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Services to Individuals |
Current VCT Offers
What to do next? If you are interested in any of these VCTs you may be able to download the offer documents and access our enhanced terms by following the links on each offer. Alternatively, please telephone us on 020 7014 1450 or email your prospectus request to alan.hyder@finplan.org.uk. We will then send you the relevant offer documents in the post that day. You will always benefit from a 2% cashback payment (or additional enhancement to shares) by investing via Financial Planning Organisation Ltd. This payment is in addition to any early investor bonus or other incentive provided by the VCT. For larger investments, we can often offer further discounts - please telephone us.
VCT Summary & Principal Risks A VCT is an investment vehicle primarily investing in a portfolio of small, unquoted UK companies. The underlying investments are higher risk than established businesses and it will be difficult to realise value in the short term. VCTs should therefore be seen as long term investments. Investments made by the VCT can fail or fall in value and you may get back less than you invest. To compensate for the higher risks, VCTs offer generous tax breaks, including income tax relief of up to 30% in the current tax year. The shares must be held for five years, or the income tax relief must be repaid. The basis of tax reliefs are subject to change and can be withdrawn if a VCT does not meet certain criteria. Although VCTs are quoted on the London Stock Exchange, there is a limited secondary market for shares and most VCTs trade at a discount to net asset value. Some VCT managers will buy back shares at a set discount. Charges on VCTs are higher than many other investment products, reflecting the high cost of managing the portfolios. Typically, this will comprise an up front charge of around 5% of funds raised and annual running costs of 3.5%. Past performance is not a guide to the future. If the VCT fails to raise the full subscription, it may be difficult to achieve a spread of investments and diversity, thereby increasing risk. VCTs are only suitable for experienced investors with a portfolio of other investments and who are comfortable with the inherent risks. Albion VCT Linked Top Up Offer 2011/12 Albion is looking to raise £15m to be spread among these established VCTs. The aim is to provide investors with immediate access to a tax free, target dividend yield of around 5% per annum. By spreading the investment across seven VCTs the manager is able to pay a monthly income. In order to ease administration, the manager is arranging for the registrars to provide each investor with a consolidated annual statement detailing shareholdings and dividends paid by each VCT. Albion (formerly part of Close Bros) is a VCT manager of repute, with a strong track record. Investors gain access to a high yielding, diversified portfolio of approximately 60 unquoted businesses. The majority of investments are asset backed with a smaller number of investments with greater growth prospects. The minimum personal subscription is £10,000.
Amati is looking to raise up to £30m for this AIM based VCT. Amati Global Investors (formerly Noble Fund Managers) is an independent fund management house, specialising in small cap and AIM investments. The management team is headed by the highly respected Dr. Paul Jourdan. Amati VCT 2 was previously managed by Invesco Perpetual and was renamed to reflect the change in manager. Amati VCT 2 has recently been merged with ViCTory VCT, another AIM based VCT following Amati’s appointment in place of the previous manager. We believe the appointment of Amati is a positive development for this VCT. The minimum personal subscription is £2,000. Our clients will receive a cashback payment of 2% of the amount invested (if you would prefer this as additional shares please let us know when applying.) Baronsmead VCT, VCT2, VCT3 and VCT4 plc - Top Up Offer Closed. Offer fully subscribed. British Smaller Companies VCT 2 Plc YFM Equity Partners is looking to raise a further £10m for this established VCT. Investors will gain access to a mature portfolio of qualifying companies and a dividend stream. The VCT has paid an average annual dividend of 4.44p per share since 2005. Since 2003 this VCT has made investments that are generally revenue and profit generating, mainly from management buy-outs, acquisition funding and business development. The fund manager has a national presence through offices in London, Leeds, Manchester and Bristol, and manages funds in excess of £375 million. The minimum personal subscription is £5,000. Our clients will receive a cashback payment of 2% of the amount invested (or equivalent additional shares). Downing Planned Exit VCT 2 & 3 Plc ‘F’ Shares Downing is aiming to raise up to £20m for this new share class of these established VCTs. The aim is to invest in qualifying companies that have substantial assets, or have predictable revenue streams from financially sound customers. Non qualifying investments will predominantly be secured loans or fixed income securities. The overall strategy is capital presentation, with the aim of distributing proceeds to shareholders after 6 years. The overall target return is £1.10p per share comprising 5 dividends of 5p per share and a final distribution of 85p. In addition, the Board intends to operate a zero discount buy back policy during the first five years, for investors who need to sell. This would enable investors to exit at net asset value (less costs). Investors should remember tax relief is lost in the event that shares are sold in the first five years. The minimum personal