New Century AIM VCT, Winding up, sort of, just not now.
Posted: June 30th, 2022, 11:50 am
Xmas comes early, as following on from the pantomime with it's sister VCT, as discussed below.
https://www.lemonfool.co.uk/viewtopic.php?f=25&t=30069
There is some interesting information in the Annual Report published today for New Century AIM.
https://data.fca.org.uk/artefacts/NSM/BWI/20220629005816.html
The juicy part is at the start in the Chairman's statement. To paraphrase the Chairman,
- The performance had been rubbish (33.1% return over 17 years including dividends, now only 24.05% TR).
- We/I wanted to wind the fund up, but were a few percentage points short of the required 75% needed. So I decided I wanted rid of all the old directors and previous Chairman. I have now appointed myself the new Chairman and two other people to be "Independent" Directors.
- Even though we cannot formally wind the company up, we have decided, subject to market conditions, to sell off assets and return any realised proceeds in a series of dividends. (I assume down the line, they will have a second stab at a Formal winding up vote)
In recent years I have always viewed these two VCTs as more of a Personal Investment Company, than a proper VCT. As the new chairman owns just over 27% of the issued shares and they haven't raised fresh funds in years. I guess now Mr Barnard has retired, he wants his money out.
https://www.lemonfool.co.uk/viewtopic.php?f=25&t=30069
There is some interesting information in the Annual Report published today for New Century AIM.
https://data.fca.org.uk/artefacts/NSM/BWI/20220629005816.html
The juicy part is at the start in the Chairman's statement. To paraphrase the Chairman,
- The performance had been rubbish (33.1% return over 17 years including dividends, now only 24.05% TR).
- We/I wanted to wind the fund up, but were a few percentage points short of the required 75% needed. So I decided I wanted rid of all the old directors and previous Chairman. I have now appointed myself the new Chairman and two other people to be "Independent" Directors.
- Even though we cannot formally wind the company up, we have decided, subject to market conditions, to sell off assets and return any realised proceeds in a series of dividends. (I assume down the line, they will have a second stab at a Formal winding up vote)
In recent years I have always viewed these two VCTs as more of a Personal Investment Company, than a proper VCT. As the new chairman owns just over 27% of the issued shares and they haven't raised fresh funds in years. I guess now Mr Barnard has retired, he wants his money out.