the fund, and we therefore look forward to the year ahead with optimism.

Finally, the Directors have a duty every five years to ask the shareholders of the Company if they wish the fund to carry on. Therefore, amongst the resolutions shareholders are being asked to vote on at the forthcoming AGM, there is an Ordinary resolution asking shareholders to vote on this particular matter.

127tolmers
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Re: New Century AIM 2: nearly a wind up

#437771

Postby 127tolmers » August 27th, 2021, 11:25 am

....and now New Century Aim, the sister VCT, does vote for wind up. The performance had been very good, so are shareholders calling the top of the AIM market?

https://www.investegate.co.uk/new-centu ... 2800Z4578/
Result of 2021 Annual General Meeting

New Century AIM VCT plc announces that at the Annual General Meeting (AGM) held today at 12.00pm, Resolutions 1 to 5 and 9 as set out in the Notice of the AGM dated 25 June 2021 were passed, while Resolutions 6 to 8 were not passed.

As Resolution 6 was not passed by the requisite majority, the Board will, as required by the Company’s articles of association, convene an extraordinary general meeting within 4 months of the AGM to consider resolutions on the future of the Company.

127tolmers
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Re: New Century AIM 2: nearly a wind up

#477450

Postby 127tolmers » January 31st, 2022, 10:33 am

Looks like NCA may finally wind up

https://www.investegate.co.uk/new-centu ... 1300Z6120/

New Century AIM VCT Plc

Resignation of Directors

New Century AIM VCT Plc (the “Company”) announces the resignation of Geoffrey Gamble, Chairman, Simon Like, Ian Cameron and Peter Riley from the board of directors (the "Board") with immediate effect.

The Board recently received a letter from a shareholder calling for the resignations of the aforementioned directors on the grounds that, following the general meeting of the Company held on 9 December 2021 at which a special resolution to voluntarily wind up the Company was not passed, the Board, with the exception of Michael Barnard, no longer represents the wishes of the majority of the Company’s shareholders. The letter also stated that should those directors not resign, the shareholder would take steps to convene a general meeting for the purposes of removing the aforementioned directors from the Board.

Whilst the Board categorically rejects any suggestion that it has not always acted in the best interests of the shareholders as a whole, the aforementioned directors agreed to resign from the Board as their position was no longer tenable on the basis that the shareholders in support of this course of action, which included Michael Barnard, hold the requisite percentage of shares in the Company to requisition a general meeting and to pass the ordinary resolutions required to remove them from office.

Michael Barnard, as the remaining director of the Company, shall appoint new members to the Board in due course.

127tolmers
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Re: New Century AIM 2: nearly a wind up

#477453

Postby 127tolmers » January 31st, 2022, 10:40 am

...interesting development at NCA2

https://www.investegate.co.uk/new-cent. ... 2200Z6121/

Response to Response to shareholder request to convene a General Meeting

New Century AIM VCT 2 Plc

Shareholder request for a general meeting

New Century AIM VCT 2 Plc (the “Company”) announces that the board of directors (the "Board") recently received a letter from a shareholder calling for the resignations of Geoffrey Gamble, Simon Like, Ian Cameron and Peter Riley from the Board on the grounds that, following the general meeting of the Company held on 9 December 2021 at which a special resolution to voluntarily wind up the Company was not passed, the Board, with the exception of Michael Barnard, no longer represents the wishes of the majority of the Company’s shareholders. The letter also stated that should those directors not resign, the shareholder would take steps to convene a general meeting for the purposes of tabling ordinary resolutions to remove the aforementioned directors from the Board.

The aforementioned directors categorically reject any suggestion that they have not always acted in the best interests of the shareholders as a whole, have refused this request to resign and will contest any vote which seeks to remove them from office.

The Board, with the exception of Michael Barnard, believe it is in the best interests of all shareholders to respect the result of the December 2021 general meeting as the Company is currently the best performing AIM Venture Capital Trust over 1 year by share price performance and the best performing AIM Venture Capital Trust by Net Asset Value over 1 year and 3 years with a mature portfolio that has enabled the Company to pay tax free dividends to its shareholders.

The Company also announces that yesterday the Board received a letter from the same shareholder and Michael Barnard, a director and shareholder of the Company, requesting that the Board convene a general meeting under s303 Companies Act 2006 for the purpose of tabling ordinary resolutions to remove Geoffrey Gamble, Simon Like, Ian Cameron and Peter Riley from the Board.

The Board will call a general meeting of the Company pursuant to the requirements of s304 Companies Act 2006 within 21 days of the receipt of the letter.

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Re: New Century AIM 2: nearly a wind up

#477510

Postby 127tolmers » January 31st, 2022, 1:18 pm

Pantomime time, oh yes they are, oh no they're not!

https://www.investegate.co.uk/new-cent. ... 5700Z5997/

[i]Further re Shareholder request announced on 28th January 2022

New Cent. Aim Vct 2

Following an RNS issued by the Company on Friday 28th January 2022.

The Company Registrars have written to the Board and informed us that the request to call a General Meeting of the Company received on Thursday 27th January 2022 was not valid.