subscription is £5,000. For previous Downing investors (or their spouses) an early 1% extra shares offer applies to 17th February 2012. In addition, our clients will receive a 2% cashback (or equivalent additional shares). Downing Structured Opportunities VCT 1 plc ‘D’ Share Offer Downing is aiming to raise up to £20m through an issue of ‘D’ shares, for this limited life VCT. It is intended that all assets will be sold and proceeds returned to shareholders after approximately six years. The VCT aims to pay dividends of 5p per annum. Most of the monies raised will be allocated within six months to a portfolio of Structured Products managed by Brewin Dolphin. These Structured Products are designed to produce capital appreciation linked to main stockmarket movements, with a level of downside protection. The returns are dependent on counterparties (such as major banks) meeting their financial obligations. Qualifying VCT investments are managed by Downing. Typically these will be in asset backed companies (over which a charge will be taken), or will have predictable revenue streams from financially sound customers. After 3 years, around 75% of funds will be in qualifying investments. The principal aim is capital preservation. The minimum personal subscription is £5,000. Previous investors in Downing managed VCTs will get an extra 1% shares for investments prior to 17th February 2012. Our clients will receive a 2% cashback (or equivalent additional shares). Downing Income VCT 3 plc - E Shares Downing is looking to raise a £20m for this established VCT via a new E share class. The strategy is to invest the majority of funds raised in companies that own substantial assets, over which a charge will be taken to reduce risk. The Board has a stated objective of paying annual tax free dividends of 5p per share and the first half yearly dividend is expected to be paid September 2012. The Board intends to operate a zero discount buy back policy during the first five years, for investors who need to sell. This would enable investors to exit at net asset value. Investors should remember tax relief is lost in the event that shares are sold in the first five years. There will be a 15% and 7.5% buyback discount in years six and seven, and from year eight onwards the intention is to revert to a zero discount. The minimum personal subscription is £5,000. Investments before 29 February 2012 will get a 1.5% share enhancement. In addition, our clients will receive a cashback payment of 2% of the amount invested (if you would prefer this as additional shares please let us know when applying). Edge Performance VCT "H" Share offer Edge is aiming to raise up to £30m through an issue of ‘H’ shares. Unlike other Edge share issues, this is an evergreen (rather than limited life) share class. Edge will again concentrate investments in the entertainment and media sector, where it has specialist knowledge. The aim is to invest in higher return businesses, combined with risk reduction strategies. The manager will part reinvest successful exits to perpetuate yield and growth. It is intended to provide investors with liquidity through annual dividends and an active share buy back policy. The minimum personal subscription is £5,000. Existing investors will receive 1.5% additional shares for investments prior to 9 March, new investors receive a further 1%. Our clients will receive a further 2% cashback (or equivalent additional shares). Edge Performance VCT "I" Share offer Edge is aiming to raise up to £30m through an issue of ‘I’ shares, for this VCT. Investors familiar with the Edge approach will take comfort from the fact that this offer is very similar to previous C, D, E, F and G shares. It is now anticipated that this offer will close 31st March 2012, and all monies invested by the end of the tax year. Changes in VCT rules mean this is likely to be the last opportunity to invest in a VCT structured on these sectors. Edge invests in the entertainment and media sector. This share class will adopt a capital preservation strategy – underpinning will seek to protect up to £0.70 per share. The intention is to reduce investments and return capital shortly after 5 year. The targeted return, including dividends is £1.30 per £1 invested. The minimum personal subscription is £5,000. Existing investors in Edge Performance VCT will get an extra 3% for investments prior to 9th March 2012, new investors will receive 1% extra shares. In addition, our clients will receive a 2% cashback (or further share enhancement to the same value). Foresight is aiming to raise up to £30m for these existing VCTs, through the issue of a new share class. The infrastructure shares will invest in qualifying companies which own and operate essential assets including street lighting, waste recycling and solar. The investments will involve strong counterparties, long-term contracts and government concessions, which offer long term stability. The VCT is targeting an annual 5p per share tax free return from the second year of operation, with a targeted final distribution of £1.10 in the sixth year (by realising investments). This produces an overall target return of £1.30 per share. In addition, the Board intends to operate a zero discount buy back policy during the first five years, for investors who need to sell. This would enable investors to exit at net asset value (less costs). Investors should remember tax relief is lost in the event that shares are sold in the first five years. The minimum personal subscription is £5,000. A share enhancement of 1% for applications between 21st December and 29th February 2012 applies. In addition, our clients will receive a 2% cashback (or equivalent additional shares).
