The objective of Company is to provide shareholders with an attractive income and capital return by investing its funds in a portfolio of both unquoted and AIM/NEX quoted UK companies which meet the relevant criteria under the VCT Rules. The Company will target well managed businesses with strong leadership, that can demonstrate established and proven concepts, and are seeking an injection of growth capital to support their continued development. At least the minimum required percentage of the assets of Company will be invested in Qualifying Investments as required by the VCT Rules, with the remainder held in cash and money market securities.
Annual management fee of 2% of the weighted NAV of the B share and an annual fee of GBP 9,000 in relation to management accounting services, payable quarterly in arrears. Performance fee of an amount equal to 20% of the shareholder proceeds arising.
The Company aims to maintain dividends of at least 3p per annum in relation to the Company’s B shares with an ambition to increase this to c.5% per annum of the B share NAV by 2023. This ambition remains but of course is dependent on a number of factors including investment performance and in particular the performance of the B share pool’s AIM quoted investments.