To generate tax-free capital gains and income on investors’ funds through investment, primarily in companies that are founder led, whilst mitigating risk appropriately within the framework of the structural requirements imposed on all VCTs. The Company will seek to invest in a diversified portfolio of smaller companies, principally unquoted companies but possibly also including stocks quoted on AIM or Aquis, selecting companies which the Investment Manager believes provide the opportunity for value appreciation. Pending investment in suitable Qualifying Investments, the Investment Manager will invest in investments intended to generate a positive return, which may include certain money market securities, gilts, listed securities and cash deposits. The Company will continue to hold up to 20% of its net assets in such products after it is fully invested under the VCT rules.
Annual management fee of 2% of the NAV payable quarterly. The performance fee is 20% of any amounts distributed to shareholders in excess of i GBP 1 per Share plus ii the relevant annual hurdle. Agreement terminable on notice period of 12 months.
The B Ordinary Shares will target an annual dividend of 5p/B Ordinary Share from 1 April 2022 and will also aim to pay further special dividends where significant realisations occur from the sale of portfolio assets (subject to realised profits, distributable reserves and the VCT Rules). No forecast or projection should be implied or inferred.