To achieve long-term returns greater than those available from investing in a portfolio of quoted companies, by investing in a portfolio of qualifying investments in small and medium sized unquoted companies with excellent growth prospects and a portfolio of non-qualifying investments permitted for liquidity management purposes, within the conditions imposed on all VCTs and to minimise the risk of each investment and the portfolio as a whole. To invests in companies at various stages of development, including those requiring capital for expansion, but not in start-ups or management buy-outs or businesses seeking to use funding to acquire other businesses. Investments are spread across a range of different sectors.
Management fee at 2% of NAV. Investment Manager is entitled to a performance fee. The investment management agreement is terminable by either party at any time on 12 months written notice. The performance fee will be equal to 20% of the amount.
The company intends to pay a regular half-yearly dividend. Dividend to be paid twice a year in July and January. Shareholders participating in the Dividend Reinvestment Scheme will be entitled to income tax relief, currently at the rate of 30%, on the value of the dividends reinvested, subject to their personal tax position.