Therefore, at this time the Company is not going to call a General meeting of the shareholders.[/]

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Re: New Century AIM 2: nearly a wind up

#479804

Postby 127tolmers » February 10th, 2022, 2:20 pm

An interesting approach to shareholder engagement bypassing the platforms information cut out.

https://www.investegate.co.uk/new-centu ... 3700Z7002/

Following the announcement made on 28 January 2022, New Century AIM VCT Plc (“the Company”) announces the appointment of John Brice and Simon Bragg as directors of the Company with immediate effect.

Mr. Brice was the original Chairman of the Company on listing and now re-joins to help drive shareholder value.

Mr. Bragg was the CEO and founder of Oriel Securities which he built to become one of the largest small and mid-cap equity boutiques in London before its sale to Stifel. He has acted as corporate broker and adviser to a number of recognised UK listed companies and was until recently a non-executive director and audit committee chair of JP Morgan American Investment Trust PLC.

The Board will now focus on ways to enhance shareholder value and looks forward to hearing from shareholders.

For this to happen, the Board strongly requests all shareholders of New Century AIM VCT Plc, or its sister fund New Century Aim VCT 2 Plc, to contact the Company on the following email address to confirm their shareholdings and contact details:

nca@myajb.com

127tolmers
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Re: New Century AIM 2: nearly a wind up

#481187

Postby 127tolmers » February 17th, 2022, 3:45 pm

oh yes they are!

https://www.investegate.co.uk/new-cent. ... 1900Z7299/

New Century AIM VCT 2 Plc (the “Company”) refers to the previous RNS announcements issued by the Company on 28 January 2022 and 31 January 2022 (“Previous Announcements”) and announces that yesterday the board of directors (the "Board") received a letter from the same shareholder referred to in the Previous Announcements and Michael Barnard, a director and shareholder of the Company, requesting that the Board convene a general meeting under s303 Companies Act 2006 for the purpose of inter alia tabling ordinary resolutions to remove Geoffrey Gamble, Simon Like, Ian Cameron and Peter Riley from the Board.

The Board will call a general meeting of the Company pursuant to the requirements of s304 Companies Act 2006 within 21 days of the receipt of the letter.

127tolmers
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Re: New Century AIM 2: nearly a wind up

#483857

Postby 127tolmers » March 2nd, 2022, 4:47 pm

Further pantomime events. Pending a meeting to change the board and wind up the company (52% in support), NCA2 has now issued another 10% shares which not only will change the voting but make a wind-up unfavourable for the subscribers as they would have to repay tax relief.

https://www.investegate.co.uk/new-cent. ... 2900Z8153/

New Century AIM VCT 2 PLC (the “Company”) announces the issue of 460,690 new ordinary shares of 10 pence each in the capital of the Company (“Shares”) by way of a share subscription today at a price of 80.47 pence per share (being the net asset value per ordinary share in the Company at the close of business as at 21 February 2022) to raise approximately £370,717 before expenses.

The Shares will rank, upon issue, pari passu in all respects with the existing issued ordinary shares of the Company. Application for the new shares to be admitted to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s main market for listed securities has been made and dealings are expected to commence on or around 9 March 2022.

The Shares represent 10.0% per cent of the existing issued ordinary share capital of the Company and are being allotted under the authorities granted at the Annual General Meeting of the Company held on 24 June 2021 pursuant to Section 571 of the Companies Act 2006.

The total number of shares issued by the Company on completion of the share subscription is now 5,067,643. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

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Re: New Century AIM 2: nearly a wind up

#485064

Postby 127tolmers » March 8th, 2022, 8:18 am

High noon for NCA2

https://www.investegate.co.uk/new-cent. ... 0000Z8490/

Notice of Extraordinary General Meeting

Further to the announcement of 17 February 2022 regarding the receipt of a shareholders’ request to convene a general meeting of the New Century AIM VCT 2 PLC (the “Company”), the board of directors of the Company announces that a notice of extraordinary general meeting (“EGM”) has been posted to shareholders.

The EGM of the Company will be held at the Honourable Artillery Company, Armoury House, City Road, London EC1Y 2BQ on Tuesday 5 April 2022 at 12.00 noon.

127tolmers
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Re: New Century AIM 2: nearly a wind up

#488041

Postby 127tolmers » March 21st, 2022, 12:32 pm

May be a buy back or a tender soon

https://www.investegate.co.uk/new-cent. ... 1500Z3700/

New Century AIM VCT 2 PLC (“Company”)

Engagement of professional advisers

The board of directors of the Company (“Board”) announces its intention to engage professional advisers to explore and report to the Board on opportunities and strategies in which the Company may generate liquidity in the Company's shares. Such opportunities shall include, but not be limited to, exploring the feasibility of the Company making a tender offer for the buy back of shares.

No decision has been made by the Board to submit to shareholders a proposal for the authority for the Company to buy back shares and any such decision will be subject to the outcome of the opportunity and strategy review to be carried out the Company’s advisers.


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