This blog gives you the latest topical news plus some informal comments on them from ShareSoc’s directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.

Shareholder Friendly Approach from HarbourVest

For once it is good to see a company actively reach out to engage with its shareholders, something ShareSoc applauds and encourages.

HarbourVest Global Private Equity (HVPE) is a Guernsey registered investment trust, which invests primarily in global private equity funds-of-funds, managed by an affiliate of Boston based HarbourVest Partners LLC. It is a substantial trust with a market cap. in excess of $1bn. It is currently listed on the specialist funds market of the LSE, but has been planning a move to the main market for some time.

This afternoon HVPE has announced an invitation to its shareholders to attend an “informal meeting” with the chairman and key executives and managers of the fund, to be held in London on 15th June, at the shareholder-friendly time of 3pm. Video and teleconference facilities are being provided to those for whom it is inconvenient to attend in person. The purpose of the meeting is to discuss changes to shareholders’ rights and corporate governance, ahead of the main market move, and an associated EGM. See the announcement for full details: http://www.investegate.co.uk/harbourvest-global-private-equ–hvpe-/gnw/statement-re-notice-of-shareholder-meeting/20150522114526H3478/

It is all too rare for companies to take the initiative and arrange such meetings with their ordinary shareholders and we encourage more companies to so, as well as facilitating opportunities for companies to meet their shareholders through the regular company seminars that ShareSoc organises. I intend to take the opportunity to meet management by attending this meeting.

HVPE has performed very well over recent years, with 5 year compound NAV growth of 13.6% p.a. and growth of well over 10% in each of the last 3 years. A major reason why the fund is considering the move to the main market is to improve liquidity, which it is hoped will lead to a reduction in the rather wide 18% discount to NAV at which the shares currently trade.

DISCLOSURE: HVPE is currently one of my largest shareholdings

Mark Bentley

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