Ingenious Entertainment VCT 1 & 2 'G' Share Offer Ingenious is looking to raise up to £25m to be invested in a new share class of these established VCTs. Ingenious Ventures is one of the leading media investment specialists in the UK. The aim is to invest a minimum of 70% of funds raised in qualifying holdings in the UK live events and premium content market, with a structure that provides significant levels of downside protection. The manager’s strategy will require each investment company to put in place pre-sales (or similar minimum revenue arrangements) covering 75% of the investment. This is a limited life VCT and it is intended that proceeds of realisations will be distributed to shareholders after 5 years. The minimum personal subscription is £3,000. Our clients will receive a cashback payment of 2% of the amount invested (if you would prefer this as additional shares please let us know when applying.)
Iona Capital is aiming to raise up to £10m through an issue of “B” shares for this existing VCT. The existing VCT was launched in 2009 to invest in anaerobic digestion plants. The new fund will broaden its investment policy to allow investment in environmental projects, focusing on organic waste recycling in the UK. The VCT was originally launched as Acuity Environmental and the change in name reflects a major change to the composition of the investment team and the loss of other VCT investment mandates by the manager. The existing fund is relatively small and it is not clear that existing assets have actually been deployed yet in investee companies. In our view, until the manager has a proven history of completed deals this VCT would be considered higher risk, particularly as it operates in a single sector with the consequent concentration of risk. We note from the Chairman’s letter that the Board will terminate the investment manager’s appointment if a timetable for investing capital is not met. The minimum personal subscription is £5,000. Our clients will receive a 2% cashback (or equivalent additional shares). Matrix Private Equity Partners is looking to raise a further £21m for these established VCTs. Investors will gain access to a mature portfolio of qualifying companies with a minimum annual target dividend of 4p per share. The manager has itself recently announced its intention to buy itself out of the Matrix Group and will operate as an independently owned private equity business from 30th June. Matrix has focused its qualifying investments in management buy out transactions. These companies are identified to be profitable and generating positive cash flow. Considerable use is made of interest yielding loan stock. The minimum personal subscription is £5,000. Our clients will receive a cashback payment of 2% of the amount invested (if you would prefer this as additional shares please let us know when applying.) Early investors who subscribe for the first £4m of applications will receive a 1.25% share enhancement; this offer ends 29th February in any event.
Maven is aiming to raise up to £5m through a top up offer of £1.25m for each of the four established Maven VCTs. Maven is a well resourced manager operating from six regional offices. Investors will gain access to a mature portfolio of well established businesses with substantial revenues and profits. Investors can gain immediate access to a dividend stream. The four VCTs expect to declare final dividends payable between May and July 2012. The minimum personal subscription is £5,000. Investments prior to 29th February 2012 will qualify for a 1.5% share enhancement. Our clients will receive a further 2% cashback (or equivalent additional shares). Closed. Offer fully subscribed. Octopus AIM & Octopus Second AIM Octopus is looking to raise up to £7m for these AIM based VCTs managed by the Octopus Small Cap Investment team. The manager considers the AIM market is currently undervalued. The offers provide investors with immediate access to an existing portfolio of AIM investments. Investors can elect to invest in both or either of these VCTs. The minimum personal subscription is £3,000. Our clients will receive a cashback payment of 2% of the amount invested (if you would prefer this as additional shares please let us know when applying.) Octopus is aiming to raise up to £40m for these new VCTs and each VCT will invest in identical opportunities, allowing £2m per investee company. The VCT is designed to take advantage of FiT guarantees for electricity generated through solar, providing inflation linked prices for 25 years. As well as its own VCT experience, Octopus will draw on the expertise of Lightsource Renewable Energy Ltd, its solar partner. The Lightsource team consists of over 20 professionals with experience of solar construction and operations. Lighsource will source deals and also provide ongoing services to investee companies. There are a number of solar investment opportunities available. The Octopus VCTs are aiming to pay annual dividends of 5p per year over 25 years. A feature will be a stated aim to offer a zero discount (based on net asset value) buyback policy, to enable investors to exit without material disadvantage. Since this VCT was launched, the government has announced cuts to the level of FiTs effective 12 December 2011, subject to consultation. Octopus has cut its management fee and renegotiated contracts with suppliers so that target returns are not compromised by any changes to FiTs. The minimum personal subscription is £3,000. Our clients will receive a 2% cashback (or equivalent additional shares). Octopus is looking to raise up to £2.4m for these established VCTS via top up offers. The objective is to provide access to a mature and diversified portfolio of growth companies and eligibility to dividend flow. However, performance to date, against a difficult economic background and reflected in the net asset value, is disappointing. New subscriptions are split equally between both companies. The minimum personal investment is £3,000. Our clients will receive a 2% cashback (or equivalent in additional shares). Octopus Titan VCTs Top up Offers Octopus is looking to raise up to £6.25m (£1.25m per company) for these established VCTs.The Titan VCTs invest in early stage companies, with the potential to generate higher returns. New investors will benefit from immediate access to an existing portfolio of such companies. As investments are made in early stage companies,Oh it’s just we would regard the Titan stable as being higher risk VCTs. The minimum personal subscription is £3,000. Our clients will receive a cashback payment of 2% of the amount invested (if you would prefer this as additional shares please let us know when applying.) ProVen is aiming to raise up to £15m for this generalist VCT. Investors will be buying into a mature portfolio offering immediate access to a potential stream of dividends. It is anticipated that future investments will include companies in the digital media sector where ProVen has had a number of successful investments. Payment of dividends from realised profits has been a feature of the ProVen approach. Investors since launch have already received tax free dividends totalling 107.7p per £1 invested. The minimum personal subscription is £5,000. Our clients will receive a 2% cashback (or equivalent additional shares). Shore Capital is looking to raise £30m for the latest offer in its series of Puma VCTs. This is a limited life VCT, with the aim of returning capital to investors after 5 years. Investors can take some comfort from experience of the early Puma VCTs, which have now largely achieved this objective. Qualifying investments will be in lower risk, unquoted companies. The emphasis will be on income yielding investments and extensive use will be made of loans to investee companies, with the aim of paying dividends of up to 5p per annum. Shore will actively manage non qualifying assets with an objective of achieving an absolute return. The minimum personal subscription is £5,000. Our clients will receive a 2% cashback (or equivalent additional shares). Triple Point is looking to raise up to £20m. The manager’s risk mitigation strategy focuses investments in cash generative businesses with predictable revenues. These will include companies investing in renewable energy benefitting from Feed In Tariffs. Non qualifying investments will be held in cash or similar liquid investments. After 5 years shareholders will be given the option of realising their investments. The minimum personal subscription is £25,000. Our clients will receive a cashback payment of 2% of the amount invested (if you would prefer this as additional shares please let us know when applying). In addition, investors before 29th February will receive an additional 1% enhancement as long as this is within the first £10m raised.
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